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Cambridge-Lee Holdings Consolidated Results of Operations for Q1 2021

·5 min read

Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the first 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 March 31, 2021 and March 31, 2020

Figures in US Dollars

12/31/2020

3/31/2020

3/31/2021

Assets

Current Assets:

Cash and cash equivalents

$

2,052,000

1,916,000

$

1,691,000

Accounts Receivable - Net

51,780,000

53,269,000

85,297,000

Accounts Receivable - Affiliates

791,000

629,000

2,182,000

Accounts Receivable - Refundable Income Tax

209,000

157,000

209,000

Other Receivables

242,000

209,000

360,000

Inventories — net

77,188,000

56,860,000

79,307,000

Other current assets

3,958,000

8,298,000

8,359,000

Total current assets

136,220,000

121,338,000

177,405,000

Note Receivable — Affiliate

8,990,000

8,990,000

8,990,000

Property, Plant, and Equipment — Net

52,238,000

56,753,000

50,915,000

Deferred Financing Fees — Net

464,000

706,000

525,000

Other Long-Term Assets

7,748,000

434,000

408,000

Total

$

205,660,000

$

188,221,000

$

238,243,000

Liabilities and Shareholders' Equity

Current Liabilities:

Current portion of long-term debt

2,554,000

2,479,000

2,556,000

Revolving credit facility

59,047,000

52,850,000

68,920,000

Trade Accounts Payable

21,849,000

17,783,000

31,459,000

Affiliates Payable

66,000

(4,486,000

)

(7,295,000

)

Accrued expenses and taxes other than income tax

11,410,000

10,875,000

15,064,000

Income taxes payable

0

1,000

5,269,000

Total current liabilities

94,926,000

79,502,000

115,973,000

Long-Term Debt

10,484,000

12,130,000

9,956,000

Long-Term Obligations — Other

1,457,000

1,127,000

1,000,000

Deferred Revenue

477,000

0

Deferred Income Taxes

666,000

950,000

666,000

Total liabilities

108,010,000

93,709,000

127,595,000

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

85,113,000

100,575,000

Accumulated other comprehensive income (loss)

(1,803,000

)

(1,993,000

)

(1,802,000

)

Noncontrolling owner’s interest

4,797,000

4,700,000

5,183,000

Total shareholders' equity

97,650,000

94,512,000

110,648,000

TOTAL

$

205,660,000

$

188,221,000

$

238,243,000

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 March 31, 2021 and March 31, 2020

Figures in US Dollars

12/31/2020

3/31/2020

3/31/2021

Revenues:

Net Sales

$

409,201,000

$

108,474,000

$

161,977,000

Cost of Sales

369,698,000

100,188,000

133,504,000

Gross Income

39,503,000

8,286,000

28,473,000

Selling, General and Administrative Expenses

35,359,000

9,191,000

9,673,000

Operating Income

4,144,000

(905,000

)

18,800,000

Other Expense:

Interest — net

(3,325,000

)

(746,000

)

(596,000

)

Other — net

136,000

14,000

54,000

Total Other Expense

(3,189,000

)

(732,000

)

(542,000

)

Income (Loss) From Continuing Ops Before Provision for Income Taxes

955,000

(1,637,000

)

18,258,000

Provision (benefit) for Income Taxes

(349,000

)

0

5,262,000

Net Income Gain (Loss) from Continuing Operations

1,304,000

(1,637,000

)

12,996,000

COMPREHENSIVE (LOSS) INCOME—Pension unrecognized

248,000

0

0

gain adjustment—net of tax expense of $0 and

$0 for 2020 and 2019, respectively

Net Income (Loss)

1,552,000

(1,637,000

)

12,996,000

Net Income Attributable to Noncontrolling Interest

71,000

(49,000

)

389,000

Net Income Attributable to Cambridge-Lee Holdings, Inc.

1,481,000

(1,588,000

)

12,607,000

CAMBRIDGE-LEE HOLDINGS, INC

STATEMENT OF CASH FLOW

Figures in US Dollars

March 31, 2021

OPERATING ACTIVITIES:

Net income (loss)

12,608,000

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Noncontrolling interest

389,000

Depreciation and amortization

1,754,000

Allowance for doubtful accounts receivable

(100,000

)

Changes in assets and liabilities which provided (used) cash:

(Increase) decrease in accounts and notes receivable

(42,167,000

)

(Increase) decrease in inventories

(2,118,000

)

(Increase) decrease in prepaid expenses, deposits and other assets

2,813,000

Increase (decrease) in other long term obligations

(457,000

)

Increase (decrease) in accts payable, accrued exp & amounts due to affiliates

12,788,000

Increase (decrease) in income taxes payable

5,268,000

Total adjustments

(21,830,000

)

net cash provided by (used in) operating activities

(9,222,000

)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment

(424,000

)

Net cash provided by (used in) investing activities

(424,000

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Increase (decrease) in revolving credit facility

9,874,000

Proceeds from long term debt

(589,000

)

Net cash provided by (used in) financing activities

9,285,000

EFFECT OF EXCHANGE RATE CHANGES ON CASH

Net increase in cash and cash equivalents

(361,000

)

Cash and cash equivalents at beginning of period

2,052,000

Cash and cash equivalents at end of period

1,691,000

View source version on businesswire.com: https://www.businesswire.com/news/home/20210524005742/en/

Contacts

Francisco Rodriguez,
frodriguez@iusa.com.mx
Tel 5255 52618800