Cambridge-Lee Holdings Consolidated Results of Operations for FY 2015

May 19, 2016 | By Business Wire News

READING, Pa.

Cambridge-Lee Holdings, Inc., has announced its audited consolidated results for the year 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 and December 31, 2015
Figures in US Dollars

Assets		12/31/2014			12/31/2015
Current Assets:
Cash and cash equivalents	$	1,830,000		$	2,062,000
Accounts Receivable – Net		37,711,000			30,963,000
Accounts Receivable – Affiliates		3,501,000			3,701,000
Accounts Receivable – Refundable Income Tax		5,317,000			5,793,000
Other Receivables		515,000			255,000
Inventories — net		62,629,000			51,646,000
Other current assets		7,242,000			4,474,000
Deferred income taxes		1,980,000			0
Total current assets		120,725,000			98,894,000

Restricted Cash
Note Receivable — Affiliate		8,990,000			8,990,000
Property, Plant, and Equipment — Net		86,673,000			80,240,000
Deferred Financing Fees — Net		1,935,000			1,487,000
Other Long-Term Assets		637,000			1,766,000
Total	$	218,960,000		$	191,377,000

Liabilities and Shareholders’ Equity
Current Liabilities:
Current portion of long-term debt		888,000			852,000
Revolving credit facility		10,600,000			6,500,000
Trade Accounts Payable		22,667,000			10,138,000
Affiliates Payable		1,121,000			168,000
Accrued expenses and taxes other than income tax		14,244,000			11,383,000
Income taxes payable					299,000
Total current liabilities		49,520,000			29,340,000

Long-Term Debt		39,251,000			38,399,000
Long-Term Obligations — Other		1,780,000			2,134,000
Deferred Revenue		622,000			597,000
Deferred Income Taxes		7,129,000			4,994,000
Total liabilities		98,302,000			75,464,000

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		110,983,000			106,630,000
Accumulated other comprehensive income (loss)		(2,499,000	)		(2,749,000	)
Noncontrolling owner’s interest		5,482,000			5,340,000
Total shareholders’ equity		120,659,000			115,913,000
TOTAL	$	218,961,000		$	191,377,000

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, 2014 and December 31, 2015
Figures in US Dollars

		12/31/2014			12/31/2015
Revenues:
Net Sales	$	419,632,000		$	374,201,000
Cost of Sales		382,522,000			343,384,000
Gross Income		37,110,000			30,817,000

Selling, General and Administrative Expenses		35,498,000			35,783,000

Operating Income		1,612,000			(4,966,000	)

Other Expense:
Interest — net		(2,193,000	)		(2,312,000	)
Other — net		267,000			130,000
		(103,000	)		(7,148,000	)
Total Other Expense		(1,926,000	)		(2,182,000	)

Income From Continuing Operations Before Provision for Income Taxes		(314,000	)		(7,149,000	)

Provision for Income Taxes		(68,000	)		(2,661,000	)

Net Income from Continuing Operations		(382,000	)		(4,488,000	)

COMPREHENSIVE (LOSS) INCOME—Pension unrecognized		(1,003,000	)		(258,000	)
gain (loss) adjustment—net of tax benefit of $161,000
for 2015 and tax benefit of $675,000 for 2014

Net Income		(1,385,000	)		(4,746,000	)

Net Income Attributable to Noncontrolling Interest		(38,000	)		(142,000	)

Net Income Attributable to Cambridge-Lee Holdings, Inc.		(1,347,000	)		(4,604,000	)

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

CONSOLIDATED STATEMENT OF CASH FLOW
Figures in US Dollars
			December 31, 2015
OPERATING ACTIVITIES:
Net income (loss)			(4,353,000)
Less Net income (loss) from disposition
Net income (loss)			(4,353,000)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
	Noncontrolling interest		(134,000)
	Depreciation and amortization		11,417,000
	Allowance for doubtful accounts receivable		(21,000)
	Net periodic pension (benefit) cost		178,000
	(Gain) loss on sale of property, plant and equipment		(4,000)
	Increase (decrease) in deferred income taxes		(93,000)

Changes in assets and liabilities which provided (used) cash:
	(Increase) decrease in accounts and notes receivable		7,982,000
	(Increase) decrease in inventories		10,983,000
	(Increase) decrease in prepaid expenses, deposits and other assets		1,640,000
	Increase (decrease) in other long term obligations		(74,000)
	Increase (decrease) in accts payable, accrued exp. & amounts due to affiliates		(17,236,000)
	Increase (decrease) in income taxes payable		(408,000)
		Total adjustments	14,230,000
			–
		net cash provided by (used in) operating activities	9,877,000

CASH FLOWS FROM INVESTING ACTIVITIES:
	Purchases of property, plant and equipment		(4,582,000)
	Proceeds from sale of property, plant and equipment		209,000
	disposal		–
	Change in restricted cash balance		–
		Net cash provided by (used in) investing activities	(4,373,000)

CASH FLOWS FROM FINANCING ACTIVITIES:
	Increase (decrease) in revolving credit facility		(4,100,000)
	Borrowings under long term debt arrangements		–
	Principal payments under long term debt arrangements		(701,000)
	Payment under capital lease obligations		(187,000)
	Payment of debt issuance costs		(284,000)
		Net cash provided by (used in) financing activities	(5,272,000)

EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents			232,000
Cash and cash equivalents at beginning of period			1,830,000

Cash and cash equivalents at end of period			2,062,000