READING, Pa.–(BUSINESS WIRE)–Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the first semester of 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 June 30, 2020 and June 30, 2019 | Figures in USD | ||||||
| 12/31/2019 | 6/30/2019 | 6/30/2020 | |||||
| Assets | |||||||
| Current Assets: | |||||||
| Cash and cash equivalents |
$ 1,260,000 |
$ 1,619,000 |
$ 727,000 |
||||
| Accounts Receivable – Net |
40,022,000 |
59,148,000 |
38,644,000 |
||||
| Accounts Receivable – Affiliates |
2,221,000 |
451,000 |
396,000 |
||||
| Accounts Receivable – Refundable Income Tax |
232,000 |
239,000 |
157,000 |
||||
| Other Receivables |
241,000 |
126,000 |
194,000 |
||||
| Inventories — net |
81,916,000 |
67,467,000 |
62,962,000 |
||||
| Other current assets |
4,395,000 |
9,182,000 |
11,512,000 |
||||
| Total current assets |
130,287,000 |
138,232,000 |
114,592,000 |
||||
| Note Receivable — Affiliate |
8,990,000 |
8,990,000 |
8,990,000 |
||||
| Property, Plant, and Equipment — Net |
56,813,000 |
58,998,000 |
55,021,000 |
||||
| Goodwill |
224,000 |
201,000 |
|||||
| Deferred Financing Fees — Net |
632,000 |
837,000 |
654,000 |
||||
| Other Long-Term Assets |
6,405,000 |
28,000 |
227,000 |
||||
| Total |
$ 203,127,000 |
$ 207,309,000 |
$ 179,685,000 |
||||
| Liabilities and Shareholders’ Equity | |||||||
| Current Liabilities: | |||||||
| Current portion of long-term debt |
2,478,000 |
2,477,000 |
2,479,000 |
||||
| Revolving credit facility |
63,650,000 |
60,675,000 |
40,736,000 |
||||
| Trade Accounts Payable |
14,775,000 |
21,520,000 |
20,905,000 |
||||
| Affiliates Payable |
76,000 |
(3,176,000) |
(1,860,000) |
||||
| Accrued expenses and taxes other than income tax |
10,432,000 |
10,946,000 |
10,095,000 |
||||
| Income taxes payable |
0 |
(1,905,000) |
(31,000) |
||||
| Total current liabilities |
91,411,000 |
90,537,000 |
72,324,000 |
||||
| Long-Term Debt |
12,626,000 |
13,990,000 |
11,543,000 |
||||
| Long-Term Obligations — Other |
1,490,000 |
1,195,000 |
1,127,000 |
||||
| Deferred Revenue |
501,000 |
169,000 |
|||||
| Deferred Income Taxes |
950,000 |
0 |
950,000 |
||||
| Total liabilities |
106,978,000 |
105,891,000 |
85,944,000 |
||||
| 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 |
86,699,000 |
92,101,000 |
84,365,000 |
||||
| Accumulated other comprehensive income (loss) |
(1,993,000) |
(2,281,000) |
(1,993,000) |
||||
| Noncontrolling owner’s interest |
4,751,000 |
4,906,000 |
4,677,000 |
||||
| Total shareholders’ equity |
96,149,000 |
101,418,000 |
93,741,000 |
||||
| TOTAL |
$ 203,127,000 |
$ 207,309,000 |
$ 179,685,000 |
||||
| 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, 2020 and June 30, 2019 | Figures in USD | ||||||
| 12/31/2019 | 6/30/2019 | 6/30/2020 | |||||
| Revenues: | |||||||
| Net Sales |
$ 428,212,000 |
$ 228,830,000 |
$ 188,824,000 |
||||
| Cost of Sales |
397,413,000 |
215,295,000 |
172,809,000 |
||||
| Gross Income |
30,799,000 |
13,535,000 |
16,015,000 |
||||
| Selling, General and Administrative Expenses |
36,607,000 |
18,393,000 |
17,140,000 |
||||
| Operating Income |
(5,808,000) |
(4,858,000) |
(1,125,000) |
||||
| Other Expense: | |||||||
| Interest — net |
(3,305,000) |
(1,697,000) |
(1,323,000) |
||||
| Other — net |
(143,000) |
115,000 |
39,000 |
||||
| Total Other Expense |
(3,448,000) |
(1,582,000) |
(1,284,000) |
||||
|
Income (Loss) From Continuing Operations Before Provision for Income |
|||||||
|
Taxes |
(9,256,000) |
(6,440,000) |
(2,409,000) |
||||
| Provision for Income Taxes |
919,000 |
(1,832,000) |
0 |
||||
| Net Income (Loss) from Continuing Operations |
(10,175,000) |
(4,608,000) |
(2,409,000) |
||||
| COMPREHENSIVE (LOSS) INCOME—Pension unrecognized |
377,000 |
0 |
|||||
| gain adjustment—net of tax expense of $0 and | |||||||
| $42,000 for 2019 and 2018, respectively | |||||||
| Net Income (Loss) |
(9,798,000) |
(4,608,000) |
(2,409,000) |
||||
| Net Income Attributable to Noncontrolling Interest |
(293,000) |
(138,000) |
(72,000) |
||||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
(9,505,000) |
(4,470,000) |
(2,337,000) |
||||
| CAMBRIDGE-LEE HOLDINGS, INC | ||||||
| STATEMENT OF CASH FLOW | ||||||
| Figures in USD | ||||||
| June 30, 2020 | ||||||
| OPERATING ACTIVITIES: | ||||||
| Net income (loss) |
(2,337,000) |
|||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
| Noncontrolling interest |
(72,000) |
|||||
| Depreciation and amortization |
4,193,000 |
|||||
| Allowance for doubtful accounts receivable |
(125,000) |
|||||
| Changes in assets and liabilities which provided (used) cash: | ||||||
| (Increase) decrease in accounts and notes receivable |
1,392,000 |
|||||
| (Increase) decrease in inventories |
18,954,000 |
|||||
| (Increase) decrease in prepaid expenses, deposits and other assets |
(1,103,000) |
|||||
| Increase (decrease) in other long term obligations |
(363,000) |
|||||
| Increase (decrease) in accnts payable, accrued expenses & amounts due to affiliates |
5,292,000 |
|||||
| Increase (decrease) in income taxes payable |
43,000 |
|||||
| Total adjustments |
28,211,000 |
|||||
| net cash provided by (used in) operating activities |
25,874,000 |
|||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
| Purchases of property, plant and equipment |
(2,433,000) |
|||||
| Proceeds from sale of property, plant and equipment |
– |
|||||
| disposal |
44,000 |
|||||
| Net cash provided by (used in) investing activities |
(2,389,000) |
|||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
| Increase (decrease) in revolving credit facility |
(22,913,000) |
|||||
| Principal payments on long-term debt |
(1,105,000) |
|||||
| Net cash provided by (used in) financing activities |
(24,018,000) |
|||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | ||||||
| Net increase in cash and cash equivalents |
(533,000) |
|||||
| Cash and cash equivalents at beginning of period |
1,260,000 |
|||||
| Cash and cash equivalents at end of period |
727,000 |
|||||
Contacts
Francisco Rodriguez
[email protected]
Tel 5255 52164028
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