Cadence Inc. announces results for First Quarter 2016
Earnings per share declined 1% over prior year to $.80 per share. Earnings before interest, taxes, depreciation and amortization (EBITDA) were up 3% to $3.8 million.
“2016 is off to a good start from a revenue perspective” said Ken Cleveland, CFO. “Earnings growth is being challenged by a number of growth initiatives current being funded.”
At its April 25th meeting, the Cadence Board approved a special dividend of $1.00 per share payable to shareholders of record April 25, 2016 on or before June 1, 2016. Chairman Peter Harris said, “The Board routinely reviews the company’s capital structure and other investment opportunities and is committed to maintaining an optimal capital structure.
This dividend should not be seen as the beginning of a regular and predictable dividend policy. Rather, the Board will continue to monitor the company’s performance, potential opportunities and take actions it feels are appropriate.”