Cambridge-Lee Holdings Consolidated Results of Operations for Q3 2021
READING, Pa.–(BUSINESS WIRE)–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 |
Contacts
Francisco Rodriguez
[email protected]
Tel 525551181500