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.) | ||||||||
| Â | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| As of December 31, 2023 and December 31, 2022 | ||||||||
| Â | ||||||||
| Figures in US Dollars | 12/31/2022 | 12/31/2023 | ||||||
| Assets | ||||||||
| Â | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | Â |
93,837,000 |
 |
$ |
217,598,000 |
 |
||
| Accounts Receivable - Net | Â |
80,397,000 |
 |
 |
75,842,000 |
 |
||
| Accounts Receivable - Affiliates | Â |
2,089,000 |
 |
 |
3,254,000 |
 |
||
| Accounts Receivable - Refundable Income Tax | Â |
6,438,000 |
 |
 |
3,204,000 |
 |
||
| Other Receivables | Â |
58,000 |
 |
 |
18,000 |
 |
||
| Inventories — net |  |
100,851,000 |
 |
 |
81,577,000 |
 |
||
| Other current assets | Â |
6,330,000 |
 |
 |
5,416,000 |
 |
||
| Deferred income taxes | Â |
0 |
 |
 |
0 |
 |
||
| Â | ||||||||
| Total current assets | Â |
290,000,000 |
 |
 |
386,909,000 |
 |
||
| Â | ||||||||
| Property, Plant, and Equipment — Net |  |
47,098,000 |
 |
 |
49,438,000 |
 |
||
| Â | ||||||||
| ROU Asset | Â |
3,847,000 |
 |
 |
4,680,000 |
 |
||
| Â | ||||||||
| Deferred Financing Fees — Net |  |
222,000 |
 |
 |
169,000 |
 |
||
| Â | ||||||||
| Other Long-Term Assets | Â |
10,807,000 |
 |
 |
11,839,000 |
 |
||
| Total | $ |
351,974,000 |
 |
$ |
453,035,000 |
 |
||
| Â | ||||||||
| Liabilities and Shareholders' Equity | ||||||||
| Â | ||||||||
| Current Liabilities: | ||||||||
| Â | ||||||||
| Current portion of long-term debt | Â |
2,367,000 |
 |
 |
2,371,000 |
 |
||
| Lease Liability - S. T. | Â |
1,233,000 |
 |
 |
1,158,000 |
 |
||
| Trade Accounts Payable | Â |
31,412,000 |
 |
 |
26,063,000 |
 |
||
| Affiliates Payable | Â |
65,000 |
 |
 |
173,000 |
 |
||
| Accrued expenses and taxes other than income tax | Â |
14,761,000 |
 |
 |
14,681,000 |
 |
||
| Total current liabilities | Â |
49,838,000 |
 |
 |
44,446,000 |
 |
||
| Â | ||||||||
| Long-Term Debt | Â |
4,706,000 |
 |
 |
2,336,000 |
 |
||
| Long-Term Obligations — Other |  |
713,000 |
 |
 |
1,075,000 |
 |
||
| Deferred Revenue | Â |
428,000 |
 |
 |
404,000 |
 |
||
| Lease Liability - L. T. | Â |
2,666,000 |
 |
 |
3,576,000 |
 |
||
| Deferred Income Taxes | Â |
2,980,000 |
 |
 |
3,264,000 |
 |
||
| Total liabilities | Â |
61,331,000 |
 |
 |
55,101,000 |
 |
||
| Â | ||||||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Common stock, no par — authorized, 1,500 shares; | ||||||||
| issued and outstanding, 1,000 shares | Â |
1,000 |
 |
 |
1,000 |
 |
||
| Additional paid-in capital | Â |
24,205,000 |
 |
 |
24,205,000 |
 |
||
| Â | ||||||||
| Investment in Parent | ||||||||
| Excess of liabilities assumed over book value | ||||||||
| of assets transferred | Â |
(17,514,000 |
) |
 |
(17,514,000 |
) |
||
| Retained earnings | Â |
276,440,000 |
 |
 |
380,343,000 |
 |
||
| Accumulated other comprehensive income (loss) | Â |
(893,000 |
) |
 |
(713,000 |
) |
||
| Noncontrolling owner’s interest |  |
8,404,000 |
 |
 |
11,612,000 |
 |
||
| Â | ||||||||
| Total shareholders' equity | Â |
290,643,000 |
 |
 |
397,934,000 |
 |
||
| Â | ||||||||
| TOTAL | $ |
351,974,000 |
 |
$ |
453,035,000 |
 |
||
| Â | ||||||||
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | ||||||||
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | ||||||||
| Â | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| As of December 31, 2023 and December 31, 2022 | ||||||||
| Â | ||||||||
| Â | ||||||||
| Figures in US Dollars | 12/31/2022 | 12/31/2023 | ||||||
| Revenues: | ||||||||
| Net Sales | $ |
825,660,000 |
 |
$ |
744,736,000 |
 |
||
| Cost of Sales | Â |
589,209,000 |
 |
 |
524,301,000 |
 |
||
| Gross Income | Â |
236,451,000 |
 |
 |
220,435,000 |
 |
||
| Â | ||||||||
| Selling, General and Administrative Expenses | Â |
43,915,000 |
 |
 |
43,163,000 |
 |
||
| Â | ||||||||
| Operating Income | Â |
192,536,000 |
 |
 |
177,272,000 |
 |
||
| Â | ||||||||
| Other Expense: | ||||||||
| Interest — net |  |
46,000 |
 |
 |
5,680,000 |
 |
||
| Other — net |  |
(162,000 |
) |
 |
(524,000 |
) |
||
| Total Other Expense | Â |
(116,000 |
) |
 |
5,156,000 |
 |
||
| Â | ||||||||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes | Â |
192,420,000 |
 |
 |
182,428,000 |
 |
||
| Â | ||||||||
| Provision (benefit) for Income Taxes | Â |
46,474,000 |
 |
 |
45,324,000 |
 |
||
| Â | ||||||||
| Net Income Gain (Loss) from Continuing Operations | Â |
145,946,000 |
 |
 |
137,105,000 |
 |
||
| Â | ||||||||
| 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 | ||||||||
| Â | ||||||||
| Net Income (Loss) | Â |
145,622,000 |
 |
 |
137,291,000 |
 |
||
| Â | ||||||||
| Net Income Attributable to Noncontrolling Interest | Â |
4,364,000 |
 |
 |
4,099,000 |
 |
||
| Â | ||||||||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. | Â |
141,259,000 |
 |
 |
133,192,000 |
 |
||
| Â | ||||||||
| CAMBRIDGE-LEE HOLDINGS, INC | ||||
| STATEMENT OF CASH FLOW | ||||
| Figures in US Dollars | ||||
| Â | ||||
| December 31, 2023 | ||||
| OPERATING ACTIVITIES: | ||||
| Net income (loss) | 137,105,000 |
 |
||
| Â | ||||
| 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 |
 |
||
| Â | ||||
| 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 |
 |
||
| Â | ||||
| net cash provided by (used in) operating activities | 165,710,000 |
 |
||
| Â | ||||
| 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 |
) |
||
| Â | ||||
| 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 |
) |
||
| Â | ||||
| 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 |
 |
||
| Â | ||||
| Cash and cash equivalents at end of period | 217,597,000 |
 |
||
| Â | ||||
Â
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502387010/en/
Contacts
Francisco Rodriguez
frodriguez@iusa.com.mm
Tel. 5255 52618800
