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