READING, Pa.–(BUSINESS WIRE)–Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the first 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 March 31, 2023 and March 31, 2022 | |||||||||||
| Figures in US Dollars | 12/31/2022 | 3/31/2022 | 3/31/2023 | ||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents |
$ |
93,837,000 |
|
$ |
18,585,000 |
|
$ |
106,208,000 |
|
||
| Accounts Receivable – Net |
|
80,397,000 |
|
|
116,422,000 |
|
|
98,935,000 |
|
||
| Accounts Receivable – Affiliates |
|
2,089,000 |
|
|
1,827,000 |
|
|
2,781,000 |
|
||
| Accounts Receivable – Refundable Income Tax |
|
6,438,000 |
|
|
1,485,000 |
|
|
6,438,000 |
|
||
| Other Receivables |
|
58,000 |
|
|
78,000 |
|
|
43,000 |
|
||
| Inventories — net |
|
100,851,000 |
|
|
95,467,000 |
|
|
109,367,000 |
|
||
| Other current assets |
|
6,330,000 |
|
|
10,043,000 |
|
|
15,518,000 |
|
||
|
|
|
||||||||||
| Total current assets |
|
290,000,000 |
|
|
243,907,000 |
|
|
339,290,000 |
|
||
| Restricted Cash | |||||||||||
| Note Receivable — Affiliate |
|
0 |
|
|
8,990,000 |
|
|
0 |
|
||
| Property, Plant, and Equipment — Net |
|
47,098,000 |
|
|
48,577,000 |
|
|
49,884,000 |
|
||
| ROU Asset |
|
3,847,000 |
|
|
3,953,000 |
|
|
3,548,000 |
|
||
| Deferred Financing Fees — Net |
|
222,000 |
|
|
320,000 |
|
|
208,000 |
|
||
| Other Long-Term Assets |
|
10,808,000 |
|
|
383,000 |
|
|
344,000 |
|
||
| Total |
$ |
351,975,000 |
|
$ |
306,130,000 |
|
$ |
393,274,000 |
|
||
| Liabilities and Shareholders’ Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Current portion of long-term debt |
|
2,367,000 |
|
|
2,402,000 |
|
|
2,368,000 |
|
||
| Lease Liability – S. T. |
|
1,233,000 |
|
|
1,298,000 |
|
|
1,170,000 |
|
||
| Trade Accounts Payable |
|
31,412,000 |
|
|
46,391,000 |
|
|
29,765,000 |
|
||
| Affiliates Payable |
|
65,000 |
|
|
(5,065,000 |
) |
|
(594,000 |
) |
||
| Accrued expenses and taxes other than income tax |
|
14,761,000 |
|
|
14,434,000 |
|
|
13,191,000 |
|
||
|
Income taxes payable |
0 |
11,801,000 |
11,977,000 |
||||||||
| Total current liabilities |
|
49,838,000 |
|
|
71,261,000 |
|
|
57,877,000 |
|
||
| Long-Term Debt |
|
4,706,000 |
|
|
6,482,000 |
|
|
4,114,000 |
|
||
| Long-Term Obligations — Other |
|
713,000 |
|
|
(639,000 |
) |
|
(645,000 |
) |
||
| Deferred Revenue – L. T. |
|
428,000 |
|
0 |
0 |
||||||
| Lease Liability – L. T. |
|
2,666,000 |
|
|
2,696,000 |
|
|
2,430,000 |
|
||
| Deferred Income Taxes |
|
2,980,000 |
|
|
2,967,000 |
|
|
2,980,000 |
|
||
| Total liabilities |
|
61,331,000 |
|
|
82,767,000 |
|
|
66,756,000 |
|
||
| 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 |
|
|
208,697,000 |
|
|
311,242,000 |
|
||
| Accumulated other comprehensive income (loss) |
|
(893,000 |
) |
|
(579,000 |
) |
|
(893,000 |
) |
||
| Noncontrolling owner’s interest |
|
8,404,000 |
|
|
8,553,000 |
|
|
9,477,000 |
|
||
| Total shareholders’ equity |
|
290,644,000 |
|
|
223,363,000 |
|
|
326,518,000 |
|
||
| TOTAL |
$ |
351,975,000 |
|
$ |
306,130,000 |
|
$ |
393,274,000 |
|
||
| 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, 2023 and March 31, 2022 | ||||||||||
| Figures in US Dollars | 12/31/2022 | 3/31/2022 | 3/31/2023 | |||||||
| Revenues: | ||||||||||
| Net Sales |
$ |
825,660,000 |
|
$ |
219,979,000 |
|
$ |
200,393,000 |
||
|
Cost of Sales |
589,209,000 |
162,120,000 |
142,026,000 |
|||||||
| Gross Income |
|
236,451,000 |
|
|
57,859,000 |
|
|
58,367,000 |
||
| Selling, General and Administrative Expenses |
|
43,915,000 |
|
|
10,741,000 |
|
|
10,911,000 |
||
| Operating Income |
|
192,536,000 |
|
|
47,118,000 |
|
|
47,456,000 |
||
| Other Expense: | ||||||||||
| Interest — net |
|
46,000 |
|
|
(1,000 |
) |
|
388,000 |
||
| Other — net |
|
(162,000 |
) |
|
32,000 |
|
|
7,000 |
||
| Total Other Expense |
|
(116,000 |
) |
|
31,000 |
|
|
395,000 |
||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
192,420,000 |
|
|
47,149,000 |
|
|
47,851,000 |
||
| Provision (benefit) for Income Taxes |
|
46,474,000 |
|
|
11,801,000 |
|
|
11,977,000 |
||
| Net Income Gain (Loss) from Continuing Operations |
|
145,947,000 |
|
|
35,348,000 |
|
|
35,874,000 |
||
|
|
|
|
|
|
|
|||||
| 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 |
|
|
35,348,000 |
|
|
35,874,000 |
||
| Net Income Attributable to Noncontrolling Interest |
|
4,354,000 |
|
|
1,057,000 |
|
|
1,073,000 |
||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
141,269,000 |
|
|
34,291,000 |
|
|
34,801,000 |
||
| CAMBRIDGE-LEE HOLDINGS, INC | |||
| STATEMENT OF CASH FLOW | |||
| Figures in US Dollars | |||
| March 31, 2023 | |||
| OPERATING ACTIVITIES: | |||
| Net income (loss) |
34,801,000 |
|
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization |
1,500,000 |
|
|
| Allowance for (benefit from) doubtful accounts receivable |
6,000 |
|
|
| Changes in assets and liabilities which provided (used) cash: | |||
| (Increase) decrease in accounts and notes receivable |
(19,894,000 |
) |
|
| (Increase) decrease in inventories |
(8,516,000 |
) |
|
| (Increase) decrease in prepaid expenses, deposits and other assets |
1,285,000 |
|
|
| Increase (decrease) in other long term obligations |
(1,358,000 |
) |
|
| Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates |
(3,646,000 |
) |
|
| Change in operating lease liabilities |
(215,000 |
) |
|
| Increase (decrease) in income taxes payable |
11,977,000 |
|
|
| Total adjustments |
(18,861,000 |
) |
|
| Net cash provided by (used in) operating activities |
15,940,000 |
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property, plant and equipment |
(3,220,000 |
) |
|
| Change in restricted cash balance | |||
| Net cash provided by (used in) investing activities |
(3,220,000 |
) |
|
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Principal payments on long-term debt |
(362,000 |
) |
|
| Payment of debt issuance costs |
13,000 |
|
|
| Net cash provided by (used in) financing activities |
(349,000 |
) |
|
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||
| Net increase in cash and cash equivalents |
12,371,000 |
|
|
| Cash and cash equivalents at beginning of period |
93,837,000 |
|
|
| Cash and cash equivalents at end of period |
106,208,000 |
|
|
Contacts
Francisco Rodriguez
[email protected]
Tel 5255 5216 8800
