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Cambridge-Lee Holdings Consolidated Results of Operations for Q3 2020

·5 min read

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20201221005676/en/

Contacts

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