Cambridge-Lee Holdings Consolidated Results of Operations for Q4 2024

Cambridge-Lee Holdings, Inc. has announced its unaudited consolidated results for the fourth 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 December 31, 2024 and December 31, 2023

Figures in US Dollars	12/31/2023			12/31/2024
Assets
Current Assets:
Cash and cash equivalents	$	217,598,000			298,409,000
Accounts Receivable - Net		75,842,000			78,187,000
Accounts Receivable - Affiliates		3,254,000			9,353,000
Accounts Receivable - Refundable Income Tax		3,204,000			951,000
Other Receivables		18,000			250,000
Inventories — net		81,577,000			103,707,000
Other current assets		5,416,000			6,704,000
Deferred income taxes		0			0

Total current assets		386,909,000			497,561,000

Property, Plant, and Equipment — Net		49,438,000			50,069,000

ROU Asset		4,680,000			4,250,000

Deferred Financing Fees — Net		169,000			117,000

Other Long-Term Assets		11,839,000			13,221,000

Deferred Income Taxes-Long Term
Total	$	453,035,000		$	565,218,000

Liabilities and Shareholders' Equity

Current Liabilities:
Current portion of long-term debt		2,371,000			2,327,000
Revolving credit facility
Lease Liability - S. T.		1,158,000			1,180,000
Trade Accounts Payable		26,063,000			28,456,000
Affiliates Payable		173,000			1,277,000
Accrued expenses and taxes other than income tax		14,681,000			13,693,000
Income taxes payable					1,238,000
Total current liabilities		44,446,000			48,171,000

Long-Term Debt		2,336,000			9,000
Long-Term Obligations — Other		1,075,000			1,004,000
Deferred Revenue		404,000			429,000
Lease Liability - L. T.		3,576,000			3,125,000
Deferred Income Taxes		3,264,000			2,171,000
Total liabilities		55,101,000			54,909,000

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		380,343,000			488,801,000
Accumulated other comprehensive income (loss)		(713,000	)		(156,000	)
Noncontrolling owner’s interest		11,612,000			14,972,000

Total shareholders' equity		397,934,000			510,309,000

TOTAL	$	453,035,000		$	565,218,000

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, 2024 and December 31, 2023

Figures in US Dollars	12/31/2023			12/31/2024
Revenues:
Net Sales	$	744,736,000		$	794,805,000
Cost of Sales		524,301,000			567,418,000
Gross Income		220,435,000			227,387,000

Selling, General and Administrative Expenses		43,163,000			44,506,000

Operating Income		177,272,000			182,881,000

Other Expense:
Interest — net		5,680,000			8,808,000
Other — net		(524,000	)		2,530,000
Total Other Expense		5,156,000			11,338,000

Income (Loss) From Continuing Operations Before Provision for Income Taxes		182,428,000			194,219,000

Provision (benefit) for Income Taxes		45,324,000			47,418,000

Net Income Gain (Loss) from Continuing Operations		137,105,000			146,801,000

COMPREHENSIVE (LOSS) INCOME—Pension unrecognized		186,000			575,000
(loss) gain adjustment—net of tax expense of $189,000 and $61,000
for 2024 and 2023, respectively

Net Income (Loss)		137,291,000			147,376,000

Net Income Attributable to Noncontrolling Interest		4,099,000			4,389,000

Net Income Attributable to Cambridge-Lee Holdings, Inc.		133,192,000			142,988,000

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

	December 31, 2024
OPERATING ACTIVITIES:
Net income (loss)	146,801,000

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	7,239,000
Allowance for (benefit from) doubtful accounts receivable	(119,000	)
Net periodic pension (benefit) cost	574,000

Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable	(9,651,000	)
(Increase) decrease in inventories	(22,130,000	)
(Increase) decrease in prepaid expenses, deposits and other assets	(2,693,000	)
Increase (decrease) in other long term obligations	(71,000	)
Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates	2,534,000
Change in operating lease liabilities	1,000
Increase (decrease) in income taxes payable	3,491,000
Increase (decrease) in assets from dispositions

Total adjustments	(20,825,000	)

net cash provided by (used in) operating activities	125,976,000

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(7,846,000	)

Net cash provided by (used in) investing activities	(7,846,000	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long term debt	(2,371,000	)
Payment of debt issuance costs	52,000
Cash payment of dividends	(35,000,000	)
Net cash provided by (used in) financing activities	(37,319,000	)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

Net increase in cash and cash equivalents	80,811,000
Cash and cash equivalents at beginning of period	217,598,000

Cash and cash equivalents at end of period	298,409,000

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