Cadence reports 37% revenue increase in 1Q

CADENCE INC. reported a 37 percent increase in revenue to $20.7 million in the first quarter, and a 28.7 percent increase in profit to $1.4 million, or 81 cents per share.
CADENCE INC. reported a 37 percent increase in revenue to $20.7 million in the first quarter, and a 28.7 percent increase in profit to $1.4 million, or 81 cents per share.

STAUNTON, Va. – Cadence Inc. reported a 37 percent increase in revenue to $20.7 million in the first quarter, and a 28.7 percent increase in profit to $1.4 million, or 81 cents per share.
Revenue in the first quarter of 2014 was $15.2 million, while profit was $1.1 million, or 63 cents per share.

Cadence, a supplier of products, technologies and services to medical device, life science, automotive and industrial companies around the world, expanded its facility in Cranston at the end of last year. The Rhode Island facility is staffed by 160 full-time employees and intends to continue adding jobs over the next several years, according to a company press release.

The earnings included the acquisition of Plainfield Precision Holdings locations in Sturgeon Bay, Wis., Plymouth, Mass.; and Santo Domingo, Dominican Republic, all of which were completed in August 2014.

Ken Cleveland, Cadence’s CFO, said that 2015 is “off to a good start compared to first quarter of 2014.”
“First quarter was slightly below our record revenue quarter of $21.1[million] in fourth quarter of 2014,” Cleveland said.

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