Cadence Inc. announces record first half revenues

cadenceCadence, Inc. announced unaudited results for the first six months of 2014 including a 26 percent increase in revenue compared to 2013 to $33.6 million.

Net income and earnings per share increased 48% over prior year to $1.49 per share.  Earnings before interest, taxes, depreciation and amortization (EBITDA) were up 22% to $6.8 million.

“We have had three record revenue quarters in a row” said Ken Cleveland, CFO.  “All of our primary markets – medical device, diagnostics, and industrial are showing good growth so far this year.”

With the expiration of the R&D tax credit at the end of 2013, Cadence is accruing estimated taxes at a rate assuming the current tax laws remain in effect for all of 2014.  If the R&D tax credit were to be extended by Congress and reinstated to January 1, 2014, Cadence estimates its Earnings /share would be $.14/share higher in the first six months of the year.

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