English▼ 
Cambridge-Lee Holdings Consolidated Results of Operations for Q4 2021
READING, Penn.–(BUSINESS WIRE)–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 |
| ||
Contacts
Francisco Rodriguez
frodriguez@iusa.com.mx
Tel. (5255)51181500
