READING, Pa.--(BUSINESS WIRE)--Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the first semester of 2019.
| 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, 2018 and June 30, 2019 | ||||||||||||
| Figures in US Dollars | ||||||||||||
12/31/2018 |
|
6/30/2018 |
|
6/30/2019 |
||||||||
| Assets | ||||||||||||
| Current Assets: | ||||||||||||
| Cash and cash equivalents | $ |
2,518,000 |
|
$ |
1,558,000 |
|
$ |
1,619,000 |
|
|||
| Accounts Receivable - Net |
|
44,364,000 |
|
|
62,148,000 |
|
|
59,148,000 |
|
|||
| Accounts Receivable - Affiliates |
|
3,017,000 |
|
|
704,000 |
|
|
451,000 |
|
|||
| Accounts Receivable - Refundable Income Tax |
|
275,000 |
|
|
252,000 |
|
|
239,000 |
|
|||
| Other Receivables |
|
147,000 |
|
|
80,000 |
|
|
126,000 |
|
|||
| Inventories — net |
|
68,985,000 |
|
|
75,467,000 |
|
|
67,467,000 |
|
|||
| Other current assets |
|
4,000,000 |
|
|
6,715,000 |
|
|
9,182,000 |
|
|||
| Total current assets |
|
123,306,000 |
|
|
146,924,000 |
|
|
138,232,000 |
|
|||
| Restricted Cash | ||||||||||||
| Note Receivable — Affiliate |
|
8,990,000 |
|
|
8,990,000 |
|
|
8,990,000 |
|
|||
| Property, Plant, and Equipment — Net |
|
61,810,000 |
|
|
65,187,000 |
|
|
58,998,000 |
|
|||
| Goodwill |
|
0 |
|
|
799,000 |
|
|
224,000 |
|
|||
| Deferred Financing Fees — Net |
|
800,000 |
|
|
28,000 |
|
|
837,000 |
|
|||
| Other Long-Term Assets |
|
5,298,000 |
|
|
28,000 |
|
||||||
| Total | $ |
200,204,000 |
|
$ |
221,928,000 |
|
$ |
207,309,000 |
|
|||
| Liabilities and Shareholders' Equity | ||||||||||||
| Current Liabilities: | ||||||||||||
| Current portion of long-term debt |
|
2,786,000 |
|
|
35,325,000 |
|
|
2,477,000 |
|
|||
| Revolving credit facility |
|
43,018,000 |
|
|
38,077,000 |
|
|
60,675,000 |
|
|||
| Trade Accounts Payable |
|
18,819,000 |
|
|
23,871,000 |
|
|
21,520,000 |
|
|||
| Affiliates Payable |
|
100,000 |
|
|
(3,044,000 |
) |
|
(3,176,000 |
) |
|||
| Accrued expenses and taxes other than income tax |
|
12,655,000 |
|
|
11,730,000 |
|
|
10,946,000 |
|
|||
| Income taxes payable |
|
0 |
|
|
62,000 |
|
|
(1,905,000 |
) |
|||
| Total current liabilities |
|
77,378,000 |
|
|
106,021,000 |
|
|
90,537,000 |
|
|||
| Long-Term Debt |
|
15,089,000 |
|
|
1,610,000 |
|
|
13,990,000 |
|
|||
| Long-Term Obligations — Other |
|
1,187,000 |
|
|
1,205,000 |
|
|
1,195,000 |
|
|||
| Deferred Revenue |
|
525,000 |
|
|
169,000 |
|
||||||
| Deferred Income Taxes |
|
0 |
|
|
1,131,000 |
|
|
0 |
|
|||
| Total liabilities |
|
94,179,000 |
|
|
109,967,000 |
|
|
105,891,000 |
|
|||
| 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 |
|
96,570,000 |
|
|
102,453,000 |
|
|
92,101,000 |
|
|||
| Accumulated other comprehensive income (loss) |
|
(2,281,000 |
) |
|
(2,406,000 |
) |
|
(2,281,000 |
) |
|||
| Noncontrolling owner’s interest |
|
5,044,000 |
|
|
5,222,000 |
|
|
4,906,000 |
|
|||
| Total shareholders' equity |
|
106,025,000 |
|
|
111,961,000 |
|
|
101,418,000 |
|
|||
| TOTAL | $ |
200,204,000 |
|
$ |
221,928,000 |
|
$ |
207,309,000 |
|
|||
| 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, 2018 and June 30, 2019 | ||||||||||||
| Figures in US Dollars | 12/31/2018 | 6/30/2018 | 6/30/2019 | |||||||||
| Revenues: | ||||||||||||
| Net Sales | $ |
444,213,000 |
|
$ |
239,555,000 |
|
$ |
228,830,000 |
|
|||
| Cost of Sales |
|
412,092,000 |
|
|
219,330,000 |
|
|
215,295,000 |
|
|||
| Gross Income |
|
32,121,000 |
|
|
20,225,000 |
|
|
13,535,000 |
|
|||
| Selling, General and Administrative Expenses |
|
36,507,000 |
|
|
18,791,000 |
|
|
18,393,000 |
|
|||
| Operating Income |
|
(4,386,000 |
) |
|
1,434,000 |
|
|
(4,858,000 |
) |
|||
| Other Expense: | ||||||||||||
| Interest — net |
|
(2,437,000 |
) |
|
(1,075,000 |
) |
|
(1,697,000 |
) |
|||
| Other — net |
|
(238,000 |
) |
|
(60,000 |
) |
|
115,000 |
|
|||
| Total Other Expense |
|
(2,675,000 |
) |
|
(1,135,000 |
) |
|
(1,582,000 |
) |
|||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
(7,061,000 |
) |
|
299,000 |
|
|
(6,440,000 |
) |
|||
| Provision for Income Taxes |
|
(1,183,000 |
) |
|
112,000 |
|
|
(1,832,000 |
) |
|||
| Net Income (Loss) from Continuing Operations |
|
(5,878,000 |
) |
|
187,000 |
|
|
(4,608,000 |
) |
|||
| COMPREHENSIVE (LOSS) INCOME—Pension unrecognized |
|
129,000 |
|
|||||||||
| gain adjustment—net of tax expense of $42,000 and | ||||||||||||
| $181,000 for 2018 and 2017, respectively | ||||||||||||
| Net Income (Loss) |
|
(5,749,000 |
) |
|
187,000 |
|
|
(4,608,000 |
) |
|||
| Net Income Attributable to Noncontrolling Interest |
|
(172,000 |
) |
|
6,000 |
|
|
(138,000 |
) |
|||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
(5,577,000 |
) |
|
181,000 |
|
|
(4,470,000 |
) |
|||
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES |
|||
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | |||
| Figures in US Dollars | June 30, 2019 | ||
| OPERATING ACTIVITIES: | |||
| Net income (loss) | (4,470,000 |
) |
|
| Less Net income (loss) from disposition | |||
| Less Net income (loss) attributed to noncontrolling interest | |||
| Net income (loss) | (4,470,000 |
) |
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Noncontrolling interest | (138,000 |
) |
|
| Depreciation and amortization | 4,790,000 |
|
|
| Allowance for doubtful accounts receivable | (134,000 |
) |
|
| Goodwill Amortization | (224,000 |
) |
|
| Changes in assets and liabilities which provided (used) cash: | |||
| (Increase) decrease in accounts and notes receivable | (15,361,000 |
) |
|
| (Increase) decrease in inventories | 1,517,000 |
|
|
| (Increase) decrease in prepaid expenses, deposits and other assets | 110,000 |
|
|
| Increase (decrease) in other long term obligations | 7,000 |
|
|
| Increase (decrease) in accounts payable, accrued expenses and amounts due to affiliates | 637,000 |
|
|
| Increase (decrease) in income taxes payable | (1,869,000 |
) |
|
| Total adjustments | (10,665,000 |
) |
|
| net cash provided by (used in) operating activities | (15,135,000 |
) |
|
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property, plant and equipment | (1,978,000 |
) |
|
| Net cash provided by (used in) investing activities | (1,978,000 |
) |
|
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Increase (decrease) in revolving credit facility | 17,348,000 |
|
|
| Proceeds from long term debt | (1,135,000 |
) |
|
| Net cash provided by (used in) financing activities | 16,213,000 |
|
|
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||
| Net increase in cash and cash equivalents | (900,000 |
) |
|
| Cash and cash equivalents at beginning of period | 2,519,000 |
|
|
| Cash and cash equivalents at end of period | 1,619,000 |
|
|