Cambridge-Lee Holdings Consolidated Results of Operations for Q1 2023
June 02 2023 - 8:12PM
Business Wire
Cambridge-Lee Holdings, Inc, has announced its unaudited
consolidated results for the first 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 March 31, 2023 and
March 31, 2022 Figures in US Dollars
12/31/2022 3/31/2022 3/31/2023 Assets
Current Assets: Cash and cash equivalents
$
93,837,000
$
18,585,000
$
106,208,000
Accounts Receivable - Net
80,397,000
116,422,000
98,935,000
Accounts Receivable - Affiliates
2,089,000
1,827,000
2,781,000
Accounts Receivable - Refundable Income Tax
6,438,000
1,485,000
6,438,000
Other Receivables
58,000
78,000
43,000
Inventories — net
100,851,000
95,467,000
109,367,000
Other current assets
6,330,000
10,043,000
15,518,000
Total current assets
290,000,000
243,907,000
339,290,000
Restricted Cash Note Receivable — Affiliate
0
8,990,000
0
Property, Plant, and Equipment — Net
47,098,000
48,577,000
49,884,000
ROU Asset
3,847,000
3,953,000
3,548,000
Deferred Financing Fees — Net
222,000
320,000
208,000
Other Long-Term Assets
10,808,000
383,000
344,000
Total
$
351,975,000
$
306,130,000
$
393,274,000
Liabilities and Shareholders' Equity Current
Liabilities: Current portion of long-term debt
2,367,000
2,402,000
2,368,000
Lease Liability - S. T.
1,233,000
1,298,000
1,170,000
Trade Accounts Payable
31,412,000
46,391,000
29,765,000
Affiliates Payable
65,000
(5,065,000
)
(594,000
)
Accrued expenses and taxes other than income tax
14,761,000
14,434,000
13,191,000
Income taxes payable
0
11,801,000
11,977,000
Total current liabilities
49,838,000
71,261,000
57,877,000
Long-Term Debt
4,706,000
6,482,000
4,114,000
Long-Term Obligations — Other
713,000
(639,000
)
(645,000
)
Deferred Revenue - L. T.
428,000
0
0
Lease Liability - L. T.
2,666,000
2,696,000
2,430,000
Deferred Income Taxes
2,980,000
2,967,000
2,980,000
Total liabilities
61,331,000
82,767,000
66,756,000
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
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
)
(17,514,000
)
Retained earnings
276,441,000
208,697,000
311,242,000
Accumulated other comprehensive income (loss)
(893,000
)
(579,000
)
(893,000
)
Noncontrolling owner’s interest
8,404,000
8,553,000
9,477,000
Total shareholders' equity
290,644,000
223,363,000
326,518,000
TOTAL
$
351,975,000
$
306,130,000
$
393,274,000
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,
2023 and March 31, 2022 Figures in US Dollars
12/31/2022 3/31/2022 3/31/2023 Revenues: Net
Sales
$
825,660,000
$
219,979,000
$
200,393,000
Cost of Sales
589,209,000
162,120,000
142,026,000
Gross Income
236,451,000
57,859,000
58,367,000
Selling, General and Administrative Expenses
43,915,000
10,741,000
10,911,000
Operating Income
192,536,000
47,118,000
47,456,000
Other Expense: Interest — net
46,000
(1,000
)
388,000
Other — net
(162,000
)
32,000
7,000
Total Other Expense
(116,000
)
31,000
395,000
Income (Loss) From Continuing Operations Before Provision
for Income Taxes
192,420,000
47,149,000
47,851,000
Provision (benefit) for Income Taxes
46,474,000
11,801,000
11,977,000
Net Income Gain (Loss) from Continuing Operations
145,947,000
35,348,000
35,874,000
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized gain
adjustment—net of tax expense of $408,000 and $0 for 2021 and 2020,
respectively
(324,000
)
0
0
Net Income (Loss)
145,623,000
35,348,000
35,874,000
Net Income Attributable to Noncontrolling Interest
4,354,000
1,057,000
1,073,000
Net Income Attributable to Cambridge-Lee Holdings, Inc.
141,269,000
34,291,000
34,801,000
CAMBRIDGE-LEE HOLDINGS, INC STATEMENT OF CASH FLOW
Figures in US Dollars March 31, 2023 OPERATING
ACTIVITIES: Net income (loss)
34,801,000
Adjustments to reconcile net income (loss) to net cash
provided by operating activities: Depreciation and amortization
1,500,000
Allowance for (benefit from) doubtful accounts receivable
6,000
Changes in assets and liabilities which provided (used)
cash: (Increase) decrease in accounts and notes receivable
(19,894,000
)
(Increase) decrease in inventories
(8,516,000
)
(Increase) decrease in prepaid expenses, deposits and other assets
1,285,000
Increase (decrease) in other long term obligations
(1,358,000
)
Increase (decrease) in accnts payable, accrued exps & amounts
due to affiliates
(3,646,000
)
Change in operating lease liabilities
(215,000
)
Increase (decrease) in income taxes payable
11,977,000
Total adjustments
(18,861,000
)
Net cash provided by (used in) operating activities
15,940,000
CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of
property, plant and equipment
(3,220,000
)
Change in restricted cash balance Net cash provided by (used in)
investing activities
(3,220,000
)
CASH FLOWS FROM FINANCING ACTIVITIES: Principal
payments on long-term debt
(362,000
)
Payment of debt issuance costs
13,000
Net cash provided by (used in) financing activities
(349,000
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH Net increase
in cash and cash equivalents
12,371,000
Cash and cash equivalents at beginning of period
93,837,000
Cash and cash equivalents at end of period
106,208,000
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