Cambridge-Lee Holdings Consolidated Results of Operations for Q1 2024

READING, Pa.--(BUSINESS WIRE)--Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the first quarter of 2024.

CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
CONSOLIDATED BALANCE SHEETS
As of March 31, 2024 and March 31, 2023
Figures in US Dollars	12/31/2023				3/31/2023				3/31/2024
Assets
Current Assets:
Cash and cash equivalents	$	217,598,000				106,208,000			$	228,515,000
Accounts Receivable - Net		75,842,000				98,935,000				94,232,000
Accounts Receivable - Affiliates		3,254,000				2,781,000				10,178,000
Accounts Receivable - Refundable Income Tax		3,204,000				6,438,000				3,204,000
Other Receivables		18,000				43,000				242,000
Inventories - net		81,577,000				109,367,000				90,964,000
Other current assets		5,416,000				15,518,000				17,788,000
Total current assets		386,909,000				339,290,000				445,123,000
Property, Plant, and Equipment - Net		49,438,000				49,884,000				48,634,000
ROU Asset		4,680,000				3,548,000				4,966,000
Deferred Financing Fees - Net		169,000				208,000				156,000
Other Long-Term Assets		11,839,000				344,000				320,000
Total	$	453,035,000			$	393,274,000			$	499,199,000
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt		2,371,000				2,368,000				2,363,000
Lease Liability - S. T.		1,158,000				1,170,000				1,280,000
Trade Accounts Payable		26,063,000				29,765,000				32,950,000
Affiliates Payable		173,000				(594,000	)			621,000
Accrued expenses and taxes other than income tax		14,681,000				13,191,000				12,563,000
Income taxes payable		0				11,977,000
										10,925,000
Total current liabilities		44,446,000				57,877,000				60,702,000
Long-Term Debt		2,336,000				4,114,000				1,752,000
Long-Term Obligations - Other		1,075,000				(645,000	)			(919,000	)
Deferred Revenue		404,000
Lease Liability - L. T.		3,576,000				2,430,000				3,742,000
Deferred Income Taxes		3,264,000				2,980,000				3,265,000
Total liabilities		55,101,000				66,756,000				68,542,000
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				24,205,000				24,205,000
Excess of liabilities assumed over book value
of assets transferred		(17,514,000	)			(17,514,000	)			(17,514,000	)
Retained earnings		380,343,000				311,242,000				412,087,000
Accumulated other comprehensive income (loss)		(713,000	)			(893,000	)			(713,000	)
Noncontrolling owner's interest		11,612,000				9,477,000				12,591,000
Total shareholders' equity		397,934,000				326,518,000				430,657,000
TOTAL	$	453,035,000			$	393,274,000			$	499,199,000

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 March 31, 2024 and March 31, 2023
Figures in US Dollars	12/31/2023				3/31/2023			3/31/2024
Revenues:
Net Sales	$	744,736,000			$	200,393,000		$	180,466,000
Cost of Sales		524,301,000				142,026,000			128,850,000
Gross Income		220,435,000				58,367,000			51,616,000
Selling, General and Administrative Expenses		43,163,000				10,911,000			10,637,000
Operating Income		177,272,000				47,456,000			40,979,000
Other Expense:
Interest - net		5,680,000				388,000			2,649,000
Other - net		(524,000	)			7,000			20,000
Total Other Expense		5,156,000				395,000			2,669,000
Income (Loss) From Continuing Operations Before Provision for Income Taxes		182,428,000				47,851,000			43,648,000
Provision (benefit) for Income Taxes		45,324,000				11,977,000			10,926,000
Net Income Gain (Loss) from Continuing Operations		137,105,000				35,874,000			32,723,000
COMPREHENSIVE (LOSS) INCOME-Pension unrecognized		186,000				0			0
(loss) gain adjustment-net of tax expense of $61,000 and
tax (benefit) of $106,000 for 2023 and 2022, respectively
Net Income (Loss)		137,291,000				35,874,000			32,723,000
Net Income Attributable to Noncontrolling Interest		4,099,000				1,073,000			978,000
Net Income Attributable to Cambridge-Lee Holdings, Inc.		133,192,000				34,802,000			31,745,000

CAMBRIDGE-LEE HOLDINGS, INC
STATEMENT OF CASH FLOW
Figures in US Dollars
					March 31, 2024
OPERATING ACTIVITIES:
Net income (loss)					32,723,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
	Noncontrolling interest
	Depreciation and amortization				1,685,000
	Allowance for (benefit from) doubtful accounts receivable				(18,000	)
Changes in assets and liabilities which provided (used) cash:
	(Increase) decrease in accounts and notes receivable				(25,522,000	)
	(Increase) decrease in inventories				(9,387,000	)
	(Increase) decrease in prepaid expenses, deposits and other assets				(857,000	)
	Increase (decrease) in other long term obligations				(1,994,000	)
	Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates				4,814,000
	Change in operating lease liabilities				2,000
	Increase (decrease) in income taxes payable				10,925,000
		Total adjustments			(20,352,000	)
		net cash provided by (used in) operating activities			12,371,000
CASH FLOWS FROM INVESTING ACTIVITIES:
	Purchases of property, plant and equipment				(875,000	)
	Change in restricted cash balance
		Net cash provided by (used in) investing activities			(875,000	)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Principal payments on long-term debt				(592,000	)
	Payment of debt issuance costs				13,000
		Net cash provided by (used in) financing activities			(579,000	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents					10,917,000
Cash and cash equivalents at beginning of period					217,598,000
Cash and cash equivalents at end of period					228,515,000

Contacts

Francisco Rodriguez
[e-mail]
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