MRO Magazine

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
12/31/20146/30/20146/30/2015
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
 
12/31/20146/30/20146/30/2015
 
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 Operations000
     
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 DollarsJune 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 amortization4,028,000
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 inventories441,000
(Increase) decrease in prepaid expenses, deposits and other assets1,660,000
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 payable1,761,000
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 facility13,379,000
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 activities12,953,000  
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
 
Net increase in cash and cash equivalents291,000
Cash and cash equivalents at beginning of period1,830,000  
 
Cash and cash equivalents at end of period2,121,000  
 

Cambridge-Lee Holdings, Inc.
Francisco Rodriguez Avendaño, (5255) 5216-4028
frodriguez@iusa.com.mx