Financial News
Cambridge-Lee Holdings Consolidated Results of Operations for Q2 2021
Cambridge-Lee Holdings, Inc. has announced its unaudited consolidated results for the second 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 | Figures in USD | |||||||||||
| As of June 30, 2021 and June 30, 2020 | ||||||||||||
| 31-12-20 | 30-06-20 | 30-06-21 | ||||||||||
| Assets | ||||||||||||
| Current Assets: | ||||||||||||
| Cash and cash equivalents | $ |
2,052,000 |
|
|
727,000 |
|
$ |
1,562,000 |
|
|||
| Accounts Receivable - Net |
|
51,780,000 |
|
|
38,644,000 |
|
|
92,357,000 |
|
|||
| Accounts Receivable - Affiliates |
|
791,000 |
|
|
396,000 |
|
|
1,860,000 |
|
|||
| Accounts Receivable - Refundable Income Tax |
|
209,000 |
|
|
157,000 |
|
|
209,000 |
|
|||
| Other Receivables |
|
242,000 |
|
|
194,000 |
|
|
224,000 |
|
|||
| Inventories — net |
|
77,188,000 |
|
|
62,962,000 |
|
|
69,742,000 |
|
|||
| Other current assets |
|
3,958,000 |
|
|
11,512,000 |
|
|
11,226,000 |
|
|||
| Deferred income taxes |
|
0 |
|
|
0 |
|
|
0 |
|
|||
| Total current assets |
|
136,220,000 |
|
|
114,592,000 |
|
|
177,180,000 |
|
|||
| Restricted Cash | ||||||||||||
| Note Receivable — Affiliate |
|
8,990,000 |
|
|
8,990,000 |
|
|
8,990,000 |
|
|||
| Property, Plant, and Equipment — Net |
|
52,238,000 |
|
|
55,021,000 |
|
|
49,198,000 |
|
|||
| Deferred Financing Fees — Net |
|
464,000 |
|
|
654,000 |
|
|
474,000 |
|
|||
| Other Long-Term Assets |
|
7,748,000 |
|
|
428,000 |
|
|
403,000 |
|
|||
| Total | $ |
205,660,000 |
|
$ |
179,685,000 |
|
$ |
236,245,000 |
|
|||
| Liabilities and Shareholders' Equity | ||||||||||||
| Current Liabilities: | ||||||||||||
| Current portion of long-term debt |
|
2,554,000 |
|
|
2,479,000 |
|
|
2,558,000 |
|
|||
| Revolving credit facility |
|
59,047,000 |
|
|
40,736,000 |
|
|
46,900,000 |
|
|||
| Trade Accounts Payable |
|
21,849,000 |
|
|
20,905,000 |
|
|
30,589,000 |
|
|||
| Affiliates Payable |
|
66,000 |
|
|
(1,860,000 |
) |
|
(10,173,000 |
) |
|||
| Accrued expenses and taxes other than income tax |
|
11,410,000 |
|
|
10,095,000 |
|
|
15,289,000 |
|
|||
| Income taxes payable |
|
0 |
|
|
(31,000 |
) |
|
7,991,000 |
|
|||
| Total current liabilities |
|
94,926,000 |
|
|
72,324,000 |
|
|
93,154,000 |
|
|||
| Long-Term Debt |
|
10,484,000 |
|
|
11,543,000 |
|
|
9,316,000 |
|
|||
| 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 |
|
|
85,944,000 |
|
|
104,135,000 |
|
|||
| 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 |
|
|
84,365,000 |
|
|
121,396,000 |
|
|||
| Accumulated other comprehensive income (loss) |
|
(1,803,000 |
) |
|
(1,993,000 |
) |
|
(1,802,000 |
) |
|||
| Noncontrolling owner’s interest |
|
4,797,000 |
|
|
4,677,000 |
|
|
5,824,000 |
|
|||
| Total shareholders' equity |
|
97,650,000 |
|
|
93,741,000 |
|
|
132,110,000 |
|
|||
| TOTAL | $ |
205,660,000 |
|
$ |
179,685,000 |
|
$ |
236,245,000 |
|
|||
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | ||||||||||||
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | ||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | Figures in USD |
|
|
|
|
|||||||
| As of June 30, 2021 and June 30, 2020 |
|
|
|
|
|
|||||||
|
|
|
|
|
||||||||
31-12-20 |
|
30-06-20 |
|
30-06-21 |
||||||||
| Revenues: | ||||||||||||
| Net Sales | $ |
409,201,000 |
|
$ |
188,824,000 |
|
$ |
355,049,000 |
|
|||
| Cost of Sales |
|
369,698,000 |
|
|
172,809,000 |
|
|
286,642,000 |
|
|||
| Gross Income |
|
39,503,000 |
|
|
16,015,000 |
|
|
68,407,000 |
|
|||
| Selling, General and Administrative Expenses |
|
35,359,000 |
|
|
17,140,000 |
|
|
19,790,000 |
|
|||
| Operating Income |
|
4,144,000 |
|
|
(1,125,000 |
) |
|
48,617,000 |
|
|||
| Other Expense: | ||||||||||||
| Interest — net |
|
(3,325,000 |
) |
|
(1,323,000 |
) |
|
(348,000 |
) |
|||
| Other — net |
|
136,000 |
|
|
39,000 |
|
|
142,000 |
|
|||
| Total Other Expense |
|
(3,189,000 |
) |
|
(1,284,000 |
) |
|
(206,000 |
) |
|||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
955,000 |
|
|
(2,409,000 |
) |
|
48,411,000 |
|
|||
| Provision (benefit) for Income Taxes |
|
(349,000 |
) |
|
0 |
|
|
13,953,000 |
|
|||
| Net Income Gain (Loss) from Continuing Operations |
|
1,304,000 |
|
|
(2,409,000 |
) |
|
34,458,000 |
|
|||
| 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 |
|
|
(2,409,000 |
) |
|
34,458,000 |
|
|||
| Net Income Attributable to Noncontrolling Interest |
|
71,000 |
|
|
(72,000 |
) |
|
1,030,000 |
|
|||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
1,481,000 |
|
|
(2,337,000 |
) |
|
33,428,000 |
|
|||
| CAMBRIDGE-LEE HOLDINGS, INC | |||
| STATEMENT OF CASH FLOW | |||
Figures in USD |
|||
| June 30, 2021 | |||
| OPERATING ACTIVITIES: | |||
| Net income (loss) | 33,428,000 |
|
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Noncontrolling interest | 1,030,000 |
|
|
| Depreciation and amortization | 3,572,000 |
|
|
| Allowance for doubtful accounts receivable | (116,000 |
) |
|
| Changes in assets and liabilities which provided (used) cash: | |||
| (Increase) decrease in accounts and notes receivable | (51,769,000 |
) |
|
| (Increase) decrease in inventories | 7,447,000 |
|
|
| (Increase) decrease in prepaid expenses, deposits and other assets | 84,000 |
|
|
| Increase (decrease) in other long term obligations | (457,000 |
) |
|
| Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates | 12,142,000 |
|
|
| Increase (decrease) in income taxes payable | 7,991,000 |
|
|
| Increase (decrease) in assets from dispositions | |||
Total adjustments |
(20,076,000 |
) |
|
Net cash provided by (used in) operating activities |
13,352,000 |
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property, plant and equipment | (520,000 |
) |
|
Net cash provided by (used in) investing activities |
(520,000 |
) |
|
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Increase (decrease) in revolving credit facility | (12,144,000 |
) |
|
| Proceeds from long term debt | (1,178,000 |
) |
|
Net cash provided by (used in) financing activities |
(13,322,000 |
) |
|
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | - |
|
|
| Net increase in cash and cash equivalents | (490,000 |
) |
|
| Cash and cash equivalents at beginning of period | 2,052,000 |
|
|
| Cash and cash equivalents at end of period | 1,562,000 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210824005741/en/
Contacts
Francisco Rodriguez
franciscorodriguez@iusa.com.mx
Tel. 525551181500
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