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.mm
Tel. 5255 52618800