Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the first quarter of 2024.
| 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, 2024 and March 31, 2023 | |||||||||||
| Figures in US Dollars | 12/31/2023 | 3/31/2023 | 3/31/2024 | ||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ |
217,598,000 |
|
|
106,208,000 |
|
$ |
228,515,000 |
|
||
| Accounts Receivable - Net |
|
75,842,000 |
|
|
98,935,000 |
|
|
94,232,000 |
|
||
| Accounts Receivable - Affiliates |
|
3,254,000 |
|
|
2,781,000 |
|
|
10,178,000 |
|
||
| Accounts Receivable - Refundable Income Tax |
|
3,204,000 |
|
|
6,438,000 |
|
|
3,204,000 |
|
||
| Other Receivables |
|
18,000 |
|
|
43,000 |
|
|
242,000 |
|
||
| Inventories — net |
|
81,577,000 |
|
|
109,367,000 |
|
|
90,964,000 |
|
||
| Other current assets |
|
5,416,000 |
|
|
15,518,000 |
|
|
17,788,000 |
|
||
| Total current assets |
|
386,909,000 |
|
|
339,290,000 |
|
|
445,123,000 |
|
||
| Property, Plant, and Equipment — Net |
|
49,438,000 |
|
|
49,884,000 |
|
|
48,634,000 |
|
||
| ROU Asset |
|
4,680,000 |
|
|
3,548,000 |
|
|
4,966,000 |
|
||
| Deferred Financing Fees — Net |
|
169,000 |
|
|
208,000 |
|
|
156,000 |
|
||
| Other Long-Term Assets |
|
11,839,000 |
|
|
344,000 |
|
|
320,000 |
|
||
| Total | $ |
453,035,000 |
|
$ |
393,274,000 |
|
$ |
499,199,000 |
|
||
| Liabilities and Shareholders' Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Current portion of long-term debt |
|
2,371,000 |
|
|
2,368,000 |
|
|
2,363,000 |
|
||
| Lease Liability - S. T. |
|
1,158,000 |
|
|
1,170,000 |
|
|
1,280,000 |
|
||
| Trade Accounts Payable |
|
26,063,000 |
|
|
29,765,000 |
|
|
32,950,000 |
|
||
| Affiliates Payable |
|
173,000 |
|
|
(594,000 |
) |
|
621,000 |
|
||
| Accrued expenses and taxes other than income tax |
|
14,681,000 |
|
|
13,191,000 |
|
|
12,563,000 |
|
||
| Income taxes payable |
|
0 |
|
|
11,977,000 |
|
|||||
|
10,925,000 |
|
|||||||||
| Total current liabilities |
|
44,446,000 |
|
|
57,877,000 |
|
|
60,702,000 |
|
||
| Long-Term Debt |
|
2,336,000 |
|
|
4,114,000 |
|
|
1,752,000 |
|
||
| Long-Term Obligations — Other |
|
1,075,000 |
|
|
(645,000 |
) |
|
(919,000 |
) |
||
| Deferred Revenue |
|
404,000 |
|
||||||||
| Lease Liability - L. T. |
|
3,576,000 |
|
|
2,430,000 |
|
|
3,742,000 |
|
||
| Deferred Income Taxes |
|
3,264,000 |
|
|
2,980,000 |
|
|
3,265,000 |
|
||
| Total liabilities |
|
55,101,000 |
|
|
66,756,000 |
|
|
68,542,000 |
|
||
| 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 |
|
|
24,205,000 |
|
|
24,205,000 |
|
||
| Excess of liabilities assumed over book value | |||||||||||
| of assets transferred |
|
(17,514,000 |
) |
|
(17,514,000 |
) |
|
(17,514,000 |
) |
||
| Retained earnings |
|
380,343,000 |
|
|
311,242,000 |
|
|
412,087,000 |
|
||
| Accumulated other comprehensive income (loss) |
|
(713,000 |
) |
|
(893,000 |
) |
|
(713,000 |
) |
||
| Noncontrolling owner’s interest |
|
11,612,000 |
|
|
9,477,000 |
|
|
12,591,000 |
|
||
| Total shareholders' equity |
|
397,934,000 |
|
|
326,518,000 |
|
|
430,657,000 |
|
||
| TOTAL | $ |
453,035,000 |
|
$ |
393,274,000 |
|
$ |
499,199,000 |
|
||
| 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, 2024 and March 31, 2023 | |||||||||
| Figures in US Dollars | 12/31/2023 | 3/31/2023 | 3/31/2024 | ||||||
| Revenues: | |||||||||
| Net Sales | $ |
744,736,000 |
|
$ |
200,393,000 |
$ |
180,466,000 |
||
| Cost of Sales |
|
524,301,000 |
|
|
142,026,000 |
|
128,850,000 |
||
| Gross Income |
|
220,435,000 |
|
|
58,367,000 |
|
51,616,000 |
||
| Selling, General and Administrative Expenses |
|
43,163,000 |
|
|
10,911,000 |
|
10,637,000 |
||
| Operating Income |
|
177,272,000 |
|
|
47,456,000 |
|
40,979,000 |
||
| Other Expense: | |||||||||
| Interest — net |
|
5,680,000 |
|
|
388,000 |
|
2,649,000 |
||
| Other — net |
|
(524,000 |
) |
|
7,000 |
|
20,000 |
||
| Total Other Expense |
|
5,156,000 |
|
|
395,000 |
|
2,669,000 |
||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
182,428,000 |
|
|
47,851,000 |
|
43,648,000 |
||
| Provision (benefit) for Income Taxes |
|
45,324,000 |
|
|
11,977,000 |
|
10,926,000 |
||
| Net Income Gain (Loss) from Continuing Operations |
|
137,105,000 |
|
|
35,874,000 |
|
32,723,000 |
||
| COMPREHENSIVE (LOSS) INCOME—Pension unrecognized |
|
186,000 |
|
|
0 |
|
0 |
||
| (loss) gain adjustment—net of tax expense of $61,000 and | |||||||||
| tax (benefit) of $106,000 for 2023 and 2022, respectively | |||||||||
| Net Income (Loss) |
|
137,291,000 |
|
|
35,874,000 |
|
32,723,000 |
||
| Net Income Attributable to Noncontrolling Interest |
|
4,099,000 |
|
|
1,073,000 |
|
978,000 |
||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
133,192,000 |
|
|
34,802,000 |
|
31,745,000 |
||
| CAMBRIDGE-LEE HOLDINGS, INC | ||||||
| STATEMENT OF CASH FLOW | ||||||
| Figures in US Dollars | ||||||
| March 31, 2024 | ||||||
| OPERATING ACTIVITIES: | ||||||
| Net income (loss) | 32,723,000 |
|
||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
| Noncontrolling interest | ||||||
| Depreciation and amortization | 1,685,000 |
|
||||
| Allowance for (benefit from) doubtful accounts receivable | (18,000 |
) |
||||
| Changes in assets and liabilities which provided (used) cash: | ||||||
| (Increase) decrease in accounts and notes receivable | (25,522,000 |
) |
||||
| (Increase) decrease in inventories | (9,387,000 |
) |
||||
| (Increase) decrease in prepaid expenses, deposits and other assets | (857,000 |
) |
||||
| Increase (decrease) in other long term obligations | (1,994,000 |
) |
||||
| Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates | 4,814,000 |
|
||||
| Change in operating lease liabilities | 2,000 |
|
||||
| Increase (decrease) in income taxes payable | 10,925,000 |
|
||||
| Total adjustments | (20,352,000 |
) |
||||
| net cash provided by (used in) operating activities | 12,371,000 |
|
||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
| Purchases of property, plant and equipment | (875,000 |
) |
||||
| Change in restricted cash balance | ||||||
| Net cash provided by (used in) investing activities | (875,000 |
) |
||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
| Principal payments on long-term debt | (592,000 |
) |
||||
| Payment of debt issuance costs | 13,000 |
|
||||
| Net cash provided by (used in) financing activities | (579,000 |
) |
||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | ||||||
| Net increase in cash and cash equivalents | 10,917,000 |
|
||||
| Cash and cash equivalents at beginning of period | 217,598,000 |
|
||||
| Cash and cash equivalents at end of period | 228,515,000 |
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240612754657/en/
Contacts
Francisco Rodriguez
frodriguez@iusa.com.mx
Tel 5255 5261 8800
