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Cambridge-Lee Holdings Consolidated Results of Operations for Q1 2019

READING, Pa.--(BUSINESS WIRE)--

Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the first quarter of 2019.

 
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
CONSOLIDATED BALANCE SHEETS
As of March 31, 2018 and March 31, 2019
Figures in US Dollars
12/31/2018 3/31/2018 3/31/2019
Assets
Current Assets:
Cash and cash equivalents

$

2,518,000

 

$

1,863,000

 

$

1,585,000

 

Accounts Receivable - Net

 

44,364,000

 

 

57,974,000

 

 

56,744,000

 

Accounts Receivable - Affiliates

 

3,017,000

 

 

569,000

 

 

1,013,000

 

Accounts Receivable - Refundable Income Tax

 

275,000

 

 

253,000

 

 

240,000

 

Other Receivables

 

147,000

 

 

34,000

 

 

302,000

 

Inventories — net

 

68,985,000

 

 

76,500,000

 

 

74,635,000

 

Other current assets

 

4,000,000

 

 

6,031,000

 

 

8,201,000

 

Total current assets

 

123,306,000

 

 

143,224,000

 

 

142,720,000

 

 
Note Receivable — Affiliate

 

8,990,000

 

 

8,990,000

 

 

8,990,000

 

Property, Plant, and Equipment — Net

 

61,810,000

 

 

66,844,000

 

 

60,439,000

 

Goodwill

 

0

 

 

0

 

 

238,000

 

Deferred Financing Fees — Net

 

800,000

 

 

871,000

 

 

888,000

 

Other Long-Term Assets

 

5,298,000

 

 

29,000

 

 

28,000

 

Total

$

200,204,000

 

$

219,958,000

 

$

213,303,000

 

 
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt

 

2,786,000

 

 

35,343,000

 

 

2,632,000

 

Revolving credit facility

 

43,018,000

 

 

35,611,000

 

 

59,679,000

 

Trade Accounts Payable

 

18,819,000

 

 

19,909,000

 

 

24,526,000

 

Affiliates Payable

 

100,000

 

 

356,000

 

 

(2,355,000

)

Accrued expenses and taxes other than income tax

 

12,655,000

 

 

11,635,000

 

 

11,046,000

 

Income taxes payable

 

0

 

 

262,000

 

 

(1,222,000

)

Total current liabilities

 

77,378,000

 

 

103,116,000

 

 

94,306,000

 

 
Long-Term Debt

 

15,089,000

 

 

1,812,000

 

 

14,609,000

 

Long-Term Obligations — Other

 

1,187,000

 

 

1,205,000

 

 

1,195,000

 

Deferred Revenue

 

525,000

 

 

264,000

 

0

Deferred Income Taxes

 

0

 

 

1,131,000

 

 

0

 

Total liabilities

 

94,179,000

 

 

107,528,000

 

 

110,110,000

 

 
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

 

(17,514,000

)

 

(17,514,000

)

 

(17,514,000

)

Retained earnings

 

96,570,000

 

 

102,908,000

 

 

93,822,000

 

Accumulated other comprehensive income (loss)

 

(2,281,000

)

 

(2,406,000

)

 

(2,281,000

)

Noncontrolling owner’s interest

 

5,044,000

 

 

5,236,000

 

 

4,960,000

 

Total shareholders' equity

 

106,025,000

 

 

112,430,000

 

 

103,193,000

 

 
TOTAL

$

200,204,000

 

$

219,958,000

 

$

213,303,000

 

 
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 March 31, 2018 and March 31, 2019
Figures in US Dollars
 
12/31/2018 3/31/2018 3/31/2019
Revenues:
Net Sales

$

444,213,000

 

$

113,607,000

 

$

108,648,000

 

Cost of Sales

 

412,092,000

 

 

102,816,000

 

 

102,904,000

 

Gross Income

 

32,121,000

 

 

10,791,000

 

 

5,744,000

 

 
Selling, General and Administrative Expenses

 

36,507,000

 

 

9,368,000

 

 

9,051,000

 

 
Operating Income

 

(4,386,000

)

 

1,423,000

 

 

(3,307,000

)

 
Other Expense:
Interest — net

 

(2,437,000

)

 

(512,000

)

 

(777,000

)

Other — net

 

(238,000

)

 

2,000

 

 

51,000

 

Total Other Expense

 

(2,675,000

)

 

(510,000

)

 

(726,000

)

 
Income (Loss) From Continuing Operations Before Provision for Income Taxes

 

(7,061,000

)

 

913,000

 

 

(4,033,000

)

 
Provision for Income Taxes

 

(1,183,000

)

 

258,000

 

 

(1,201,000

)

 
Net Income (Loss) from Continuing Operations

 

(5,878,000

)

 

655,000

 

 

(2,832,000

)

 
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized

 

129,000

 

0

0

gain adjustment—net of tax expense of $42,000 and
$181,000 for 2018 and 2017, respectively
 
Net Income (Loss)

 

(5,749,000

)

 

655,000

 

 

(2,832,000

)

 
Net Income Attributable to Noncontrolling Interest

 

(172,000

)

 

20,000

 

 

(85,000

)

 
Net Income Attributable to Cambridge-Lee Holdings, Inc.

 

(5,577,000

)

 

635,000

 

 

(2,747,000

)

 

CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES

STATEMENT OF CASH FLOW

March 31, 2019
Figures in US Dollars
OPERATING ACTIVITIES:
Net income (loss)

(2,747,000)

Less Net income (loss) from disposition
Less Net income (loss) attributed to noncontrolling interest
Net income (loss)

(2,747,000)

 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest

(85,000)

Depreciation and amortization

2,424,000

Allowance for doubtful accounts receivable

(137,000)

Goodwill Amortization

(238,000)

 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable

(12,694,000)

(Increase) decrease in inventories

(5,651,000)

(Increase) decrease in prepaid expenses, deposits and other assets

915,000

Increase (decrease) in other long term obligations

7,000

Increase (decrease) in accounts payable, accrued expenses & amounts due to affiliates

3,573,000

Increase (decrease) in income taxes payable

(1,187,000)

Increase (decrease) in assets from dispositions
Total adjustments

(13,073,000)

 
net cash provided by (used in) operating activities

(15,820,000)

 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment

(1,052,000)

 
Net cash provided by (used in) investing activities

(1,052,000)

 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility

16,506,000

Borrowings under long term debt arrangements

(568,000)

 
Net cash provided by (used in) financing activities

15,938,000

 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
 
Net increase in cash and cash equivalents

(934,000)

Cash and cash equivalents at beginning of period

2,519,000

 
Cash and cash equivalents at end of period

1,585,000

 

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