Cambridge-Lee Holdings Consolidated Results of Operations for Q3 2024

READING, Pa.--(BUSINESS WIRE)--Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the third 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 September 30, 2024 and September 30, 2023
Figures in US Dollars	12/31/2023				9/30/2023				9/30/2024
Assets
Current Assets:
Cash and cash equivalents	$	217,598,000				191,906,000			$	264,237,000
Accounts Receivable - Net		75,842,000				93,079,000				104,786,000
Accounts Receivable - Affiliates		3,254,000				1,256,000				11,666,000
Accounts Receivable - Refundable Income Tax		3,204,000				6,438,000				3,204,000
Other Receivables		18,000				64,000				266,000
Inventories - net		81,577,000				82,612,000				91,648,000
Other current assets		5,416,000				13,938,000				19,902,000
Total current assets		386,909,000				389,293,000				495,709,000
Property, Plant, and Equipment - Net		49,438,000				49,600,000				49,671,000
ROU Asset		4,680,000				3,682,000				4,569,000
Deferred Financing Fees - Net		169,000				182,000				130,000
Other Long-Term Assets		11,839,000				331,000				443,000
Total	$	453,035,000			$	443,088,000			$	550,522,000
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt		2,371,000				2,370,000				2,341,000
Lease Liability - S. T.		1,158,000				1,055,000				1,237,000
Trade Accounts Payable		26,063,000				29,244,000				32,417,000
Affiliates Payable		173,000				(2,836,000	)			1,971,000
Accrued expenses and taxes other than income tax		14,681,000				15,806,000				16,140,000
Income taxes payable		0				5,941,000				4,844,000
Total current liabilities		44,446,000				51,580,000				58,950,000
Long-Term Debt		2,336,000				2,929,000				588,000
Long-Term Obligations - Other		1,075,000				(645,000	)			(919,000	)
Deferred Revenue		404,000
Lease Liability - L. T.		3,576,000				2,681,000				3,389,000
Deferred Income Taxes		3,264,000				2,980,000				3,265,000
Total liabilities		55,101,000				59,525,000				65,273,000
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				366,581,000				465,047,000
Accumulated other comprehensive income (loss)		(713,000	)			(893,000	)			(713,000	)
Noncontrolling owner's interest		11,612,000				11,183,000				14,223,000
Total shareholders' equity		397,934,000				383,563,000				485,249,000
TOTAL	$	453,035,000			$	443,088,000			$	550,522,000

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, 2024 and September 30, 2023
Figures in US Dollars	12/31/2023				9/30/2023				9/30/2024
Revenues:
Net Sales	$	744,736,000			$	576,778,000			$	604,405,000
Cost of Sales		524,301,000				403,038,000				436,036,000
Gross Income		220,435,000				173,740,000				168,369,000
Selling, General and Administrative Expenses		43,163,000				32,657,000				33,026,000
Operating Income		177,272,000				141,083,000				135,343,000
Other Expense:
Interest - net		5,680,000				3,136,000				8,133,000
Other - net		(524,000	)			(270,000	)			(334,000	)
Total Other Expense		5,156,000				2,866,000				7,799,000
Income (Loss) From Continuing Operations Before Provision for Income Taxes		182,428,000				143,949,000				143,142,000
Provision (benefit) for Income Taxes		45,324,000				36,029,000				35,827,000
Net Income Gain (Loss) from Continuing Operations		137,105,000				107,920,000				107,315,000
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				107,920,000				107,315,000
Net Income Attributable to Noncontrolling Interest		4,099,000				3,227,000				3,209,000
Net Income Attributable to Cambridge-Lee Holdings, Inc.		133,192,000				104,694,000				104,106,000

CAMBRIDGE-LEE HOLDINGS, INC
STATEMENT OF CASH FLOW
Figures in US Dollars
					September 30, 2024
OPERATING ACTIVITIES:
Net income (loss)					107,315,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
	Depreciation and amortization				5,169,000
	Allowance for (benefit from) doubtful accounts receivable				(110,000)
Changes in assets and liabilities which provided (used) cash:
	(Increase) decrease in accounts and notes receivable				(37,494,000)
	(Increase) decrease in inventories				(10,071,000)
	(Increase) decrease in prepaid expenses, deposits and other assets				(3,107,000)
	Increase (decrease) in other long term obligations				(1,994,000)
	Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates				9,207,000
	Change in operating lease liabilities				3,000
	Increase (decrease) in income taxes payable				4,844,000
		Total adjustments			(33,553,000)
		net cash provided by (used in) operating activities			73,762,000
CASH FLOWS FROM INVESTING ACTIVITIES:
	Purchases of property, plant and equipment				(5,384,000)
	Change in restricted cash balance
		Net cash provided by (used in) investing activities			(5,384,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Increase (decrease) in revolving credit facility				-
	Principal payments on long-term debt				(1,778,000)
	Payment of debt issuance costs				39,000
	Cash payment of dividends				(20,000,000)
		Net cash provided by (used in) financing activities			(21,739,000)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents					46,639,000
Cash and cash equivalents at beginning of period					217,598,000
Cash and cash equivalents at end of period					264,237,000

Contacts

Francisco Rodriguez
[e-mail]
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