Cambridge-Lee Holdings, Inc., has announced its audited consolidated results for the first 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 | Figures in US Dollars | |||||||||||
| As of March 31, 2017 and March 31, 2018 | ||||||||||||
| Assets | 12/31/2017 | 3/31/2017 | 3/31/2018 | |||||||||
| Current Assets: | ||||||||||||
| Cash and cash equivalents | $ | 1,488,000 | $ | 2,763,000 | $ | 1,863,000 | ||||||
| Accounts Receivable - Net | 48,887,000 | 51,600,000 | 57,974,000 | |||||||||
| Accounts Receivable - Affiliates | 1,359,000 | 932,000 | 569,000 | |||||||||
| Accounts Receivable - Refundable Income Tax | 253,000 | 0 | 253,000 | |||||||||
| Other Receivables | 20,000 | 131,000 | 34,000 | |||||||||
| Inventories — net | 75,656,000 | 59,890,000 | 76,500,000 | |||||||||
| Other current assets | 3,296,000 | 7,231,000 | 6,031,000 | |||||||||
| Deferred income taxes | 0 | 131,000 | 0 | |||||||||
| Total current assets | 130,959,000 | 122,678,000 | 143,224,000 | |||||||||
| Note Receivable — Affiliate | 8,990,000 | 8,990,000 | 8,990,000 | |||||||||
| Property, Plant, and Equipment — Net | 67,966,000 | 70,829,000 | 66,844,000 | |||||||||
| Deferred Financing Fees — Net | 678,000 | 0 | 871,000 | |||||||||
| Other Long-Term Assets | 3,093,000 | 1,130,000 | 29,000 | |||||||||
| Total | $ | 211,686,000 | $ | 203,627,000 | $ | 219,958,000 | ||||||
| Liabilities and Shareholders' Equity | ||||||||||||
| Current Liabilities: | ||||||||||||
| Current portion of long-term debt | 35,361,000 | 828,000 | 35,343,000 | |||||||||
| Revolving credit facility | 27,583,000 | 20,810,000 | 35,611,000 | |||||||||
| Trade Accounts Payable | 18,777,000 | 20,221,000 | 19,909,000 | |||||||||
| Affiliates Payable | 1,212,000 | (516,000 | ) | 356,000 | ||||||||
| Accrued expenses and taxes other than income tax | 12,360,000 | 11,309,000 | 11,635,000 | |||||||||
| Income taxes payable | 0 | (935,000 | ) | 262,000 | ||||||||
| Total current liabilities | 95,293,000 | 51,717,000 | 103,116,000 | |||||||||
| Long-Term Debt | 1,734,000 | 36,861,000 | 1,812,000 | |||||||||
| Long-Term Obligations — Other | 1,205,000 | 1,608,000 | 1,205,000 | |||||||||
| Deferred Revenue | 549,000 | 198,000 | 264,000 | |||||||||
| Deferred Income Taxes | 1,131,000 | 2,806,000 | 1,131,000 | |||||||||
| Total liabilities | 99,912,000 | 93,190,000 | 107,528,000 | |||||||||
| 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 | 101,005,000 | 102,908,000 | |||||||||
| Accumulated other comprehensive income (loss) | (2,407,000 | ) | (2,436,000 | ) | (2,406,000 | ) | ||||||
| Noncontrolling owner’s interest | 5,217,000 | 5,176,000 | 5,236,000 | |||||||||
| Total shareholders' equity | 111,774,000 | 110,437,000 | 112,430,000 | |||||||||
| TOTAL | $ | 211,686,000 | $ | 203,627,000 | $ | 219,958,000 | ||||||
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | ||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | Figures in US Dollars | |||||||||||
| As of March 31, 2017 and March 31, 2018 | ||||||||||||
| 12/31/2017 | 3/31/2017 | 3/31/2018 | ||||||||||
| Revenues: | ||||||||||||
| Net Sales | $ | 421,664,000 | $ | 100,999,000 | $ | 113,607,000 | ||||||
| Cost of Sales | 387,307,000 | 93,892,000 | 102,816,000 | |||||||||
| Gross Income | 34,357,000 | 7,107,000 | 10,791,000 | |||||||||
| Selling, General and Administrative Expenses | 35,149,000 | 9,090,000 | 9,368,000 | |||||||||
| Operating Income | (792,000 | ) | (1,983,000 | ) | 1,423,000 | |||||||
| Other Expense: | ||||||||||||
| Interest — net | (1,755,000 | ) | (450,000 | ) | (512,000 | ) | ||||||
| Other — net | 97,000 | 26,000 | 2,000 | |||||||||
| Total Other Expense | (1,658,000 | ) | (424,000 | ) | (510,000 | ) | ||||||
| Income From Continuing Operations Before Provision for Income Taxes | (2,450,000 | ) | (2,407,000 | ) | 913,000 | |||||||
| Provision for Income Taxes | (1,773,000 | ) | (957,000 | ) | 258,000 | |||||||
| Net Income from Continuing Operations | (677,000 | ) | (1,450,000 | ) | 655,000 | |||||||
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized gain (loss) adjustment—net of tax expense of $210,000 and tax (benefit) of 161,000 for 2016 and 2016, respectively | 566,000 | |||||||||||
| Net Income | (111,000 | ) | (1,450,000 | ) | 655,000 | |||||||
| Net Income Attributable to Noncontrolling Interest | (3,000 | ) | (43,000 | ) | 20,000 | |||||||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. | (108,000 | ) | (1,407,000 | ) | 635,000 | |||||||
| 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, 2018 | |||
| OPERATING ACTIVITIES: | |||
| Net income (loss) | 655,000 | ||
| Less Net income (loss) from disposition | |||
| Less Net income (loss) attributed to noncontrolling interest | |||
| Net income (loss) | 655,000 | ||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Noncontrolling interest | - | ||
| Depreciation and amortization | 2,567,000 | ||
| Allowance for doubtful accounts receivable | 90,000 | ||
| Changes in assets and liabilities which provided (used) cash: | |||
| (Increase) decrease in accounts and notes receivable | (8,020,000 | ) | |
| (Increase) decrease in inventories | (1,307,000 | ) | |
| (Increase) decrease in prepaid expenses, deposits and other assets | (527,000 | ) | |
| Increase (decrease) in accts payable, accrued exp & amnts due to affiliates | 120,000 | ||
| Increase (decrease) in income taxes payable | 234,000 | ||
| Total adjustments | (6,843,000 | ) | |
| net cash provided by (used in) operating activities | (6,188,000 | ) | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | - | ||
| Purchases of property, plant and equipment | (1,446,000 | ) | |
| Proceeds from sale of property, plant and equipment | - | ||
| Net cash provided by (used in) investing activities | (1,446,000 | ) | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Increase (decrease) in revolving credit facility | 8,010,000 | ||
| Borrowings under long term debt arrangements | - | ||
| Net cash provided by (used in) financing activities | 8,010,000 | ||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||
| Net increase in cash and cash equivalents | 376,000 | ||
| Cash and cash equivalents at beginning of period | 1,488,000 | ||
| Cash and cash equivalents at end of period | 1,864,000 | ||
View source version on businesswire.com: https://www.businesswire.com/news/home/20180717005928/en/
Contacts:
Francisco Rodriguez, 5255 52164028
frodriguez@iusa.com.mx
