Cambridge-Lee Holdings Consolidated Results of Operations for FY 2023

READING, Pa.--(BUSINESS WIRE)--Cambridge-Lee Holdings, Inc, has announced its audited consolidated results for the fiscal year 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 December 31, 2023 and December 31, 2022
Figures in US Dollars		12/31/2022				12/31/2023
Assets
Current Assets:
Cash and cash equivalents			93,837,000			$	217,598,000
Accounts Receivable - Net			80,397,000				75,842,000
Accounts Receivable - Affiliates			2,089,000				3,254,000
Accounts Receivable - Refundable Income Tax			6,438,000				3,204,000
Other Receivables			58,000				18,000
Inventories - net			100,851,000				81,577,000
Other current assets			6,330,000				5,416,000
Deferred income taxes			0				0
Total current assets			290,000,000				386,909,000
Property, Plant, and Equipment - Net			47,098,000				49,438,000
ROU Asset			3,847,000				4,680,000
Deferred Financing Fees - Net			222,000				169,000
Other Long-Term Assets			10,807,000				11,839,000
Total		$	351,974,000			$	453,035,000
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt			2,367,000				2,371,000
Lease Liability - S. T.			1,233,000				1,158,000
Trade Accounts Payable			31,412,000				26,063,000
Affiliates Payable			65,000				173,000
Accrued expenses and taxes other than income tax			14,761,000				14,681,000
Total current liabilities			49,838,000				44,446,000
Long-Term Debt			4,706,000				2,336,000
Long-Term Obligations - Other			713,000				1,075,000
Deferred Revenue			428,000				404,000
Lease Liability - L. T.			2,666,000				3,576,000
Deferred Income Taxes			2,980,000				3,264,000
Total liabilities			61,331,000				55,101,000
SHAREHOLDERS' EQUITY:
Common stock, no par - authorized, 1,500 shares;
issued and outstanding, 1,000 shares			1,000				1,000
Additional paid-in capital			24,205,000				24,205,000
Investment in Parent
Excess of liabilities assumed over book value
of assets transferred			(17,514,000	)			(17,514,000	)
Retained earnings			276,440,000				380,343,000
Accumulated other comprehensive income (loss)			(893,000	)			(713,000	)
Noncontrolling owner's interest			8,404,000				11,612,000
Total shareholders' equity			290,643,000				397,934,000
TOTAL		$	351,974,000			$	453,035,000

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, 2023 and December 31, 2022
Figures in US Dollars		12/31/2022				12/31/2023
Revenues:
Net Sales		$	825,660,000			$	744,736,000
Cost of Sales			589,209,000				524,301,000
Gross Income			236,451,000				220,435,000
Selling, General and Administrative Expenses			43,915,000				43,163,000
Operating Income			192,536,000				177,272,000
Other Expense:
Interest - net			46,000				5,680,000
Other - net			(162,000	)			(524,000	)
Total Other Expense			(116,000	)			5,156,000
Income (Loss) From Continuing Operations Before Provision for Income Taxes			192,420,000				182,428,000
Provision (benefit) for Income Taxes			46,474,000				45,324,000
Net Income Gain (Loss) from Continuing Operations			145,946,000				137,105,000
COMPREHENSIVE (LOSS) INCOME-Pension unrecognized			(324,000	)			186,000
(loss) gain adjustment-net of tax expense of $61,000 and
tax (benefit) of $106,000 for 2023 and 2022, respectively
Net Income (Loss)			145,622,000				137,291,000
Net Income Attributable to Noncontrolling Interest			4,364,000				4,099,000
Net Income Attributable to Cambridge-Lee Holdings, Inc.			141,259,000				133,192,000

CAMBRIDGE-LEE HOLDINGS, INC
STATEMENT OF CASH FLOW
Figures in US Dollars
			December 31, 2023
OPERATING ACTIVITIES:
Net income (loss)			137,105,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest
Depreciation and amortization			6,716,000
Allowance for (benefit from) doubtful accounts receivable			(92,000	)
Net periodic pension (benefit) cost			(28,000	)
(Gain) loss on sale of property, plant and equipment			630,000
Amortization of ROU operating leases			1,319,000
Increase (decrease) in deferred income taxes			285,000
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable			3,522,000
(Increase) decrease in inventories			19,274,000
(Increase) decrease in prepaid expenses, deposits and other assets			72,000
Increase (decrease) in other long term obligations			339,000
Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates			(5,390,000	)
Change in operating lease liabilities			(1,321,000	)
Increase (decrease) in income taxes payable			3,279,000
Total adjustments			28,605,000
net cash provided by (used in) operating activities			165,710,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment			(9,598,000	)
Proceeds from sale of property, plant and equipment			15,000
disposal
Net cash provided by (used in) investing activities			(9,583,000	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt			(2,286,000	)
Payment under capital lease obligations			(81,000	)
Cash payment of dividends			(30,000,000	)
Net cash provided by (used in) financing activities			(32,367,000	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents			123,760,000
Cash and cash equivalents at beginning of period			93,837,000
Cash and cash equivalents at end of period			217,597,000

Contacts

Francisco Rodriguez
[e-mail]
Tel. [phone]