Cambridge-Lee Holdings Consolidated Results of Operations for FY 2022

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READING, Pa.–(BUSINESS WIRE)–Cambridge-Lee Holdings, Inc, has announced its audited consolidated results for the fiscal year 2022.

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, 2022 and December 31, 2021
 
Figures in US Dollars 12/31/2021 12/31/2022
Assets
Current Assets:
Cash and cash equivalents

 

2,059,000

 

$

93,837,000

 

Accounts Receivable – Net

 

88,943,000

 

 

80,397,000

 

Accounts Receivable – Affiliates

 

6,398,000

 

 

2,089,000

 

Accounts Receivable – Refundable Income Tax

 

1,485,000

 

 

6,438,000

 

Other Receivables

 

33,000

 

 

58,000

 

Inventories — net

 

93,269,000

 

 

100,851,000

 

Other current assets

 

4,093,000

 

 

6,330,000

 

Total current assets

 

196,280,000

 

 

290,000,000

 

 
Restricted Cash
 
Note Receivable — Affiliate

 

8,990,000

 

 

0

 

 
Property, Plant, and Equipment — Net

 

47,932,000

 

 

47,098,000

 

ROU Asset

 

0

 

 

3,847,000

 

Deferred Financing Fees — Net

 

291,000

 

 

222,000

 

Other Long-Term Assets

 

8,112,000

 

 

10,808,000

 

Deferred Income Taxes-Long Term
Total

$

261,605,000

 

$

351,975,000

 

 
Liabilities and Shareholders’ Equity
Current Liabilities:
Current portion of long-term debt

 

2,417,000

 

 

2,367,000

 

Revolving credit facility

 

16,434,000

 

Lease Liability – S. T.

 

1,233,000

 

Trade Accounts Payable

 

26,471,000

 

 

31,412,000

 

Affiliates Payable

 

733,000

 

 

65,000

 

Accrued expenses and taxes other than income tax

 

16,954,000

 

 

14,761,000

 

Total current liabilities

 

63,009,000

 

 

49,838,000

 

 
Long-Term Debt

 

7,073,000

 

 

4,706,000

 

Long-Term Obligations — Other

 

88,000

 

 

713,000

 

Deferred Revenue – L. T.

 

453,000

 

 

428,000

 

Lease Liability – L. T.

 

2,666,000

 

Deferred Income Taxes

 

2,967,000

 

 

2,980,000

 

 
Total liabilities

 

73,590,000

 

 

61,331,000

 

 
SHAREHOLDERS’ EQUITY:
Common stock, no par — authorized, 1,500 shares;
issued and outstanding, 1,000 shares

 

1,000

 

 

1,000

 

Additional paid-in capital

 

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

)

Retained earnings

 

174,406,000

 

 

276,441,000

 

Accumulated other comprehensive income (loss)

 

(579,000

)

 

(893,000

)

Noncontrolling owner’s interest

 

7,496,000

 

 

8,404,000

 

Total shareholders’ equity

 

188,015,000

 

 

290,644,000

 

 
TOTAL

$

261,605,000

 

$

351,975,000

 

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, 2022 and December 31, 2021
 
 
Figures in US Dollars 12/31/2021 12/31/2022
Revenues:
Net Sales

$

751,861,000

 

$

825,660,000

 

Cost of Sales

 

578,150,000

 

 

589,209,000

 

Gross Income

 

173,711,000

 

 

236,451,000

 

 
Selling, General and Administrative Expenses

 

42,138,000

 

 

43,915,000

 

 
Operating Income

 

131,573,000

 

 

192,536,000

 

 
Other Expense:
Interest — net

 

(1,498,000

)

 

46,000

 

Other — net

 

(1,737,000

)

 

(162,000

)

Total Other Expense

 

(3,235,000

)

 

(116,000

)

 
Income (Loss) From Continuing Operations Before Provision for Income Taxes

 

128,338,000

 

 

192,420,000

 

 
Provision (benefit) for Income Taxes

 

31,235,000

 

 

46,474,000

 

 
Net Income Gain (Loss) from Continuing Operations

 

97,103,000

 

 

145,947,000

 

 
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized

 

1,261,000

 

 

(324,000

)

gain adjustment—net of tax expense of $408,000 and
$0 for 2021 and 2020, respectively
Net Income (Loss)

 

98,364,000

 

 

145,623,000

 

 
Net Income Attributable to Noncontrolling Interest

 

2,941,000

 

 

4,354,000

 

 
Net Income Attributable to Cambridge-Lee Holdings, Inc.

 

95,423,000

 

 

141,269,000

 

CAMBRIDGE-LEE HOLDINGS, INC
STATEMENT OF CASH FLOW
Figures in US Dollars
 
December 31, 2022
OPERATING ACTIVITIES:
Net income (loss)

145,947,000

 

Less Net income (loss) from disposition
Less Net income (loss) attributed to noncontrolling interest
Net income (loss)

145,947,000

 

 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization

6,010,000

 

Allowance for (benefit from) doubtful accounts receivable

(4,000

)

Net periodic pension (benefit) cost

(350,000

)

(Gain) loss on sale of property, plant and equipment

71,000

 

Amortization of ROU operating leases

1,383,000

 

Increase (decrease) in deferred income taxes

13,000

 

 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable

9,154,000

 

(Increase) decrease in inventories

(7,582,000

)

(Increase) decrease in prepaid expenses, deposits and other assets

(4,933,000

)

Increase (decrease) in other long term obligations

738,000

 

Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates

5,737,000

 

Change in operating lease liabilities

(1,369,000

)

Increase (decrease) in income taxes payable

(5,041,000

)

Increase (decrease) in assets from dispositions
Total adjustments

3,827,000

 

 
net cash provided by (used in) operating activities

149,774,000

 

 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment

(5,676,000

)

Proceeds from sale of property, plant and equipment

625,000

 

disposal
Net cash provided by (used in) investing activities

(5,051,000

)

 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility

(16,434,000

)

Principal payments on long-term debt

(2,286,000

)

Payment under capital lease obligations

(131,000

)

Payment of debt issuance costs

(89,000

)

Cash payment of dividends

(34,004,000

)

Net cash provided by (used in) financing activities

(52,944,000

)

 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents

91,779,000

 

Cash and cash equivalents at beginning of period

2,059,000

 

Cash and cash equivalents at end of period

93,838,000

 

 

Contacts

Francisco Rodriguez

[email protected]
Tel 5255 52618800

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