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 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210524005742/en/
Contacts
Francisco Rodriguez,
frodriguez@iusa.com.mx
Tel 5255 52618800
