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    

Cambridge-Lee Holdings, Inc.Francisco Rodríguez Avendaño, (5255)5216 4028frodriguez@iusa.com.mx