Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the second 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 June 30, 2024 and June 30, 2023 | |||||||||||
| Figures in US Dollars | 12/31/2023 | 6/30/2023 | 6/30/2024 | ||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ |
217,598,000 |
|
|
139,052,000 |
|
$ |
213,343,000 |
|
||
| Accounts Receivable - Net |
|
75,842,000 |
|
|
94,123,000 |
|
|
118,045,000 |
|
||
| Accounts Receivable - Affiliates |
|
3,254,000 |
|
|
1,358,000 |
|
|
10,591,000 |
|
||
| Accounts Receivable - Refundable Income Tax |
|
3,204,000 |
|
|
6,438,000 |
|
|
3,204,000 |
|
||
| Other Receivables |
|
18,000 |
|
|
44,000 |
|
|
301,000 |
|
||
| Inventories — net |
|
81,577,000 |
|
|
92,885,000 |
|
|
102,363,000 |
|
||
| Other current assets |
|
5,416,000 |
|
|
13,012,000 |
|
|
17,015,000 |
|
||
| Total current assets |
|
386,909,000 |
|
|
346,912,000 |
|
|
464,862,000 |
|
||
| Restricted Cash | |||||||||||
| Property, Plant, and Equipment — Net |
|
49,438,000 |
|
|
50,047,000 |
|
|
49,320,000 |
|
||
| ROU Asset |
|
4,680,000 |
|
|
3,728,000 |
|
|
4,636,000 |
|
||
| Deferred Financing Fees — Net |
|
169,000 |
|
|
195,000 |
|
|
143,000 |
|
||
| Other Long-Term Assets |
|
11,839,000 |
|
|
337,000 |
|
|
449,000 |
|
||
| Total | $ |
453,035,000 |
|
$ |
401,219,000 |
|
$ |
519,410,000 |
|
||
| Liabilities and Shareholders' Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Current portion of long-term debt |
|
2,371,000 |
|
|
2,369,000 |
|
|
2,355,000 |
|
||
| Revolving credit facility | |||||||||||
| Lease Liability - S. T. |
|
1,158,000 |
|
|
1,127,000 |
|
|
1,246,000 |
|
||
| Trade Accounts Payable |
|
26,063,000 |
|
|
21,345,000 |
|
|
29,451,000 |
|
||
| Affiliates Payable |
|
173,000 |
|
|
371,000 |
|
|
3,592,000 |
|
||
| Accrued expenses and taxes other than income tax |
|
14,681,000 |
|
|
14,546,000 |
|
|
16,103,000 |
|
||
| Income taxes payable |
|
0 |
|
|
5,471,000 |
|
|
5,556,000 |
|
||
| Total current liabilities |
|
44,446,000 |
|
|
45,229,000 |
|
|
58,303,000 |
|
||
| Long-Term Debt |
|
2,336,000 |
|
|
3,521,000 |
|
|
1,167,000 |
|
||
| Long-Term Obligations — Other |
|
1,075,000 |
|
|
(645,000 |
) |
|
(919,000 |
) |
||
| Deferred Revenue |
|
404,000 |
|
||||||||
| Lease Liability - L. T. |
|
3,576,000 |
|
|
2,655,000 |
|
|
3,448,000 |
|
||
| Deferred Income Taxes |
|
3,264,000 |
|
|
2,980,000 |
|
|
3,265,000 |
|
||
| Total liabilities |
|
55,101,000 |
|
|
53,740,000 |
|
|
65,264,000 |
|
||
| 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 |
|
||
| Investment in Parent | |||||||||||
| Excess of liabilities assumed over book value | |||||||||||
| of assets transferred |
|
(17,514,000 |
) |
|
(17,514,000 |
) |
|
(17,514,000 |
) |
||
| Retained earnings |
|
380,343,000 |
|
|
331,576,000 |
|
|
434,874,000 |
|
||
| Accumulated other comprehensive income (loss) |
|
(713,000 |
) |
|
(893,000 |
) |
|
(713,000 |
) |
||
| Noncontrolling owner’s interest |
|
11,612,000 |
|
|
10,104,000 |
|
|
13,293,000 |
|
||
| Total shareholders' equity |
|
397,934,000 |
|
|
347,479,000 |
|
|
454,146,000 |
|
||
| TOTAL | $ |
453,035,000 |
|
$ |
401,219,000 |
|
$ |
519,410,000 |
|
||
| 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 June 30, 2024 and June 30, 2023 | |||||||||
| Figures in US Dollars | 12/31/2023 | 6/30/2023 | 6/30/2024 | ||||||
| Revenues: | |||||||||
| Net Sales | $ |
744,736,000 |
|
$ |
393,991,000 |
$ |
402,617,000 |
||
| Cost of Sales |
|
524,301,000 |
|
|
277,707,000 |
|
284,240,000 |
||
| Gross Income |
|
220,435,000 |
|
|
116,284,000 |
|
118,377,000 |
||
| Selling, General and Administrative Expenses |
|
43,163,000 |
|
|
21,865,000 |
|
22,070,000 |
||
| Operating Income |
|
177,272,000 |
|
|
94,419,000 |
|
96,307,000 |
||
| Other Expense: | |||||||||
| Interest — net |
|
5,680,000 |
|
|
1,396,000 |
|
5,281,000 |
||
| Other — net |
|
(524,000 |
) |
|
3,000 |
|
67,000 |
||
| Total Other Expense |
|
5,156,000 |
|
|
1,399,000 |
|
5,348,000 |
||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
182,428,000 |
|
|
95,818,000 |
|
101,655,000 |
||
| Provision (benefit) for Income Taxes |
|
45,324,000 |
|
|
23,982,000 |
|
25,443,000 |
||
| Net Income Gain (Loss) from Continuing Operations |
|
137,105,000 |
|
|
71,836,000 |
|
76,212,000 |
||
| 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 |
|
|
71,836,000 |
|
76,212,000 |
||
| Net Income Attributable to Noncontrolling Interest |
|
4,099,000 |
|
|
2,148,000 |
|
2,279,000 |
||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
133,192,000 |
|
|
69,689,000 |
|
73,933,000 |
||
| CAMBRIDGE-LEE HOLDINGS, INC | ||||
| STATEMENT OF CASH FLOW | ||||
| Figures in US Dollars | ||||
| June 30, 2024 | ||||
| OPERATING ACTIVITIES: | ||||
| Net income (loss) | 76,212,000 |
|
||
| Less Net income (loss) from disposition | ||||
| Less Net income (loss) attributed to noncontrolling interest | ||||
| Net income (loss) | 76,212,000 |
|
||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
| Noncontrolling interest | - |
|
||
| Depreciation and amortization | 3,434,000 |
|
||
| Allowance for (benefit from) doubtful accounts receivable | (13,000 |
) |
||
| Changes in assets and liabilities which provided (used) cash: | ||||
| (Increase) decrease in accounts and notes receivable | (49,810,000 |
) |
||
| (Increase) decrease in inventories | (20,787,000 |
) |
||
| (Increase) decrease in prepaid expenses, deposits and other assets | (220,000 |
) |
||
| Increase (decrease) in other long term obligations | (1,994,000 |
) |
||
| Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates | 7,827,000 |
|
||
| Change in operating lease liabilities | 3,000 |
|
||
| Increase (decrease) in income taxes payable | 5,555,000 |
|
||
| Increase (decrease) in assets from dispositions | ||||
| Total adjustments | (56,005,000 |
) |
||
| net cash provided by (used in) operating activities | 20,207,000 |
|
||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
| Purchases of property, plant and equipment | (3,304,000 |
) |
||
| Proceeds from sale of property, plant and equipment | - |
|
||
| disposal | ||||
| Change in restricted cash balance | ||||
| Net cash provided by (used in) investing activities | (3,304,000 |
) |
||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
| Principal payments on long-term debt | (1,185,000 |
) |
||
| Payment of debt issuance costs | 26,000 |
|
||
| Cash payment of dividends | (20,000,000 |
) |
||
| Net cash provided by (used in) financing activities | (21,159,000 |
) |
||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | ||||
| Net increase in cash and cash equivalents | (4,255,000 |
) |
||
| Cash and cash equivalents at beginning of period | 217,598,000 |
|
||
| Cash and cash equivalents at end of period | 213,343,000 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240826901143/en/
Contacts
Francisco Rodriguez, frodriguez@iusa.com.mx, Tel. 52 55 5216 8800
