Cambridge-Lee Holdings Consolidated Results of Operations for Q1 2021
READING, Pa.–(BUSINESS WIRE)–Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the first quarter of 2021.
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | |||||||||||
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
As of March 31, 2021 and March 31, 2020 | |||||||||||
Figures in US Dollars | |||||||||||
12/31/2020 | 3/31/2020 | 3/31/2021 | |||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 2,052,000 |
| 1,916,000 |
| $ | 1,691,000 |
| |||
Accounts Receivable – Net |
| 51,780,000 |
|
| 53,269,000 |
|
| 85,297,000 |
| ||
Accounts Receivable – Affiliates |
| 791,000 |
|
| 629,000 |
|
| 2,182,000 |
| ||
Accounts Receivable – Refundable Income Tax |
| 209,000 |
|
| 157,000 |
|
| 209,000 |
| ||
Other Receivables |
| 242,000 |
|
| 209,000 |
|
| 360,000 |
| ||
Inventories — net |
| 77,188,000 |
|
| 56,860,000 |
|
| 79,307,000 |
| ||
Other current assets |
| 3,958,000 |
|
| 8,298,000 |
|
| 8,359,000 |
| ||
Total current assets |
| 136,220,000 |
|
| 121,338,000 |
|
| 177,405,000 |
| ||
Note Receivable — Affiliate |
| 8,990,000 |
|
| 8,990,000 |
|
| 8,990,000 |
| ||
Property, Plant, and Equipment — Net |
| 52,238,000 |
|
| 56,753,000 |
|
| 50,915,000 |
| ||
Deferred Financing Fees — Net |
| 464,000 |
|
| 706,000 |
|
| 525,000 |
| ||
Other Long-Term Assets |
| 7,748,000 |
|
| 434,000 |
|
| 408,000 |
| ||
Total | $ | 205,660,000 |
| $ | 188,221,000 |
| $ | 238,243,000 |
| ||
Liabilities and Shareholders’ Equity | |||||||||||
Current Liabilities: | |||||||||||
Current portion of long-term debt |
| 2,554,000 |
|
| 2,479,000 |
|
| 2,556,000 |
| ||
Revolving credit facility |
| 59,047,000 |
|
| 52,850,000 |
|
| 68,920,000 |
| ||
Trade Accounts Payable |
| 21,849,000 |
|
| 17,783,000 |
|
| 31,459,000 |
| ||
Affiliates Payable |
| 66,000 |
|
| (4,486,000 | ) |
| (7,295,000 | ) | ||
Accrued expenses and taxes other than income tax |
| 11,410,000 |
|
| 10,875,000 |
|
| 15,064,000 |
| ||
Income taxes payable |
| 0 |
|
| 1,000 |
|
| 5,269,000 |
| ||
Total current liabilities |
| 94,926,000 |
|
| 79,502,000 |
|
| 115,973,000 |
| ||
Long-Term Debt |
| 10,484,000 |
|
| 12,130,000 |
|
| 9,956,000 |
| ||
Long-Term Obligations — Other |
| 1,457,000 |
|
| 1,127,000 |
|
| 1,000,000 |
| ||
Deferred Revenue |
| 477,000 |
|
| 0 |
| |||||
Deferred Income Taxes |
| 666,000 |
|
| 950,000 |
|
| 666,000 |
| ||
Total liabilities |
| 108,010,000 |
|
| 93,709,000 |
|
| 127,595,000 |
| ||
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 |
| 87,964,000 |
|
| 85,113,000 |
|
| 100,575,000 |
| ||
Accumulated other comprehensive income (loss) |
| (1,803,000 | ) |
| (1,993,000 | ) |
| (1,802,000 | ) | ||
Noncontrolling owner’s interest |
| 4,797,000 |
|
| 4,700,000 |
|
| 5,183,000 |
| ||
Total shareholders’ equity |
| 97,650,000 |
|
| 94,512,000 |
|
| 110,648,000 |
| ||
TOTAL | $ | 205,660,000 |
| $ | 188,221,000 |
| $ | 238,243,000 |
| ||
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 March 31, 2021 and March 31, 2020 | |||||||||||
Figures in US Dollars | |||||||||||
12/31/2020 | 3/31/2020 | 3/31/2021 | |||||||||
Revenues: | |||||||||||
Net Sales | $ | 409,201,000 |
| $ | 108,474,000 |
| $ | 161,977,000 |
| ||
Cost of Sales |
| 369,698,000 |
|
| 100,188,000 |
|
| 133,504,000 |
| ||
Gross Income |
| 39,503,000 |
|
| 8,286,000 |
|
| 28,473,000 |
| ||
Selling, General and Administrative Expenses |
| 35,359,000 |
|
| 9,191,000 |
|
| 9,673,000 |
| ||
Operating Income |
| 4,144,000 |
|
| (905,000 | ) |
| 18,800,000 |
| ||
Other Expense: | |||||||||||
Interest — net |
| (3,325,000 | ) |
| (746,000 | ) |
| (596,000 | ) | ||
Other — net |
| 136,000 |
|
| 14,000 |
|
| 54,000 |
| ||
Total Other Expense |
| (3,189,000 | ) |
| (732,000 | ) |
| (542,000 | ) | ||
Income (Loss) From Continuing Ops Before Provision for Income Taxes |
| 955,000 |
|
| (1,637,000 | ) |
| 18,258,000 |
| ||
Provision (benefit) for Income Taxes |
| (349,000 | ) |
| 0 |
|
| 5,262,000 |
| ||
Net Income Gain (Loss) from Continuing Operations |
| 1,304,000 |
|
| (1,637,000 | ) |
| 12,996,000 |
| ||
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized |
| 248,000 |
|
| 0 |
|
| 0 |
| ||
gain adjustment—net of tax expense of $0 and | |||||||||||
$0 for 2020 and 2019, respectively | |||||||||||
Net Income (Loss) |
| 1,552,000 |
|
| (1,637,000 | ) |
| 12,996,000 |
| ||
Net Income Attributable to Noncontrolling Interest |
| 71,000 |
|
| (49,000 | ) |
| 389,000 |
| ||
Net Income Attributable to Cambridge-Lee Holdings, Inc. |
| 1,481,000 |
|
| (1,588,000 | ) |
| 12,607,000 |
| ||
CAMBRIDGE-LEE HOLDINGS, INC | ||||
STATEMENT OF CASH FLOW | ||||
Figures in US Dollars | ||||
March 31, 2021 | ||||
OPERATING ACTIVITIES: | ||||
Net income (loss) | 12,608,000 |
| ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Noncontrolling interest | 389,000 |
| ||
Depreciation and amortization | 1,754,000 |
| ||
Allowance for doubtful accounts receivable | (100,000 | ) | ||
Changes in assets and liabilities which provided (used) cash: | ||||
(Increase) decrease in accounts and notes receivable | (42,167,000 | ) | ||
(Increase) decrease in inventories | (2,118,000 | ) | ||
(Increase) decrease in prepaid expenses, deposits and other assets | 2,813,000 |
| ||
Increase (decrease) in other long term obligations | (457,000 | ) | ||
Increase (decrease) in accts payable, accrued exp & amounts due to affiliates | 12,788,000 |
| ||
Increase (decrease) in income taxes payable | 5,268,000 |
| ||
Total adjustments | (21,830,000 | ) | ||
net cash provided by (used in) operating activities | (9,222,000 | ) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property, plant and equipment | (424,000 | ) | ||
Net cash provided by (used in) investing activities | (424,000 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Increase (decrease) in revolving credit facility | 9,874,000 |
| ||
Proceeds from long term debt | (589,000 | ) | ||
Net cash provided by (used in) financing activities | 9,285,000 |
| ||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | ||||
Net increase in cash and cash equivalents | (361,000 | ) | ||
Cash and cash equivalents at beginning of period | 2,052,000 |
| ||
Cash and cash equivalents at end of period | 1,691,000 |
| ||
Contacts
Francisco Rodriguez,
[email protected]
Tel 5255 52618800