READING, Pa.--(BUSINESS WIRE)--Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the second 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 June 30, 2023 and June 30, 2022 | |||||||||||
| Figures in US Dollars | 12/31/2022 | 6/30/2022 | 6/30/2023 | ||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ |
93,837,000 |
|
$ |
44,113,000 |
|
$ |
139,052,000 |
|
||
| Accounts Receivable - Net |
|
80,397,000 |
|
|
116,785,000 |
|
|
94,123,000 |
|
||
| Accounts Receivable - Affiliates |
|
2,089,000 |
|
|
1,488,000 |
|
|
1,358,000 |
|
||
| Accounts Receivable - Refundable Income Tax |
|
6,438,000 |
|
|
1,485,000 |
|
|
6,438,000 |
|
||
| Other Receivables |
|
58,000 |
|
|
62,000 |
|
|
44,000 |
|
||
| Inventories — net |
|
100,851,000 |
|
|
86,710,000 |
|
|
92,885,000 |
|
||
| Other current assets |
|
6,330,000 |
|
|
11,827,000 |
|
|
13,012,000 |
|
||
| Total current assets |
|
290,000,000 |
|
|
262,470,000 |
|
|
346,912,000 |
|
||
| Restricted Cash | |||||||||||
| Note Receivable — Affiliate |
|
0 |
|
|
8,990,000 |
|
|
0 |
|
||
| Property, Plant, and Equipment — Net |
|
47,098,000 |
|
|
47,213,000 |
|
|
50,047,000 |
|
||
| ROU Asset |
|
3,847,000 |
|
|
3,709,000 |
|
|
3,728,000 |
|
||
| Deferred Financing Fees — Net |
|
222,000 |
|
|
248,000 |
|
|
195,000 |
|
||
| Other Long-Term Assets |
|
10,808,000 |
|
|
415,000 |
|
|
337,000 |
|
||
| Total | $ |
351,975,000 |
|
$ |
323,045,000 |
|
$ |
401,219,000 |
|
||
| Liabilities and Shareholders' Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Current portion of long-term debt |
|
2,367,000 |
|
|
2,387,000 |
|
|
2,369,000 |
|
||
| Revolving credit facility |
|
0 |
|
|
0 |
|
|
0 |
|
||
| Lease Liability - S. T. |
|
1,233,000 |
|
|
1,229,000 |
|
|
1,127,000 |
|
||
| Trade Accounts Payable |
|
31,412,000 |
|
|
38,488,000 |
|
|
21,345,000 |
|
||
| Affiliates Payable |
|
65,000 |
|
|
(4,729,000 |
) |
|
371,000 |
|
||
| Accrued expenses and taxes other than income tax |
|
14,761,000 |
|
|
16,984,000 |
|
|
14,546,000 |
|
||
| Income taxes payable |
|
0 |
|
|
10,170,000 |
|
|
5,471,000 |
|
||
| Total current liabilities |
|
49,838,000 |
|
|
64,529,000 |
|
|
45,229,000 |
|
||
| Long-Term Debt |
|
4,706,000 |
|
|
5,890,000 |
|
|
3,521,000 |
|
||
| Long-Term Obligations — Other |
|
713,000 |
|
|
(639,000 |
) |
|
(645,000 |
) |
||
| Deferred Revenue - L. T. |
|
428,000 |
|
||||||||
| Lease Liability - L. T. |
|
2,666,000 |
|
|
2,524,000 |
|
|
2,655,000 |
|
||
| Deferred Income Taxes |
|
2,980,000 |
|
|
2,967,000 |
|
|
2,980,000 |
|
||
| Total liabilities |
|
61,331,000 |
|
|
75,271,000 |
|
|
53,740,000 |
|
||
| 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 |
|
|
232,378,000 |
|
|
331,576,000 |
|
||
| Accumulated other comprehensive income (loss) |
|
(893,000 |
) |
|
(579,000 |
) |
|
(893,000 |
) |
||
| Noncontrolling owner’s interest |
|
8,404,000 |
|
|
9,283,000 |
|
|
10,104,000 |
|
||
| Total shareholders' equity |
|
290,644,000 |
|
|
247,774,000 |
|
|
347,479,000 |
|
||
| TOTAL | $ |
351,975,000 |
|
$ |
323,045,000 |
|
$ |
401,219,000 |
|
||
| 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, 2023 and June 30, 2022 | ||||||||||
| Figures in US Dollars | 12/31/2022 | 6/30/2022 | 6/30/2023 | |||||||
| Revenues: | ||||||||||
| Net Sales | $ |
825,660,000 |
|
$ |
456,237,000 |
|
$ |
393,991,000 |
||
| Cost of Sales |
|
589,209,000 |
|
|
334,176,000 |
|
|
277,707,000 |
||
| Gross Income |
|
236,451,000 |
|
|
122,061,000 |
|
|
116,284,000 |
||
| Selling, General and Administrative Expenses |
|
43,915,000 |
|
|
22,197,000 |
|
|
21,865,000 |
||
| Operating Income |
|
192,536,000 |
|
|
99,864,000 |
|
|
94,419,000 |
||
| Other Expense: | ||||||||||
| Interest — net |
|
46,000 |
|
|
(225,000 |
) |
|
1,396,000 |
||
| Other — net |
|
(162,000 |
) |
|
61,000 |
|
|
3,000 |
||
| Total Other Expense |
|
(116,000 |
) |
|
(164,000 |
) |
|
1,399,000 |
||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
192,420,000 |
|
|
99,700,000 |
|
|
95,818,000 |
||
| Provision (benefit) for Income Taxes |
|
46,474,000 |
|
|
24,940,000 |
|
|
23,982,000 |
||
| Net Income Gain (Loss) from Continuing Operations |
|
145,947,000 |
|
|
74,760,000 |
|
|
71,836,000 |
||
| COMPREHENSIVE (LOSS) INCOME—Pension unrecognized |
|
(324,000 |
) |
|
0 |
|
|
0 |
||
| gain adjustment—net of tax expense of $408,000 and | ||||||||||
| $0 for 2021 and 2020, respectively | ||||||||||
| Net Income (Loss) |
|
145,623,000 |
|
|
74,760,000 |
|
|
71,836,000 |
||
| Net Income Attributable to Noncontrolling Interest |
|
4,354,000 |
|
|
2,235,000 |
|
|
2,148,000 |
||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
141,269,000 |
|
|
72,525,000 |
|
|
69,688,000 |
||
| CAMBRIDGE-LEE HOLDINGS, INC | ||||
| STATEMENT OF CASH FLOW | ||||
| Figures in US Dollars | ||||
| June 30, 2023 | ||||
| OPERATING ACTIVITIES: | ||||
| Net income (loss) | 71,836,000 |
|
||
| Less Net income (loss) from disposition | ||||
| Less Net income (loss) attributed to noncontrolling interest | ||||
| Net income (loss) | 71,836,000 |
|
||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
| Depreciation and amortization | 3,078,000 |
|
||
| Allowance for (benefit from) doubtful accounts receivable | (179,000 |
) |
||
| Changes in assets and liabilities which provided (used) cash: | ||||
| (Increase) decrease in accounts and notes receivable | (12,801,000 |
) |
||
| (Increase) decrease in inventories | 7,966,000 |
|
||
| (Increase) decrease in prepaid expenses, deposits and other assets | 3,777,000 |
|
||
| Increase (decrease) in other long term obligations | (1,493,000 |
) |
||
| Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates | (10,405,000 |
) |
||
| Change in operating lease liabilities | (78,000 |
) |
||
| Increase (decrease) in income taxes payable | 5,471,000 |
|
||
| Increase (decrease) in assets from dispositions | ||||
| Total adjustments | (4,664,000 |
) |
||
| net cash provided by (used in) operating activities | 67,172,000 |
|
||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
| Purchases of property, plant and equipment | (6,015,000 |
) |
||
| Change in restricted cash balance | ||||
| Net cash provided by (used in) investing activities | (6,015,000 |
) |
||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
| Principal payments on long-term debt | (967,000 |
) |
||
| Payment of debt issuance costs | 25,000 |
|
||
| Cash payment of dividends | (15,000,000 |
) |
||
| Net cash provided by (used in) financing activities | (15,942,000 |
) |
||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | ||||
| Net increase in cash and cash equivalents | 45,215,000 |
|
||
| Cash and cash equivalents at beginning of period | 93,837,000 |
|
||
| Cash and cash equivalents at end of period | 139,052,000 |
|
||