Cambridge-Lee Holdings Consolidated Results of Operations For Q4 2014

March 2, 2015 | By Business Wire News

READING, Pa.

Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the twelve months of 2014.


CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
	Figures in US Dollars
CONSOLIDATED BALANCE SHEETS
As of December 31, 2013 and December 31, 2014
	12/31/2013			12/31/2014
Assets
Current Assets:
Cash and cash equivalents	$	3,338,000		$	1,830,000
Accounts Receivable – Net		37,767,000			37,712,000
Accounts Receivable – Affiliates		3,559,000			1,605,000
Other Receivables		544,000			515,000
Inventories — net		54,432,000			65,321,000
Other current assets		4,618,000			4,865,000
Deferred income taxes		1,940,000			1,940,000
Total current assets		106,198,000			113,788,000

Restricted Cash
Note Receivable — Affiliate		8,990,000			8,990,000
Property, Plant, and Equipment — Net		97,268,000			86,673,000
Deferred Financing Fees — Net		2,080,000			0
Other Long-Term Assets		1,777,000			2,970,000
Deferred Income Taxes-Long Term
Total	$	216,313,000		$	212,421,000

Liabilities and Shareholders’ Equity
Current Liabilities:
Current portion of long-term debt		253,000			187,000
Revolving credit facility		18,000,000			10,600,000
Trade Accounts Payable		18,291,000			22,667,000
Affiliates Payable		346,000			(775,000	)
Accrued expenses and taxes other than income tax		12,836,000			14,130,000
Deferred Income Taxes
Income taxes payable		3,011,000			102,000
Total current liabilities		52,737,000			46,911,000

Long-Term Debt		34,435,000			39,952,000
Long-Term Obligations — Other		772,000			772,000
Deferred Revenue
Deferred Income Taxes		6,325,000			6,325,000
Total liabilities		94,269,000			93,960,000

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		111,356,000			107,877,000
Accumulated other comprehensive income (loss)		(1,526,000	)		(1,526,000	)
Noncontrolling owner’s interest		5,522,000			5,418,000
Total shareholders’ equity		122,044,000			118,461,000

TOTAL	$	216,313,000		$	212,421,000


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, 2013 and December 31, 2014	Figures in US Dollars
	Dec 31, 2013			Dec 31, 2014

Revenues:
Net Sales	$	399,592,000		$	419,632,000
Cost of Sales		359,483,000			382,365,000
Gross Income		40,109,000			37,267,000

Selling, General and Administrative Expenses		36,301,000			35,444,000

Operating Income		3,808,000			1,823,000

Other Expense:
Interest — net		(468,000	)		(2,193,000	)
Other — net		991,000			267,000
					(103,000	)
Total Other Expense		523,000			(1,926,000	)

Income From Continuing Operations Before Provision
for Income Taxes		4,331,000			(103,000	)

Provision for Income Taxes		253,000			3,480,000

Net Income from Continuing Operations		4,078,000			(3,583,000	)

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

Net Income		4,078,000			(3,583,000	)

Net Income Attributable to Noncontrolling Interest		121,000			(102,000	)

Net Income Attributable to Cambridge-Lee Holdings, Inc.		3,957,000			(3,481,000	)


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

STATEMENT OF CASH FLOW
Figures in US Dollars	Dec 31, 2014
OPERATING ACTIVITIES:
Net income (loss)	(3,583,000	)
Less Net income (loss) from disposition
Less Net income (loss) attributed to noncontrolling interest	–
Net income (loss)	(3,583,000	)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest	–
Depreciation and amortization	10,596,000
Allowance for doubtful accounts receivable	(142,000	)

Changes in assets and liabilities which provided (used) cash:	–
(Increase) decrease in accounts and notes receivable	1,031,000
(Increase) decrease in inventories	(10,890,000	)
(Increase) decrease in prepaid expenses, deposits and other assets	670,000
Increase (decrease) in accts payable, accrued exps and amounts due to affiliates	5,670,000
Increase (decrease) in income taxes payable	(2,909,000	)
Increase (decrease) in assets from dispositions	–
Total adjustments	4,026,000
	–
net cash provided by (used in) operating activities	442,000
	–
CASH FLOWS FROM INVESTING ACTIVITIES:	–
Purchases of property, plant and equipment	–
Change in restricted cash balance	–

Net cash provided by (used in) investing activities	–

CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility	(7,466,000	)
Proceeds from long term debt	5,517,000
Principal payments on long-term debt	–
Payment under capital lease obligations	–
Net cash provided by (used in) financing activities	(1,949,000	)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

Net increase in cash and cash equivalents	(1,507,000	)
Cash and cash equivalents at beginning of period	3,338,000

Cash and cash equivalents at end of period	1,830,000