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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 Q3 2021

November 23, 2021 GMT

READING, Pa.--(BUSINESS WIRE)--Nov 23, 2021--

Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the third 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 September 30, 2021 and September 30, 2020  
Figures in US Dollars

12/31/2020

 

9/30/2020

 

9/30/2021

Assets  
   
Current Assets:  
Cash and cash equivalents

$

2,052,000

 

 

 

1,684,000

 

 

$

1,944,000

 

Accounts Receivable - Net

 

51,780,000

 

 

 

51,903,000

 

 

 

97,094,000

 

Accounts Receivable - Affiliates

 

791,000

 

 

 

461,000

 

 

 

660,000

 

Accounts Receivable - Refundable Income Tax

 

209,000

 

 

 

157,000

 

 

 

209,000

 

Other Receivables

 

242,000

 

 

 

271,000

 

 

 

160,000

 

Inventories — net

 

77,188,000

 

 

 

65,266,000

 

 

 

82,813,000

 

Other current assets

 

3,958,000

 

 

 

10,290,000

 

 

 

10,627,000

 

Total current assets

 

136,220,000

 

 

 

130,032,000

 

 

 

193,507,000

 

   
Restricted Cash  
   
Note Receivable — Affiliate

 

8,990,000

 

 

 

8,990,000

 

 

 

8,990,000

 

Property, Plant, and Equipment — Net

 

52,238,000

 

 

 

53,182,000

 

 

 

49,102,000

 

Deferred Financing Fees — Net

 

464,000

 

 

 

626,000

 

 

 

443,000

 

Other Long-Term Assets

 

7,748,000

 

 

 

473,000

 

 

 

397,000

 

Total

$

205,660,000

 

 

$

193,303,000

 

 

$

252,439,000

 

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

 

2,554,000

 

 

 

2,496,000

 

 

 

2,559,000

 

Revolving credit facility

 

59,047,000

 

 

 

48,837,000

 

 

 

18,260,000

 

Trade Accounts Payable

 

21,849,000

 

 

 

22,660,000

 

 

 

38,190,000

 

Affiliates Payable

 

66,000

 

 

 

(2,628,000

)

 

 

(9,882,000

)

Accrued expenses and taxes other than income tax

 

11,410,000

 

 

 

12,049,000

 

 

 

17,549,000

 

Income taxes payable

 

0

 

 

 

(60,000

)

 

 

13,502,000

 

Total current liabilities

 

94,926,000

 

 

 

83,354,000

 

 

 

80,178,000

 

   
Long-Term Debt

 

10,484,000

 

 

 

10,992,000

 

 

 

8,676,000

 

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

 

 

 

96,423,000

 

 

 

90,519,000

 

   
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

 

 

 

87,410,000

 

 

 

150,315,000

 

Accumulated other comprehensive income (loss)

 

(1,803,000

)

 

 

(1,993,000

)

 

 

(1,803,000

)

Noncontrolling owner’s interest

 

4,797,000

 

 

 

4,771,000

 

 

 

6,716,000

 

Total shareholders' equity

 

97,650,000

 

 

 

96,880,000

 

 

 

161,920,000

 

   
TOTAL

$

205,660,000

 

 

$

193,303,000

 

 

$

252,439,000

 

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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  
As of September 30, 2021 and September 30, 2020  
Figures in US Dollars  
12/31/2020 9/30/2020 9/30/2021
Revenues:  
Net Sales

$

409,201,000

 

 

$

298,477,000

 

 

$

557,541,000

 

Cost of Sales

 

369,698,000

 

 

 

269,706,000

 

 

 

435,683,000

 

Gross Income

 

39,503,000

 

 

 

28,771,000

 

 

 

121,858,000

 

   
Selling, General and Administrative Expenses

 

35,359,000

 

 

 

26,210,000

 

 

 

30,848,000

 

 

 

172,809,000

 

 
Operating Income

 

4,144,000

 

 

 

2,561,000

 

 

 

91,010,000

 

   
Other Expense:  
Interest — net

 

(3,325,000

)

 

 

(1,938,000

)

 

 

(794,000

)

Other — net

 

136,000

 

 

 

107,000

 

 

 

76,000

 

   
Total Other Expense

 

(3,189,000

)

 

 

(1,831,000

)

 

 

(718,000

)

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

 

955,000

 

 

 

730,000

 

 

 

90,292,000

 

   
Provision (benefit) for Income Taxes

 

(349,000

)

 

 

0

 

 

 

26,023,000

 

   
Net Income Gain (Loss) from Continuing Operations

 

1,304,000

 

 

 

730,000

 

 

 

64,269,000

 

   
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

 

 

 

730,000

 

 

 

64,269,000

 

   
Net Income Attributable to Noncontrolling Interest

 

71,000

 

 

 

22,000

 

 

 

1,922,000

 

   
Net Income Attributable to Cambridge-Lee Holdings, Inc.

 

1,481,000

 

 

 

708,000

 

 

 

62,347,000

 

CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES 
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) 
Statement of Cash Flow 
Figures in US Dollars 
September 30, 2021 
OPERATING ACTIVITIES: 
Net income (loss)

62,347,000

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

1,922,000

 
Depreciation and amortization

5,367,000

 
Allowance for doubtful accounts receivable

(112,000)

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

(55,019,000)

 
(Increase) decrease in inventories

(5,625,000)

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

747,000

 
Increase (decrease) in other long term obligations

(457,000)

 
Increase (decrease) in accounts payable, accrued expenses and amounts due to affiliates

22,003,000

 
Increase (decrease) in income taxes payable

13,502,000

 
Increase (decrease) in assets from dispositions 
Total adjustments

(17,672,000)

 
  
net cash provided by (used in) operating activities

44,675,000

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

(2,096,000)

 
Proceeds from sale of property, plant and equipment 
disposal

(117,000)

 
Net cash provided by (used in) investing activities

(2,213,000)

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

(40,783,000)

 
Proceeds from long term debt

(1,787,000)

 
Net cash provided by (used in) financing activities

(42,570,000)

 
  
EFFECT OF EXCHANGE RATE CHANGES ON CASH 
  
Net increase in cash and cash equivalents

(108,000)

 
Cash and cash equivalents at beginning of period

2,052,000

 
  
Cash and cash equivalents at end of period

1,944,000

 

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20211123006103/en/

CONTACT: Francisco Rodriguez

frodriguez@iusa.com.mx

Tel 525551181500

KEYWORD: PENNSYLVANIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: OTHER MANUFACTURING MANUFACTURING

SOURCE: Cambridge-Lee Holdings, Inc.

Copyright Business Wire 2021.

PUB: 11/23/2021 02:44 PM/DISC: 11/23/2021 02:44 PM

http://www.businesswire.com/news/home/20211123006103/en