Cambridge-Lee Holdings Consolidated Results of Operations for Q1 2015

June 12, 2015 | By Business Wire News

READING, Pa.

Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the first three 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 March 31, 2014 and March 31,2015

Figures in US Dollars		12/31/2014			3/31/2014			3/31/2015
Assets
Current Assets:
Cash and cash equivalents	$	1,830,000		$	3,166,000		$	2,267,000
Accounts Receivable – Net		37,712,000			46,676,000		$	47,954,000
Accounts Receivable – Affiliates		1,605,000			7,586,000		$	3,231,000
Other Receivables		515,000			892,000			6,067,000
Inventories — net		65,321,000			55,642,000		$	61,279,000
Other current assets		4,865,000			4,283,000		$	6,349,000
Deferred income taxes		1,940,000			2,200,000		$	1,980,000
Total current assets		113,788,000			120,445,000			129,127,000

Restricted Cash

Note Receivable — Affiliate		8,990,000			8,990,000			8,990,000
Property, Plant, and Equipment — Net		86,673,000			96,005,000			84,436,000
Deferred Financing Fees — Net		0			1,971,000			1,749,000
Other Long-Term Assets		2,970,000			1,402,000			411,000
Deferred Income Taxes-Long Term
Total	$	212,421,000		$	228,813,000		$	224,713,000

Liabilities and Shareholders’ Equity

Current Liabilities:
Current portion of long-term debt		187,000			236,000			178,000
Revolving credit facility		10,600,000			31,657,000			22,663,000
Trade Accounts Payable		22,667,000			15,166,000			18,367,000
Affiliates Payable		(775,000	)		4,121,000			515,000
Accrued expenses and taxes other than income tax		14,130,000			13,264,000			15,077,000
Deferred Income Taxes
Income taxes payable		102,000			558,000			(391,000	)
Total current liabilities		46,911,000			65,002,000			56,409,000

Long-Term Debt		39,952,000			34,410,000			39,737,000
Long-Term Obligations — Other		772,000			7,357,000			1,610,000
Deferred Revenue
Deferred Income Taxes		6,325,000						7,129,000
Total liabilities		93,960,000			106,769,000			104,885,000

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
Retirement Inter-Company Bonds
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		107,877,000			111,407,000			110,176,000
Accumulated other comprehensive income (loss)		(1,526,000	)		(1,526,000	)		(2,499,000	)
Noncontrolling owner’s interest		5,418,000			5,471,000			5,458,000
Total shareholders’ equity		118,461,000			122,044,000			119,827,000

TOTAL	$	212,421,000		$	228,813,000		$	224,712,000

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 March 31, 2014 and March 31,2015


Figures in US Dollars	Dec 31, 2014			Mar 31, 2014			Mar 31, 2015

Revenues:
Net Sales	$	419,632,000		$	100,511,000		$	96,900,000
Cost of Sales		382,365,000			91,268,000			88,763,000
Gross Income		37,267,000			9,243,000			8,137,000

Selling, General and Administrative Expenses		35,444,000			8,730,000			8,894,000

Operating Income		1,823,000			513,000			(757,000	)

Other Expense:
Interest — net		(2,193,000	)		(508,000	)		(572,000	)
Other — net		267,000			33,000			(1,000	)
		(103,000	)		38,000			(1,330,000	)
Total Other Expense		(1,926,000	)		(475,000	)		(573,000	)

Income From Continuing Operations Before Provision for Income Taxes		(103,000	)		38,000			(1,330,000	)

Provision for Income Taxes		3,480,000			38,000			(497,000	)

Net Income from Continuing Operations		(3,583,000	)		0			(833,000	)

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		(3,583,000	)		0			(833,000	)

Net Income Attributable to Noncontrolling Interest		(102,000	)		0			(25,000	)

Net Income Attributable to Cambridge-Lee Holdings, Inc.		(3,481,000	)		0			(808,000	)

	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		Mar 31, 2015

OPERATING ACTIVITIES:
Net income (loss)			(833,000	)
Less Net income (loss) from disposition
Less Net income (loss) attributed to noncontrolling interest
Net income (loss)			(833,000	)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
	Noncontrolling interest		–
	Depreciation and amortization		2,237,000
	Allowance for doubtful accounts receivable		(400,000	)
	(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		(10,179,000	)
	(Increase) decrease in inventories		1,349,000
	(Increase) decrease in prepaid expenses, deposits and other assets		1,070,000
	Increase (decrease) in other long term obligations		–
	Increase (decrease) in accnts payable, accrued exp. & amounts due to affiliates		(4,087,000	)
	Increase (decrease) in income taxes payable		(561,000	)
	Increase (decrease) in assets from dispositions		–
		Total adjustments	(10,570,000	)
		net cash provided by (used in) operating activities	(11,403,000	)

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	(808,000	)

CASH FLOWS FROM FINANCING ACTIVITIES:
	Increase (decrease) in revolving credit facility		12,054,000
	Borrowings under long term debt arrangements		–
	Principal payments under long term debt arrangements		–
	Proceeds from long term debt		(215,000	)
	Principal payments on long-term debt		–
	Payment under capital lease obligations		–
	Payment of debt issuance costs		–
		Net cash provided by (used in) financing activities	11,840,000

EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents			436,000
Cash and cash equivalents at beginning of period			1,830,000

Cash and cash equivalents at end of period			2,267,000