Cadence announces first quarter results
Earnings per share increased 29% over prior year to $.81 per share for the quarter. Earnings before interest, taxes, depreciation and amortization (EBITDA) were up 17% to $3.7 million. 2015 results included 3 months from the acquisition of Plainfield Precision Holdings locations in Sturgeon Bay, WI, Plymouth, MA; and Santo Domingo, Dominican Republic completed in August 2014.
With the expiration of the R&D tax credit at the end of 2014, Cadence is accruing estimated taxes at a rate assuming the current tax laws remain in effect for all of 2015. If the R&D tax credit were to be extended by Congress and reinstated to January 1, 2015, Cadence estimates its Earnings /share would be $.05/share higher in the first 3 months of the year.
“2015 is off to a good start compared to first quarter of 2014.” said Ken Cleveland, CFO. “First quarter was slightly below our record revenue quarter of $21.1M in fourth quarter of 2014.”
About Cadence: Cadence, Inc. is a leading supplier of advanced products, technologies and services to medical device, life science, automotive, and industrial companies worldwide. Cadence develops solutions-oriented relationships with customers and provides highly technical solutions that enable improved product performance in clearly measurable ways. Cadence employs more than 475 people worldwide with headquarters in Staunton, VA and other locations in Cranston, RI, Pittsburgh, PA, Sturgeon Bay, WI, Plymouth, MA, and the Dominican Republic. More information on Cadence can be found at cadenceinc.com.