Cadence, Inc. Has 2014 Revenue Increase
Monday, February 9, 2015
Cadence, Inc. announced unaudited results for 2014 including a 39% increase in revenue compared to 2013 to $75.7million. 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.”