Cambridge-Lee Holdings Consolidated Results of Operations for FY 2017

READING, Pa.--()--Cambridge-Lee Holdings, Inc., has announced its audited consolidated results for the fiscal year 2017.

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, 2016 and December 31, 2017

  Figures in US dollars  
 
12/31/2016 12/31/2017
Assets
Current Assets:
Cash and cash equivalents $ 6,368,000 $ 1,488,000
Accounts Receivable - Net 39,842,000 48,887,000
Accounts Receivable - Affiliates 3,253,000 1,359,000
Accounts Receivable - Refundable Income Tax 2,731,000 253,000
Other Receivables 190,000 20,000
Inventories — net 59,701,000 75,656,000
Other current assets   4,331,000     3,296,000  
Total current assets   116,416,000     130,959,000  
 
Restricted Cash
Note Receivable — Affiliate 8,990,000 8,990,000
Property, Plant, and Equipment — Net 71,905,000 67,966,000
Deferred Financing Fees — Net 591,000 678,000
Other Long-Term Assets   3,706,000     3,093,000  
Total $ 201,608,000   $ 211,686,000  
 
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt 1,334,000 35,360,000
Revolving credit facility 18,780,000 27,583,000
Trade Accounts Payable 18,207,000 18,777,000
Affiliates Payable 96,000 1,212,000
Accrued expenses and taxes other than income tax   9,730,000     12,361,000  
Total current liabilities   48,147,000     95,293,000  
 
Long-Term Debt 36,589,000 1,734,000
Long-Term Obligations — Other 1,608,000 1,205,000
Deferred Revenue 573,000 549,000
Deferred Income Taxes   2,806,000     1,131,000  
Total liabilities   89,723,000     99,912,000  
 
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 102,410,000 102,272,000
Accumulated other comprehensive income (loss) (2,437,000 ) (2,407,000 )
Noncontrolling owner’s interest   5,220,000     5,217,000  
Total shareholders' equity   111,885,000     111,774,000  
   
TOTAL $ 201,608,000   $ 211,686,000  
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, 2016 and December 31, 2017

       
Figures in US Dollars
12/31/2016 12/31/2017
Revenues:
Net Sales $ 336,106,000 $ 421,664,000
Cost of Sales   306,301,000     387,307,000  
Gross Income 29,805,000 34,357,000
 
Selling, General and Administrative Expenses   33,624,000     35,149,000  
 
Operating Income (3,819,000 ) (792,000 )
 
Other Expense:
Interest — net (2,727,000 ) (1,755,000 )
Other — net (306,000 ) 97,000
  (6,852,000 )   (2,450,000 )
Total Other Expense (3,033,000 ) (1,658,000 )
   
Income From Continuing Operations Before Provision for Income Taxes (6,852,000 ) (2,450,000 )
 
Provision for Income Taxes   (2,501,000 )     (1,773,000 )
 
Net Income from Continuing Operations (4,351,000 ) (677,000 )
 
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized 322,000 566,000
gain (loss) adjustment—net of tax expense of $210,000 and tax
(benefit) of $161,000 for 2016 and 2016, respectively    
0 0
   
Net Income (4,029,000 ) (111,000 )
 
Net Income Attributable to Noncontrolling Interest   (120,000 )   (3,000 )
 
Net Income Attributable to Cambridge-Lee Holdings, Inc.   (3,909,000 )   (108,000 )
CAMBRIDGE-LEE HOLDINGS, INC
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
CONSOLIDATED STATEMENT OF CASH FLOW
 
    Figures in US Dollars
December 31, 2017
OPERATING ACTIVITIES:
Net income (loss) (657,000)
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest (20,000)
Depreciation and amortization 10,587,000
Allowance for doubtful accounts receivable (36,000)
Net periodic pension (benefit) cost 365,000
(Gain) loss on sale of property, plant and equipment 34,000
Increase (decrease) in deferred income taxes (1,675,000)
 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable (6,798,000)
(Increase) decrease in inventories (15,955,000)
(Increase) decrease in prepaid expenses, deposits and other assets 1,649,000
Increase (decrease) in other long term obligations (202,000)
Increase (decrease) in accts payable, accrued & amounts due to affiliates 4,083,000
Increase (decrease) in income taxes payable 2,478,000
Total adjustments (5,490,000)
net cash provided by (used in) operating activities (6,147,000)
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (5,926,000)
Net cash provided by (used in) investing activities (5,926,000)
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility 8,803,000
Principal payments under long term debt arrangements (1,225,000)
Payment under capital lease obligations (120,000)
Payment of debt issuance costs (265,000)
Net cash provided by (used in) financing activities 7,193,000
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents (4,880,000)
Cash and cash equivalents at beginning of period 6,368,000
 
Cash and cash equivalents at end of period 1,488,000

Contacts

Cambridge-Lee Holdings, Inc.
Francisco Rodriguez, Tel. 5255 5216 4028
frodriguez@iusa.com.mx

Contacts

Cambridge-Lee Holdings, Inc.
Francisco Rodriguez, Tel. 5255 5216 4028
frodriguez@iusa.com.mx