Cadence reports profit decline, revenue increase in 1Q

CRANSTON – Cadence Inc. reported a nearly 7 percent decline in net income from continuing operations, but a 2.7 percent increase in sales in the first quarter, the company said Tuesday.

Net income from continuing operations totaled $1.9 million in the first quarter, or $1.14 per share, compared with net income of $2.1 million, or $1.22 per share, in the year-ago period. Revenue increased to $22.3 million from $21.8 million a year ago.

The company included a discontinued operations section in its earnings release, reflecting now-discontinued operations in the Dominican Republic and Massachusetts. That amounted to a loss of $5,000 in net income this year and $713,000 last year.

Based in Staunton, Va., the company is a supplier of advanced products, technologies and services to medical device, life science, automotive and industrial companies throughout the world.

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In addition to Virginia and Cranston, it has locations in Pittsburgh and Sturgeon Bay, Wis.

Lori Stabile is the PBN Web Editor.