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Cambridge-Lee Holdings Consolidated Results of Operations for Q2 2022

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

 

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