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