Cambridge-Lee Holdings Consolidated Results of Operations for Q3 2018

Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the third quarter of 2018.

CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
CONSOLIDATED BALANCE SHEETS
12/31/20179/30/20179/30/2018
AssetsFigures in US Dollars
Current Assets:
Cash and cash equivalents$1,488,000$1,871,000$3,006,000
Accounts Receivable – Net48,887,00058,331,00055,538,000
Accounts Receivable – Affiliates1,359,000947,0001,258,000
Accounts Receivable – Refundable Income Tax253,00071,000252,000
Other Receivables20,00021,00080,000
Inventories net75,656,00062,196,00064,992,000
Other current assets3,296,0007,797,0007,908,000
Total current assets130,959,000131,234,000133,034,000
Restricted Cash
Note Receivable Affiliate8,990,0008,990,000

8,990,000
Property, Plant, and Equipment Net67,966,00069,215,00063,363,000
Deferred Financing Fees Net678,0000948,000
Other Long-Term Assets3,093,0001,054,00028,000
Total$211,686,000$210,493,000$206,363,000
Liabilities and Shareholders’ Equity
Current Liabilities:
Current portion of long-term debt35,361,000817,00035,155,000
Revolving credit facility27,583,00023,423,00029,943,000
Trade Accounts Payable18,777,00021,711,00019,314,000
Affiliates Payable1,212,000822,000(2,203,000)
Accrued expenses and taxes other than income tax12,360,00012,025,00011,647,000
Income taxes payable0(273,000)(941,000)
Total current liabilities95,293,00058,525,00092,915,000
Long-Term Debt1,734,00036,455,0001,562,000
Long-Term Obligations Other1,205,0001,608,0001,205,000
Deferred Revenue549,000.
Deferred Income Taxes1,131,0002,806,0001,131,000
Total liabilities99,912,00099,394,00096,813,000
SHAREHOLDERS EQUITY:

Common stock, no par authorized, 1,500 shares; issued and outstanding, 1,000 shares

1,0001,0001,000
Additional paid-in capital84,205,00084,205,00084,205,000
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 earnings102,272,000101,648,000100,114,000
Accumulated other comprehensive income (loss)(2,407,000)(2,437,000)(2,406,000)
Noncontrolling owners interest5,217,0005,196,0005,150,000
Total shareholders’ equity111,774,000111,099,000109,550,000
TOTAL$211,686,000$210,493,000$206,363,000
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 September 30, 2017 and September 30, 2018
12/31/20179/30/20179/30/2018
Figures in US Dollars
Revenues:
Net Sales$421,664,000$319,153,000$352,308,000
Cost of Sales387,307,000291,492,000325,874,000
Gross Income34,357,00027,661,00026,434,000
Selling, General and Administrative Expenses35,149,00027,252,00027,695,000
Operating Income(792,000)409,000(1,261,000)
Other Expense:
Interest net(1,755,000)(1,285,000)(1,777,000)
Other net97,00092,000(53,000)
Total Other Expense(1,658,000)(1,193,000)(1,830,000)

Income From Continuing Operations Before Provision for Income Taxes

(2,450,000)(784,000)(3,091,000)
Provision for Income Taxes(1,773,000)3,000(865,000)
Net Income from Continuing Operations(677,000)(787,000)(2,226,000)
COMPREHENSIVE (LOSS) INCOMEPension unrecognized566,000
gain (loss) adjustmentnet of tax expense of $210,000 and tax
(benefit) of $161,000 for 2016 and 2016, respectively
Net Income(111,000)(787,000)(2,226,000)
Net Income Attributable to Noncontrolling Interest(3,000)(24,000)(67,000)
Net Income Attributable to Cambridge-Lee Holdings, Inc.(108,000)(763,000)(2,159,000)
CAMBRIDGE-LEE HOLDINGS, INC
STATEMENT OF CASH FLOW
September 30, 2018
Figures in US Dollars
OPERATING ACTIVITIES:
Net income (loss)(2,159,000)
Less Net income (loss) from disposition
Less Net income (loss) attributed to noncontrolling interest
Net income (loss)(2,159,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest(67,000)
Depreciation and amortization7,647,000
Allowance for doubtful accounts receivable(121,000)
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable(9,844,000)
(Increase) decrease in inventories10,664,000
(Increase) decrease in prepaid expenses, deposits and other assets(1,607,000)
Increase (decrease) in other long term obligations
Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates(728,000)
Increase (decrease) in income taxes payable(939,000)
Increase (decrease) in assets from dispositions
Total adjustments5,005,000
net cash provided by (used in) operating activities2,846,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment(3,087,000)
Proceeds from sale of property, plant and equipment
disposal43,000
Gain on disposition
Net cash provided by (used in) investing activities(3,044,000)
CASH FLOWS FROM FINANCING ACTIVITIES:

Increase (decrease) in revolving credit facility

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2,155,000
Borrowings under long term debt arrangements
Principal payments under long term debt arrangements
Proceeds from long term debt(439,000)
Net cash provided by (used in) financing activities1,716,000
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents1,518,000
Cash and cash equivalents at beginning of period1,488,000
Cash and cash equivalents at end of period3,006,000

Francisco Rodriguez
[email protected]
Tel.
(5255) 52164028