Cadence Inc. announced unaudited results for 2014 including a 39% increase in revenue compared to 2013 to $75.7 million.
Earnings per share increased 26% over prior year to $3.05 per share. Earnings before interest, taxes, depreciation and amortization (EBITDA) were up 24% to $14.3 million. 2014 results included five months from the recently announced acquisition from Plainfield Precision Holdings of locations in Sturgeon Bay, WI, Plymouth, MA; and Santo Domingo, Dominican Republic. In the latest quarter, the company took steps to refinance its debt most of which was due to expire in August 2015 resulting in onetime charges of approximately $395,000 related to loan cost amortization and the settling of an interest rate swap. These charges reduced Net Income by $269,000 and EPS by .16/share.
“From a revenue perspective, our growth was the highest dollar growth and second highest growth percentage we have had in the last 20 years.” said Ken Cleveland, CFO. “With a lot of hard work by our employees and support from our customers, much was accomplished in the year including a major acquisition and significant organic growth.”
About Cadence, Inc.
Cadence, Inc. is a Virginia corporation and 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 www.cadenceinc.com.
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