Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the first quarter of 2022.
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES |
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| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | ||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||
| As of March 31, 2022 and March 31, 2022 |
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Figures in US Dollars |
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12/31/2021 |
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3/31/2021 |
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3/31/2022 |
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| Assets | ||||||||||||
| Current Assets: | ||||||||||||
| Cash and cash equivalents | $ |
2,059,000 |
|
|
1,691,000 |
|
$ |
18,585,000 |
|
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| Accounts Receivable - Net |
|
88,943,000 |
|
|
85,297,000 |
|
|
116,422,000 |
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| Accounts Receivable - Affiliates |
|
6,398,000 |
|
|
2,182,000 |
|
|
1,827,000 |
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| Accounts Receivable - Refundable Income Tax |
|
1,485,000 |
|
|
209,000 |
|
|
1,485,000 |
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| Other Receivables |
|
33,000 |
|
|
360,000 |
|
|
78,000 |
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| Inventories — net |
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93,269,000 |
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79,307,000 |
|
|
95,467,000 |
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| Other current assets |
|
4,093,000 |
|
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8,359,000 |
|
|
10,043,000 |
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| Total current assets |
|
196,280,000 |
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|
177,405,000 |
|
|
243,907,000 |
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| Restricted Cash | ||||||||||||
| Note Receivable — Affiliate |
|
8,990,000 |
|
|
8,990,000 |
|
|
8,990,000 |
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| Property, Plant, and Equipment — Net |
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47,932,000 |
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|
50,915,000 |
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|
48,577,000 |
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| ROU Asset |
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0 |
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0 |
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|
3,953,000 |
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| Deferred Financing Fees — Net |
|
291,000 |
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|
525,000 |
|
|
320,000 |
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| Other Long-Term Assets |
|
8,112,000 |
|
|
408,000 |
|
|
383,000 |
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| Total | $ |
261,605,000 |
|
$ |
238,243,000 |
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$ |
306,130,000 |
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| Liabilities and Shareholders' Equity | ||||||||||||
| Current Liabilities: | ||||||||||||
| Current portion of long-term debt |
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2,417,000 |
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2,556,000 |
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2,402,000 |
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| Revolving credit facility |
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16,434,000 |
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68,920,000 |
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0 |
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| Lease Liability - S. T. |
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0 |
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|
1,298,000 |
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| Trade Accounts Payable |
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26,471,000 |
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31,459,000 |
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|
46,391,000 |
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| Affiliates Payable |
|
733,000 |
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(7,295,000 |
) |
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(5,065,000 |
) |
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| Accrued expenses and taxes other than income tax |
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16,954,000 |
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15,064,000 |
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14,434,000 |
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| Income taxes payable |
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0 |
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5,269,000 |
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11,801,000 |
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| Total current liabilities |
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63,009,000 |
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115,973,000 |
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71,261,000 |
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| Long-Term Debt |
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7,073,000 |
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9,956,000 |
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6,482,000 |
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| Long-Term Obligations — Other |
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88,000 |
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|
1,000,000 |
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(639,000 |
) |
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| Deferred Revenue |
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453,000 |
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0 |
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0 |
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| Lease Liability - L. T. |
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0 |
|
|
2,696,000 |
|
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| Deferred Income Taxes |
|
2,967,000 |
|
|
666,000 |
|
|
2,967,000 |
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| Total liabilities |
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73,590,000 |
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|
127,595,000 |
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|
82,767,000 |
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| SHAREHOLDERS’ EQUITY: | ||||||||||||
| Common stock, no par — authorized, 1,500 shares; | ||||||||||||
| issued and outstanding, 1,000 shares |
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1,000 |
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1,000 |
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1,000 |
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| Additional paid-in capital |
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84,205,000 |
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84,205,000 |
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84,205,000 |
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| Investment in Parent |
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(60,000,000 |
) |
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(60,000,000 |
) |
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(60,000,000 |
) |
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| Excess of liabilities assumed over book value | ||||||||||||
| of assets transferred |
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(17,514,000 |
) |
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(17,514,000 |
) |
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(17,514,000 |
) |
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| Retained earnings |
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174,406,000 |
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100,575,000 |
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208,697,000 |
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| Accumulated other comprehensive income (loss) |
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(579,000 |
) |
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(1,802,000 |
) |
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(579,000 |
) |
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| Noncontrolling owner’s interest |
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7,496,000 |
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5,183,000 |
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8,553,000 |
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| Total shareholders' equity |
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188,015,000 |
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|
110,648,000 |
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|
223,363,000 |
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| TOTAL | $ |
261,605,000 |
|
$ |
238,243,000 |
|
$ |
306,130,000 |
|
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CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES |
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| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | ||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| As of March 31, 2022 and March 31, 2022 |
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Figures in US Dollars |
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12/31/2021 |
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3/31/2021 |
|
3/31/2022 |
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| Revenues: | ||||||||||||
| Net Sales | $ |
751,861,000 |
|
$ |
161,977,000 |
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$ |
219,979,000 |
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| Cost of Sales |
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578,150,000 |
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|
133,504,000 |
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|
162,120,000 |
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| Gross Income |
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173,711,000 |
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|
28,473,000 |
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|
57,859,000 |
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| Selling, General and Administrative Expenses |
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42,138,000 |
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|
9,673,000 |
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|
10,741,000 |
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| Operating Income |
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131,573,000 |
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|
18,800,000 |
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|
47,118,000 |
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| Other Expense: | ||||||||||||
| Interest — net |
|
(1,498,000 |
) |
|
(596,000 |
) |
|
(1,000 |
) |
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| Other — net |
|
(1,737,000 |
) |
|
54,000 |
|
|
32,000 |
|
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| Total Other Expense |
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(3,235,000 |
) |
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(542,000 |
) |
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31,000 |
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| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
128,338,000 |
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|
18,258,000 |
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|
47,149,000 |
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| Provision (benefit) for Income Taxes |
|
31,235,000 |
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|
5,262,000 |
|
|
11,801,000 |
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| Net Income Gain (Loss) from Continuing Operations |
|
97,103,000 |
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|
12,996,000 |
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|
35,348,000 |
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| COMPREHENSIVE (LOSS) INCOME—Pension unrecognized |
|
1,261,000 |
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|
0 |
|
|
0 |
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| gain adjustment—net of tax expense of $0 and | ||||||||||||
| $0 for 2020 and 2019, respectively | ||||||||||||
| Net Income (Loss) |
|
98,364,000 |
|
|
12,996,000 |
|
|
35,348,000 |
|
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| Net Income Attributable to Noncontrolling Interest |
|
2,941,000 |
|
|
389,000 |
|
|
1,057,000 |
|
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| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
95,423,000 |
|
|
12,607,000 |
|
|
34,291,000 |
|
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CAMBRIDGE-LEE HOLDINGS, INC |
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| STATEMENT OF CASH FLOW | ||||
| Figures in US Dollars | March 31, 2022 | |||
| OPERATING ACTIVITIES: | ||||
| Net income (loss) | 34,291,000 |
|
||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
| Noncontrolling interest | 1,057,000 |
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| Depreciation and amortization | 1,288,000 |
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| Valuation Allowance Reclass | - |
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| Allowance for doubtful accounts receivable | (108,000 |
) |
||
| Changes in assets and liabilities which provided (used) cash: | ||||
| (Increase) decrease in accounts and notes receivable | (28,597,000 |
) |
||
| (Increase) decrease in inventories | (2,198,000 |
) |
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| (Increase) decrease in prepaid expenses, deposits and other assets | 1,733,000 |
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| Increase (decrease) in other long term obligations | (727,000 |
) |
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| Increase (decrease) in accts payable, accrd exps & amounts due to affiliates | 16,946,000 |
|
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| Increase (decrease) in income taxes payable | 11,801,000 |
|
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| Increase (decrease) in assets from dispositions | - |
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| Increase (decrease) in operating lease activity | 41000 |
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| Total adjustments | 1,236,000 |
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| Net cash provided by (used in) operating activities | 35,527,000 |
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| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
| Purchases of property, plant and equipment | (1,938,000 |
) |
||
| Proceeds from sale of property, plant, and equipment | 6000 |
|
||
| Net cash provided by (used in) investing activities | (1,932,000 |
) |
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| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
| Increase (decrease) in revolving credit facility | (16,434,000 |
) |
||
| Principal payments on long-term debt | (635,000 |
) |
||
| Net cash provided by (used in) financing activities | (17,069,000 |
) |
||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | ||||
| Net increase in cash and cash equivalents | 16,526,000 |
|
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| Cash and cash equivalents at beginning of period | 2,059,000 |
|
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| Cash and cash equivalents at end of period | 18,585,000 |
|
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220530005426/en/
Contacts
Francisco Rodriguez
frodriguez@iusa.com.mx
Te. 525552618800
