Cambridge-Lee Holdings Consolidated Results of Operations for Q4 2015

READING, Pa.--()--Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the year 2015.

CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
           
CONSOLIDATED BALANCE SHEETS
As of December 31, 2014 and December 31, 2015
Figures in US Dollars
12/31/2014 12/31/2015
Assets
Current Assets:
Cash and cash equivalents $ 1,830,000 $ 2,062,000
Accounts Receivable - Net 37,711,000 30,962,000
Accounts Receivable - Affiliates 3,501,000 3,672,000
Accounts Receivable - Refundable Income Tax 5,317,000 5,557,000
Other Receivables 515,000 255,000
Inventories — net 62,629,000 51,846,000
Other current assets 7,242,000 4,473,000
Deferred income taxes   1,980,000     61,000  
Total current assets   120,725,000     98,888,000  
 
Note Receivable — Affiliate 8,990,000 8,990,000
Property, Plant, and Equipment — Net 86,673,000 80,241,000
Deferred Financing Fees — Net 1,935,000 1,487,000
Other Long-Term Assets   637,000     1,766,000  
Total $ 218,960,000   $ 191,372,000  
 
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt 888,000 853,000
Revolving credit facility 10,600,000 6,500,000
Trade Accounts Payable 22,667,000 10,138,000
Affiliates Payable 1,121,000 137,000
Accrued expenses and taxes other than income tax   14,244,000     11,679,000  
Total current liabilities   49,520,000     29,307,000  
 
Long-Term Debt 39,251,000 38,399,000
Long-Term Obligations — Other 1,780,000 1,960,000
Deferred Revenue 622,000 597,000
Deferred Income Taxes   7,129,000     4,994,000  
Total liabilities   98,302,000     75,257,000  
 
SHAREHOLDERS’ EQUITY:
Common stock, no par — authorized, 1,500 shares;
issued and outstanding, 1,000 shares 1,000 1,000
Additional paid-in capital 84,205,000 84,205,000
Investment in Parent (60,000,000 ) (60,000,000 )
Excess of liabilities assumed over book value
of assets transferred (17,514,000 ) (17,514,000 )
Retained earnings 110,983,000 106,826,000
Accumulated other comprehensive income (loss) (2,499,000 ) (2,749,000 )
Noncontrolling owner’s interest   5,482,000     5,346,000  
Total shareholders' equity   120,659,000     116,115,000  
   
TOTAL $ 218,961,000   $ 191,372,000  
 
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 December 31, 2014 and December 31, 2015
Figures in US Dollars
 
12/31/2014 12/31/2015
Revenues:
Net Sales $ 419,632,000 $ 374,201,000
Cost of Sales   382,522,000     343,184,000  
Gross Income 37,110,000 31,017,000
 
Selling, General and Administrative Expenses 35,498,000 35,782,000
   
Operating Income 1,612,000 (4,765,000 )
 
Other Expense:
Interest — net (2,193,000 ) (2,312,000 )
Other — net 267,000 130,000
  (103,000 )   (6,947,000 )
Total Other Expense (1,926,000 ) (2,182,000 )
 
Income From Continuing Operations Before Provision for Income Taxes (314,000 ) (6,948,000 )
 
Provision for Income Taxes (68,000 ) (2,661,000 )
   
Net Income from Continuing Operations (382,000 ) (4,287,000 )
 
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized   (1,003,000 )   (258,000 )
 
   
Net Income (1,385,000 ) (4,545,000 )
 
Net Income Attributable to Noncontrolling Interest (38,000 ) (136,000 )
   
Net Income Attributable to Cambridge-Lee Holdings, Inc.   (1,347,000 )   (4,409,000 )
 
  CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES  
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
Statement of Cash Flow
Figures in US Dollars
December 31, 2015
OPERATING ACTIVITIES:
Net income (loss) (4,438,000 )
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest -
Depreciation and amortization 10,684,000
Allowance for doubtful accounts receivable (21,000 )
Net periodic pension (benefit) cost 178,000
(Gain) loss on sale of property, plant and equipment (3,000 )
Increase (decrease) in deferred income taxes (87,000 )
 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable 5,957,000
(Increase) decrease in inventories 10,783,000
(Increase) decrease in prepaid expenses, deposits and other assets 1,640,000
Increase (decrease) in other long term obligations 379,000
Increase (decrease) in Accts payable, Accrd expenses & amounts due to affiliates (15,024,000 )
Increase (decrease) in income taxes payable (306,000 )
Total adjustments 14,180,000  
 
Net cash provided by (used in) operating activities 9,742,000  
 
CASH FLOWS FROM INVESTING ACTIVITIES: -
Purchases of property, plant and equipment (4,866,000 )
Proceeds from sale of property, plant and equipment 331,000
disposal -
Change in restricted cash balance -  
Net cash provided by (used in) investing activities (4,535,000 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility (4,100,000 )
Borrowings under long term debt arrangements -
Principal payments under long term debt arrangements (701,000 )
Payment under capital lease obligations (187,000 )
Payment of debt issuance costs 13,000  
Net cash provided by (used in) financing activities (4,975,000 )
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
 
Net increase in cash and cash equivalents 232,000
Cash and cash equivalents at beginning of period 1,830,000  
 
Cash and cash equivalents at end of period 2,062,000  

Contacts

Cambridge-Lee Holdings, Inc.
Francisco Rodríguez, 5255 52164028
frodriguez@iusa.com.mx

Contacts

Cambridge-Lee Holdings, Inc.
Francisco Rodríguez, 5255 52164028
frodriguez@iusa.com.mx