Cambridge-Lee Holdings Consolidated Results of Operations for Q2 2021
READING, Pa.–(BUSINESS WIRE)–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 |
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|
| |||||||
| As of June 30, 2021 and June 30, 2020 |
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| 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 |
| |
Contacts
Francisco Rodriguez
[email protected]
Tel. 525551181500
