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
12/31/2017 9/30/2017 9/30/2018
Assets Figures in US Dollars
Current Assets:
Cash and cash equivalents $ 1,488,000 $ 1,871,000 $ 3,006,000
Accounts Receivable – Net 48,887,000 58,331,000 55,538,000
Accounts Receivable – Affiliates 1,359,000 947,000 1,258,000
Accounts Receivable – Refundable Income Tax 253,000 71,000 252,000
Other Receivables 20,000 21,000 80,000
Inventories net 75,656,000 62,196,000 64,992,000
Other current assets   3,296,000     7,797,000     7,908,000  
Total current assets   130,959,000     131,234,000     133,034,000  
 
Restricted Cash
 
Note Receivable Affiliate 8,990,000 8,990,000

 

8,990,000
Property, Plant, and Equipment Net 67,966,000 69,215,000 63,363,000
Deferred Financing Fees Net 678,000 0 948,000
Other Long-Term Assets   3,093,000     1,054,000     28,000  
Total $ 211,686,000   $ 210,493,000   $ 206,363,000  
 
Liabilities and Shareholders’ Equity
 
Current Liabilities:
Current portion of long-term debt 35,361,000 817,000 35,155,000
Revolving credit facility 27,583,000 23,423,000 29,943,000
Trade Accounts Payable 18,777,000 21,711,000 19,314,000
Affiliates Payable 1,212,000 822,000 (2,203,000 )
Accrued expenses and taxes other than income tax 12,360,000 12,025,000 11,647,000
Income taxes payable   0     (273,000 )   (941,000 )
Total current liabilities   95,293,000     58,525,000     92,915,000  
 
Long-Term Debt 1,734,000 36,455,000 1,562,000
Long-Term Obligations Other 1,205,000 1,608,000 1,205,000
Deferred Revenue 549,000 .
Deferred Income Taxes   1,131,000     2,806,000     1,131,000  
Total liabilities   99,912,000     99,394,000     96,813,000  
 
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

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(17,514,000 ) (17,514,000 ) (17,514,000 )
Retained earnings 102,272,000 101,648,000 100,114,000
Accumulated other comprehensive income (loss) (2,407,000 ) (2,437,000 ) (2,406,000 )
Noncontrolling owners interest   5,217,000     5,196,000     5,150,000  
Total shareholders’ equity   111,774,000     111,099,000     109,550,000  
     
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            
 
12/31/2017 9/30/2017 9/30/2018
Figures in US Dollars
Revenues:
Net Sales $ 421,664,000 $ 319,153,000 $ 352,308,000
Cost of Sales   387,307,000     291,492,000     325,874,000  
Gross Income 34,357,000 27,661,000 26,434,000
 
Selling, General and Administrative Expenses 35,149,000 27,252,000 27,695,000
     
Operating Income (792,000 ) 409,000 (1,261,000 )
 
Other Expense:
Interest net (1,755,000 ) (1,285,000 ) (1,777,000 )
Other net   97,000     92,000     (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 unrecognized 566,000
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 amortization 7,647,000
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 inventories 10,664,000
(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 adjustments 5,005,000  
 
net cash provided by (used in) operating activities 2,846,000  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (3,087,000 )
Proceeds from sale of property, plant and equipment
disposal 43,000
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

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 activities 1,716,000  
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
 
Net increase in cash and cash equivalents 1,518,000
Cash and cash equivalents at beginning of period 1,488,000  
 
Cash and cash equivalents at end of period 3,006,000  
 

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

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