Financial News
Cambridge-Lee Holdings Consolidated Results of Operations for Q3 2021
Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the third 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 September 30, 2021 and September 30, 2020 | |||||||||||
| Figures in US Dollars | 12/31/2020 |
9/30/2020 |
9/30/2021 |
||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ |
2,052,000 |
|
|
1,684,000 |
|
$ |
1,944,000 |
|
||
| Accounts Receivable - Net |
|
51,780,000 |
|
|
51,903,000 |
|
|
97,094,000 |
|
||
| Accounts Receivable - Affiliates |
|
791,000 |
|
|
461,000 |
|
|
660,000 |
|
||
| Accounts Receivable - Refundable Income Tax |
|
209,000 |
|
|
157,000 |
|
|
209,000 |
|
||
| Other Receivables |
|
242,000 |
|
|
271,000 |
|
|
160,000 |
|
||
| Inventories — net |
|
77,188,000 |
|
|
65,266,000 |
|
|
82,813,000 |
|
||
| Other current assets |
|
3,958,000 |
|
|
10,290,000 |
|
|
10,627,000 |
|
||
| Total current assets |
|
136,220,000 |
|
|
130,032,000 |
|
|
193,507,000 |
|
||
| Restricted Cash | |||||||||||
| Note Receivable — Affiliate |
|
8,990,000 |
|
|
8,990,000 |
|
|
8,990,000 |
|
||
| Property, Plant, and Equipment — Net |
|
52,238,000 |
|
|
53,182,000 |
|
|
49,102,000 |
|
||
| Deferred Financing Fees — Net |
|
464,000 |
|
|
626,000 |
|
|
443,000 |
|
||
| Other Long-Term Assets |
|
7,748,000 |
|
|
473,000 |
|
|
397,000 |
|
||
| Total | $ |
205,660,000 |
|
$ |
193,303,000 |
|
$ |
252,439,000 |
|
||
| Liabilities and Shareholders' Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Current portion of long-term debt |
|
2,554,000 |
|
|
2,496,000 |
|
|
2,559,000 |
|
||
| Revolving credit facility |
|
59,047,000 |
|
|
48,837,000 |
|
|
18,260,000 |
|
||
| Trade Accounts Payable |
|
21,849,000 |
|
|
22,660,000 |
|
|
38,190,000 |
|
||
| Affiliates Payable |
|
66,000 |
|
|
(2,628,000 |
) |
|
(9,882,000 |
) |
||
| Accrued expenses and taxes other than income tax |
|
11,410,000 |
|
|
12,049,000 |
|
|
17,549,000 |
|
||
| Income taxes payable |
|
0 |
|
|
(60,000 |
) |
|
13,502,000 |
|
||
| Total current liabilities |
|
94,926,000 |
|
|
83,354,000 |
|
|
80,178,000 |
|
||
| Long-Term Debt |
|
10,484,000 |
|
|
10,992,000 |
|
|
8,676,000 |
|
||
| Long-Term Obligations — Other |
|
1,457,000 |
|
|
1,127,000 |
|
|
999,000 |
|
||
| Deferred Revenue |
|
477,000 |
|
|
0 |
|
|||||
| Deferred Income Taxes |
|
666,000 |
|
|
950,000 |
|
|
666,000 |
|
||
| Total liabilities |
|
108,010,000 |
|
|
96,423,000 |
|
|
90,519,000 |
|
||
| 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 |
|
|
87,410,000 |
|
|
150,315,000 |
|
||
| Accumulated other comprehensive income (loss) |
|
(1,803,000 |
) |
|
(1,993,000 |
) |
|
(1,803,000 |
) |
||
| Noncontrolling owner’s interest |
|
4,797,000 |
|
|
4,771,000 |
|
|
6,716,000 |
|
||
| Total shareholders' equity |
|
97,650,000 |
|
|
96,880,000 |
|
|
161,920,000 |
|
||
| TOTAL | $ |
205,660,000 |
|
$ |
193,303,000 |
|
$ |
252,439,000 |
|
||
| 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 September 30, 2021 and September 30, 2020 | |||||||||||
| Figures in US Dollars | |||||||||||
| 12/31/2020 | 9/30/2020 | 9/30/2021 | |||||||||
| Revenues: | |||||||||||
| Net Sales | $ |
409,201,000 |
|
$ |
298,477,000 |
|
$ |
557,541,000 |
|
||
| Cost of Sales |
|
369,698,000 |
|
|
269,706,000 |
|
|
435,683,000 |
|
||
| Gross Income |
|
39,503,000 |
|
|
28,771,000 |
|
|
121,858,000 |
|
||
| Selling, General and Administrative Expenses |
|
35,359,000 |
|
|
26,210,000 |
|
|
30,848,000 |
|
||
|
172,809,000 |
|
|||||||||
| Operating Income |
|
4,144,000 |
|
|
2,561,000 |
|
|
91,010,000 |
|
||
| Other Expense: | |||||||||||
| Interest — net |
|
(3,325,000 |
) |
|
(1,938,000 |
) |
|
(794,000 |
) |
||
| Other — net |
|
136,000 |
|
|
107,000 |
|
|
76,000 |
|
||
| Total Other Expense |
|
(3,189,000 |
) |
|
(1,831,000 |
) |
|
(718,000 |
) |
||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
955,000 |
|
|
730,000 |
|
|
90,292,000 |
|
||
| Provision (benefit) for Income Taxes |
|
(349,000 |
) |
|
0 |
|
|
26,023,000 |
|
||
| Net Income Gain (Loss) from Continuing Operations |
|
1,304,000 |
|
|
730,000 |
|
|
64,269,000 |
|
||
| COMPREHENSIVE (LOSS) INCOME—Pension unrecognized |
|
|
|
|
|
|
|
||||
| gain adjustment—net of tax expense of $0 and | |||||||||||
| $0 for 2020 and 2019, respectively | 248,000 |
0 |
0 |
||||||||
| Net Income (Loss) |
|
1,552,000 |
|
|
730,000 |
|
|
64,269,000 |
|
||
| Net Income Attributable to Noncontrolling Interest |
|
71,000 |
|
|
22,000 |
|
|
1,922,000 |
|
||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
1,481,000 |
|
|
708,000 |
|
|
62,347,000 |
|
||
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | ||||||
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | ||||||
| Statement of Cash Flow | ||||||
| Figures in US Dollars | ||||||
| September 30, 2021 | ||||||
| OPERATING ACTIVITIES: | ||||||
| Net income (loss) | 62,347,000 |
|||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
| Noncontrolling interest | 1,922,000 |
|||||
| Depreciation and amortization | 5,367,000 |
|||||
| Allowance for doubtful accounts receivable | (112,000) |
|||||
| Changes in assets and liabilities which provided (used) cash: | ||||||
| (Increase) decrease in accounts and notes receivable | (55,019,000) |
|||||
| (Increase) decrease in inventories | (5,625,000) |
|||||
| (Increase) decrease in prepaid expenses, deposits and other assets | 747,000 |
|||||
| Increase (decrease) in other long term obligations | (457,000) |
|||||
| Increase (decrease) in accounts payable, accrued expenses and amounts due to affiliates | 22,003,000 |
|||||
| Increase (decrease) in income taxes payable | 13,502,000 |
|||||
| Increase (decrease) in assets from dispositions | ||||||
| Total adjustments | (17,672,000) |
|||||
| net cash provided by (used in) operating activities | 44,675,000 |
|||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
| Purchases of property, plant and equipment | (2,096,000) |
|||||
| Proceeds from sale of property, plant and equipment | ||||||
| disposal | (117,000) |
|||||
| Net cash provided by (used in) investing activities | (2,213,000) |
|||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
| Increase (decrease) in revolving credit facility | (40,783,000) |
|||||
| Proceeds from long term debt | (1,787,000) |
|||||
| Net cash provided by (used in) financing activities | (42,570,000) |
|||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | ||||||
| Net increase in cash and cash equivalents | (108,000) |
|||||
| Cash and cash equivalents at beginning of period | 2,052,000 |
|||||
| Cash and cash equivalents at end of period | 1,944,000 |
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20211123006103/en/
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Francisco Rodriguez
frodriguez@iusa.com.mx
Tel 525551181500
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