Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the fiscal year 2020.
| Â | ||||||||
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | ||||||||
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | ||||||||
| Â | ||||||||
| 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 | Â |
1,260,000 |
 |
$ |
2,052,000 |
 |
||
| Accounts Receivable - Net | Â |
40,022,000 |
 |
 |
51,780,000 |
 |
||
| Accounts Receivable - Affiliates | Â |
2,221,000 |
 |
 |
791,000 |
 |
||
| Accounts Receivable - Refundable Income Tax | Â |
232,000 |
 |
 |
209,000 |
 |
||
| Other Receivables | Â |
241,000 |
 |
 |
242,000 |
 |
||
| Inventories — net |  |
81,916,000 |
 |
 |
77,188,000 |
 |
||
| Other current assets | Â |
4,395,000 |
 |
 |
3,959,000 |
 |
||
| Total current assets | Â |
130,287,000 |
 |
 |
136,221,000 |
 |
||
| Â | ||||||||
| Restricted Cash | ||||||||
| Note Receivable — Affiliate |  |
8,990,000 |
 |
 |
8,990,000 |
 |
||
| Property, Plant, and Equipment — Net |  |
56,813,000 |
 |
 |
52,238,000 |
 |
||
| Goodwill | Â |
189,000 |
 |
|||||
| Deferred Financing Fees — Net |  |
632,000 |
 |
 |
464,000 |
 |
||
| Other Long-Term Assets | Â |
6,405,000 |
 |
 |
7,559,000 |
 |
||
| Total | $ |
203,127,000 |
 |
$ |
205,661,000 |
 |
||
| Â | ||||||||
| Liabilities and Shareholders' Equity | ||||||||
| Â | ||||||||
| Current Liabilities: | ||||||||
| Current portion of long-term debt | Â |
2,478,000 |
 |
 |
2,554,000 |
 |
||
| Revolving credit facility | Â |
63,650,000 |
 |
 |
59,047,000 |
 |
||
| Trade Accounts Payable | Â |
14,775,000 |
 |
 |
21,848,000 |
 |
||
| Affiliates Payable | Â |
76,000 |
 |
 |
65,000 |
 |
||
| Accrued expenses and taxes other than income tax | Â |
10,432,000 |
 |
 |
10,602,000 |
 |
||
| Total current liabilities | Â |
91,411,000 |
 |
 |
94,116,000 |
 |
||
| Â | ||||||||
| Long-Term Debt | Â |
12,626,000 |
 |
 |
10,484,000 |
 |
||
| Long-Term Obligations — Other |  |
1,490,000 |
 |
 |
1,456,000 |
 |
||
| Deferred Revenue | Â |
501,000 |
 |
 |
477,000 |
 |
||
| Deferred Income Taxes | Â |
950,000 |
 |
 |
666,000 |
 |
||
| Total liabilities | Â |
106,978,000 |
 |
 |
107,199,000 |
 |
||
| Â | ||||||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Common stock, no par — authorized, 1,500 shares; | ||||||||
| issued and outstanding, 1,000 shares | Â |
1,000 |
 |
 |
1,000 |
 |
||
| Additional paid-in capital | Â |
84,205,000 |
 |
 |
84,205,000 |
 |
||
| Investment in Parent | Â |
(60,000,000 |
) |
 |
(60,000,000 |
) |
||
| Excess of liabilities assumed over book value | ||||||||
| of assets transferred | Â |
(17,514,000 |
) |
 |
(17,514,000 |
) |
||
| Retained earnings | Â |
86,699,000 |
 |
 |
88,755,000 |
 |
||
| Accumulated other comprehensive income (loss) | Â |
(1,993,000 |
) |
 |
(1,803,000 |
) |
||
| Noncontrolling owner’s interest |  |
4,751,000 |
 |
 |
4,818,000 |
 |
||
| Â | ||||||||
| Total shareholders' equity | Â |
96,149,000 |
 |
 |
98,462,000 |
 |
||
| Â | ||||||||
| TOTAL | $ |
203,127,000 |
 |
$ |
205,661,000 |
 |
||
| Â | ||||||||
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | ||||||||
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | ||||||||
| Â | ||||||||
| 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 | Â |
397,413,000 |
 |
 |
369,698,000 |
 |
||
| Gross Income | Â |
30,799,000 |
 |
 |
39,503,000 |
 |
||
| Â | ||||||||
| Selling, General and Administrative Expenses | Â |
36,607,000 |
 |
 |
35,359,000 |
 |
||
| Operating Income | Â |
(5,808,000 |
) |
 |
4,144,000 |
 |
||
| Â | ||||||||
| Other Expense: | ||||||||
| Interest — net |  |
(3,305,000 |
) |
 |
(2,513,000 |
) |
||
| Other — net |  |
(143,000 |
) |
 |
136,000 |
 |
||
| Total Other Expense | Â |
(3,448,000 |
) |
 |
(2,377,000 |
) |
||
| Â | ||||||||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes | Â |
(9,256,000 |
) |
 |
1,767,000 |
 |
||
| Â | ||||||||
| Provision (benefit) for Income Taxes | Â |
919,000 |
 |
 |
(349,000 |
) |
||
| Â | ||||||||
| Net Income Gain (Loss) from Continuing Operations | Â |
(10,175,000 |
) |
 |
2,116,000 |
 |
||
| Â | ||||||||
| COMPREHENSIVE (LOSS) INCOME—Pension unrecognized |  |
377,000 |
 |
 |
248,000 |
 |
||
| gain adjustment—net of tax expense of $0 and | ||||||||
| $0 for 2020 and 2019, respectively | ||||||||
| Â | ||||||||
| Net Income (Loss) | Â |
(9,798,000 |
) |
 |
2,364,000 |
 |
||
| Â | ||||||||
| Net Income Attributable to Noncontrolling Interest | Â |
(293,000 |
) |
 |
76,000 |
 |
||
| Â | ||||||||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. | Â |
(9,505,000 |
) |
 |
2,288,000 |
 |
||
| Â | |||
CAMBRIDGE-LEE HOLDINGS, INC |
|||
STATEMENT OF CASH FLOW |
|||
| Figures in US Dollars | |||
December 31, 2020 |
|||
| OPERATING ACTIVITIES: | |||
| Net income (loss) | 2,116,000 |
 |
|
| Â | |||
| 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 |
) |
|
| Â | |||
| 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 |
 |
|
| Â | |||
| Net cash provided by (used in) operating activities | 11,593,000 |
 |
|
| Â | |||
| 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 |
) |
|
| Â | |||
| 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 |
) |
|
| Â | |||
| 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 |
 |
|
| Â | |||
| Cash and cash equivalents at end of period | 2,052,000 |
 |
|
Â
View source version on businesswire.com: https://www.businesswire.com/news/home/20210422005774/en/
Contacts
Francisco Rodriguez
frodriguez@iusa.com.mx
Tel. 525552164028
