Cadence, Inc. announced unaudited results for the first quarter of 2016 including an 11 percent increase in revenue compared to 2015 to $23.0 million. Earnings per share declined one percent over prior year to $.80 per share. Earnings before interest, taxes, depreciation and amortization (EBITDA) were up three percent 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 currently 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.
Cadence, Inc. is a leading supplier of advanced products, technologies and services to medical device, life science, automotive, and industrial companies worldwide. Cadence employs more than 475 people worldwide with headquarters in Virginia, Rhode Island, Pennsylvania, Massachusetts, the Dominican Republic and Sturgeon Bay. For more information visit cadenceinc.com.