Cambridge-Lee Holdings, Inc, has announced its audited consolidated results for the second quarter of 2018.
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | ||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||
| As of June 30, 2017 and June 30, 2018 | Figures in US Dollars | |||||||||||
12/31/2017 | 6/30/2017 | 6/30/2018 | ||||||||||
| Assets | ||||||||||||
| Current Assets: | ||||||||||||
| Cash and cash equivalents | $ | 1,488,000 | $ | 2,684,000 | $ | 1,558,000 | ||||||
| Accounts Receivable - Net | 48,887,000 | 54,387,000 | 62,148,000 | |||||||||
| Accounts Receivable - Affiliates | 1,359,000 | 1,159,000 | 704,000 | |||||||||
| Accounts Receivable - Refundable Income Tax | 253,000 | 0 | 252,000 | |||||||||
| Other Receivables | 20,000 | 99,000 | 80,000 | |||||||||
| Inventories — net | 75,656,000 | 50,231,000 | 75,467,000 | |||||||||
| Other current assets | 3,296,000 | 6,501,000 | 6,715,000 | |||||||||
| Deferred income taxes | 0 | 131,000 | ||||||||||
| Total current assets | 130,959,000 | 115,192,000 | 146,924,000 | |||||||||
| Note Receivable — Affiliate | 8,990,000 | 8,990,000 | 8,990,000 | |||||||||
| Property, Plant, and Equipment — Net | 67,966,000 | 70,581,000 | 65,187,000 | |||||||||
| Deferred Financing Fees — Net | 678,000 | 0 | 799,000 | |||||||||
| Other Long-Term Assets | 3,093,000 | 1,071,000 | 28,000 | |||||||||
| Total | $ | 211,686,000 | $ | 195,834,000 | $ | 221,928,000 | ||||||
| Liabilities and Shareholders' Equity | ||||||||||||
| Current Liabilities: | ||||||||||||
| Current portion of long-term debt | 35,361,000 | 824,000 | 35,325,000 | |||||||||
| Revolving credit facility | 27,583,000 | 16,487,000 | 38,077,000 | |||||||||
| Trade Accounts Payable | 18,777,000 | 17,868,000 | 23,871,000 | |||||||||
| Affiliates Payable | 1,212,000 | (336,000 | ) | (3,044,000 | ) | |||||||
| Accrued expenses and taxes other than income tax | 12,360,000 | 11,773,000 | 11,730,000 | |||||||||
| Income taxes payable | 0 | (1,365,000 | ) | 62,000 | ||||||||
| Total current liabilities | 95,293,000 | 45,251,000 | 106,021,000 | |||||||||
| Long-Term Debt | 1,734,000 | 36,656,000 | 1,610,000 | |||||||||
| Long-Term Obligations — Other | 1,205,000 | 1,608,000 | 1,205,000 | |||||||||
| Deferred Revenue | 549,000 | . | ||||||||||
| Deferred Income Taxes | 1,131,000 | 2,806,000 | 1,131,000 | |||||||||
| Total liabilities | 99,912,000 | 86,321,000 | 109,967,000 | |||||||||
| SHAREHOLDERS’ EQUITY: | ||||||||||||
| Common stock, no par — authorized, 1,500 shares; | ||||||||||||
| issued and outstanding, 1,000 shares | 1,000 | 1,000 | 1,000 | |||||||||
| Additional paid-in capital | 84,205,000 | 84,205,000 | 84,205,000 | |||||||||
| Investment in Parent | (60,000,000 | ) | (60,000,000 | ) | (60,000,000 | ) | ||||||
| Excess of liabilities assumed over book value | ||||||||||||
| of assets transferred | (17,514,000 | ) | (17,514,000 | ) | (17,514,000 | ) | ||||||
| Retained earnings | 102,272,000 | 100,109,000 | 102,453,000 | |||||||||
| Accumulated other comprehensive income (loss) | (2,407,000 | ) | (2,437,000 | ) | (2,406,000 | ) | ||||||
| Noncontrolling owner’s interest | 5,217,000 | 5,149,000 | 5,222,000 | |||||||||
| Total shareholders' equity | 111,774,000 | 109,513,000 | 111,961,000 | |||||||||
| TOTAL | $ | 211,686,000 | $ | 195,834,000 | $ | 221,928,000 | ||||||
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | ||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| As of June 30, 2017 and June 30, 2018 | Figures in US Dollars | |||||||||||
12/31/2017 | 6/30/2017 | 6/30/2018 | ||||||||||
| Revenues: | ||||||||||||
| Net Sales | $ | 421,664,000 | $ | 100,999,000 | $ | 239,555,000 | ||||||
| Cost of Sales | 387,307,000 | 93,892,000 | 219,330,000 | |||||||||
| Gross Income | 34,357,000 | 7,107,000 | 20,225,000 | |||||||||
| Selling, General and Administrative Expenses | 35,149,000 | 9,090,000 | 18,791,000 | |||||||||
| Operating Income | (792,000 | ) | (1,983,000 | ) | 1,434,000 | |||||||
| Other Expense: | ||||||||||||
| Interest — net | (1,755,000 | ) | (450,000 | ) | (1,075,000 | ) | ||||||
| Other — net | 97,000 | 26,000 | (60,000 | ) | ||||||||
| (2,450,000 | ) | (2,407,000 | ) | 299,000 | ||||||||
| Total Other Expense | (1,658,000 | ) | (424,000 | ) | (1,135,000 | ) | ||||||
| Income From Continuing Operations Before Provision for Income Taxes | (2,450,000 | ) | (2,407,000 | ) | 299,000 | |||||||
| Provision for Income Taxes | (1,773,000 | ) | (957,000 | ) | 112,000 | |||||||
| Net Income from Continuing Operations | (677,000 | ) | (1,450,000 | ) | 187,000 | |||||||
| COMPREHENSIVE (LOSS) INCOME—Pension unrecognized | 566,000 | |||||||||||
| gain (loss) adjustment—net of tax expense of $210,000 and tax | ||||||||||||
| (benefit) of $161,000 for 2016 and 2016, respectively | ||||||||||||
| 0 | 0 | 0 | ||||||||||
| Net Income | (111,000 | ) | (1,450,000 | ) | 187,000 | |||||||
| Net Income Attributable to Noncontrolling Interest | (3,000 | ) | (43,000 | ) | 6,000 | |||||||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. | (108,000 | ) | (1,407,000 | ) | 181,000 | |||||||
| CAMBRIDGE-LEE HOLDINGS, INC | |||||
| STATEMENT OF CASH FLOW | |||||
| Figures in US Dollars | |||||
| June 30, 2018 | |||||
| OPERATING ACTIVITIES: | |||||
| Net income (loss) | 181,000 | ||||
| Less Net income (loss) from disposition | |||||
| Less Net income (loss) attributed to noncontrolling interest | |||||
| Net income (loss) | 181,000 | ||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
| Noncontrolling interest | 6,000 | ||||
| Depreciation and amortization | 5,140,000 | ||||
| Allowance for doubtful accounts receivable | (120,000) | ||||
| Changes in assets and liabilities which provided (used) cash: | |||||
| (Increase) decrease in accounts and notes receivable | (16,741,000) | ||||
| (Increase) decrease in inventories | 189,000 | ||||
| (Increase) decrease in prepaid expenses, deposits and other assets | (414,000) | ||||
| Increase (decr) in accounts payable, accrued exps & amounts due to affiliates | 3,912,000 | ||||
| Increase (decrease) in income taxes payable | 63,000 | ||||
| Total adjustments | (7,965,000) | ||||
| net cash provided by (used in) operating activities | (7,784,000) | ||||
| - | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | - | ||||
| Purchases of property, plant and equipment | (2,362,000) | ||||
| Change in restricted cash balance | |||||
| Net cash provided by (used in) investing activities | (2,362,000) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
| Increase (decrease) in revolving credit facility | 10,458,000 | ||||
| Borrowings under long term debt arrangements | - | ||||
| Principal payments under long term debt arrangements | - | ||||
| Proceeds from long term debt | (243,000) | ||||
| Principal payments on long-term debt | - | ||||
| Net cash provided by (used in) financing activities | 10,215,000 | ||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||||
| Net increase in cash and cash equivalents | 70,000 | ||||
| Cash and cash equivalents at beginning of period | 1,488,000 | ||||
| Cash and cash equivalents at end of period | 1,558,000 | ||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20180919005735/en/
Contacts:
Francisco Rodríguez, (5255) 5216 4028
frodriguez@iusa.com.mx
