Cambridge-Lee Holdings Consolidated Results of Operations for Q3 2020

Cambridge-Lee Holdings, Inc. has announced its unaudited consolidated results for the first nine months of 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 September 30, 2020 and September 30, 2019									Figures in USD
	12/31/2019				9/30/2019				9/30/2020
Assets
Current Assets:
Cash and cash equivalents	$	1,260,000				2,731,000			$	1,684,000
Accounts Receivable - Net		40,022,000				49,208,000				51,903,000
Accounts Receivable - Affiliates		2,221,000				456,000				461,000
Accounts Receivable - Refundable Income Tax		232,000				239,000				157,000
Other Receivables		241,000				138,000				271,000
Inventories — net		81,916,000				74,689,000				65,266,000
Other current assets		4,395,000				10,351,000				10,290,000
Total current assets		130,287,000				137,812,000				130,032,000
Restricted Cash
Note Receivable — Affiliate		8,990,000				8,990,000				8,990,000
Property, Plant, and Equipment — Net		56,813,000				57,398,000				53,182,000
Goodwill						218,000				195,000
Deferred Financing Fees — Net		632,000				808,000				626,000
Other Long-Term Assets		6,405,000				28,000				278,000
Total	$	203,127,000			$	205,254,000			$	193,303,000
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt		2,478,000				2,478,000				2,496,000
Revolving credit facility		63,650,000				55,157,000				48,837,000
Trade Accounts Payable		14,775,000				22,645,000				22,660,000
Affiliates Payable		76,000				(65,000	)			(2,628,000	)
Accrued expenses and taxes other than income tax		10,432,000				11,154,000				12,049,000
Deferred Income Taxes		0				0				0
Income taxes payable		0				(2,116,000	)			(60,000	)
Total current liabilities		91,411,000				89,253,000				83,354,000
Long-Term Debt		12,626,000				13,370,000				10,992,000
Long-Term Obligations — Other		1,490,000				1,195,000				1,127,000
Deferred Revenue		501,000				186,000
Deferred Income Taxes		950,000				0				950,000
Total liabilities		106,978,000				104,004,000				96,423,000
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		86,699,000				91,937,000				87,410,000
Accumulated other comprehensive income (loss)		(1,993,000	)			(2,281,000	)			(1,993,000	)
Noncontrolling owner’s interest		4,751,000				4,902,000				4,771,000
Total shareholders' equity		96,149,000				101,250,000				96,880,000
TOTAL	$	203,127,000			$	205,254,000			$	193,303,000

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, 2020 and September 30, 2019									Figures in USD
	12/31/2019				9/30/2019				9/30/2020
Revenues:
Net Sales	$	428,212,000			$	336,789,000			$	298,477,000
Cost of Sales		397,413,000				313,718,000				269,706,000
Gross Income		30,799,000				23,071,000				28,771,000
Selling, General and Administrative Expenses		36,607,000				27,573,000				26,210,000
Operating Income		(5,808,000	)			(4,502,000	)			2,561,000
Other Expense:
Interest — net		(3,305,000	)			(2,482,000	)			(1,938,000	)
Other — net		(143,000	)			163,000				107,000
Total Other Expense		(3,448,000	)			(2,319,000	)			(1,831,000	)
Income (Loss) From Continuing Operations Before Provision for Income Taxes		(9,256,000	)			(6,821,000	)			730,000
Provision for Income Taxes		919,000				(2,044,000	)			0
Net Income (Loss) from Continuing Operations		(10,175,000	)			(4,777,000	)			730,000
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized		377,000								0
gain adjustment—net of tax expense of $0 and
$42,000 for 2019 and 2018, respectively
Net Income (Loss)		(9,798,000	)			(4,777,000	)			730,000
Net Income Attributable to Noncontrolling Interest		(293,000	)			(143,000	)			22,000
Net Income Attributable to Cambridge-Lee Holdings, Inc.		(9,505,000	)			(4,634,000	)			708,000

CAMBRIDGE-LEE HOLDINGS, INC
STATEMENT OF CASH FLOW
					Figures in USD
					September 30, 2020
OPERATING ACTIVITIES:
Net income (loss)					708,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
	Noncontrolling interest				22,000
	Depreciation and amortization				6,397,000
	Allowance for doubtful accounts receivable				(143,000)
Changes in assets and liabilities which provided (used) cash:
	(Increase) decrease in accounts and notes receivable				(12,682,000)
	(Increase) decrease in inventories				16,650,000
	(Increase) decrease in prepaid expenses, deposits and other assets				(9,000)
	Increase (decrease) in other long term obligations				(363,000)
	Increase (decrease) in accounts payable, accrued expenses and amounts due to affiliates				9,000,000
	Increase (decrease) in income taxes payable				15,000
		Total adjustments			18,887,000
		net cash provided by (used in) operating activities			19,595,000
CASH FLOWS FROM INVESTING ACTIVITIES:
	Purchases of property, plant and equipment				(2,792,000)
	Proceeds from sale of property, plant and equipment
	disposal				44,000
		Net cash provided by (used in) investing activities			(2,748,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Increase (decrease) in revolving credit facility				(14,795,000)
	Principal payments on long-term debt				(1,628,000)
		Net cash provided by (used in) financing activities			(16,423,000)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents					424,000
Cash and cash equivalents at beginning of period					1,260,000
Cash and cash equivalents at end of period					1,684,000

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Contacts

Francisco Rodriguez
frodriguez@iusa.com.mx
Tel. 525552164028