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

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