Cambridge-Lee Holdings Consolidated Results of Operations for Q3 2021

READING, Pa.--(BUSINESS WIRE)--Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the third 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 September 30, 2021 and September 30, 2020
Figures in US Dollars	12/31/2020			9/30/2020			9/30/2021
Assets
Current Assets:
Cash and cash equivalents	$	2,052,000			1,684,000		$	1,944,000
Accounts Receivable - Net		51,780,000			51,903,000			97,094,000
Accounts Receivable - Affiliates		791,000			461,000			660,000
Accounts Receivable - Refundable Income Tax		209,000			157,000			209,000
Other Receivables		242,000			271,000			160,000
Inventories — net		77,188,000			65,266,000			82,813,000
Other current assets		3,958,000			10,290,000			10,627,000
Total current assets		136,220,000			130,032,000			193,507,000
Restricted Cash
Note Receivable — Affiliate		8,990,000			8,990,000			8,990,000
Property, Plant, and Equipment — Net		52,238,000			53,182,000			49,102,000
Deferred Financing Fees — Net		464,000			626,000			443,000
Other Long-Term Assets		7,748,000			473,000			397,000
Total	$	205,660,000		$	193,303,000		$	252,439,000
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt		2,554,000			2,496,000			2,559,000
Revolving credit facility		59,047,000			48,837,000			18,260,000
Trade Accounts Payable		21,849,000			22,660,000			38,190,000
Affiliates Payable		66,000			(2,628,000	)		(9,882,000	)
Accrued expenses and taxes other than income tax		11,410,000			12,049,000			17,549,000
Income taxes payable		0			(60,000	)		13,502,000
Total current liabilities		94,926,000			83,354,000			80,178,000
Long-Term Debt		10,484,000			10,992,000			8,676,000
Long-Term Obligations — Other		1,457,000			1,127,000			999,000
Deferred Revenue		477,000			0
Deferred Income Taxes		666,000			950,000			666,000
Total liabilities		108,010,000			96,423,000			90,519,000
SHAREHOLDERS’ EQUITY:
Common stock, no par — authorized, 1,500 shares;
issued and outstanding, 1,000 shares		1,000			1,000			1,000
Additional paid-in capital		84,205,000			84,205,000			84,205,000
Investment in Parent		(60,000,000	)		(60,000,000	)		(60,000,000	)
Excess of liabilities assumed over book value
of assets transferred		(17,514,000	)		(17,514,000	)		(17,514,000	)
Retained earnings		87,964,000			87,410,000			150,315,000
Accumulated other comprehensive income (loss)		(1,803,000	)		(1,993,000	)		(1,803,000	)
Noncontrolling owner’s interest		4,797,000			4,771,000			6,716,000
Total shareholders' equity		97,650,000			96,880,000			161,920,000
TOTAL	$	205,660,000		$	193,303,000		$	252,439,000

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 September 30, 2021 and September 30, 2020
Figures in US Dollars
	12/31/2020			9/30/2020			9/30/2021
Revenues:
Net Sales	$	409,201,000		$	298,477,000		$	557,541,000
Cost of Sales		369,698,000			269,706,000			435,683,000
Gross Income		39,503,000			28,771,000			121,858,000
Selling, General and Administrative Expenses		35,359,000			26,210,000			30,848,000
					172,809,000
Operating Income		4,144,000			2,561,000			91,010,000
Other Expense:
Interest — net		(3,325,000	)		(1,938,000	)		(794,000	)
Other — net		136,000			107,000			76,000
Total Other Expense		(3,189,000	)		(1,831,000	)		(718,000	)
Income (Loss) From Continuing Operations Before Provision for Income Taxes		955,000			730,000			90,292,000
Provision (benefit) for Income Taxes		(349,000	)		0			26,023,000
Net Income Gain (Loss) from Continuing Operations		1,304,000			730,000			64,269,000
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized
gain adjustment—net of tax expense of $0 and
$0 for 2020 and 2019, respectively		248,000			0			0
Net Income (Loss)		1,552,000			730,000			64,269,000
Net Income Attributable to Noncontrolling Interest		71,000			22,000			1,922,000
Net Income Attributable to Cambridge-Lee Holdings, Inc.		1,481,000			708,000			62,347,000

CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
	Statement of Cash Flow
	Figures in US Dollars
			September 30, 2021
OPERATING ACTIVITIES:
Net income (loss)			62,347,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
	Noncontrolling interest		1,922,000
	Depreciation and amortization		5,367,000
	Allowance for doubtful accounts receivable		(112,000)
Changes in assets and liabilities which provided (used) cash:
	(Increase) decrease in accounts and notes receivable		(55,019,000)
	(Increase) decrease in inventories		(5,625,000)
	(Increase) decrease in prepaid expenses, deposits and other assets		747,000
	Increase (decrease) in other long term obligations		(457,000)
	Increase (decrease) in accounts payable, accrued expenses and amounts due to affiliates		22,003,000
	Increase (decrease) in income taxes payable		13,502,000
	Increase (decrease) in assets from dispositions
		Total adjustments	(17,672,000)
		net cash provided by (used in) operating activities	44,675,000
CASH FLOWS FROM INVESTING ACTIVITIES:
	Purchases of property, plant and equipment		(2,096,000)
	Proceeds from sale of property, plant and equipment
	disposal		(117,000)
		Net cash provided by (used in) investing activities	(2,213,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Increase (decrease) in revolving credit facility		(40,783,000)
	Proceeds from long term debt		(1,787,000)
		Net cash provided by (used in) financing activities	(42,570,000)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents			(108,000)
Cash and cash equivalents at beginning of period			2,052,000
Cash and cash equivalents at end of period			1,944,000