Cambridge-Lee Holdings Consolidated Results of Operations for FY 2018

READING, Pa.--()--Cambridge-Lee Holdings, Inc., has announced its audited consolidated results for the fiscal year 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 December 31, 2017 and December 31, 2018        
 
Figures in US Dollars 12/31/2017 12/31/2018
Assets
Current Assets:
Cash and cash equivalents $ 1,488,000 $ 2,518,000
Accounts Receivable - Net 48,887,000 44,364,000
Accounts Receivable - Affiliates 1,359,000 3,017,000
Accounts Receivable - Refundable Income Tax 253,000 275,000
Other Receivables 20,000 147,000
Inventories — net 75,656,000 68,985,000
Other current assets   3,296,000     4,000,000  
Total current assets   130,959,000     123,306,000  
 
Restricted Cash
 
Note Receivable — Affiliate 8,990,000 8,990,000
Property, Plant, and Equipment — Net 67,966,000 61,810,000
Deferred Financing Fees — Net 678,000 800,000
Other Long-Term Assets   3,093,000     5,298,000  
Total $ 211,686,000   $ 200,204,000  
 
Liabilities and Shareholders' Equity
 
Current Liabilities:
 
Current portion of long-term debt 35,361,000 2,786,000
Revolving credit facility 27,583,000 43,018,000
Trade Accounts Payable 18,777,000 18,819,000
Affiliates Payable 1,212,000 100,000
Accrued expenses and taxes other than income tax   12,360,000     12,655,000  
Total current liabilities   95,293,000     77,378,000  
 
Long-Term Debt 1,734,000 15,089,000
Long-Term Obligations — Other 1,205,000 1,187,000
Deferred Revenue 549,000 525,000
Deferred Income Taxes   1,131,000     0  
Total liabilities   99,912,000     94,179,000  
 
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 102,272,000 96,570,000
Accumulated other comprehensive income (loss) (2,407,000 ) (2,281,000 )
Noncontrolling owner’s interest   5,217,000     5,044,000  
Total shareholders' equity   111,774,000     106,025,000  
   
TOTAL $ 211,686,000   $ 200,204,000  
 
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, 2017 and December 31, 2018            
 
 
Figures in US Dollars 12/31/2017 12/31/2018
 
Revenues:
Net Sales $ 421,664,000 $ 444,213,000
Cost of Sales   387,307,000     412,092,000  
Gross Income 34,357,000 32,121,000
 
Selling, General and Administrative Expenses 35,149,000 36,507,000
   
Operating Income (792,000 ) (4,386,000 )
 
Other Expense:
Interest — net (1,755,000 ) (2,437,000 )
Other — net 97,000 (238,000 )
  (2,450,000 )   (7,061,000 )
Total Other Expense (1,658,000 ) (2,675,000 )
   

Income (Loss) From Continuing Operations Before Provision

for Income Taxes

(2,450,000 ) (7,061,000 )
 
Provision for Income Taxes (1,773,000 ) (1,183,000 )
   
Net Income (Loss) from Continuing Operations (677,000 ) (5,878,000 )
 
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized 566,000 129,000
gain adjustment—net of tax expense of $42,000 and
$181,000 for 2018 and 2017, respectively
   
Net Income (Loss) (111,000 ) (5,749,000 )
 
Net Income Attributable to Noncontrolling Interest (3,000 ) (172,000 )
   
Net Income Attributable to Cambridge-Lee Holdings, Inc.   (108,000 )   (5,577,000 )
 
CAMBRIDGE-LEE HOLDINGS, INC
STATEMENT OF CASH FLOW
Figures in US Dollars
   
December 31, 2018
 
OPERATING ACTIVITIES:
Net income (loss) (5,702,000)
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest (176,000)
Depreciation and amortization 10,837,000
Allowance for doubtful accounts receivable (2,000)
Net periodic pension (benefit) cost 204,000
(Gain) loss on sale of property, plant and equipment 247,000
Increase (decrease) in deferred income taxes (1,131,000)
 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable 2,768,000
(Increase) decrease in inventories 6,672,000
(Increase) decrease in prepaid expenses, deposits and other assets (2,910,000)
Increase (decrease) in other long term obligations (94,000)
Increase (decrease) in accnts payable, accrued exps & amnts due to affiliates (843,000)
Increase (decrease) in income taxes payable (13,000)
Total adjustments 15,559,000
 
net cash provided by (used in) operating activities 9,857,000
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (4,217,000)
Net cash provided by (used in) investing activities (4,217,000)
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility 15,435,000
Borrowings under long term debt arrangements 16,000,000
Principal payments under long term debt arrangements (35,236,000)
Payment under capital lease obligations (124,000)
Payment of debt issuance costs (685,000)
Net cash provided by (used in) financing activities (4,610,000)
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
 
Net increase in cash and cash equivalents 1,030,000
Cash and cash equivalents at beginning of period 1,488,000
 
Cash and cash equivalents at end of period 2,518,000
 

Contacts

Francisco Rodriguez
frodriguez@iusa.com.mx
Tel (5255) 5216 4028

Contacts

Francisco Rodriguez
frodriguez@iusa.com.mx
Tel (5255) 5216 4028