Cambridge-Lee Holdings Consolidated Results of Operations for Q1 2021

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

 

 

 

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