READING, Pa.--(BUSINESS WIRE)--Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the second quarter of 2022.
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | |||||||||||
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| As of June 30, 2022 and June 30, 2021 | |||||||||||
| Figures in US Dollars | 12/31/2021 |
6/30/2021 |
6/30/2022 |
||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ |
2,059,000 |
|
|
1,562,000 |
|
$ |
44,113,000 |
|
||
| Accounts Receivable - Net |
|
88,943,000 |
|
|
92,357,000 |
|
|
116,785,000 |
|
||
| Accounts Receivable - Affiliates |
|
6,398,000 |
|
|
1,860,000 |
|
|
1,488,000 |
|
||
| Accounts Receivable - Refundable Income Tax |
|
1,485,000 |
|
|
209,000 |
|
|
1,485,000 |
|
||
| Other Receivables |
|
33,000 |
|
|
224,000 |
|
|
62,000 |
|
||
| Inventories — net |
|
93,269,000 |
|
|
69,742,000 |
|
|
86,710,000 |
|
||
| Other current assets |
|
4,093,000 |
|
|
11,226,000 |
|
|
11,827,000 |
|
||
| Total current assets |
|
196,280,000 |
|
|
177,180,000 |
|
|
262,470,000 |
|
||
| Note Receivable — Affiliate |
|
8,990,000 |
|
|
8,990,000 |
|
|
8,990,000 |
|
||
| Property, Plant, and Equipment — Net |
|
47,932,000 |
|
|
49,198,000 |
|
|
47,213,000 |
|
||
| ROU Asset |
|
0 |
|
|
0 |
|
|
3,709,000 |
|
||
| Deferred Financing Fees — Net |
|
291,000 |
|
|
474,000 |
|
|
248,000 |
|
||
| Other Long-Term Assets |
|
8,112,000 |
|
|
403,000 |
|
|
415,000 |
|
||
| Total | $ |
261,605,000 |
|
$ |
236,245,000 |
|
$ |
323,045,000 |
|
||
| Liabilities and Shareholders' Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Current portion of long-term debt |
|
2,417,000 |
|
|
2,558,000 |
|
|
2,387,000 |
|
||
| Revolving credit facility |
|
16,434,000 |
|
|
46,900,000 |
|
|
0 |
|
||
| Lease Liability - S. T. | 0 |
0 |
1,229,000 |
||||||||
| Trade Accounts Payable |
|
26,471,000 |
|
|
30,589,000 |
|
|
38,488,000 |
|
||
| Affiliates Payable |
|
733,000 |
|
|
(10,173,000 |
) |
|
(4,729,000 |
) |
||
| Accrued expenses and taxes other than income tax |
|
16,954,000 |
|
|
15,289,000 |
|
|
16,984,000 |
|
||
| Income taxes payable |
|
0 |
|
|
7,991,000 |
|
|
10,170,000 |
|
||
| Total current liabilities |
|
63,009,000 |
|
|
93,154,000 |
|
|
64,529,000 |
|
||
| Long-Term Debt |
|
7,073,000 |
|
|
9,316,000 |
|
|
5,890,000 |
|
||
| Long-Term Obligations — Other |
|
88,000 |
|
|
999,000 |
|
|
(639,000 |
) |
||
| Deferred Revenue |
|
453,000 |
|
|
0 |
|
|
0 |
|
||
| Lease Liability - L. T. | 0 |
|
0 |
|
|
2,524,000 |
|
||||
| Deferred Income Taxes |
|
2,967,000 |
|
|
666,000 |
|
|
2,967,000 |
|
||
| Total liabilities |
|
73,590,000 |
|
|
104,135,000 |
|
|
75,271,000 |
|
||
| 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 |
|
174,406,000 |
|
|
121,396,000 |
|
|
232,378,000 |
|
||
| Accumulated other comprehensive income (loss) |
|
(579,000 |
) |
|
(1,802,000 |
) |
|
(579,000 |
) |
||
| Noncontrolling owner’s interest |
|
7,496,000 |
|
|
5,824,000 |
|
|
9,283,000 |
|
||
| Total shareholders' equity |
|
188,015,000 |
|
|
132,110,000 |
|
|
247,774,000 |
|
||
| TOTAL | $ |
261,605,000 |
|
$ |
236,245,000 |
|
$ |
323,045,000 |
|
||
| 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 June 30, 2022 and June 30, 2021 | |||||||||||
| Figures in US Dollars | 12/31/2021 |
6/30/2021 |
6/30/2022 |
||||||||
| Revenues: | |||||||||||
| Net Sales | $ |
751,861,000 |
|
$ |
355,049,000 |
|
$ |
456,237,000 |
|
||
| Cost of Sales |
|
578,150,000 |
|
|
286,642,000 |
|
|
334,176,000 |
|
||
| Gross Income |
|
173,711,000 |
|
|
68,407,000 |
|
|
122,061,000 |
|
||
| Selling, General and Administrative Expenses |
|
42,138,000 |
|
|
19,790,000 |
|
|
22,197,000 |
|
||
| Operating Income |
|
131,573,000 |
|
|
48,617,000 |
|
|
99,864,000 |
|
||
| Other Expense: | |||||||||||
| Interest — net |
|
(1,498,000 |
) |
|
(348,000 |
) |
|
(225,000 |
) |
||
| Other — net |
|
(1,737,000 |
) |
|
142,000 |
|
|
61,000 |
|
||
| Total Other Expense |
|
(3,235,000 |
) |
|
(206,000 |
) |
|
(164,000 |
) |
||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
128,338,000 |
|
|
48,411,000 |
|
|
99,700,000 |
|
||
| Provision (benefit) for Income Taxes |
|
31,235,000 |
|
|
13,953,000 |
|
|
24,940,000 |
|
||
| Net Income Gain (Loss) from Continuing Operations |
|
97,103,000 |
|
|
34,458,000 |
|
|
74,760,000 |
|
||
| COMPREHENSIVE (LOSS) INCOME—Pension unrecognized |
|
1,261,000 |
|
|
0 |
|
|
0 |
|
||
| gain adjustment—net of tax expense of $0 and | |||||||||||
| $0 for 2020 and 2019, respectively | |||||||||||
| Net Income (Loss) |
|
98,364,000 |
|
|
34,458,000 |
|
|
74,760,000 |
|
||
| Net Income Attributable to Noncontrolling Interest |
|
2,941,000 |
|
|
1,030,000 |
|
|
2,235,000 |
|
||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
95,423,000 |
|
|
33,428,000 |
|
|
72,525,000 |
|
||
| CAMBRIDGE-LEE HOLDINGS, INC | |||||
| STATEMENT OF CASH FLOW | |||||
| Figures in US Dollars | June 30, 2022 | ||||
| OPERATING ACTIVITIES: | |||||
| Net income (loss) | 72,525,000 |
||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
| Noncontrolling interest | 2,235,000 |
||||
| Depreciation and amortization | 2,770,000 |
||||
| Allowance for doubtful accounts receivable | (119,000) |
||||
| Changes in assets and liabilities which provided (used) cash: | |||||
| (Increase) decrease in accounts and notes receivable | (28,276,000) |
||||
| (Increase) decrease in inventories | 6,559,000 |
||||
| (Increase) decrease in prepaid expenses, deposits and other assets | (66,000) |
||||
| Increase (decrease) in other long term obligations | (727,000) |
||||
| Increase (decrease) in accts payable, accrued expenses & amounts due to affiliates | 11,594,000 |
||||
| Increase (decrease) in income taxes payable | 10,170,000 |
||||
| Increase (decrease) in operating lease activity | 43000 |
||||
| Total adjustments | 4,183,000 |
||||
| net cash provided by (used in) operating activities | 76,708,000 |
||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
| Purchases of property, plant and equipment | (2,705,000) |
||||
| Proceeds from sale of property, plant, and equipment | 654000 |
||||
| Net cash provided by (used in) investing activities | (2,051,000) |
||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
| Increase (decrease) in revolving credit facility | (16,434,000) |
||||
| Principal payments on long-term debt | (1,169,000) |
||||
| Cash payment of dividends | (15,000,000) |
||||
| Net cash provided by (used in) financing activities | (32,603,000) |
||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||||
| Net increase in cash and cash equivalents | 42,054,000 |
||||
| Cash and cash equivalents at beginning of period | 2,059,000 |
||||
| Cash and cash equivalents at end of period | 44,113,000 |
||||