READING, Pa.--(BUSINESS WIRE)--Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the third quarter of 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 September 30, 2023 and September 30, 2022 | |||||||||||
| Figures in US Dollars | 12/31/2022 | 9/30/2022 | 9/30/2023 | ||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | 93,837,000 | $ | 88,300,000 | $ | 191,906,000 | |||||
| Accounts Receivable - Net | 80,397,000 | 94,261,000 | 93,079,000 | ||||||||
| Accounts Receivable - Affiliates | 2,089,000 | 1,623,000 | 1,256,000 | ||||||||
| Accounts Receivable - Refundable Income Tax | 6,438,000 | 1,485,000 | 6,438,000 | ||||||||
| Other Receivables | 58,000 | 60,000 | 64,000 | ||||||||
| Inventories - net | 100,851,000 | 84,783,000 | 82,612,000 | ||||||||
| Other current assets | 6,330,000 | 15,379,000 | 13,938,000 | ||||||||
| Total current assets | 290,000,000 | 285,891,000 | 389,293,000 | ||||||||
| Restricted Cash | |||||||||||
| Note Receivable - Affiliate | 0 | 8,990,000 | 0 | ||||||||
| Property, Plant, and Equipment - Net | 47,098,000 | 47,081,000 | 49,600,000 | ||||||||
| ROU Asset | 3,847,000 | 3,358,000 | 3,682,000 | ||||||||
| Deferred Financing Fees - Net | 222,000 | 235,000 | 182,000 | ||||||||
| Other Long-Term Assets | 10,808,000 | 376,000 | 331,000 | ||||||||
| Total | $ | 351,975,000 | $ | 345,931,000 | $ | 443,088,000 | |||||
| Liabilities and Shareholders' Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Current portion of long-term debt | 2,367,000 | 2,372,000 | 2,370,000 | ||||||||
| Lease Liability - S. T. | 1,233,000 | 1,139,000 | 1,055,000 | ||||||||
| Trade Accounts Payable | 31,412,000 | 25,153,000 | 29,244,000 | ||||||||
| Affiliates Payable | 65,000 | (3,787,000 | ) | (2,836,000 | ) | ||||||
| Accrued expenses and taxes other than income tax | 14,761,000 | 16,545,000 | 15,806,000 | ||||||||
| Income taxes payable | 0 | 8,078,000 | 5,941,000 | ||||||||
| Total current liabilities | 49,838,000 | 49,500,000 | 51,580,000 | ||||||||
| Long-Term Debt | 4,706,000 | 5,298,000 | 2,929,000 | ||||||||
| Long-Term Obligations - Other | 713,000 | (639,000 | ) | (645,000 | ) | ||||||
| Deferred Revenue - L. T. | 428,000 | ||||||||||
| Lease Liability - L. T. | 2,666,000 | 2,263,000 | 2,681,000 | ||||||||
| Deferred Income Taxes | 2,980,000 | 2,967,000 | 2,980,000 | ||||||||
| Total liabilities | 61,331,000 | 59,389,000 | 59,525,000 | ||||||||
| SHAREHOLDERS' EQUITY: | |||||||||||
| Common stock, no par - authorized, 1,500 shares; issued and outstanding, 1,000 shares | 1,000 | 1,000 | 1,000 | ||||||||
| Additional paid-in capital | 24,205,000 | 84,205,000 | 24,205,000 | ||||||||
| Investment in Parent | (60,000,000 | ) | |||||||||
| Excess of liabilities assumed over book value of assets transferred | (17,514,000 | ) | (17,514,000 | ) | (17,514,000 | ) | |||||
| Retained earnings | 276,441,000 | 269,987,000 | 366,581,000 | ||||||||
| Accumulated other comprehensive income (loss) | (893,000 | ) | (579,000 | ) | (893,000 | ) | |||||
| Noncontrolling owner's interest | 8,404,000 | 10,442,000 | 11,183,000 | ||||||||
| Total shareholders' equity | 290,644,000 | 286,542,000 | 383,563,000 | ||||||||
| TOTAL | $ | 351,975,000 | $ | 345,931,000 | $ | 443,088,000 | |||||
| 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 September 30, 2023 and September 30, 2022 | |||||||||||
| Figures in US Dollars | 12/31/2022 | 9/30/2022 | 9/30/2023 | ||||||||
| Revenues: | |||||||||||
| Net Sales | $ | 825,660,000 | $ | 652,343,000 | $ | 576,778,000 | |||||
| Cost of Sales | 589,209,000 | 465,075,000 | 403,038,000 | ||||||||
| Gross Income | 236,451,000 | 187,268,000 | 173,740,000 | ||||||||
| Selling, General and Administrative Expenses | 43,915,000 | 33,587,000 | 32,657,000 | ||||||||
| Operating Income | 192,536,000 | 153,681,000 | 141,083,000 | ||||||||
| Other Expense: | |||||||||||
| Interest - net | 46,000 | (285,000 | ) | 3,136,000 | |||||||
| Other - net | (162,000 | ) | 33,000 | (270,000 | ) | ||||||
| Total Other Expense | (116,000 | ) | (252,000 | ) | 2,866,000 | ||||||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes | 192,420,000 | 153,429,000 | 143,949,000 | ||||||||
| Provision (benefit) for Income Taxes | 46,474,000 | 38,402,000 | 36,029,000 | ||||||||
| Net Income Gain (Loss) from Continuing Operations | 145,947,000 | 115,027,000 | 107,920,000 | ||||||||
| COMPREHENSIVE (LOSS) INCOME-Pension unrecognized gain adjustment-net of tax expense of $408,000 and $0 for 2021 and 2020, respectively | (324,000 | ) | 0 | 0 | |||||||
| Net Income (Loss) | 145,623,000 | 115,027,000 | 107,920,000 | ||||||||
| Net Income Attributable to Noncontrolling Interest | 4,354,000 | 3,439,000 | 3,227,000 | ||||||||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. | 141,269,000 | 111,588,000 | 104,693,000 | ||||||||
| CAMBRIDGE-LEE HOLDINGS, INC | |||
| STATEMENT OF CASH FLOW | |||
| Figures in US Dollars | |||
| September 30, 2023 | |||
| OPERATING ACTIVITIES: | |||
| Net income (loss) | 71,836,000 | ||
| Less Net income (loss) from disposition | |||
| Less Net income (loss) attributed to noncontrolling interest | |||
| Net income (loss) | 71,836,000 | ||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 3,078,000 | ||
| Allowance for (benefit from) doubtful accounts receivable | (179,000 | ) | |
| Changes in assets and liabilities which provided (used) cash: | |||
| (Increase) decrease in accounts and notes receivable | (12,801,000 | ) | |
| (Increase) decrease in inventories | 7,966,000 | ||
| (Increase) decrease in prepaid expenses, deposits and other assets | 3,777,000 | ||
| Increase (decrease) in other long term obligations | (1,493,000 | ) | |
| Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates | (10,405,000 | ) | |
| Change in operating lease liabilities | (78,000 | ) | |
| Increase (decrease) in income taxes payable | 5,471,000 | ||
| Total adjustments | (4,664,000 | ) | |
| net cash provided by (used in) operating activities | 67,172,000 | ||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property, plant and equipment | (6,015,000 | ) | |
| Change in restricted cash balance | |||
| Net cash provided by (used in) investing activities | (6,015,000 | ) | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Principal payments on long-term debt | (967,000 | ) | |
| Payment of debt issuance costs | 25,000 | ||
| Cash payment of dividends | (15,000,000 | ) | |
| Net cash provided by (used in) financing activities | (15,942,000 | ) | |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||
| Net increase in cash and cash equivalents | 45,215,000 | ||
| Cash and cash equivalents at beginning of period | 93,837,000 | ||
| Cash and cash equivalents at end of period | 139,052,000 | ||
Contacts
Francisco Rodriguez
frodriguez@iusa.com.mx
Tel. 525552618800
