Subject: EARNINGS
Cambridge-Lee Holdings Consolidated Results of Operations for Q4 2023
Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the fourth quarter of 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 |
|
|
4,480,000 |
|
||
| Total current assets |
|
290,000,000 |
|
|
385,973,000 |
|
||
| 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 |
|
|
12,775,000 |
|
||
| 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: | |||
| Depreciation and amortization | 6,691,000 |
|
|
| Allowance for (benefit from) doubtful accounts receivable | (92,000 |
) |
|
| Net periodic pension (benefit) cost | (27,000 |
) |
|
| (Gain) loss on sale of property, plant and equipment | 610,000 |
|
|
| 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 | (118,000 |
) |
|
| Increase (decrease) in other long term obligations | 575,000 |
|
|
| Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates | (5,413,000 |
) |
|
| Change in operating lease liabilities | (1,321,000 |
) |
|
| Increase (decrease) in income taxes payable | 3,279,000 |
|
|
| Increase (decrease) in assets from dispositions | |||
| Total adjustments | 28,584,000 |
|
|
| net cash provided by (used in) operating activities | 165,689,000 |
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property, plant and equipment | (9,576,000 |
) |
|
| Proceeds from sale of property, plant and equipment | 15,000 |
|
|
| disposal | |||
| Net cash provided by (used in) investing activities | (9,561,000 |
) |
|
| 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 | 123,761,000 |
|
|
| Cash and cash equivalents at beginning of period | 93,837,000 |
|
|
| Cash and cash equivalents at end of period | 217,598,000 |
|
|
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