Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the third quarter of 2022.
| 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, 2022 and September 30, 2021 | Figures in USD |
||||||||||
| 12/31/2021 | 9/30/2021 | 9/30/2022 | |||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ |
2,059,000 |
|
|
1,944,000 |
|
$ |
88,300,000 |
|
||
| Accounts Receivable - Net |
|
88,943,000 |
|
|
97,094,000 |
|
|
94,261,000 |
|
||
| Accounts Receivable - Affiliates |
|
6,398,000 |
|
|
660,000 |
|
|
1,623,000 |
|
||
| Accounts Receivable - Refundable Income Tax |
|
1,485,000 |
|
|
209,000 |
|
|
1,485,000 |
|
||
| Other Receivables |
|
33,000 |
|
|
160,000 |
|
|
60,000 |
|
||
| Inventories — net |
|
93,269,000 |
|
|
82,813,000 |
|
|
84,783,000 |
|
||
| Other current assets |
|
4,093,000 |
|
|
10,627,000 |
|
|
15,379,000 |
|
||
| Total current assets |
|
196,280,000 |
|
|
193,507,000 |
|
|
285,891,000 |
|
||
| Restricted Cash | |||||||||||
| Note Receivable — Affiliate |
|
8,990,000 |
|
|
8,990,000 |
|
|
8,990,000 |
|
||
| Property, Plant, and Equipment — Net |
|
47,932,000 |
|
|
49,102,000 |
|
|
47,081,000 |
|
||
| ROU Asset |
|
0 |
|
|
0 |
|
|
3,358,000 |
|
||
| Deferred Financing Fees — Net |
|
291,000 |
|
|
443,000 |
|
|
235,000 |
|
||
| Other Long-Term Assets |
|
8,112,000 |
|
|
397,000 |
|
|
376,000 |
|
||
| Total | $ |
261,605,000 |
|
$ |
252,439,000 |
|
$ |
345,931,000 |
|
||
| Liabilities and Shareholders' Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Current portion of long-term debt |
|
2,417,000 |
|
|
2,559,000 |
|
|
2,372,000 |
|
||
| Revolving credit facility |
|
16,434,000 |
|
|
18,260,000 |
|
|
0 |
|
||
| Lease Liability - S. T. |
|
0 |
|
|
1,139,000 |
|
|||||
| Trade Accounts Payable |
|
26,471,000 |
|
|
38,190,000 |
|
|
25,153,000 |
|
||
| Affiliates Payable |
|
733,000 |
|
|
(9,882,000 |
) |
|
(3,787,000 |
) |
||
| Accrued expenses and taxes other than income tax |
|
16,954,000 |
|
|
17,549,000 |
|
|
16,545,000 |
|
||
| Income taxes payable |
|
0 |
|
|
13,502,000 |
|
|
8,078,000 |
|
||
| Total current liabilities |
|
63,009,000 |
|
|
80,178,000 |
|
|
49,500,000 |
|
||
| Long-Term Debt |
|
7,073,000 |
|
|
8,676,000 |
|
|
5,298,000 |
|
||
| Long-Term Obligations — Other |
|
88,000 |
|
|
999,000 |
|
|
(639,000 |
) |
||
| Deferred Revenue |
|
453,000 |
|
|
0 |
|
|
0 |
|
||
| Lease Liability - L. T. |
|
0 |
|
|
2,263,000 |
|
|||||
| Deferred Income Taxes |
|
2,967,000 |
|
|
666,000 |
|
|
2,967,000 |
|
||
| Total liabilities |
|
73,590,000 |
|
|
90,519,000 |
|
|
59,389,000 |
|
||
| 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 |
|
84,205,000 |
|
|
84,205,000 |
|
|
84,205,000 |
|
||
| Investment in Parent |
|
(60,000,000 |
) |
|
(60,000,000 |
) |
|
(60,000,000 |
) |
||
| Excess of liabilities assumed over book value | |||||||||||
| of assets transferred |
|
(17,514,000 |
) |
|
(17,514,000 |
) |
|
(17,514,000 |
) |
||
| Retained earnings |
|
174,406,000 |
|
|
150,315,000 |
|
|
269,987,000 |
|
||
| Accumulated other comprehensive income (loss) |
|
(579,000 |
) |
|
(1,803,000 |
) |
|
(579,000 |
) |
||
| Noncontrolling owner’s interest |
|
7,496,000 |
|
|
6,716,000 |
|
|
10,442,000 |
|
||
| Total shareholders' equity |
|
188,015,000 |
|
|
161,920,000 |
|
|
286,542,000 |
|
||
| TOTAL | $ |
261,605,000 |
|
$ |
252,439,000 |
|
$ |
345,931,000 |
|
||
| 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, 2022 and September 30, 2021 | Figures in USD | ||||||||||
12/31/2021 |
|
9/30/2021 |
|
9/30/2022 |
|||||||
| Revenues: | |||||||||||
| Net Sales | $ |
751,861,000 |
|
$ |
557,541,000 |
|
$ |
652,343,000 |
|
||
| Cost of Sales |
|
578,150,000 |
|
|
435,683,000 |
|
|
465,075,000 |
|
||
| Gross Income |
|
173,711,000 |
|
|
121,858,000 |
|
|
187,268,000 |
|
||
| Selling, General and Administrative Expenses |
|
42,138,000 |
|
|
30,848,000 |
|
|
33,587,000 |
|
||
| Operating Income |
|
131,573,000 |
|
|
91,010,000 |
|
|
153,681,000 |
|
||
| Other Expense: | |||||||||||
| Interest — net |
|
(1,498,000 |
) |
|
(794,000 |
) |
|
(285,000 |
) |
||
| Other — net |
|
(1,737,000 |
) |
|
76,000 |
|
|
33,000 |
|
||
| Total Other Expense |
|
(3,235,000 |
) |
|
(718,000 |
) |
|
(252,000 |
) |
||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
128,338,000 |
|
|
90,292,000 |
|
|
153,429,000 |
|
||
| Provision (benefit) for Income Taxes |
|
31,235,000 |
|
|
26,023,000 |
|
|
38,402,000 |
|
||
| Net Income Gain (Loss) from Continuing Operations |
|
97,103,000 |
|
|
64,269,000 |
|
|
115,027,000 |
|
||
| COMPREHENSIVE (LOSS) INCOME—Pension unrecognized |
|
1,261,000 |
|
|
0 |
|
|
0 |
|
||
| gain adjustment—net of tax expense of $0 and | |||||||||||
| $0 for 2020 and 2019, respectively | |||||||||||
| Net Income (Loss) |
|
98,364,000 |
|
|
64,269,000 |
|
|
115,027,000 |
|
||
| Net Income Attributable to Noncontrolling Interest |
|
2,941,000 |
|
|
1,922,000 |
|
|
3,439,000 |
|
||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
95,423,000 |
|
|
62,347,000 |
|
|
111,588,000 |
|
||
| CAMBRIDGE-LEE HOLDINGS, INC | ||||
| STATEMENT OF CASH FLOW | ||||
| Figures in US Dollars | September 30, 2022 | |||
| OPERATING ACTIVITIES: | ||||
| Net income (loss) | 111,588,000 |
|
||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
| Noncontrolling interest | 3,439,000 |
|
||
| Depreciation and amortization | 4,191,000 |
|
||
| Valuation Allowance Reclass | - |
|
||
| Allowance for doubtful accounts receivable | (121,000 |
) |
||
| Changes in assets and liabilities which provided (used) cash: | ||||
| (Increase) decrease in accounts and notes receivable | (4,943,000 |
) |
||
| (Increase) decrease in inventories | 8,487,000 |
|
||
| (Increase) decrease in prepaid expenses, deposits and other assets | (3,578,000 |
) |
||
| Increase (decrease) in other long term obligations | (727,000 |
) |
||
| Increase (decrease) in accts payable, accrd exps & amnts due to affiliates | (2,181,000 |
) |
||
| Increase (decrease) in income taxes payable | 8,078,000 |
|
||
| Increase (decrease) in operating lease activity | 44000 |
|
||
| Total adjustments | 12,689,000 |
|
||
| net cash provided by (used in) operating activities | 124,277,000 |
|
||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
| Purchases of property, plant and equipment | (3,993,000 |
) |
||
| Proceeds from sale of property, plant, and equipment | 654,000 |
|
||
| Net cash provided by (used in) investing activities | (3,339,000 |
) |
||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
| Increase (decrease) in revolving credit facility | (16,434,000 |
) |
||
| Principal payments on long-term debt | (1,763,000 |
) |
||
| Cash payment of dividends | (16,500,000 |
) |
||
| Net cash provided by (used in) financing activities | (34,697,000 |
) |
||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | ||||
| Net increase in cash and cash equivalents | 86,241,000 |
|
||
| Cash and cash equivalents at beginning of period | 2,059,000 |
|
||
| Cash and cash equivalents at end of period | 88,300,000 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20221129006102/en/
Contacts
Francisco Rodriguez
frodriguez@iusa.com.mx
Te. 525552618800
