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Press release content from Business Wire. The AP news staff was not involved in its creation.

Cambridge-Lee Holdings Consolidated Results of Operations for Q2 2021

August 24, 2021 GMT

READING, Pa.--(BUSINESS WIRE)--Aug 24, 2021--

Cambridge-Lee Holdings, Inc. has announced its unaudited consolidated results for the second quarter of 2021.

CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
CONSOLIDATED BALANCE SHEETSFigures in USD
As of June 30, 2021 and June 30, 2020
 
31-12-2030-06-2030-06-21
Assets
Current Assets:
Cash and cash equivalents

$

2,052,000

 

 

727,000

 

$

1,562,000

 

Accounts Receivable - Net

 

51,780,000

 

 

38,644,000

 

 

92,357,000

 

Accounts Receivable - Affiliates

 

791,000

 

 

396,000

 

 

1,860,000

 

Accounts Receivable - Refundable Income Tax

 

209,000

 

 

157,000

 

 

209,000

 

Other Receivables

 

242,000

 

 

194,000

 

 

224,000

 

Inventories — net

 

77,188,000

 

 

62,962,000

 

 

69,742,000

 

Other current assets

 

3,958,000

 

 

11,512,000

 

 

11,226,000

 

Deferred income taxes

 

0

 

 

0

 

 

0

 

Total current assets

 

136,220,000

 

 

114,592,000

 

 

177,180,000

 

 
Restricted Cash
Note Receivable — Affiliate

 

8,990,000

 

 

8,990,000

 

 

8,990,000

 

Property, Plant, and Equipment — Net

 

52,238,000

 

 

55,021,000

 

 

49,198,000

 

Deferred Financing Fees — Net

 

464,000

 

 

654,000

 

 

474,000

 

Other Long-Term Assets

 

7,748,000

 

 

428,000

 

 

403,000

 

Total

$

205,660,000

 

$

179,685,000

 

$

236,245,000

 

 
Liabilities and Shareholders' Equity
 
Current Liabilities:
Current portion of long-term debt

 

2,554,000

 

 

2,479,000

 

 

2,558,000

 

Revolving credit facility

 

59,047,000

 

 

40,736,000

 

 

46,900,000

 

Trade Accounts Payable

 

21,849,000

 

 

20,905,000

 

 

30,589,000

 

Affiliates Payable

 

66,000

 

 

(1,860,000

)

 

(10,173,000

)

Accrued expenses and taxes other than income tax

 

11,410,000

 

 

10,095,000

 

 

15,289,000

 

Income taxes payable

 

0

 

 

(31,000

)

 

7,991,000

 

Total current liabilities

 

94,926,000

 

 

72,324,000

 

 

93,154,000

 

 
Long-Term Debt

 

10,484,000

 

 

11,543,000

 

 

9,316,000

 

Long-Term Obligations — Other

 

1,457,000

 

 

1,127,000

 

 

999,000

 

Deferred Revenue

 

477,000

 

 

0

 

Deferred Income Taxes

 

666,000

 

 

950,000

 

 

666,000

 

Total liabilities

 

108,010,000

 

 

85,944,000

 

 

104,135,000

 

 
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

 

 

84,365,000

 

 

121,396,000

 

Accumulated other comprehensive income (loss)

 

(1,803,000

)

 

(1,993,000

)

 

(1,802,000

)

Noncontrolling owner’s interest

 

4,797,000

 

 

4,677,000

 

 

5,824,000

 

Total shareholders' equity

 

97,650,000

 

 

93,741,000

 

 

132,110,000

 

 
TOTAL

$

205,660,000

 

$

179,685,000

 

$

236,245,000

 

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CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
CONSOLIDATED STATEMENTS OF OPERATIONS

Figures in USD

 

 

 

 

As of June 30, 2021 and June 30, 2020

 

 

 

 

 

 

 

 

 

 

31-12-20

 

30-06-20

 

30-06-21

Revenues:
Net Sales

$

409,201,000

 

$

188,824,000

 

$

355,049,000

 

Cost of Sales

 

369,698,000

 

 

172,809,000

 

 

286,642,000

 

Gross Income

 

39,503,000

 

 

16,015,000

 

 

68,407,000

 

 
Selling, General and Administrative Expenses

 

35,359,000

 

 

17,140,000

 

 

19,790,000

 

Operating Income

 

4,144,000

 

 

(1,125,000

)

 

48,617,000

 

 
Other Expense:
Interest — net

 

(3,325,000

)

 

(1,323,000

)

 

(348,000

)

Other — net

 

136,000

 

 

39,000

 

 

142,000

 

Total Other Expense

 

(3,189,000

)

 

(1,284,000

)

 

(206,000

)

 
Income (Loss) From Continuing Operations Before Provision for Income Taxes

 

955,000

 

 

(2,409,000

)

 

48,411,000

 

 
Provision (benefit) for Income Taxes

 

(349,000

)

 

0

 

 

13,953,000

 

Net Income Gain (Loss) from Continuing Operations

 

1,304,000

 

 

(2,409,000

)

 

34,458,000

 

 
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized gain adjustment—net of tax expense of $0 and $0 for 2020 and 2019, respectively

 

248,000

 

 

0

 

 

0

 

 
Net Income (Loss)

 

1,552,000

 

 

(2,409,000

)

 

34,458,000

 

 
Net Income Attributable to Noncontrolling Interest

 

71,000

 

 

(72,000

)

 

1,030,000

 

 
Net Income Attributable to Cambridge-Lee Holdings, Inc.

 

1,481,000

 

 

(2,337,000

)

 

33,428,000

 

CAMBRIDGE-LEE HOLDINGS, INC
STATEMENT OF CASH FLOW
 

Figures in USD

June 30, 2021
OPERATING ACTIVITIES:
Net income (loss)

33,428,000

 

 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest

1,030,000

 

Depreciation and amortization

3,572,000

 

Allowance for doubtful accounts receivable

(116,000

)

 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable

(51,769,000

)

(Increase) decrease in inventories

7,447,000

 

(Increase) decrease in prepaid expenses, deposits and other assets

84,000

 

Increase (decrease) in other long term obligations

(457,000

)

Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates

12,142,000

 

Increase (decrease) in income taxes payable

7,991,000

 

Increase (decrease) in assets from dispositions

Total adjustments

(20,076,000

)

 

Net cash provided by (used in) operating activities

13,352,000

 

 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment

(520,000

)

 

Net cash provided by (used in) investing activities

(520,000

)

 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility

(12,144,000

)

Proceeds from long term debt

(1,178,000

)

 

Net cash provided by (used in) financing activities

(13,322,000

)

 
EFFECT OF EXCHANGE RATE CHANGES ON CASH

-

 

 
Net increase in cash and cash equivalents

(490,000

)

Cash and cash equivalents at beginning of period

2,052,000

 

 
Cash and cash equivalents at end of period

1,562,000

 

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20210824005741/en/

CONTACT: Francisco Rodriguez

franciscorodriguez@iusa.com.mx

Tel. 525551181500

KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA

INDUSTRY KEYWORD: OTHER MANUFACTURING MANUFACTURING

SOURCE: Cambridge-Lee Holdings, Inc.

Copyright Business Wire 2021.

PUB: 08/24/2021 01:15 PM/DISC: 08/24/2021 01:17 PM

http://www.businesswire.com/news/home/20210824005741/en