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
frodriguez@iusa.com.mm
Tel. 5255 52618800