Cambridge-Lee Holdings Consolidated Results of Operations for Q3 2022

READING, Pa., November 29, 2022--(BUSINESS WIRE)--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