MRO Magazine

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 Dollars12/31/20143/31/20143/31/2015
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 DollarsDec 31, 2014Mar 31, 2014Mar 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 Operations000
     
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 DollarsMar 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 amortization2,237,000
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 inventories1,349,000
(Increase) decrease in prepaid expenses, deposits and other assets1,070,000
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 facility12,054,000
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 activities11,840,000  
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents436,000
Cash and cash equivalents at beginning of period1,830,000  
 
Cash and cash equivalents at end of period2,267,000  

Cambridge-Lee Holdings, Inc.
Francisco Rodríguez, Tel. 5255 52164028
frodriguez@iusa.com.mx