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