Cadence, Inc. announced unaudited results for the first nine months of 2015, including a 20 percent increase in revenue compared to 2014 to $65.5 million. Earnings per share increased one percent above prior year to $2.44 per share for the nine-month period. Earnings before interest, taxes, depreciation and amortization (EBITDA) were up five percent to $11.5 million. 2015 results included nine months from the acquisition of Plainfield Precision Holdings locations in Sturgeon Bay, Wis., Plymouth, Mass.; and Santo Domingo, Dominican Republic completed in August 2014 compared to only two months in 2014 numbers. With the expiration of the R&D tax credit at the end of 2014, Cadence is accruing estimated taxes at a rate assuming the current tax laws remain in effect for all of 2015. If the R&D tax credit were to be extended by Congress and reinstated to Jan. 1, 2015, Cadence estimates its earnings/share would be $.15/share higher in the first nine months of the year.
“Overall, third quarter was a pretty good quarter” said Ken Cleveland, CFO. “Revenue in the quarter was slightly higher than second quarter’s record of $22.4M and profitability was stronger than in second quarter.”
Cadence employs more than 475 people worldwide. For more information visit cadenceinc.com.