Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the third 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 September 30, 2024 and September 30, 2023 | |||||||||||
| Figures in US Dollars | 12/31/2023 | 9/30/2023 | 9/30/2024 | ||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ |
217,598,000 |
|
|
191,906,000 |
|
$ |
264,237,000 |
|
||
| Accounts Receivable - Net |
|
75,842,000 |
|
|
93,079,000 |
|
|
104,786,000 |
|
||
| Accounts Receivable - Affiliates |
|
3,254,000 |
|
|
1,256,000 |
|
|
11,666,000 |
|
||
| Accounts Receivable - Refundable Income Tax |
|
3,204,000 |
|
|
6,438,000 |
|
|
3,204,000 |
|
||
| Other Receivables |
|
18,000 |
|
|
64,000 |
|
|
266,000 |
|
||
| Inventories — net |
|
81,577,000 |
|
|
82,612,000 |
|
|
91,648,000 |
|
||
| Other current assets |
|
5,416,000 |
|
|
13,938,000 |
|
|
19,902,000 |
|
||
| Total current assets |
|
386,909,000 |
|
|
389,293,000 |
|
|
495,709,000 |
|
||
| Property, Plant, and Equipment — Net |
|
49,438,000 |
|
|
49,600,000 |
|
|
49,671,000 |
|
||
| ROU Asset |
|
4,680,000 |
|
|
3,682,000 |
|
|
4,569,000 |
|
||
| Deferred Financing Fees — Net |
|
169,000 |
|
|
182,000 |
|
|
130,000 |
|
||
| Other Long-Term Assets |
|
11,839,000 |
|
|
331,000 |
|
|
443,000 |
|
||
| Total | $ |
453,035,000 |
|
$ |
443,088,000 |
|
$ |
550,522,000 |
|
||
| Liabilities and Shareholders' Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Current portion of long-term debt |
|
2,371,000 |
|
|
2,370,000 |
|
|
2,341,000 |
|
||
| Lease Liability - S. T. |
|
1,158,000 |
|
|
1,055,000 |
|
|
1,237,000 |
|
||
| Trade Accounts Payable |
|
26,063,000 |
|
|
29,244,000 |
|
|
32,417,000 |
|
||
| Affiliates Payable |
|
173,000 |
|
|
(2,836,000 |
) |
|
1,971,000 |
|
||
| Accrued expenses and taxes other than income tax |
|
14,681,000 |
|
|
15,806,000 |
|
|
16,140,000 |
|
||
| Income taxes payable |
|
0 |
|
|
5,941,000 |
|
|
4,844,000 |
|
||
| Total current liabilities |
|
44,446,000 |
|
|
51,580,000 |
|
|
58,950,000 |
|
||
| Long-Term Debt |
|
2,336,000 |
|
|
2,929,000 |
|
|
588,000 |
|
||
| Long-Term Obligations — Other |
|
1,075,000 |
|
|
(645,000 |
) |
|
(919,000 |
) |
||
| Deferred Revenue |
|
404,000 |
|
||||||||
| Lease Liability - L. T. |
|
3,576,000 |
|
|
2,681,000 |
|
|
3,389,000 |
|
||
| Deferred Income Taxes |
|
3,264,000 |
|
|
2,980,000 |
|
|
3,265,000 |
|
||
| Total liabilities |
|
55,101,000 |
|
|
59,525,000 |
|
|
65,273,000 |
|
||
| 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 |
|
||
| Excess of liabilities assumed over book value | |||||||||||
| of assets transferred |
|
(17,514,000 |
) |
|
(17,514,000 |
) |
|
(17,514,000 |
) |
||
| Retained earnings |
|
380,343,000 |
|
|
366,581,000 |
|
|
465,047,000 |
|
||
| Accumulated other comprehensive income (loss) |
|
(713,000 |
) |
|
(893,000 |
) |
|
(713,000 |
) |
||
| Noncontrolling owner’s interest |
|
11,612,000 |
|
|
11,183,000 |
|
|
14,223,000 |
|
||
| Total shareholders' equity |
|
397,934,000 |
|
|
383,563,000 |
|
|
485,249,000 |
|
||
| TOTAL | $ |
453,035,000 |
|
$ |
443,088,000 |
|
$ |
550,522,000 |
|
||
| 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 September 30, 2024 and September 30, 2023 | |||||||||||
| Figures in US Dollars | 12/31/2023 | 9/30/2023 | 9/30/2024 | ||||||||
| Revenues: | |||||||||||
| Net Sales | $ | 744,736,000 |
$ |
576,778,000 |
$ |
604,405,000 |
|||||
| Cost of Sales |
|
524,301,000 |
|
403,038,000 |
|
436,036,000 |
|
||||
| Gross Income |
|
220,435,000 |
|
|
173,740,000 |
|
|
168,369,000 |
|
||
| Selling, General and Administrative Expenses |
|
43,163,000 |
|
|
32,657,000 |
|
|
33,026,000 |
|
||
| Operating Income |
|
177,272,000 |
|
|
141,083,000 |
|
|
135,343,000 |
|
||
| Other Expense: | |||||||||||
| Interest — net |
|
5,680,000 |
|
|
3,136,000 |
|
|
8,133,000 |
|
||
| Other — net |
|
(524,000 |
) |
|
(270,000 |
) |
|
(334,000 |
) |
||
| Total Other Expense |
|
5,156,000 |
|
|
2,866,000 |
|
|
7,799,000 |
|
||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
182,428,000 |
|
|
143,949,000 |
|
|
143,142,000 |
|
||
| Provision (benefit) for Income Taxes |
|
45,324,000 |
|
|
36,029,000 |
|
|
35,827,000 |
|
||
| Net Income Gain (Loss) from Continuing Operations |
|
137,105,000 |
|
|
107,920,000 |
|
|
107,315,000 |
|
||
| 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 |
|
|
107,920,000 |
|
|
107,315,000 |
|
||
| Net Income Attributable to Noncontrolling Interest |
|
4,099,000 |
|
|
3,227,000 |
|
|
3,209,000 |
|
||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
133,192,000 |
|
|
104,694,000 |
|
|
104,106,000 |
|
||
| CAMBRIDGE-LEE HOLDINGS, INC | |||||
| STATEMENT OF CASH FLOW | |||||
| Figures in US Dollars | |||||
| September 30, 2024 | |||||
| OPERATING ACTIVITIES: | |||||
| Net income (loss) | 107,315,000 |
||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
| Depreciation and amortization | 5,169,000 |
||||
| Allowance for (benefit from) doubtful accounts receivable | (110,000) |
||||
| Changes in assets and liabilities which provided (used) cash: | |||||
| (Increase) decrease in accounts and notes receivable | (37,494,000) |
||||
| (Increase) decrease in inventories | (10,071,000) |
||||
| (Increase) decrease in prepaid expenses, deposits and other assets | (3,107,000) |
||||
| Increase (decrease) in other long term obligations | (1,994,000) |
||||
| Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates | 9,207,000 |
||||
| Change in operating lease liabilities | 3,000 |
||||
| Increase (decrease) in income taxes payable | 4,844,000 |
||||
| Total adjustments | (33,553,000) |
||||
| net cash provided by (used in) operating activities | 73,762,000 |
||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
| Purchases of property, plant and equipment | (5,384,000) |
||||
| Change in restricted cash balance | |||||
| Net cash provided by (used in) investing activities | (5,384,000) |
||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
| Increase (decrease) in revolving credit facility | - |
||||
| Principal payments on long-term debt | (1,778,000) |
||||
| Payment of debt issuance costs | 39,000 |
||||
| Cash payment of dividends | (20,000,000) |
||||
| Net cash provided by (used in) financing activities | (21,739,000) |
||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||||
| Net increase in cash and cash equivalents | 46,639,000 |
||||
| Cash and cash equivalents at beginning of period | 217,598,000 |
||||
| Cash and cash equivalents at end of period | 264,237,000 |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241121842930/en/
Contacts
Francisco Rodriguez
frodriguez@iusa.com.mx
Tel. 5255 5216 4800
