Cambridge-Lee Holdings Consolidated Results of Operations for FY 2020
READING, Pa.–(BUSINESS WIRE)–Cambridge-Lee Holdings, Inc. has announced its audited consolidated results for the fiscal year 2020.
| 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, 2020 and December 31, 2019 | |||||||||
| Figures in US Dollars | |||||||||
| 12/31/2019 | 12/31/2020 | ||||||||
| Assets | |||||||||
| Current Assets: | |||||||||
| Cash and cash equivalents | $ | 1,260,000 |
| $ | 2,052,000 |
| |||
| Accounts Receivable – Net |
| 40,022,000 |
|
| 51,780,000 |
| |||
| Accounts Receivable – Affiliates |
| 2,221,000 |
|
| 791,000 |
| |||
| Accounts Receivable – Refundable Income Tax |
| 232,000 |
|
| 209,000 |
| |||
| Other Receivables |
| 241,000 |
|
| 242,000 |
| |||
| Inventories — net |
| 81,916,000 |
|
| 77,188,000 |
| |||
| Other current assets |
| 4,395,000 |
|
| 3,958,000 |
| |||
| Total current assets |
| 130,287,000 |
|
| 136,220,000 |
| |||
| Note Receivable — Affiliate |
| 8,990,000 |
|
| 8,990,000 |
| |||
| Property, Plant, and Equipment — Net |
| 56,813,000 |
|
| 52,238,000 |
| |||
| Deferred Financing Fees — Net |
| 632,000 |
|
| 464,000 |
| |||
| Other Long-Term Assets |
| 6,405,000 |
|
| 7,748,000 |
| |||
| Total | $ | 203,127,000 |
| $ | 205,660,000 |
| |||
| Liabilities and Shareholders’ Equity | |||||||||
| Current Liabilities: | |||||||||
| Current portion of long-term debt |
| 2,478,000 |
|
| 2,554,000 |
| |||
| Revolving credit facility |
| 63,650,000 |
|
| 59,047,000 |
| |||
| Trade Accounts Payable |
| 14,775,000 |
|
| 21,849,000 |
| |||
| Affiliates Payable |
| 76,000 |
|
| 66,000 |
| |||
| Accrued expenses and taxes other than income tax |
| 10,432,000 |
|
| 11,410,000 |
| |||
| Total current liabilities |
| 91,411,000 |
|
| 94,926,000 |
| |||
| Long-Term Debt |
| 12,626,000 |
|
| 10,484,000 |
| |||
| Long-Term Obligations — Other |
| 1,490,000 |
|
| 1,457,000 |
| |||
| Deferred Revenue |
| 501,000 |
|
| 477,000 |
| |||
| Deferred Income Taxes |
| 950,000 |
|
| 666,000 |
| |||
| Total liabilities |
| 106,978,000 |
|
| 108,010,000 |
| |||
| 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 |
| 86,699,000 |
|
| 87,964,000 |
| |||
| Accumulated other comprehensive income (loss) |
| (1,993,000 | ) |
| (1,803,000 | ) | |||
| Noncontrolling owner’s interest |
| 4,751,000 |
|
| 4,797,000 |
| |||
| Total shareholders’ equity |
| 96,149,000 |
|
| 97,650,000 |
| |||
| TOTAL | $ | 203,127,000 |
| $ | 205,660,000 |
| |||
| 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, 2020 and December 31, 2019 | ||||||||
| Figures in US Dollars | ||||||||
| 12/31/2019 | 12/31/2020 | |||||||
| Revenues: | ||||||||
| Net Sales | $ | 428,212,000 |
| $ | 409,201,000 |
| ||
| Cost of Sales |
| 397,413,000 |
|
| 369,698,000 |
| ||
| Gross Income |
| 30,799,000 |
|
| 39,503,000 |
| ||
| Selling, General and Administrative Expenses |
| 36,607,000 |
|
| 35,359,000 |
| ||
| Operating Income |
| (5,808,000 | ) |
| 4,144,000 |
| ||
| Other Expense: | ||||||||
| Interest — net |
| (3,305,000 | ) |
| (3,325,000 | ) | ||
| Other — net |
| (143,000 | ) |
| 136,000 |
| ||
| Total Other Expense |
| (3,448,000 | ) |
| (3,189,000 | ) | ||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
| (9,256,000 | ) |
| 955,000 |
| ||
| Provision (benefit) for Income Taxes |
| 919,000 |
|
| (349,000 | ) | ||
| Net Income Gain (Loss) from Continuing Operations |
| (10,175,000 | ) |
| 1,304,000 |
| ||
| COMPREHENSIVE (LOSS) INCOME—Pension unrecognized gain adjustment—net of tax expense of $0 and $0 for 2020 and 2019, respectively |
| 377,000 |
|
| 248,000 |
| ||
| Net Income (Loss) |
| (9,798,000 | ) |
| 1,552,000 |
| ||
| Net Income Attributable to Noncontrolling Interest |
| (293,000 | ) |
| 71,000 |
| ||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
| (9,505,000 | ) |
| 1,481,000 |
| ||
| CAMBRIDGE-LEE HOLDINGS, INC | |||
| STATEMENT OF CASH FLOW | |||
| Figures in US Dollars | December 31, 2020 | ||
| OPERATING ACTIVITIES: | |||
| Net income (loss) | 1,304,000 |
| |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Noncontrolling interest | |||
| Depreciation and amortization | 8,800,000 |
| |
| Valuation Allowance Reclass | (52,000 | ) | |
| Allowance for doubtful accounts receivable | (47,000 | ) | |
| Net periodic pension (benefit) cost | 161,000 |
| |
| (Gain) loss on sale of property, plant and equipment | 75,000 |
| |
| Increase (decrease) in deferred income taxes | (283,000 | ) | |
| Changes in assets and liabilities which provided (used) cash: | |||
| (Increase) decrease in accounts and notes receivable | (10,281,000 | ) | |
| (Increase) decrease in inventories | 4,728,000 |
| |
| (Increase) decrease in prepaid expenses, deposits and other assets | (906,000 | ) | |
| Increase (decrease) in other long term obligations | 95,000 |
| |
| Increase (decrease) in accts payable, accrued exps & amounts due to affiliates | 8,017,000 |
| |
| Increase (decrease) in income taxes payable | (18,000 | ) | |
| Increase (decrease) in assets from dispositions | |||
| Total adjustments | 10,289,000 |
| |
| net cash provided by (used in) operating activities | 11,593,000 |
| |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property, plant and equipment | (3,714,000 | ) | |
| Net cash provided by (used in) investing activities | (3,714,000 | ) | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Increase (decrease) in revolving credit facility | (4,602,000 | ) | |
| Principal payments on long-term debt | (2,382,000 | ) | |
| Payment under capital lease obligations | (83,000 | ) | |
| Payment of debt issuance costs | (20,000 | ) | |
| Net cash provided by (used in) financing activities | (7,087,000 | ) | |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||
| Net increase in cash and cash equivalents | 792,000 |
| |
| Cash and cash equivalents at beginning of period | 1,260,000 |
| |
| Cash and cash equivalents at end of period | 2,052,000 |
| |
Contacts
Francisco Rodriguez
[email protected]
Tel. 525552618828
