READING, Pa.--(BUSINESS WIRE)--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 |
|