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
