Cambridge-Lee Holdings Consolidated Results of Operations for FY 2023 READING, Pa.–(BUSINESS WIRE)–Cambridge-Lee Holdings, Inc, has announced its audited consolidated results for the fiscal year 2023. 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, 2023 and December 31, 2022 Figures in US Dollars 12/31/2022 12/31/2023 Assets Current Assets: Cash and cash equivalents 93,837,000 $ 217,598,000 Accounts Receivable – Net 80,397,000 75,842,000 Accounts Receivable – Affiliates 2,089,000 3,254,000 Accounts Receivable – Refundable Income Tax 6,438,000 3,204,000 Other Receivables 58,000 18,000 Inventories — net 100,851,000 81,577,000 Other current assets 6,330,000 5,416,000 Deferred income taxes 0 0 Total current assets 290,000,000 386,909,000 Property, Plant, and Equipment — Net 47,098,000 49,438,000 ROU Asset 3,847,000 4,680,000 Deferred Financing Fees — Net 222,000 169,000 Other Long-Term Assets 10,807,000 11,839,000 Total $ 351,974,000 $ 453,035,000 Liabilities and Shareholders’ Equity Current Liabilities: Current portion of long-term debt 2,367,000 2,371,000 Lease Liability – S. T. 1,233,000 1,158,000 Trade Accounts Payable 31,412,000 26,063,000 Affiliates Payable 65,000 173,000 Accrued expenses and taxes other than income tax 14,761,000 14,681,000 Total current liabilities 49,838,000 44,446,000 Long-Term Debt 4,706,000 2,336,000 Long-Term Obligations — Other 713,000 1,075,000 Deferred Revenue 428,000 404,000 Lease Liability – L. T. 2,666,000 3,576,000 Deferred Income Taxes 2,980,000 3,264,000 Total liabilities 61,331,000 55,101,000 SHAREHOLDERS’ EQUITY: Common stock, no par — authorized, 1,500 shares; issued and outstanding, 1,000 shares 1,000 1,000 Additional paid-in capital 24,205,000 24,205,000 Investment in Parent Excess of liabilities assumed over book value of assets transferred (17,514,000 ) (17,514,000 ) Retained earnings 276,440,000 380,343,000 Accumulated other comprehensive income (loss) (893,000 ) (713,000 ) Noncontrolling owner’s interest 8,404,000 11,612,000 Total shareholders’ equity 290,643,000 397,934,000 TOTAL $ 351,974,000 $ 453,035,000 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, 2023 and December 31, 2022 Figures in US Dollars 12/31/2022 12/31/2023 Revenues: Net Sales $ 825,660,000 $ 744,736,000 Cost of Sales 589,209,000 524,301,000 Gross Income 236,451,000 220,435,000 Selling, General and Administrative Expenses 43,915,000 43,163,000 Operating Income 192,536,000 177,272,000 Other Expense: Interest — net 46,000 5,680,000 Other — net (162,000 ) (524,000 ) Total Other Expense (116,000 ) 5,156,000 Income (Loss) From Continuing Operations Before Provision for Income Taxes 192,420,000 182,428,000 Provision (benefit) for Income Taxes 46,474,000 45,324,000 Net Income Gain (Loss) from Continuing Operations 145,946,000 137,105,000 COMPREHENSIVE (LOSS) INCOME—Pension unrecognized (324,000 ) 186,000 (loss) gain adjustment—net of tax expense of $61,000 and tax (benefit) of $106,000 for 2023 and 2022, respectively Net Income (Loss) 145,622,000 137,291,000 Net Income Attributable to Noncontrolling Interest 4,364,000 4,099,000 Net Income Attributable to Cambridge-Lee Holdings, Inc. 141,259,000 133,192,000 CAMBRIDGE-LEE HOLDINGS, INC STATEMENT OF CASH FLOW Figures in US Dollars December 31, 2023 OPERATING ACTIVITIES: Net income (loss) 137,105,000 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Noncontrolling interest Depreciation and amortization 6,716,000 Allowance for (benefit from) doubtful accounts receivable (92,000 ) Net periodic pension (benefit) cost (28,000 ) (Gain) loss on sale of property, plant and equipment 630,000 Amortization of ROU operating leases 1,319,000 Increase (decrease) in deferred income taxes 285,000 Changes in assets and liabilities which provided (used) cash: (Increase) decrease in accounts and notes receivable 3,522,000 (Increase) decrease in inventories 19,274,000 (Increase) decrease in prepaid expenses, deposits and other assets 72,000 Increase (decrease) in other long term obligations 339,000 Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates (5,390,000 ) Change in operating lease liabilities (1,321,000 ) Increase (decrease) in income taxes payable 3,279,000 Total adjustments 28,605,000 net cash provided by (used in) operating activities 165,710,000 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment (9,598,000 ) Proceeds from sale of property, plant and equipment 15,000 disposal Net cash provided by (used in) investing activities (9,583,000 ) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on long-term debt (2,286,000 ) Payment under capital lease obligations (81,000 ) Cash payment of dividends (30,000,000 ) Net cash provided by (used in) financing activities (32,367,000 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH Net increase in cash and cash equivalents 123,760,000 Cash and cash equivalents at beginning of period 93,837,000 Cash and cash equivalents at end of period 217,597,000 Contacts Francisco Rodriguez frodriguez@iusa.com.mmTel. 5255 52618800 38 min read The latest industry press releases from BusinessWire