Financial News
Cambridge-Lee Holdings Consolidated Results of Operations for Q2 2024
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 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240826901143/en/
Contacts
Francisco Rodriguez, frodriguez@iusa.com.mx, Tel. 52 55 5216 8800
If you believe this article contains misleading, harmful, or spam content, please let us know.
Report this articleMore News
View More
Recent Quotes
View MoreQuotes delayed at least 20 minutes.
By accessing this page, you agree to the Privacy Policy and Terms Of Service.
