Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the fourth quarter of 2022.
| 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, 2022 and December 31, 2021 | |||||||||
| Figures in US Dollars | 12/31/2021 | 12/31/2022 | |||||||
| Assets | |||||||||
| Current Assets: | |||||||||
| Cash and cash equivalents |
|
2,059,000 |
|
$ |
93,837,000 |
|
|||
| Accounts Receivable - Net |
|
88,943,000 |
|
|
80,397,000 |
|
|||
| Accounts Receivable - Affiliates |
|
6,398,000 |
|
|
5,109,000 |
|
|||
| Accounts Receivable - Refundable Income Tax |
|
1,485,000 |
|
|
6,438,000 |
|
|||
| Other Receivables |
|
33,000 |
|
|
58,000 |
|
|||
| Inventories — net |
|
93,269,000 |
|
|
100,851,000 |
|
|||
| Other current assets |
|
4,093,000 |
|
|
6,330,000 |
|
|||
| Total current assets |
|
196,280,000 |
|
|
293,020,000 |
|
|||
| Restricted Cash | |||||||||
| Note Receivable — Affiliate |
|
8,990,000 |
|
|
0 |
|
|||
| Property, Plant, and Equipment — Net |
|
47,932,000 |
|
|
47,098,000 |
|
|||
| ROU Asset |
|
0 |
|
|
3,847,000 |
|
|||
| Deferred Financing Fees — Net |
|
291,000 |
|
|
222,000 |
|
|||
| Other Long-Term Assets |
|
8,112,000 |
|
|
10,146,000 |
|
|||
| Total | $ |
261,605,000 |
|
$ |
354,333,000 |
|
|||
| Liabilities and Shareholders' Equity | |||||||||
| Current Liabilities: | |||||||||
| Current portion of long-term debt |
|
2,417,000 |
|
|
2,367,000 |
|
|||
| Revolving credit facility |
|
16,434,000 |
|
|
0 |
|
|||
| Lease Liability - S. T. |
|
0 |
|
|
1,233,000 |
|
|||
| Trade Accounts Payable |
|
26,471,000 |
|
|
31,412,000 |
|
|||
| Affiliates Payable |
|
733,000 |
|
|
3,086,000 |
|
|||
| Accrued expenses and taxes other than income tax |
|
16,954,000 |
|
|
14,761,000 |
|
|||
| Total current liabilities |
|
63,009,000 |
|
|
52,859,000 |
|
|||
| Long-Term Debt |
|
7,073,000 |
|
|
4,706,000 |
|
|||
| Long-Term Obligations — Other |
|
88,000 |
|
|
51,000 |
|
|||
| Deferred Revenue |
|
453,000 |
|
|
428,000 |
|
|||
| Lease Liability - L. T. |
|
0 |
|
|
2,666,000 |
|
|||
| Deferred Income Taxes |
|
2,967,000 |
|
|
2,980,000 |
|
|||
| Total liabilities |
|
73,590,000 |
|
|
63,690,000 |
|
|||
| SHAREHOLDERS’ EQUITY: | |||||||||
| Common stock, no par — authorized, 1,500 shares; | |||||||||
| issued and outstanding, 1,000 shares |
|
1,000 |
|
|
1,000 |
|
|||
| Additional paid-in capital |
|
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 |
) |
|||
| Retained earnings |
|
174,406,000 |
|
|
276,440,000 |
|
|||
| Accumulated other comprehensive income (loss) |
|
(579,000 |
) |
|
(893,000 |
) |
|||
| Noncontrolling owner’s interest |
|
7,496,000 |
|
|
8,404,000 |
|
|||
| Total shareholders' equity |
|
188,015,000 |
|
|
290,643,000 |
|
|||
| TOTAL | $ |
261,605,000 |
|
$ |
354,333,000 |
|
|||
| 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, 2022 and December 31, 2021 | |||||||||
| Figures in US Dollars | 12/31/2021 | 12/31/2022 | |||||||
| Revenues: | |||||||||
| Net Sales | $ |
751,861,000 |
|
$ |
825,660,000 |
|
|||
| Cost of Sales |
|
578,150,000 |
|
|
589,210,000 |
|
|||
| Gross Income |
|
173,711,000 |
|
|
236,450,000 |
|
|||
| Selling, General and Administrative Expenses |
|
42,138,000 |
|
|
43,914,000 |
|
|||
| Operating Income |
|
131,573,000 |
|
|
192,536,000 |
|
|||
| Other Expense: | |||||||||
| Interest — net |
|
(1,498,000 |
) |
|
46,000 |
|
|||
| Other — net |
|
(1,737,000 |
) |
|
(162,000 |
) |
|||
| Total Other Expense |
|
(3,235,000 |
) |
|
(116,000 |
) |
|||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
128,338,000 |
|
|
192,420,000 |
|
|||
| Provision (benefit) for Income Taxes |
|
31,235,000 |
|
|
46,474,000 |
|
|||
| Net Income Gain (Loss) from Continuing Operations |
|
97,103,000 |
|
|
145,946,000 |
|
|||
| COMPREHENSIVE (LOSS) GAIN INCOME—Pension unrecognized |
|
1,261,000 |
|
|
(324,000 |
) |
|||
| (loss) gain adjustment—net of tax (benefit) of $106,000 and | |||||||||
| tax expense of $408,000 for 2022 and 2021, respectively | |||||||||
| Net Income (Loss) |
|
98,364,000 |
|
|
145,622,000 |
|
|||
| Net Income Attributable to Noncontrolling Interest |
|
2,941,000 |
|
|
4,354,000 |
|
|||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
95,423,000 |
|
|
141,268,000 |
|
|||
| CAMBRIDGE-LEE HOLDINGS, INC | |||
| STATEMENT OF CASH FLOW | |||
| Figures in US Dollars | December 31, 2022 | ||
| OPERATING ACTIVITIES: | |||
| Net income (loss) | 141,583,000 |
|
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Noncontrolling interest | 4,364,000 |
|
|
| Depreciation and amortization | 5,923,000 |
|
|
| Allowance for doubtful accounts receivable | (4,000 |
) |
|
| Net periodic pension (benefit) cost | (350,000 |
) |
|
| Increase (decrease) in deferred income taxes | (11,000 |
) |
|
| Changes in assets and liabilities which provided (used) cash: | |||
| (Increase) decrease in accounts and notes receivable | 21,231,000 |
|
|
| (Increase) decrease in inventories | (7,582,000 |
) |
|
| (Increase) decrease in prepaid expenses, deposits and other assets | (4,297,000 |
) |
|
| Increase (decrease) in other long term obligations | (37,000 |
) |
|
| Increase (decrease) in accts payable, accrd exps & amounts due to affiliates | 2,724,000 |
|
|
| Increase (decrease) in income taxes payable | (4,953,000 |
) |
|
| Increase (decrease) in operating lease activity | 51,000 |
|
|
| Total adjustments | 17,059,000 |
|
|
| net cash provided by (used in) operating activities | 158,642,000 |
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property, plant and equipment | (5,714,000 |
) |
|
| Proceeds from sale of property, plant, and equipment | 625,000 |
|
|
| Net cash provided by (used in) investing activities | (5,089,000 |
) |
|
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Increase (decrease) in revolving credit facility | (16,434,000 |
) |
|
| Principal payments on long-term debt | (2,347,000 |
) |
|
| Cash payment of dividends | (42,994,000 |
) |
|
| Net cash provided by (used in) financing activities | (61,775,000 |
) |
|
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||
| Net increase in cash and cash equivalents | 91,778,000 |
|
|
| Cash and cash equivalents at beginning of period | 2,059,000 |
|
|
| Cash and cash equivalents at end of period | 93,837,000 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230301006035/en/
Contacts
Francisco Rodriguez
Tel 525551181500
frodriguez@iiusa.com.mx
