MRO Magazine

Cambridge-Lee Holdings Consolidated Results of Operations for Q1 2016


June 3, 2016
By Business Wire News

READING, Pa.

Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the first quarter of 2016.

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, 2015 and March 31, 2016            
 
Figures in US Dollars12/31/20153/31/20153/31/2016
Assets
Current Assets:
Cash and cash equivalents $ 2,062,000 $ 2,267,000 $ 3,006,000
Accounts Receivable – Net 30,963,000 47,954,000 43,341,000
Accounts Receivable – Affiliates 3,701,000 3,231,000 1,419,000
Accounts Receivable – Refundable Income Tax 5,793,000 0 2,011,000
Other Receivables 255,000 6,067,000 360,000
Inventories — net 51,646,000 61,279,000 47,754,000
Other current assets 4,474,000 6,349,000 4,358,000
Deferred income taxes   0     1,980,000     0  
Total current assets   98,894,000     129,127,000     102,249,000  
 
Restricted Cash
Note Receivable — Affiliate 8,990,000 8,990,000 8,990,000
Property, Plant, and Equipment — Net 80,240,000 84,436,000 78,089,000
Deferred Financing Fees — Net 1,487,000 1,749,000 0
Other Long-Term Assets   1,766,000     411,000     2,993,000  
Total $ 191,377,000   $ 224,713,000   $ 192,321,000  
 
Liabilities and Shareholders’ Equity
Current Liabilities:
Current portion of long-term debt 852,000 178,000 848,000
Revolving credit facility 6,500,000 22,663,000 11,000,000
Trade Accounts Payable 10,138,000 18,367,000 12,941,000
Affiliates Payable 168,000 515,000 (2,033,000 )
Accrued expenses and taxes other than income tax 11,383,000 15,077,000 13,925,000
Income taxes payable   299,000     (391,000 )   (3,646,000 )
Total current liabilities   29,340,000     56,409,000     33,035,000  
 
Long-Term Debt 38,399,000 39,737,000 38,189,000
Long-Term Obligations — Other 2,134,000 1,610,000 1,960,000
Deferred Revenue 597,000 .
Deferred Income Taxes   4,994,000     7,129,000     4,994,000  
Total liabilities   75,464,000     104,885,000     78,178,000  
 
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 106,630,000 110,176,000 104,913,000
Accumulated other comprehensive income (loss) (2,749,000 ) (2,499,000 ) (2,749,000 )
Noncontrolling owner’s interest   5,340,000     5,458,000     5,287,000  
Total shareholders’ equity   115,913,000     119,827,000     114,143,000  
     
TOTAL $ 191,377,000   $ 224,712,000   $ 192,321,000  
 
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, 2015 and March 31, 2016            
 
Figures in US Dollars12/31/20153/31/20153/31/2016
 
Revenues:
Net Sales $ 374,201,000 $ 96,900,000 $ 83,266,000
Cost of Sales   343,384,000     88,763,000     77,288,000  
Gross Income 30,817,000 8,137,000 5,978,000
 
Selling, General and Administrative Expenses 35,783,000 8,894,000 8,491,000
     
Operating Income (4,966,000 ) (757,000 ) (2,513,000 )
 
Other Expense:
Interest — net (2,312,000 ) (572,000 ) (478,000 )
Other — net 130,000 (1,000 ) 55,000
  (7,148,000 )   (1,330,000 )   (2,936,000 )
Total Other Expense (2,182,000 ) (573,000 ) (423,000 )
 
Income From Continuing Operations Before Provision for Income Taxes(7,148,000)(1,330,000)(2,937,000)
 
Provision for Income Taxes (2,661,000 ) (497,000 ) (1,165,000 )
     
Net Income from Continuing Operations(4,487,000)(833,000)(1,772,000)
 
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized (258,000 )
gain (loss) adjustment—net of tax benefit of $161,000
for 2015 and tax benefit of $675,000 for 2014      
 
     
Net Income(4,745,000)(833,000)(1,772,000)
 
Net Income Attributable to Noncontrolling Interest (142,000 ) (25,000 ) (53,000 )
     
Net Income Attributable to Cambridge-Lee Holdings, Inc.  (4,603,000)  (808,000)  (1,719,000)
 
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 DollarsMarch 31, 2016
OPERATING ACTIVITIES:
Net income (loss)(1,772,000)
Less Net income (loss) from disposition  
Net income (loss)(1,772,000)
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest
Depreciation and amortization2,152,000
Allowance for doubtful accounts receivable(339,000)
Net periodic pension (benefit) cost
(Gain) loss on sale of property, plant and equipment
 
Changes in assets and liabilities which provided (used) cash:(11,956,000)
(Increase) decrease in accounts and notes receivable3,892,000
(Increase) decrease in inventories270,000
Increase (decrease) in other long term obligations4,576,000
Increase (decrease) in accts payable, accrued exp. & amounts due to affiliates(163,000)
 
Total adjustments(1,568,000)
 
Net cash provided by (used in) operating activities(3,340,000)
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment
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 facility4,495,000
Borrowings under long term debt arrangements
Principal payments under long term debt arrangements
Proceeds from long term debt(210,000)
Principal payments on long-term debt
Payment under capital lease obligations
Net cash provided by (used in) financing activities4,285,000
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
 
Net increase in cash and cash equivalents944,000
Cash and cash equivalents at beginning of period2,062,000
 
Cash and cash equivalents at end of period3,006,000

Cambridge-Lee Holdings, Inc.
Francisco Rodríguez, 5255 5261 8828
frodriguez@iusa.com.mx