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Cambridge-Lee Holdings Consolidated Results of Operations for FY 2020

·4-min read

Cambridge-Lee Holdings, Inc. has announced its audited consolidated results for the fiscal year 2020.

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, 2020 and December 31, 2019

Figures in US Dollars

12/31/2019

12/31/2020

Assets

Current Assets:

Cash and cash equivalents

$

1,260,000

$

2,052,000

Accounts Receivable - Net

40,022,000

51,780,000

Accounts Receivable - Affiliates

2,221,000

791,000

Accounts Receivable - Refundable Income Tax

232,000

209,000

Other Receivables

241,000

242,000

Inventories — net

81,916,000

77,188,000

Other current assets

4,395,000

3,958,000

Total current assets

130,287,000

136,220,000

Note Receivable — Affiliate

8,990,000

8,990,000

Property, Plant, and Equipment — Net

56,813,000

52,238,000

Deferred Financing Fees — Net

632,000

464,000

Other Long-Term Assets

6,405,000

7,748,000

Total

$

203,127,000

$

205,660,000

Liabilities and Shareholders' Equity

Current Liabilities:

Current portion of long-term debt

2,478,000

2,554,000

Revolving credit facility

63,650,000

59,047,000

Trade Accounts Payable

14,775,000

21,849,000

Affiliates Payable

76,000

66,000

Accrued expenses and taxes other than income tax

10,432,000

11,410,000

Total current liabilities

91,411,000

94,926,000

Long-Term Debt

12,626,000

10,484,000

Long-Term Obligations — Other

1,490,000

1,457,000

Deferred Revenue

501,000

477,000

Deferred Income Taxes

950,000

666,000

Total liabilities

106,978,000

108,010,000

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

86,699,000

87,964,000

Accumulated other comprehensive income (loss)

(1,993,000

)

(1,803,000

)

Noncontrolling owner’s interest

4,751,000

4,797,000

Total shareholders' equity

96,149,000

97,650,000

TOTAL

$

203,127,000

$

205,660,000

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, 2020 and December 31, 2019

Figures in US Dollars

12/31/2019

12/31/2020

Revenues:

Net Sales

$

428,212,000

$

409,201,000

Cost of Sales

397,413,000

369,698,000

Gross Income

30,799,000

39,503,000

Selling, General and Administrative Expenses

36,607,000

35,359,000

Operating Income

(5,808,000

)

4,144,000

Other Expense:

Interest — net

(3,305,000

)

(3,325,000

)

Other — net

(143,000

)

136,000

Total Other Expense

(3,448,000

)

(3,189,000

)

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

(9,256,000

)

955,000

Provision (benefit) for Income Taxes

919,000

(349,000

)

Net Income Gain (Loss) from Continuing Operations

(10,175,000

)

1,304,000

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

377,000

248,000

Net Income (Loss)

(9,798,000

)

1,552,000

Net Income Attributable to Noncontrolling Interest

(293,000

)

71,000

Net Income Attributable to Cambridge-Lee Holdings, Inc.

(9,505,000

)

1,481,000

CAMBRIDGE-LEE HOLDINGS, INC

STATEMENT OF CASH FLOW

Figures in US Dollars

December 31, 2020

OPERATING ACTIVITIES:

Net income (loss)

1,304,000

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

Noncontrolling interest

Depreciation and amortization

8,800,000

Valuation Allowance Reclass

(52,000

)

Allowance for doubtful accounts receivable

(47,000

)

Net periodic pension (benefit) cost

161,000

(Gain) loss on sale of property, plant and equipment

75,000

Increase (decrease) in deferred income taxes

(283,000

)

Changes in assets and liabilities which provided (used) cash:

(Increase) decrease in accounts and notes receivable

(10,281,000

)

(Increase) decrease in inventories

4,728,000

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

(906,000

)

Increase (decrease) in other long term obligations

95,000

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

8,017,000

Increase (decrease) in income taxes payable

(18,000

)

Increase (decrease) in assets from dispositions

Total adjustments

10,289,000

net cash provided by (used in) operating activities

11,593,000

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment

(3,714,000

)

Net cash provided by (used in) investing activities

(3,714,000

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Increase (decrease) in revolving credit facility

(4,602,000

)

Principal payments on long-term debt

(2,382,000

)

Payment under capital lease obligations

(83,000

)

Payment of debt issuance costs

(20,000

)

Net cash provided by (used in) financing activities

(7,087,000

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

Net increase in cash and cash equivalents

792,000

Cash and cash equivalents at beginning of period

1,260,000

Cash and cash equivalents at end of period

2,052,000

View source version on businesswire.com: https://www.businesswire.com/news/home/20210518006080/en/

Contacts

Francisco Rodriguez
frodriguez@iusa.com.mx
Tel. 525552618828

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