MRO Magazine

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        
12/31/201312/31/2014
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, 2013Dec 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 Taxes4,331,000(103,000)
 
Provision for Income Taxes 253,000 3,480,000
   
Net Income from Continuing Operations4,078,000(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 Operations00
   
Net Income4,078,000(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 DollarsDec 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 amortization10,596,000
Allowance for doubtful accounts receivable(142,000)
 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable1,031,000
(Increase) decrease in inventories(10,890,000)
(Increase) decrease in prepaid expenses, deposits and other assets670,000
Increase (decrease) in accts payable, accrued exps and amounts due to affiliates5,670,000
Increase (decrease) in income taxes payable(2,909,000)
Increase (decrease) in assets from dispositions  
Total adjustments4,026,000  
net cash provided by (used in) operating activities442,000  
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 debt5,517,000
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 period3,338,000  
 
Cash and cash equivalents at end of period1,830,000  
 

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