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.
In addition to Virginia and Cranston, it has locations in Pittsburgh and Sturgeon Bay, Wis.
Lori Stabile is the PBN Web Editor.