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Cambridge-Lee Holdings Consolidated Results of Operations for FY 2019

·4-min read

Cambridge-Lee Holdings, Inc, has announced its audited consolidated results for the fiscal year 2019.

CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES

(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)

CONSOLIDATED BALANCE SHEETS

Figures in USD

As of December 31, 2018 and December 31, 2019

12/31/2018

12/31/2019

Assets

Current Assets:

Cash and cash equivalents

$

2,518,000

$

1,260,000

Accounts Receivable - Net

44,364,000

40,022,000

Accounts Receivable - Affiliates

3,017,000

2,221,000

Accounts Receivable - Refundable Income Tax

275,000

232,000

Other Receivables

147,000

241,000

Inventories — net

68,985,000

81,916,000

Other current assets

4,000,000

4,395,000

Total current assets

123,306,000

130,287,000

Restricted Cash

Note Receivable — Affiliate

8,990,000

8,990,000

Property, Plant, and Equipment — Net

61,810,000

56,813,000

Deferred Financing Fees — Net

800,000

632,000

Other Long-Term Assets

5,298,000

6,405,000

Total

$

200,204,000

$

203,127,000

Liabilities and Shareholders' Equity

Current Liabilities:

Current portion of long-term debt

2,786,000

2,478,000

Revolving credit facility

43,018,000

63,650,000

Trade Accounts Payable

18,819,000

14,775,000

Affiliates Payable

100,000

76,000

Accrued expenses and taxes other than income tax

12,655,000

10,432,000

Total current liabilities

77,378,000

91,411,000

Long-Term Debt

15,089,000

12,626,000

Long-Term Obligations — Other

1,187,000

1,490,000

Deferred Revenue

525,000

501,000

Total liabilities

94,179,000

106,978,000

SHAREHOLDERS’ EQUITY:

Common stock, no par — authorized, 1,500 shares; issued and outstanding, 1,000 shares

1,000

1,000

Additional paid-in capital

84,205,000

84,205,000

Investment in Parent

(60,000,000

)

(60,000,000

)

Excess of liabilities assumed over book value of assets transferred

(17,514,000

)

(17,514,000

)

Retained earnings

96,570,000

86,699,000

Accumulated other comprehensive income (loss)

(2,281,000

)

(1,993,000

)

Noncontrolling owner’s interest

5,044,000

4,751,000

Total shareholders' equity

106,025,000

96,149,000

TOTAL

$

200,204,000

$

203,127,000

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 December 31, 2018 and December 31, 2019

Figures in USD

12/31/2018

12/31/2019

Revenues:

Net Sales

$

444,213,000

$

428,212,000

Cost of Sales

412,092,000

397,413,000

Gross Income

32,121,000

30,799,000

Selling, General and Administrative Expenses

36,507,000

36,607,000

Operating Income

(4,386,000

)

(5,808,000

)

Other Expense:

Interest — net

(2,437,000

)

(3,305,000

)

Other — net

(238,000

)

(143,000

)

Total Other Expense

(2,675,000

)

(3,448,000

)

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

(7,061,000

)

(9,256,000

)

Provision for Income Taxes

(1,183,000

)

919,000

Net Income (Loss) from Continuing Operations

(5,878,000

)

(10,175,000

)

COMPREHENSIVE (LOSS) INCOME—Pension unrecognized

129,000

377,000

gain adjustment—net of tax expense of $0 and

$42,000 for 2019 and 2018, respectively

Net Income (Loss)

(5,749,000

)

(9,798,000

)

Net Income Attributable to Noncontrolling Interest

(172,000

)

(293,000

)

Net Income Attributable to Cambridge-Lee Holdings, Inc.

(5,577,000

)

(9,505,000

)

CAMBRIDGE-LEE HOLDINGS, INC

STATEMENT OF CASH FLOW

For the year ended Dec 31, 2019

Figures in USD

December 31, 2019

OPERATING ACTIVITIES:

Net income (loss)

(9,871,000

)

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

Noncontrolling interest

(304,000

)

Depreciation and amortization

9,376,000

Allowance for doubtful accounts receivable

17,000

Net periodic pension (benefit) cost

346,000

(Gain) loss on sale of property, plant and equipment

6,000

Increase (decrease) in deferred income taxes

950,000

Changes in assets and liabilities which provided (used) cash:

(Increase) decrease in accounts and notes receivable

5,028,000

(Increase) decrease in inventories

(12,933,000

)

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

(1,525,000

)

Increase (decrease) in other long term obligations

363,000

Increase (decrease) in accnts payable, accrued exp & amounts due to affiliates

(6,321,000

)

Increase (decrease) in income taxes payable

6,000

Total adjustments

(4,991,000

)

net cash provided by (used in) operating activities

(14,862,000

)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment

(4,222,000

)

Net cash provided by (used in) investing activities

(4,222,000

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Increase (decrease) in revolving credit facility

20,632,000

Principal payments on long-term debt

(2,722,000

)

Payment under capital lease obligations

(64,000

)

Payment of debt issuance costs

(20,000

)

Net cash provided by (used in) financing activities

17,826,000

EFFECT OF EXCHANGE RATE CHANGES ON CASH

Net increase in cash and cash equivalents

(1,258,000

)

Cash and cash equivalents at beginning of period

2,518,000

Cash and cash equivalents at end of period

1,260,000

View source version on businesswire.com: https://www.businesswire.com/news/home/20201029006377/en/

Contacts

Francisco Rodriguez
frodriguez@iusa.com.mx
Tel 5255 5216 4028