Cambridge-Lee Holdings Consolidated Results of Operations for Q2 2021

By: Cambridge-Lee Holdings, Inc. via Business Wire

August 24, 2021 at 13:15 PM EDT

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 SHEETS	Figures in USD
As of June 30, 2021 and June 30, 2020

	31-12-20			30-06-20			30-06-21
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

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