Cambridge-Lee Holdings, Inc., has announced its audited consolidated results for the twelve months of 2014.
| 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, 2013 and 2014 | |||||||||
| AUDITED FIGURES, in US Dollars | 12/31/2013 | 12/31/2014 | |||||||
| Assets | |||||||||
| Current Assets: | |||||||||
| Cash and cash equivalents | $ | 3,338,000 | $ | 1,830,000 | |||||
| Accounts Receivable - Net | 37,767,000 | 37,711,000 | |||||||
| Accounts Receivable - Affiliates | 3,512,000 | 3,501,000 | |||||||
| Other Receivables | 544,000 | 515,000 | |||||||
| Inventories — net | 54,432,000 | 62,629,000 | |||||||
| Other current assets | 4,618,000 | 7,242,000 | |||||||
| Deferred income taxes | 1,940,000 | 1,980,000 | |||||||
| Income taxes receivable | 5,317,000 | ||||||||
| Total current assets | 106,151,000 | 120,725,000 | |||||||
| Note Receivable — Affiliate | 8,990,000 | 8,990,000 | |||||||
| Property, Plant, and Equipment — Net | 97,268,000 | 86,673,000 | |||||||
| Deferred Financing Fees — Net | 2,080,000 | 1,935,000 | |||||||
| Other Long-Term Assets | 1,777,000 | 637,000 | |||||||
| Deferred Income Taxes-Long Term | |||||||||
| Total | $ | 216,266,000 | $ | 218,960,000 | |||||
| Liabilities and Shareholders' Equity | |||||||||
| Current Liabilities: | |||||||||
| Current portion of long-term debt | 252,000 | 888,000 | |||||||
| Revolving credit facility | 18,000,000 | 10,600,000 | |||||||
| Trade Accounts Payable | 18,291,000 | 22,667,000 | |||||||
| Affiliates Payable | 299,000 | 1,121,000 | |||||||
| Accrued expenses and taxes other than income tax | 8,590,000 | 9,606,000 | |||||||
| Deferred Revenue | 3,394,000 | 4,638,000 | |||||||
| Income taxes payable | 3,011,000 | ||||||||
| Total current liabilities | 51,837,000 | 49,520,000 | |||||||
| Long-Term Debt | 34,435,000 | 39,251,000 | |||||||
| Long-Term Obligations — Other | 772,000 | 1,780,000 | |||||||
| Deferred Revenue | 854,000 | 622,000 | |||||||
| Deferred Income Taxes | 6,325,000 | 7,129,000 | |||||||
| Total liabilities | 94,223,000 | 98,302,000 | |||||||
| 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 | 111,357,000 | 110,983,000 | |||||||
| Accumulated other comprehensive income (loss) | (1,526,000 | ) | (2,499,000 | ) | |||||
| Noncontrolling owner’s interest | 5,520,000 | 5,482,000 | |||||||
| Total shareholders' equity | 122,043,000 | 120,658,000 | |||||||
| TOTAL | $ | 216,266,000 | $ | 218,960,000 | |||||
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | |||||||
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||
| For the years ended December 31, 2013 and 2014 | |||||||
| AUDITED FIGURES, in US Dollars | Dec 31, 2013 | Dec 31, 2014 | |||||
| Revenues: | |||||||
| Net Sales | $ | 399,592,000 | $ | 419,632,000 | |||
| Cost of Sales | 359,483,000 | 382,522,000 | |||||
| Gross Income | 40,109,000 | 37,110,000 | |||||
| Selling, General and Administrative Expenses | 36,301,000 | 35,498,000 | |||||
| Operating Income | 3,808,000 | 1,612,000 | |||||
| Other Expense: | |||||||
| Interest — net | 467,000 | (2,193,000 | ) | ||||
| Other — net | 990,000 | 267,000 | |||||
| Total Other Expense | 523,000 | (1,926,000 | ) | ||||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes | 4,331,000 | (314,000 | ) | ||||
| Provision for Income Taxes | 253,000 | 68,000 | |||||
| Net Income (Loss) from Continuing Operations | 4,078,000 | (382,000 | ) | ||||
| Attributable to Noncontrolling interest | 121,000 | (8,000 | ) | ||||
| Attributable to Cambridge-Lee Holdings, Inc. | 3,957,000 | (374,000 | ) | ||||
| Comprehensive Income (Loss) - Pension unrecognized gain (loss) adjustment - net of tax benefit-expense. | 1,164,000 | (1,003,000 | ) | ||||
| Total comprehensive Income (Loss) | 5,242,000 | (1,385,000 | ) | ||||
| Net Income (Loss) Attributable to Noncontrolling Interest | 155,000 | (38,000 | ) | ||||
| Net Income (Loss) Attributable to Cambridge-Lee Holdings, Inc. | 5,087,000 | (1,347,000 | ) | ||||
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | ||||||
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | ||||||
| CONSOLIDATED STATEMENTS OF CASH FLOW | ||||||
| For the year ended December 31, 2014 | ||||||
| Dec 31, 2014 | ||||||
| AUDITED FIGURES, in US Dollars | ||||||
| OPERATING ACTIVITIES: | ||||||
| Net income (loss) | (374,000 | ) | ||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
| Noncontrolling interest | (8,000 | ) | ||||
| Depreciation and amortization | 10,362,000 | |||||
| (Benefit from) allowance for doubtful accounts receivable | (132,000 | ) | ||||
| Net periodic pension (benefit) cost | (46,000 | ) | ||||
| Loss on sale of property, plant and equipment | 468,000 | |||||
| Benefit for deferred income taxes | 766,000 | |||||
| Changes in assets and liabilities which provided (used) cash: | ||||||
(Decrease) Increase in accounts and notes receivable | 1,531,000 | |||||
| Increase in inventories | (8,197,000 | ) | ||||
| Increase in prepaid expenses, deposits and other assets | (2,633,000 | ) | ||||
| Decrease in other long term obligations | (19,000 | ) | ||||
| Increase in accounts payable, accrued expenses and amounts due to affiliates | 7,041,000 | |||||
| Increase in income taxes receivable / Decrease in income taxes payable | (8,095,000 | ) | ||||
| Total adjustments | 1,038,000 | |||||
| Net cash provided by (used in) operating activities | 664,000 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
| Purchases of property, plant and equipment | (3,816,000 | ) | ||||
| Proceeds from sale of property, plant and equipment | 4,111,000 | |||||
| Net cash provided by (used in) investing activities | 295,000 | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
| Net increase (decrease) in revolving credit facility | (7,400,000 | ) | ||||
| Borrowings under long term debt arrangements | 6,000,000 | |||||
| Principal payments under long term debt arrangements | (356,000 | ) | ||||
| Payment under capital lease obligations | (272,000 | ) | ||||
| Payment of debt issuance costs | (439,000 | ) | ||||
| Net cash provided by (used in) financing activities | (2,467,000 | ) | ||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | ||||||
| Net (decrease) increase in cash and cash equivalents | (1,508,000 | ) | ||||
| Cash and cash equivalents at beginning of period | 3,338,000 | |||||
| Cash and cash equivalents at end of period | 1,830,000 | |||||
Contacts:
Francisco Rodríguez, (5255) 5216 4028
frodriguez@iusa.com.mx
