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