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
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version on businesswire.com: https://www.businesswire.com/news/home/20240826901143/en/
Francisco Rodriguez, frodriguez@iusa.com.mx, Tel. 52 55 5216
8800