READING, Pa.–(BUSINESS WIRE)–Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the third 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 September 30, 2023 and September 30, 2022 | |||||||||||
| Figures in US Dollars | 12/31/2022 | 9/30/2022 | 9/30/2023 | ||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents |
$ |
93,837,000 |
|
$ |
88,300,000 |
|
$ |
191,906,000 |
|
||
| Accounts Receivable – Net |
|
80,397,000 |
|
|
94,261,000 |
|
|
93,079,000 |
|
||
| Accounts Receivable – Affiliates |
|
2,089,000 |
|
|
1,623,000 |
|
|
1,256,000 |
|
||
| Accounts Receivable – Refundable Income Tax |
|
6,438,000 |
|
|
1,485,000 |
|
|
6,438,000 |
|
||
| Other Receivables |
|
58,000 |
|
|
60,000 |
|
|
64,000 |
|
||
| Inventories — net |
|
100,851,000 |
|
|
84,783,000 |
|
|
82,612,000 |
|
||
| Other current assets |
|
6,330,000 |
|
|
15,379,000 |
|
|
13,938,000 |
|
||
| Total current assets |
|
290,000,000 |
|
|
285,891,000 |
|
|
389,293,000 |
|
||
| Restricted Cash | |||||||||||
| Note Receivable — Affiliate |
|
0 |
|
|
8,990,000 |
|
|
0 |
|
||
| Property, Plant, and Equipment — Net |
|
47,098,000 |
|
|
47,081,000 |
|
|
49,600,000 |
|
||
| ROU Asset |
|
3,847,000 |
|
|
3,358,000 |
|
|
3,682,000 |
|
||
| Deferred Financing Fees — Net |
|
222,000 |
|
|
235,000 |
|
|
182,000 |
|
||
| Other Long-Term Assets |
|
10,808,000 |
|
|
376,000 |
|
|
331,000 |
|
||
| Total |
$ |
351,975,000 |
|
$ |
345,931,000 |
|
$ |
443,088,000 |
|
||
| Liabilities and Shareholders’ Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Current portion of long-term debt |
|
2,367,000 |
|
|
2,372,000 |
|
|
2,370,000 |
|
||
| Lease Liability – S. T. |
|
1,233,000 |
|
|
1,139,000 |
|
|
1,055,000 |
|
||
| Trade Accounts Payable |
|
31,412,000 |
|
|
25,153,000 |
|
|
29,244,000 |
|
||
| Affiliates Payable |
|
65,000 |
|
|
(3,787,000 |
) |
|
(2,836,000 |
) |
||
| Accrued expenses and taxes other than income tax |
|
14,761,000 |
|
|
16,545,000 |
|
|
15,806,000 |
|
||
| Income taxes payable |
|
0 |
|
|
8,078,000 |
|
|
5,941,000 |
|
||
| Total current liabilities |
|
49,838,000 |
|
|
49,500,000 |
|
|
51,580,000 |
|
||
| Long-Term Debt |
|
4,706,000 |
|
|
5,298,000 |
|
|
2,929,000 |
|
||
| Long-Term Obligations — Other |
|
713,000 |
|
|
(639,000 |
) |
|
(645,000 |
) |
||
| Deferred Revenue – L. T. |
|
428,000 |
|
||||||||
| Lease Liability – L. T. |
|
2,666,000 |
|
|
2,263,000 |
|
|
2,681,000 |
|
||
| Deferred Income Taxes |
|
2,980,000 |
|
|
2,967,000 |
|
|
2,980,000 |
|
||
| Total liabilities |
|
61,331,000 |
|
|
59,389,000 |
|
|
59,525,000 |
|
||
| 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 |
|
|
269,987,000 |
|
|
366,581,000 |
|
||
| Accumulated other comprehensive income (loss) |
|
(893,000 |
) |
|
(579,000 |
) |
|
(893,000 |
) |
||
| Noncontrolling owner’s interest |
|
8,404,000 |
|
|
10,442,000 |
|
|
11,183,000 |
|
||
| Total shareholders’ equity |
|
290,644,000 |
|
|
286,542,000 |
|
|
383,563,000 |
|
||
| TOTAL |
$ |
351,975,000 |
|
$ |
345,931,000 |
|
$ |
443,088,000 |
|
||
| 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, 2023 and September 30, 2022 | |||||||||||
| Figures in US Dollars | 12/31/2022 | 9/30/2022 | 9/30/2023 | ||||||||
| Revenues: | |||||||||||
| Net Sales |
$ |
825,660,000 |
|
$ |
652,343,000 |
|
$ |
576,778,000 |
|
||
| Cost of Sales |
|
589,209,000 |
|
|
465,075,000 |
|
|
403,038,000 |
|
||
| Gross Income |
|
236,451,000 |
|
|
187,268,000 |
|
|
173,740,000 |
|
||
| Selling, General and Administrative Expenses |
|
43,915,000 |
|
|
33,587,000 |
|
|
32,657,000 |
|
||
| Operating Income |
|
192,536,000 |
|
|
153,681,000 |
|
|
141,083,000 |
|
||
| Other Expense: | |||||||||||
| Interest — net |
|
46,000 |
|
|
(285,000 |
) |
|
3,136,000 |
|
||
| Other — net |
|
(162,000 |
) |
|
33,000 |
|
|
(270,000 |
) |
||
| Total Other Expense |
|
(116,000 |
) |
|
(252,000 |
) |
|
2,866,000 |
|
||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
192,420,000 |
|
|
153,429,000 |
|
|
143,949,000 |
|
||
| Provision (benefit) for Income Taxes |
|
46,474,000 |
|
|
38,402,000 |
|
|
36,029,000 |
|
||
| Net Income Gain (Loss) from Continuing Operations |
|
145,947,000 |
|
|
115,027,000 |
|
|
107,920,000 |
|
||
| 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 |
|
|
115,027,000 |
|
|
107,920,000 |
|
||
| Net Income Attributable to Noncontrolling Interest |
|
4,354,000 |
|
|
3,439,000 |
|
|
3,227,000 |
|
||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
141,269,000 |
|
|
111,588,000 |
|
|
104,693,000 |
|
||
| CAMBRIDGE-LEE HOLDINGS, INC | |||
| STATEMENT OF CASH FLOW | |||
| Figures in US Dollars | |||
| September 30, 2023 | |||
| OPERATING ACTIVITIES: | |||
| Net income (loss) |
71,836,000 |
|
|
| Less Net income (loss) from disposition | |||
| Less Net income (loss) attributed to noncontrolling interest | |||
| Net income (loss) |
71,836,000 |
|
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization |
3,078,000 |
|
|
| Allowance for (benefit from) doubtful accounts receivable |
(179,000 |
) |
|
| Changes in assets and liabilities which provided (used) cash: | |||
| (Increase) decrease in accounts and notes receivable |
(12,801,000 |
) |
|
| (Increase) decrease in inventories |
7,966,000 |
|
|
| (Increase) decrease in prepaid expenses, deposits and other assets |
3,777,000 |
|
|
| Increase (decrease) in other long term obligations |
(1,493,000 |
) |
|
| Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates |
(10,405,000 |
) |
|
| Change in operating lease liabilities |
(78,000 |
) |
|
| Increase (decrease) in income taxes payable |
5,471,000 |
|
|
| Total adjustments |
(4,664,000 |
) |
|
| net cash provided by (used in) operating activities |
67,172,000 |
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property, plant and equipment |
(6,015,000 |
) |
|
| Change in restricted cash balance | |||
| Net cash provided by (used in) investing activities |
(6,015,000 |
) |
|
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Principal payments on long-term debt |
(967,000 |
) |
|
| Payment of debt issuance costs |
25,000 |
|
|
| Cash payment of dividends |
(15,000,000 |
) |
|
| Net cash provided by (used in) financing activities |
(15,942,000 |
) |
|
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||
| Net increase in cash and cash equivalents |
45,215,000 |
|
|
| Cash and cash equivalents at beginning of period |
93,837,000 |
|
|
| Cash and cash equivalents at end of period |
139,052,000 |
|
|
Contacts
Francisco Rodriguez
[email protected]
Tel. 525552618800
