Cadence Inc. announces special dividend, second quarter results
Cadence Inc. announced unaudited results through the second quarter of 2017 including a 6% increase in revenue from continuing operations to $45.6 million compared to first half of 2016.
Earnings per share from continuing operations decreased 10% over prior year results to $2.10 per share. Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations was down 4% at $8.8 million. Earnings per share from total operations increased 38% over prior year first half results.
“We continue to see good revenue growth in our continuing business.” said Ken Cleveland, CFO. “Compared to last year, earnings are being hampered by investments in growth opportunities.”
At its July 24th meeting, the Cadence Board of Directors approved a special dividend of $2.00 per share payable to shareholders of record July 24, 2017 on or before August 23, 2017. The special dividend represents the desire to maintain an optimal capital structure based on the company’s performance and opportunities and should not be seen as the beginning of a regular and predictable dividend policy.
About Cadence Inc.
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, and Sturgeon Bay, WI. More information on Cadence can be found at www.cadenceinc.com