Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the first nine 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, September 30, 2014 and 2015 | ||||||||||||||||
Figures in US Dollars | ||||||||||||||||
| 12/31/2014 | 9/30/2014 | 9/30/2015 | ||||||||||||||
| Assets | ||||||||||||||||
| Current Assets: | ||||||||||||||||
| Cash and cash equivalents | $ | 1,830,000 | $ | 1,679,212 | $ | 2,357,957 | ||||||||||
| Accounts Receivable - Net | 37,711,000 | 52,311,906 | 45,453,128 | |||||||||||||
| Accounts Receivable - Affiliates | 3,501,000 | 1,675,903 | 5,404,688 | |||||||||||||
| Accounts Receivable - Refundable Income Tax | 5,317,000 | 3,316,893 | ||||||||||||||
| Other Receivables | 515,000 | 568,370 | 365,908 | |||||||||||||
| Inventories — net | 62,629,000 | 64,585,569 | 54,804,855 | |||||||||||||
| Other current assets | 7,242,000 | 4,857,133 | 7,545,553 | |||||||||||||
| Deferred income taxes | 1,980,000 | 1,940,488 | 1,979,849 | |||||||||||||
| Total current assets | 120,725,000 | 127,618,582 | 121,228,831 | |||||||||||||
| Restricted Cash | ||||||||||||||||
| Note Receivable — Affiliate | 8,990,000 | 8,990,000 | 8,990,000 | |||||||||||||
| Property, Plant, and Equipment — Net | 86,673,000 | 90,676,044 | 80,548,966 | |||||||||||||
| Deferred Financing Fees — Net | 1,935,000 | 0 | ||||||||||||||
| Other Long-Term Assets | 636,000 | 2,895,675 | 1,705,282 | |||||||||||||
| Deferred Income Taxes-Long Term | 185,000 | |||||||||||||||
| Total | $ | 219,144,000 | $ | 230,180,301 | $ | 212,473,079 | ||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||
| Current Liabilities: | ||||||||||||||||
| Current portion of long-term debt | 888,000 | 202,764 | 170,889 | |||||||||||||
| Revolving credit facility | 10,600,000 | 29,385,905 | 13,000,000 | |||||||||||||
| Trade Accounts Payable | 22,667,000 | 20,037,358 | 19,985,513 | |||||||||||||
| Affiliates Payable | 1,121,000 | (1,335,604 | ) | 1,942,064 | ||||||||||||
| Accrued expenses and taxes other than income tax | 14,242,000 | 11,235,890 | 10,508,804 | |||||||||||||
| Income taxes payable | 170,000 | (168,334 | ) | (647,433 | ) | |||||||||||
| Total current liabilities | 49,688,000 | 59,357,979 | 44,959,837 | |||||||||||||
| Long-Term Debt | 39,251,000 | 40,170,069 | 39,316,678 | |||||||||||||
| Long-Term Obligations — Other | 1,610,000 | 771,550 | 1,609,616 | |||||||||||||
| Deferred Revenue | 622,000 | |||||||||||||||
| Deferred Income Taxes | 7,314,000 | 6,325,118 | 7,129,222 | |||||||||||||
| Total liabilities | 98,485,000 | 106,624,716 | 93,015,353 | |||||||||||||
| 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 | 112,868,081 | 109,818,242 | |||||||||||||
| Accumulated other comprehensive income (loss) | (2,499,000 | ) | (1,525,871 | ) | (2,498,685 | ) | ||||||||||
| Noncontrolling owner’s interest | 5,482,000 | 5,521,375 | 5,446,169 | |||||||||||||
| Total shareholders' equity | 120,659,000 | 123,555,585 | 119,457,726 | |||||||||||||
| TOTAL | $ | 219,144,000 | $ | 230,180,301 | $ | 212,473,079 | ||||||||||
| 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 Decembert 31, 2014, September 30, 2014 and 2015 | ||||||||||||||||
| Figures in US Dollars | ||||||||||||||||
| 12/31/2014 | 9/30/2014 | 9/30/2015 | ||||||||||||||
| Revenues: | ||||||||||||||||
| Net Sales | $ | 419,632,000 | $ | 328,789,184 | $ | 298,037,339 | ||||||||||
| Cost of Sales | 382,522,000 | 297,243,984 | 271,505,320 | |||||||||||||
| Gross Income | 37,110,000 | 31,545,200 | 26,532,019 | |||||||||||||
| Selling, General and Administrative Expenses | 35,498,000 | 26,982,982 | 26,635,269 | |||||||||||||
| Operating Income | 1,612,000 | 4,562,218 | (103,250 | ) | ||||||||||||
| Other Expense: | ||||||||||||||||
| Interest — net | (2,193,000 | ) | (1,653,092 | ) | (1,804,269 | ) | ||||||||||
| Other — net | 267,000 | 227,664 | (5,074 | ) | ||||||||||||
| Total Other Expense | (1,926,000 | ) | (1,425,428 | ) | (1,809,343 | ) | ||||||||||
| Income From Continuing Operations Before Provision for Income Taxes | (314,000 | ) | 3,136,790 | (1,912,593 | ) | |||||||||||
| Provision for Income Taxes | (68,000 | ) | 1,272,063 | (710,867 | ) | |||||||||||
| Net Income from Continuing Operations | (382,000 | ) | 1,864,727 | (1,201,726 | ) | |||||||||||
| Net Income | (382,000 | ) | 1,864,727 | (1,201,726 | ) | |||||||||||
| Net Income Attributable to Noncontrolling Interest | (8,000 | ) | 50,526 | (35,932 | ) | |||||||||||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. | (374,000 | ) | 1,814,201 | (1,165,794 | ) | |||||||||||
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | |||||
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | |||||
| STATEMENT OF CASH FLOW | |||||
| Figures in US Dollars | September 30, 2015 | ||||
| OPERATING ACTIVITIES: | |||||
| Net income (loss) | (1,202,000 | ) | |||
| Less Net income (loss) from disposition | |||||
| Less Net income (loss) attributed to noncontrolling interest | |||||
| Net income (loss) | (1,202,000 | ) | |||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
| Noncontrolling interest | - | ||||
| Depreciation and amortization | 6,124,000 | ||||
| Allowance for doubtful accounts receivable | (339,000 | ) | |||
| Increase (decrease) in deferred income taxes | - | ||||
| Changes in assets and liabilities which provided (used) cash: | |||||
| (Increase) decrease in accounts and notes receivable | (8,486,000 | ) | |||
| (Increase) decrease in inventories | 7,824,000 | ||||
| (Increase) decrease in prepaid expenses, deposits and other assets | 712,000 | ||||
| Increase (decrease) in other long term obligations | - | ||||
| Increase (decrease) in accts payable, accrued exps and amounts due to affiliates | (7,037,000 | ) | |||
| Increase (decrease) in income taxes payable | 1,183,000 | ||||
| Increase (decrease) in assets from dispositions | - | ||||
| Total adjustments | (19,000 | ) | |||
| net cash provided by (used in) operating activities | (1,221,000 | ) | |||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
| Purchases of property, plant and equipment | - | ||||
| 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 facility | 2,384,000 | ||||
| Borrowings under long term debt arrangements | - | ||||
| Principal payments under long term debt arrangements | - | ||||
| Proceeds from long term debt | (635,000 | ) | |||
| Principal payments on long-term debt | - | ||||
| Payment under capital lease obligations | - | ||||
| Payment of debt issuance costs | - | ||||
| Net cash provided by (used in) financing activities | 1,749,000 | ||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||||
| Net increase in cash and cash equivalents | 528,000 | ||||
| Cash and cash equivalents at beginning of period | 1,830,000 | ||||
| - | |||||
| Cash and cash equivalents at end of period | 2,358,000 | ||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20151127005405/en/
Contacts:
Francisco Rodríguez Avendaño,
(5255)5216 4028
frodriguez@iusa.com.mx
