Cambridge-Lee Holdings Consolidated Results of Operations for Q2 2024
READING, Pa.–(BUSINESS WIRE)–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 |
|
Contacts
Francisco Rodriguez, [email protected], Tel. 52 55 5216 8800