READING, Pa.--(BUSINESS WIRE)--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 |