Cambridge-Lee Holdings Consolidated Results of Operations for Q1 2023

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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

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