Cambridge-Lee Holdings Consolidated Results of Operations for Q4 2023

READING, Pa.–(BUSINESS WIRE)–Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the fourth 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 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			4,480,000
Total current assets		290,000,000			385,973,000

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			12,775,000
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:
Depreciation and amortization	6,691,000
Allowance for (benefit from) doubtful accounts receivable	(92,000	)
Net periodic pension (benefit) cost	(27,000	)
(Gain) loss on sale of property, plant and equipment	610,000
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	(118,000	)
Increase (decrease) in other long term obligations	575,000
Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates	(5,413,000	)
Change in operating lease liabilities	(1,321,000	)
Increase (decrease) in income taxes payable	3,279,000
Increase (decrease) in assets from dispositions
Total adjustments	28,584,000

net cash provided by (used in) operating activities	165,689,000

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(9,576,000	)
Proceeds from sale of property, plant and equipment	15,000
disposal
Net cash provided by (used in) investing activities	(9,561,000	)

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	123,761,000
Cash and cash equivalents at beginning of period	93,837,000

Cash and cash equivalents at end of period	217,598,000