Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the fiscal year 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 December 31, 2020 and December 31, 2019 | ||||||||
| Figures in US Dollars | ||||||||
12/31/2019 |
12/31/2020 |
|||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents |
|
1,260,000 |
|
$ |
2,052,000 |
|
||
| Accounts Receivable - Net |
|
40,022,000 |
|
|
51,780,000 |
|
||
| Accounts Receivable - Affiliates |
|
2,221,000 |
|
|
791,000 |
|
||
| Accounts Receivable - Refundable Income Tax |
|
232,000 |
|
|
209,000 |
|
||
| Other Receivables |
|
241,000 |
|
|
242,000 |
|
||
| Inventories — net |
|
81,916,000 |
|
|
77,188,000 |
|
||
| Other current assets |
|
4,395,000 |
|
|
3,959,000 |
|
||
| Total current assets |
|
130,287,000 |
|
|
136,221,000 |
|
||
| Restricted Cash | ||||||||
| Note Receivable — Affiliate |
|
8,990,000 |
|
|
8,990,000 |
|
||
| Property, Plant, and Equipment — Net |
|
56,813,000 |
|
|
52,238,000 |
|
||
| Goodwill |
|
189,000 |
|
|||||
| Deferred Financing Fees — Net |
|
632,000 |
|
|
464,000 |
|
||
| Other Long-Term Assets |
|
6,405,000 |
|
|
7,559,000 |
|
||
| Total | $ |
203,127,000 |
|
$ |
205,661,000 |
|
||
| Liabilities and Shareholders' Equity | ||||||||
| Current Liabilities: | ||||||||
| Current portion of long-term debt |
|
2,478,000 |
|
|
2,554,000 |
|
||
| Revolving credit facility |
|
63,650,000 |
|
|
59,047,000 |
|
||
| Trade Accounts Payable |
|
14,775,000 |
|
|
21,848,000 |
|
||
| Affiliates Payable |
|
76,000 |
|
|
65,000 |
|
||
| Accrued expenses and taxes other than income tax |
|
10,432,000 |
|
|
10,602,000 |
|
||
| Total current liabilities |
|
91,411,000 |
|
|
94,116,000 |
|
||
| Long-Term Debt |
|
12,626,000 |
|
|
10,484,000 |
|
||
| Long-Term Obligations — Other |
|
1,490,000 |
|
|
1,456,000 |
|
||
| Deferred Revenue |
|
501,000 |
|
|
477,000 |
|
||
| Deferred Income Taxes |
|
950,000 |
|
|
666,000 |
|
||
| Total liabilities |
|
106,978,000 |
|
|
107,199,000 |
|
||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Common stock, no par — authorized, 1,500 shares; | ||||||||
| issued and outstanding, 1,000 shares |
|
1,000 |
|
|
1,000 |
|
||
| Additional paid-in capital |
|
84,205,000 |
|
|
84,205,000 |
|
||
| Investment in Parent |
|
(60,000,000 |
) |
|
(60,000,000 |
) |
||
| Excess of liabilities assumed over book value | ||||||||
| of assets transferred |
|
(17,514,000 |
) |
|
(17,514,000 |
) |
||
| Retained earnings |
|
86,699,000 |
|
|
88,755,000 |
|
||
| Accumulated other comprehensive income (loss) |
|
(1,993,000 |
) |
|
(1,803,000 |
) |
||
| Noncontrolling owner’s interest |
|
4,751,000 |
|
|
4,818,000 |
|
||
| Total shareholders' equity |
|
96,149,000 |
|
|
98,462,000 |
|
||
| TOTAL | $ |
203,127,000 |
|
$ |
205,661,000 |
|
||
| 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 December 31, 2020 and December 31, 2019 | ||||||||
| Figures in US Dollars | ||||||||
| 12/31/2019 | 12/31/2020 | |||||||
| Revenues: | ||||||||
| Net Sales | $ |
428,212,000 |
|
$ |
409,201,000 |
|
||
| Cost of Sales |
|
397,413,000 |
|
|
369,698,000 |
|
||
| Gross Income |
|
30,799,000 |
|
|
39,503,000 |
|
||
| Selling, General and Administrative Expenses |
|
36,607,000 |
|
|
35,359,000 |
|
||
| Operating Income |
|
(5,808,000 |
) |
|
4,144,000 |
|
||
| Other Expense: | ||||||||
| Interest — net |
|
(3,305,000 |
) |
|
(2,513,000 |
) |
||
| Other — net |
|
(143,000 |
) |
|
136,000 |
|
||
| Total Other Expense |
|
(3,448,000 |
) |
|
(2,377,000 |
) |
||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
(9,256,000 |
) |
|
1,767,000 |
|
||
| Provision (benefit) for Income Taxes |
|
919,000 |
|
|
(349,000 |
) |
||
| Net Income Gain (Loss) from Continuing Operations |
|
(10,175,000 |
) |
|
2,116,000 |
|
||
| COMPREHENSIVE (LOSS) INCOME—Pension unrecognized |
|
377,000 |
|
|
248,000 |
|
||
| gain adjustment—net of tax expense of $0 and | ||||||||
| $0 for 2020 and 2019, respectively | ||||||||
| Net Income (Loss) |
|
(9,798,000 |
) |
|
2,364,000 |
|
||
| Net Income Attributable to Noncontrolling Interest |
|
(293,000 |
) |
|
76,000 |
|
||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
(9,505,000 |
) |
|
2,288,000 |
|
||
CAMBRIDGE-LEE HOLDINGS, INC |
|||
STATEMENT OF CASH FLOW |
|||
| Figures in US Dollars | |||
December 31, 2020 |
|||
| OPERATING ACTIVITIES: | |||
| Net income (loss) | 2,116,000 |
|
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Noncontrolling interest | |||
| Depreciation and amortization | 8,800,000 |
|
|
| Allowance for doubtful accounts receivable | (47,000 |
) |
|
| Net periodic pension (benefit) cost | 161,000 |
|
|
| (Gain) loss on sale of property, plant and equipment | 75,000 |
|
|
| Increase (decrease) in deferred income taxes | (283,000 |
) |
|
| Changes in assets and liabilities which provided (used) cash: | |||
| (Increase) decrease in accounts and notes receivable | (10,282,000 |
) |
|
| (Increase) decrease in inventories | 4,728,000 |
|
|
| (Increase) decrease in prepaid expenses, deposits and other assets | (958,000 |
) |
|
| Increase (decrease) in other long term obligations | 95,000 |
|
|
| Increase (decrease) in accts payable, accrd expenses & amounts due to affiliates | 7,206,000 |
|
|
| Increase (decrease) in income taxes payable | (18,000 |
) |
|
| Total adjustments | 9,477,000 |
|
|
| Net cash provided by (used in) operating activities | 11,593,000 |
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property, plant and equipment | (3,714,000 |
) |
|
| Net cash provided by (used in) investing activities | (3,714,000 |
) |
|
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Increase (decrease) in revolving credit facility | (4,602,000 |
) |
|
| Principal payments on long-term debt | (2,382,000 |
) |
|
| Payment under capital lease obligations | (83,000 |
) |
|
| Payment of debt issuance costs | (20,000 |
) |
|
| Net cash provided by (used in) financing activities | (7,087,000 |
) |
|
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||
| Net increase in cash and cash equivalents | 792,000 |
|
|
| Cash and cash equivalents at beginning of period | 1,260,000 |
|
|
| Cash and cash equivalents at end of period | 2,052,000 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210422005774/en/
Contacts
Francisco Rodriguez
frodriguez@iusa.com.mx
Tel. 525552164028
