Cambridge-Lee Holdings, Inc, has announced its audited
consolidated results for the fiscal year 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
5,416,000
Deferred income taxes
0
0
Total current assets
290,000,000
386,909,000
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
11,839,000
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: Noncontrolling interest
Depreciation and amortization
6,716,000
Allowance for (benefit from) doubtful accounts receivable
(92,000
)
Net periodic pension (benefit) cost
(28,000
)
(Gain) loss on sale of property, plant and equipment
630,000
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
72,000
Increase (decrease) in other long term obligations
339,000
Increase (decrease) in accnts payable, accrued exps & amounts
due to affiliates
(5,390,000
)
Change in operating lease liabilities
(1,321,000
)
Increase (decrease) in income taxes payable
3,279,000
Total adjustments
28,605,000
net cash provided by (used in) operating activities
165,710,000
CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of
property, plant and equipment
(9,598,000
)
Proceeds from sale of property, plant and equipment
15,000
disposal Net cash provided by (used in) investing activities
(9,583,000
)
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
123,760,000
Cash and cash equivalents at beginning of period
93,837,000
Cash and cash equivalents at end of period
217,597,000
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Francisco Rodriguez frodriguez@iusa.com.mm Tel. 5255
52618800