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Cambridge-Lee Holdings Consolidated Results of Operations for Q2 2019

October 28, 2019 GMT

READING, Pa.--(BUSINESS WIRE)--Oct 28, 2019--

Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the first semester 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 June 30, 2018 and June 30, 2019
Figures in US Dollars

12/31/2018

 

6/30/2018

 

6/30/2019

Assets
Current Assets:
Cash and cash equivalents

$

2,518,000

 

$

1,558,000

 

$

1,619,000

 

Accounts Receivable - Net

 

44,364,000

 

 

62,148,000

 

 

59,148,000

 

Accounts Receivable - Affiliates

 

3,017,000

 

 

704,000

 

 

451,000

 

Accounts Receivable - Refundable Income Tax

 

275,000

 

 

252,000

 

 

239,000

 

Other Receivables

 

147,000

 

 

80,000

 

 

126,000

 

Inventories — net

 

68,985,000

 

 

75,467,000

 

 

67,467,000

 

Other current assets

 

4,000,000

 

 

6,715,000

 

 

9,182,000

 

Total current assets

 

123,306,000

 

 

146,924,000

 

 

138,232,000

 

 
Restricted Cash
Note Receivable — Affiliate

 

8,990,000

 

 

8,990,000

 

 

8,990,000

 

Property, Plant, and Equipment — Net

 

61,810,000

 

 

65,187,000

 

 

58,998,000

 

Goodwill

 

0

 

 

799,000

 

 

224,000

 

Deferred Financing Fees — Net

 

800,000

 

 

28,000

 

 

837,000

 

Other Long-Term Assets

 

5,298,000

 

 

28,000

 

Total

$

200,204,000

 

$

221,928,000

 

$

207,309,000

 

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

 

2,786,000

 

 

35,325,000

 

 

2,477,000

 

Revolving credit facility

 

43,018,000

 

 

38,077,000

 

 

60,675,000

 

Trade Accounts Payable

 

18,819,000

 

 

23,871,000

 

 

21,520,000

 

Affiliates Payable

 

100,000

 

 

(3,044,000

)

 

(3,176,000

)

Accrued expenses and taxes other than income tax

 

12,655,000

 

 

11,730,000

 

 

10,946,000

 

Income taxes payable

 

0

 

 

62,000

 

 

(1,905,000

)

Total current liabilities

 

77,378,000

 

 

106,021,000

 

 

90,537,000

 

 
Long-Term Debt

 

15,089,000

 

 

1,610,000

 

 

13,990,000

 

Long-Term Obligations — Other

 

1,187,000

 

 

1,205,000

 

 

1,195,000

 

Deferred Revenue

 

525,000

 

 

169,000

 

Deferred Income Taxes

 

0

 

 

1,131,000

 

 

0

 

Total liabilities

 

94,179,000

 

 

109,967,000

 

 

105,891,000

 

 
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

 

 

102,453,000

 

 

92,101,000

 

Accumulated other comprehensive income (loss)

 

(2,281,000

)

 

(2,406,000

)

 

(2,281,000

)

Noncontrolling owner’s interest

 

5,044,000

 

 

5,222,000

 

 

4,906,000

 

 
Total shareholders' equity

 

106,025,000

 

 

111,961,000

 

 

101,418,000

 

 
TOTAL

$

200,204,000

 

$

221,928,000

 

$

207,309,000

 

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 June 30, 2018 and June 30, 2019
Figures in US Dollars12/31/20186/30/20186/30/2019
 
Revenues:
Net Sales

$

444,213,000

 

$

239,555,000

 

$

228,830,000

 

Cost of Sales

 

412,092,000

 

 

219,330,000

 

 

215,295,000

 

Gross Income

 

32,121,000

 

 

20,225,000

 

 

13,535,000

 

 
Selling, General and Administrative Expenses

 

36,507,000

 

 

18,791,000

 

 

18,393,000

 

Operating Income

 

(4,386,000

)

 

1,434,000

 

 

(4,858,000

)

 
Other Expense:
Interest — net

 

(2,437,000

)

 

(1,075,000

)

 

(1,697,000

)

Other — net

 

(238,000

)

 

(60,000

)

 

115,000

 

Total Other Expense

 

(2,675,000

)

 

(1,135,000

)

 

(1,582,000

)

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

 

(7,061,000

)

 

299,000

 

 

(6,440,000

)

Provision for Income Taxes

 

(1,183,000

)

 

112,000

 

 

(1,832,000

)

Net Income (Loss) from Continuing Operations

 

(5,878,000

)

 

187,000

 

 

(4,608,000

)

 
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized

 

129,000

 

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

 

(5,749,000

)

 

187,000

 

 

(4,608,000

)

 
Net Income Attributable to Noncontrolling Interest

 

(172,000

)

 

6,000

 

 

(138,000

)

 
Net Income Attributable to Cambridge-Lee Holdings, Inc.

 

(5,577,000

)

 

181,000

 

 

(4,470,000

)

CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES

(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
Figures in US DollarsJune 30, 2019
OPERATING ACTIVITIES:
Net income (loss)

(4,470,000

)

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

(4,470,000

)

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

(138,000

)

Depreciation and amortization

4,790,000

 

Allowance for doubtful accounts receivable

(134,000

)

Goodwill Amortization

(224,000

)

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

(15,361,000

)

(Increase) decrease in inventories

1,517,000

 

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

110,000

 

Increase (decrease) in other long term obligations

7,000

 

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

637,000

 

Increase (decrease) in income taxes payable

(1,869,000

)

Total adjustments

(10,665,000

)

 
net cash provided by (used in) operating activities

(15,135,000

)

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

(1,978,000

)

 
Net cash provided by (used in) investing activities

(1,978,000

)

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

17,348,000

 

Proceeds from long term debt

(1,135,000

)

 
Net cash provided by (used in) financing activities

16,213,000

 

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

(900,000

)

Cash and cash equivalents at beginning of period

2,519,000

 

 
Cash and cash equivalents at end of period

1,619,000

 

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20191028005653/en/

CONTACT: Francisco Rodríguez

frodriguez@iusa.com.mx

Tel. 5255 5261 8800

KEYWORD: PENNSYLVANIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: OTHER MANUFACTURING MANUFACTURING

SOURCE: Cambridge-Lee Holdings, Inc.

Copyright Business Wire 2019.

PUB: 10/28/2019 02:00 PM/DISC: 10/28/2019 02:00 PM

http://www.businesswire.com/news/home/20191028005653/en