Cambridge-Lee Holdings Consolidated Results of Operations for Q3 2024

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Audio By Carbonatix

2:11 PM on Thursday, November 21, 2024

The Associated Press

READING, Pa.--(BUSINESS WIRE)--Nov 21, 2024--

Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the third 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 September 30, 2024 and September 30, 2023

Figures in US Dollars	12/31/2023		9/30/2023	9/30/2024
Assets
Current Assets:
Cash and cash equivalents	$	217,598,000			191,906,000		$	264,237,000
Accounts Receivable - Net		75,842,000			93,079,000			104,786,000
Accounts Receivable - Affiliates		3,254,000			1,256,000			11,666,000
Accounts Receivable - Refundable Income Tax		3,204,000			6,438,000			3,204,000
Other Receivables		18,000			64,000			266,000
Inventories — net		81,577,000			82,612,000			91,648,000
Other current assets		5,416,000			13,938,000			19,902,000
Total current assets		386,909,000			389,293,000			495,709,000


Property, Plant, and Equipment — Net		49,438,000			49,600,000			49,671,000
ROU Asset		4,680,000			3,682,000			4,569,000
Deferred Financing Fees — Net		169,000			182,000			130,000
Other Long-Term Assets		11,839,000			331,000			443,000
Total	$	453,035,000		$	443,088,000		$	550,522,000

Liabilities and Shareholders' Equity

Current Liabilities:
Current portion of long-term debt		2,371,000			2,370,000			2,341,000
Lease Liability - S. T.		1,158,000			1,055,000			1,237,000
Trade Accounts Payable		26,063,000			29,244,000			32,417,000
Affiliates Payable		173,000			(2,836,000	)		1,971,000
Accrued expenses and taxes other than income tax		14,681,000			15,806,000			16,140,000
Income taxes payable		0			5,941,000			4,844,000
Total current liabilities		44,446,000			51,580,000			58,950,000

Long-Term Debt		2,336,000			2,929,000			588,000
Long-Term Obligations — Other		1,075,000			(645,000	)		(919,000	)
Deferred Revenue		404,000
Lease Liability - L. T.		3,576,000			2,681,000			3,389,000
Deferred Income Taxes		3,264,000			2,980,000			3,265,000
Total liabilities		55,101,000			59,525,000			65,273,000

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

Excess of liabilities assumed over book value
of assets transferred		(17,514,000	)		(17,514,000	)		(17,514,000	)
Retained earnings		380,343,000			366,581,000			465,047,000
Accumulated other comprehensive income (loss)		(713,000	)		(893,000	)		(713,000	)
Noncontrolling owner’s interest		11,612,000			11,183,000			14,223,000
Total shareholders' equity		397,934,000			383,563,000			485,249,000

TOTAL	$	453,035,000		$	443,088,000		$	550,522,000

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, 2024 and September 30, 2023


Figures in US Dollars	12/31/2023		9/30/2023	9/30/2024
Revenues:
Net Sales	$	744,736,000		$	576,778,000		$	604,405,000
Cost of Sales		524,301,000			403,038,000			436,036,000
Gross Income		220,435,000			173,740,000			168,369,000

Selling, General and Administrative Expenses		43,163,000			32,657,000			33,026,000

Operating Income		177,272,000			141,083,000			135,343,000

Other Expense:
Interest — net		5,680,000			3,136,000			8,133,000
Other — net		(524,000	)		(270,000	)		(334,000	)
Total Other Expense		5,156,000			2,866,000			7,799,000

Income (Loss) From Continuing Operations Before Provision for Income Taxes		182,428,000			143,949,000			143,142,000

Provision (benefit) for Income Taxes		45,324,000			36,029,000			35,827,000

Net Income Gain (Loss) from Continuing Operations		137,105,000			107,920,000			107,315,000

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			107,920,000			107,315,000

Net Income Attributable to Noncontrolling Interest		4,099,000			3,227,000			3,209,000

Net Income Attributable to Cambridge-Lee Holdings, Inc.		133,192,000			104,694,000			104,106,000

CAMBRIDGE-LEE HOLDINGS, INC
STATEMENT OF CASH FLOW
Figures in US Dollars

					September 30, 2024
OPERATING ACTIVITIES:
Net income (loss)			107,315,000

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
	Depreciation and amortization			5,169,000
	Allowance for (benefit from) doubtful accounts receivable			(110,000)

Changes in assets and liabilities which provided (used) cash:
	(Increase) decrease in accounts and notes receivable			(37,494,000)
	(Increase) decrease in inventories			(10,071,000)
	(Increase) decrease in prepaid expenses, deposits and other assets			(3,107,000)
	Increase (decrease) in other long term obligations			(1,994,000)
	Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates		9,207,000
	Change in operating lease liabilities			3,000
	Increase (decrease) in income taxes payable			4,844,000
		Total adjustments			(33,553,000)

		net cash provided by (used in) operating activities			73,762,000

CASH FLOWS FROM INVESTING ACTIVITIES:
	Purchases of property, plant and equipment			(5,384,000)
	Change in restricted cash balance
		Net cash provided by (used in) investing activities			(5,384,000)

CASH FLOWS FROM FINANCING ACTIVITIES:
	Increase (decrease) in revolving credit facility			-
	Principal payments on long-term debt			(1,778,000)
	Payment of debt issuance costs			39,000
	Cash payment of dividends			(20,000,000)
		Net cash provided by (used in) financing activities			(21,739,000)

EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents			46,639,000
Cash and cash equivalents at beginning of period			217,598,000

Cash and cash equivalents at end of period			264,237,000