Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the fourth 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 December 31, 2021 and December 31, 2020 | ||||||||
| Figures in US Dollars | 12/31/2020 | 12/31/2021 | ||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents |
|
2,052,000 |
|
$ |
2,059,000 |
|
||
| Accounts Receivable - Net |
|
51,780,000 |
|
|
88,943,000 |
|
||
| Accounts Receivable - Affiliates |
|
791,000 |
|
|
6,398,000 |
|
||
| Accounts Receivable - Refundable Income Tax |
|
209,000 |
|
|
1,485,000 |
|
||
| Other Receivables |
|
242,000 |
|
|
33,000 |
|
||
| Inventories — net |
|
77,188,000 |
|
|
93,269,000 |
|
||
| Other current assets |
|
3,958,000 |
|
|
4,093,000 |
|
||
| Deferred income taxes |
|
0 |
|
|
0 |
|
||
| Total current assets |
|
136,220,000 |
|
|
196,280,000 |
|
||
| Restricted Cash | ||||||||
| Note Receivable — Affiliate |
|
8,990,000 |
|
|
8,990,000 |
|
||
| Property, Plant, and Equipment — Net |
|
52,238,000 |
|
|
47,932,000 |
|
||
| Deferred Financing Fees — Net |
|
464,000 |
|
|
291,000 |
|
||
| Other Long-Term Assets |
|
7,748,000 |
|
|
7,850,000 |
|
||
| Deferred Income Taxes-Long Term | ||||||||
| Total | $ |
205,660,000 |
|
$ |
261,343,000 |
|
||
| Liabilities and Shareholders' Equity | ||||||||
| Current Liabilities: | ||||||||
| Current portion of long-term debt |
|
2,554,000 |
|
|
2,417,000 |
|
||
| Revolving credit facility |
|
59,047,000 |
|
|
16,434,000 |
|
||
| Trade Accounts Payable |
|
21,849,000 |
|
|
26,471,000 |
|
||
| Affiliates Payable |
|
66,000 |
|
|
733,000 |
|
||
| Accrued expenses and taxes other than income tax |
|
11,410,000 |
|
|
16,955,000 |
|
||
| Deferred Income Taxes |
|
0 |
|
|
0 |
|
||
| Income taxes payable |
|
0 |
|
|
0 |
|
||
| Total current liabilities |
|
94,926,000 |
|
|
63,010,000 |
|
||
| Long-Term Debt |
|
10,484,000 |
|
|
7,073,000 |
|
||
| Long-Term Obligations — Other |
|
1,457,000 |
|
|
(174,000 |
) |
||
| Deferred Revenue |
|
477,000 |
|
|
453,000 |
|
||
| Deferred Income Taxes |
|
666,000 |
|
|
2,966,000 |
|
||
| Total liabilities |
|
108,010,000 |
|
|
73,328,000 |
|
||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Common stock, no par — authorized, 1,500 shares; issued and outstanding, 1,000 shares |
|
1,000 |
|
|
1,000 |
|
||
| Additional paid-in capital |
|
84,205,000 |
|
|
84,205,000 |
|
||
| Investment in Parent |
|
(60,000,000 |
) |
|
(60,000,000 |
) |
||
| Excess of liabilities assumed over book value of assets transferred |
|
(17,514,000 |
) |
|
(17,514,000 |
) |
||
| Retained earnings |
|
87,964,000 |
|
|
174,406,000 |
|
||
| Accumulated other comprehensive income (loss) |
|
(1,803,000 |
) |
|
(579,000 |
) |
||
| Noncontrolling owner’s interest |
|
4,797,000 |
|
|
7,496,000 |
|
||
| Total shareholders' equity |
|
97,650,000 |
|
|
188,015,000 |
|
||
| TOTAL | $ |
205,660,000 |
|
$ |
261,343,000 |
|
||
| 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 December 31, 2021 and December 31, 2020 | ||||||||
| Figures in US Dollars | 12/31/2020 | 12/31/2021 | ||||||
| Revenues: | ||||||||
| Net Sales | $ |
409,201,000 |
|
$ |
751,861,000 |
|
||
| Cost of Sales |
|
369,698,000 |
|
|
578,150,000 |
|
||
| Gross Income |
|
39,503,000 |
|
|
173,711,000 |
|
||
| Selling, General and Administrative Expenses |
|
35,359,000 |
|
|
42,138,000 |
|
||
| Operating Income |
|
4,144,000 |
|
|
131,573,000 |
|
||
| Other Expense: | ||||||||
| Interest — net |
|
(3,325,000 |
) |
|
(1,498,000 |
) |
||
| Other — net |
|
136,000 |
|
|
(1,737,000 |
) |
||
| Total Other Expense |
|
(3,189,000 |
) |
|
(3,235,000 |
) |
||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
955,000 |
|
|
128,338,000 |
|
||
| Provision (benefit) for Income Taxes |
|
(349,000 |
) |
|
31,235,000 |
|
||
| Net Income Gain (Loss) from Continuing Operations |
|
1,304,000 |
|
|
97,103,000 |
|
||
| COMPREHENSIVE (LOSS) INCOME—Pension unrecognized gain adjustment—net of tax expense of $408,000 and $0 for 2021 and 2020, respectively |
|
248,000 |
|
|
1,261,000 |
|
||
| Net Income (Loss) |
|
1,552,000 |
|
|
98,364,000 |
|
||
| Net Income Attributable to Noncontrolling Interest |
|
71,000 |
|
|
2,903,000 |
|
||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
1,481,000 |
|
|
95,461,000 |
|
||
| CAMBRIDGE-LEE HOLDINGS, INC | ||||
| STATEMENT OF CASH FLOW | ||||
| Figures in US Dollars | ||||
| December 31, 2021 | ||||
| OPERATING ACTIVITIES: | ||||
| Net income (loss) | 97,103,000 |
|
||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
| Noncontrolling interest | 2,903,000 |
|
||
| Depreciation and amortization | 6,741,000 |
|
||
| Valuation Allowance Reclass | - |
|
||
| Allowance for doubtful accounts receivable | 39,000 |
|
||
| Net periodic pension (benefit) cost | 88,000 |
|
||
| Changes in assets and liabilities which provided (used) cash: | ||||
| (Increase) decrease in accounts and notes receivable | (40,473,000 |
) |
||
| (Increase) decrease in inventories | (16,081,000 |
) |
||
| (Increase) decrease in prepaid expenses, deposits and other assets | (52,000 |
) |
||
| Increase (decrease) in other long term obligations | (1,606,000 |
) |
||
| Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates | 10,143,000 |
|
||
| Increase (decrease) in income taxes payable | (1,276,000 |
) |
||
| Increase (decrease) in assets from dispositions | ||||
| Total adjustments | (39,574,000 |
) |
||
| Net cash provided by (used in) operating activities | 57,529,000 |
|
||
| CASH FLOWS FROM INVESTING ACTIVITIES: | - |
|
||
| Purchases of property, plant and equipment | (3,205,000 |
) |
||
| Proceeds from sale of property, plant and equipment | 3,000 |
|
||
| disposal | ||||
| Change in restricted cash balance | ||||
| Net cash provided by (used in) investing activities | (3,202,000 |
) |
||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
| Increase (decrease) in revolving credit facility | (42,613,000 |
) |
||
| Proceeds from long term debt | (3,523,000 |
) |
||
| Principal payments on long-term debt | - |
|
||
| Payment under capital lease obligations | (138,000 |
) |
||
| Payment of debt issuance costs | (46,000 |
) |
||
| Cash payment of dividends | (8,000,000 |
) |
||
| Net cash provided by (used in) financing activities | (54,320,000 |
) |
||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | ||||
| Net increase in cash and cash equivalents | 7,000 |
|
||
| Cash and cash equivalents at beginning of period | 2,052,000 |
|
||
| Cash and cash equivalents at end of period | 2,059,000 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220316006134/en/
Contacts
Francisco Rodriguez
frodriguez@iusa.com.mx
Tel. (5255)51181500
