Cambridge-Lee Holdings Consolidated Results of Operations for Q4 2020
READING, Penn.–(BUSINESS WIRE)–Cambridge-Lee Holdings, Inc, has announced its unaudited 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 |
|
| 3,959,000 |
| ||
Total current assets |
| 130,287,000 |
|
| 136,221,000 |
| ||
Restricted Cash | ||||||||
Note Receivable — Affiliate |
| 8,990,000 |
|
| 8,990,000 |
| ||
Property, Plant, and Equipment — Net |
| 56,813,000 |
|
| 52,238,000 |
| ||
Goodwill |
| 189,000 |
| |||||
Deferred Financing Fees — Net |
| 632,000 |
|
| 464,000 |
| ||
Other Long-Term Assets |
| 6,405,000 |
|
| 7,559,000 |
| ||
Total | $ | 203,127,000 |
| $ | 205,661,000 |
| ||
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 |
|
| 21,848,000 |
| ||
Affiliates Payable |
| 76,000 |
|
| 65,000 |
| ||
Accrued expenses and taxes other than income tax |
| 10,432,000 |
|
| 10,602,000 |
| ||
Total current liabilities |
| 91,411,000 |
|
| 94,116,000 |
| ||
Long-Term Debt |
| 12,626,000 |
|
| 10,484,000 |
| ||
Long-Term Obligations — Other |
| 1,490,000 |
|
| 1,456,000 |
| ||
Deferred Revenue |
| 501,000 |
|
| 477,000 |
| ||
Deferred Income Taxes |
| 950,000 |
|
| 666,000 |
| ||
Total liabilities |
| 106,978,000 |
|
| 107,199,000 |
| ||
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 |
|
| 88,755,000 |
| ||
Accumulated other comprehensive income (loss) |
| (1,993,000 | ) |
| (1,803,000 | ) | ||
Noncontrolling owner’s interest |
| 4,751,000 |
|
| 4,818,000 |
| ||
Total shareholders’ equity |
| 96,149,000 |
|
| 98,462,000 |
| ||
TOTAL | $ | 203,127,000 |
| $ | 205,661,000 |
|
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 | ) |
| (2,513,000 | ) | ||
Other — net |
| (143,000 | ) |
| 136,000 |
| ||
Total Other Expense |
| (3,448,000 | ) |
| (2,377,000 | ) | ||
Income (Loss) From Continuing Operations Before Provision for Income Taxes |
| (9,256,000 | ) |
| 1,767,000 |
| ||
Provision (benefit) for Income Taxes |
| 919,000 |
|
| (349,000 | ) | ||
Net Income Gain (Loss) from Continuing Operations |
| (10,175,000 | ) |
| 2,116,000 |
| ||
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized |
| 377,000 |
|
| 248,000 |
| ||
gain adjustment—net of tax expense of $0 and | ||||||||
$0 for 2020 and 2019, respectively | ||||||||
Net Income (Loss) |
| (9,798,000 | ) |
| 2,364,000 |
| ||
Net Income Attributable to Noncontrolling Interest |
| (293,000 | ) |
| 76,000 |
| ||
Net Income Attributable to Cambridge-Lee Holdings, Inc. |
| (9,505,000 | ) |
| 2,288,000 |
|
CAMBRIDGE-LEE HOLDINGS, INC | |||
STATEMENT OF CASH FLOW | |||
Figures in US Dollars | |||
December 31, 2020 | |||
OPERATING ACTIVITIES: | |||
Net income (loss) | 2,116,000 |
| |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Noncontrolling interest | |||
Depreciation and amortization | 8,800,000 |
| |
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 | (10,282,000 | ) | |
(Increase) decrease in inventories | 4,728,000 |
| |
(Increase) decrease in prepaid expenses, deposits and other assets | (958,000 | ) | |
Increase (decrease) in other long term obligations | 95,000 |
| |
Increase (decrease) in accts payable, accrd expenses & amounts due to affiliates | 7,206,000 |
| |
Increase (decrease) in income taxes payable | (18,000 | ) | |
Total adjustments | 9,477,000 |
| |
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. 525552164028