Cambridge-Lee Holdings Consolidated Results of Operations For Q2 2015

August 28, 2015 | By Business Wire News

READING, Penn.

Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the first six months of 2015.


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, 2014, June 30, 2014 and June 30, 2015
Figures in US Dollars
	12/31/2014			6/30/2014			6/30/2015
Assets

Current Assets:
Cash and cash equivalents	$	1,830,000		$	1,897,981		$	2,120,930
Accounts Receivable – Net		37,711,000			54,380,426			52,637,681
Accounts Receivable – Affiliates		3,501,000			6,821,493			4,689,736
Accounts Receivable – Refundable Income Tax		5,317,000			0			3,316,893
Other Receivables		515,000			993,169			443,291
Inventories — net		62,629,000			59,721,052			62,187,566
Other current assets		7,242,000			3,713,997			6,386,092
Deferred income taxes		1,980,000			1,940,488			1,979,849
Total current assets		120,725,000			129,468,606			133,762,038

Note Receivable — Affiliate		8,990,000			8,990,000			8,990,000
Property, Plant, and Equipment — Net		86,673,000			95,806,115			82,644,409
Deferred Financing Fees — Net		1,935,000						0
Other Long-Term Assets		636,000			2,982,495			1,839,546
Deferred Income Taxes-Long Term		185,000
Total	$	219,144,000		$	237,247,216		$	227,235,993

Liabilities and Shareholders’ Equity
Current Liabilities:
Current portion of long-term debt		888,000			222,903			165,723
Revolving credit facility		10,600,000			16,000,000			24,000,000
Trade Accounts Payable		22,667,000			36,082,039			21,908,401
Affiliates Payable		1,121,000			3,387,262			1,432,959
Accrued expenses and taxes other than income tax		14,242,000			11,587,865			11,167,254
Income taxes payable		170,000			207,268			(68,981	)
Total current liabilities		49,688,000			67,487,335			58,605,356

Long-Term Debt		39,251,000			40,382,389			39,526,659
Long-Term Obligations — Other		1,610,000			7,357,391			1,609,616
Deferred Revenue		622,000
Deferred Income Taxes		7,314,000			(260,723	)		7,129,222
Total liabilities		98,485,000			114,966,392			106,870,852

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		110,984,000			111,636,780			110,697,606
Accumulated other comprehensive income (loss)		(2,499,000	)		(1,525,871	)		(2,498,685	)
Noncontrolling owner’s interest		5,482,000			5,477,916			5,474,221
Total shareholders’ equity		120,659,000			122,280,824			120,365,142

TOTAL	$	219,144,000		$	237,247,216		$	227,235,994


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, 2014, June 30, 2014 and June 30, 2015
Figures in US Dollars

	12/31/2014			6/30/2014			6/30/2015

Revenues:
Net Sales	$	419,632,000		$	217,262,392		$	202,718,779
Cost of Sales		382,522,000			198,526,702			184,109,663
Gross Income		37,110,000			18,735,690			18,609,117

Selling, General and Administrative Expenses		35,498,000			17,795,430			17,842,155

Operating Income		1,612,000			940,260			766,961

Other Expense:
Interest — net		(2,193,000	)		(1,050,937	)		(1,209,731	)
Other — net		267,000			987,601			16,036
		(103,000	)		876,924			(426,734	)
Total Other Expense		(1,926,000	)		(63,337	)		(1,193,695	)

Income From Continuing Operations Before Provision for Income Taxes		(314,000	)		876,924			(426,734	)

Provision for Income Taxes		(68,000	)		(90,288	)		(132,416	)

Net Income from Continuing Operations		(382,000	)		967,212			(294,318	)

Gain (Loss) From Discontinued Operations (Including loss on disposal of $398,000 in Dec 2010)
Provision for Income Taxes

Net Loss from Discontinued Operations		0			0			0

Net Income		(382,000	)		967,212			(294,318	)

Net Income Attributable to Noncontrolling Interest		(8,000	)		28,920			(8,800	)

Net Income Attributable to Cambridge-Lee Holdings, Inc.		(374,000	)		938,292			(285,518	)


	CAMBRIDGE-LEE HOLDINGS, INC
	(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)

STATEMENT OF CASH FLOW

	Figures in US Dollars		June 30, 2015

OPERATING ACTIVITIES:
Net income (loss)			(294,000	)
Less Net income (loss) from disposition
Less Net income (loss) attributed to noncontrolling interest
Net income (loss)			(294,000	)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
	Noncontrolling interest		–
	Depreciation and amortization		4,028,000
	Allowance for doubtful accounts receivable		(317,000	)
	(Gain) loss on sale of property, plant and equipment		–
	Increase (decrease) in deferred income taxes		–

Changes in assets and liabilities which provided (used) cash:
	(Increase) decrease in accounts and notes receivable		(15,486,000	)
	(Increase) decrease in inventories		441,000
	(Increase) decrease in prepaid expenses, deposits and other assets		1,660,000
	Increase (decrease) in other long term obligations		–
	Increase (decrease) in accts payable, accrued expenses and amounts due to affiliates		(4,455,000	)
	Increase (decrease) in income taxes payable		1,761,000
	Increase (decrease) in assets from dispositions		–
		Total adjustments	(12,368,000	)
			–
		net cash provided by (used in) operating activities	(12,663,000	)

CASH FLOWS FROM INVESTING ACTIVITIES:			–
	Purchases of property, plant and equipment		–
	Proceeds from sale of property, plant and equipment		–
	disposal		–
	Gain on disposition		–
	Reduction of CIP down payment		–
	Change in restricted cash balance		–
		Net cash provided by (used in) investing activities	–

CASH FLOWS FROM FINANCING ACTIVITIES:
	Increase (decrease) in revolving credit facility		13,379,000
	Borrowings under long term debt arrangements		–
	Principal payments under long term debt arrangements		–
	Proceeds from long term debt		(425,000	)
	Principal payments on long-term debt		–
	Payment under capital lease obligations		–
	Payment of debt issuance costs		–
		Net cash provided by (used in) financing activities	12,953,000

EFFECT OF EXCHANGE RATE CHANGES ON CASH			–

Net increase in cash and cash equivalents			291,000
Cash and cash equivalents at beginning of period			1,830,000

Cash and cash equivalents at end of period			2,121,000