READING, Pa.--(BUSINESS WIRE)--Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the first quarter of 2016.
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | ||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||
| As of March 31, 2015 and March 31, 2016 | ||||||||||||
| Figures in US Dollars | 12/31/2015 | 3/31/2015 | 3/31/2016 | |||||||||
| Assets | ||||||||||||
| Current Assets: | ||||||||||||
| Cash and cash equivalents | $ | 2,062,000 | $ | 2,267,000 | $ | 3,006,000 | ||||||
| Accounts Receivable - Net | 30,963,000 | 47,954,000 | 43,341,000 | |||||||||
| Accounts Receivable - Affiliates | 3,701,000 | 3,231,000 | 1,419,000 | |||||||||
| Accounts Receivable - Refundable Income Tax | 5,793,000 | 0 | 2,011,000 | |||||||||
| Other Receivables | 255,000 | 6,067,000 | 360,000 | |||||||||
| Inventories — net | 51,646,000 | 61,279,000 | 47,754,000 | |||||||||
| Other current assets | 4,474,000 | 6,349,000 | 4,358,000 | |||||||||
| Deferred income taxes | 0 | 1,980,000 | 0 | |||||||||
| Total current assets | 98,894,000 | 129,127,000 | 102,249,000 | |||||||||
| Restricted Cash | ||||||||||||
| Note Receivable — Affiliate | 8,990,000 | 8,990,000 | 8,990,000 | |||||||||
| Property, Plant, and Equipment — Net | 80,240,000 | 84,436,000 | 78,089,000 | |||||||||
| Deferred Financing Fees — Net | 1,487,000 | 1,749,000 | 0 | |||||||||
| Other Long-Term Assets | 1,766,000 | 411,000 | 2,993,000 | |||||||||
| Total | $ | 191,377,000 | $ | 224,713,000 | $ | 192,321,000 | ||||||
| Liabilities and Shareholders' Equity | ||||||||||||
| Current Liabilities: | ||||||||||||
| Current portion of long-term debt | 852,000 | 178,000 | 848,000 | |||||||||
| Revolving credit facility | 6,500,000 | 22,663,000 | 11,000,000 | |||||||||
| Trade Accounts Payable | 10,138,000 | 18,367,000 | 12,941,000 | |||||||||
| Affiliates Payable | 168,000 | 515,000 | (2,033,000 | ) | ||||||||
| Accrued expenses and taxes other than income tax | 11,383,000 | 15,077,000 | 13,925,000 | |||||||||
| Income taxes payable | 299,000 | (391,000 | ) | (3,646,000 | ) | |||||||
| Total current liabilities | 29,340,000 | 56,409,000 | 33,035,000 | |||||||||
| Long-Term Debt | 38,399,000 | 39,737,000 | 38,189,000 | |||||||||
| Long-Term Obligations — Other | 2,134,000 | 1,610,000 | 1,960,000 | |||||||||
| Deferred Revenue | 597,000 | . | ||||||||||
| Deferred Income Taxes | 4,994,000 | 7,129,000 | 4,994,000 | |||||||||
| Total liabilities | 75,464,000 | 104,885,000 | 78,178,000 | |||||||||
| 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 | 106,630,000 | 110,176,000 | 104,913,000 | |||||||||
| Accumulated other comprehensive income (loss) | (2,749,000 | ) | (2,499,000 | ) | (2,749,000 | ) | ||||||
| Noncontrolling owner’s interest | 5,340,000 | 5,458,000 | 5,287,000 | |||||||||
| Total shareholders' equity | 115,913,000 | 119,827,000 | 114,143,000 | |||||||||
| TOTAL | $ | 191,377,000 | $ | 224,712,000 | $ | 192,321,000 | ||||||
| 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 March 31, 2015 and March 31, 2016 | ||||||||||||
| Figures in US Dollars | 12/31/2015 | 3/31/2015 | 3/31/2016 | |||||||||
| Revenues: | ||||||||||||
| Net Sales | $ | 374,201,000 | $ | 96,900,000 | $ | 83,266,000 | ||||||
| Cost of Sales | 343,384,000 | 88,763,000 | 77,288,000 | |||||||||
| Gross Income | 30,817,000 | 8,137,000 | 5,978,000 | |||||||||
| Selling, General and Administrative Expenses | 35,783,000 | 8,894,000 | 8,491,000 | |||||||||
| Operating Income | (4,966,000 | ) | (757,000 | ) | (2,513,000 | ) | ||||||
| Other Expense: | ||||||||||||
| Interest — net | (2,312,000 | ) | (572,000 | ) | (478,000 | ) | ||||||
| Other — net | 130,000 | (1,000 | ) | 55,000 | ||||||||
| (7,148,000 | ) | (1,330,000 | ) | (2,936,000 | ) | |||||||
| Total Other Expense | (2,182,000 | ) | (573,000 | ) | (423,000 | ) | ||||||
| Income From Continuing Operations Before Provision for Income Taxes | (7,148,000 | ) | (1,330,000 | ) | (2,937,000 | ) | ||||||
| Provision for Income Taxes | (2,661,000 | ) | (497,000 | ) | (1,165,000 | ) | ||||||
| Net Income from Continuing Operations | (4,487,000 | ) | (833,000 | ) | (1,772,000 | ) | ||||||
| COMPREHENSIVE (LOSS) INCOME—Pension unrecognized | (258,000 | ) | ||||||||||
| gain (loss) adjustment—net of tax benefit of $161,000 | ||||||||||||
| for 2015 and tax benefit of $675,000 for 2014 | ||||||||||||
| Net Income | (4,745,000 | ) | (833,000 | ) | (1,772,000 | ) | ||||||
| Net Income Attributable to Noncontrolling Interest | (142,000 | ) | (25,000 | ) | (53,000 | ) | ||||||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. | (4,603,000 | ) | (808,000 | ) | (1,719,000 | ) | ||||||
| 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 | March 31, 2016 | ||||
| OPERATING ACTIVITIES: | |||||
| Net income (loss) | (1,772,000) | ||||
| Less Net income (loss) from disposition | |||||
| Net income (loss) | (1,772,000) | ||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
| Noncontrolling interest | - | ||||
| Depreciation and amortization | 2,152,000 | ||||
| Allowance for doubtful accounts receivable | (339,000) | ||||
| Net periodic pension (benefit) cost | - | ||||
| (Gain) loss on sale of property, plant and equipment | - | ||||
| Changes in assets and liabilities which provided (used) cash: | (11,956,000) | ||||
| (Increase) decrease in accounts and notes receivable | 3,892,000 | ||||
| (Increase) decrease in inventories | 270,000 | ||||
| Increase (decrease) in other long term obligations | 4,576,000 | ||||
| Increase (decrease) in accts payable, accrued exp. & amounts due to affiliates | (163,000) | ||||
| Total adjustments | (1,568,000) | ||||
| Net cash provided by (used in) operating activities | (3,340,000) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
| Purchases of property, plant and equipment | - | ||||
| Gain on disposition | - | ||||
| Reduction of CIP down payment | - | ||||
| Change in restricted cash balance | - | ||||
| Net cash provided by (used in) investing activities | - | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
| Increase (decrease) in revolving credit facility | 4,495,000 | ||||
| Borrowings under long term debt arrangements | - | ||||
| Principal payments under long term debt arrangements | - | ||||
| Proceeds from long term debt | (210,000) | ||||
| Principal payments on long-term debt | - | ||||
| Payment under capital lease obligations | - | ||||
| Net cash provided by (used in) financing activities | 4,285,000 | ||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||||
| Net increase in cash and cash equivalents | 944,000 | ||||
| Cash and cash equivalents at beginning of period | 2,062,000 | ||||
| Cash and cash equivalents at end of period | 3,006,000 | ||||