Cadence Selects Alan Connor as Next CEO, Authorizes up to $4 Million in Share Repurchase, and Announces Results for First Nine Months of 2012

STAUNTON, Va., Oct. 23, 2012 — (PRNewswire) — Cadence, Inc., a leading provider of medical device outsourcing solutions, announced today that Alan Connor has been selected as the company's next Chief Executive Officer.   Connor has been serving as the President since April 2011 and will succeed Peter Harris in April 2013 following a six month transition period.   Harris will continue as Chairman of the Board.  Prior to joining Cadence in 2011, Connor enjoyed a distinguished career in the medical device industry.  His experience includes a variety of executive management roles within large and medium-sized companies, such as MicroAire, MEDRAD, Arthur Andersen, and Westinghouse.  This experience also includes a proven track record of building strong organizations and customer relationships while improving operating efficiencies.

"We have a very special team of highly motivated employees who remain focused on creating new manufacturing technologies to enable new product innovation," said Alan Connor.  "I look forward to working closely with our employees, Peter and the Board through our next phase of growth."

"We're excited to have Alan lead our growing efforts for development and expansion in this dynamic market environment," said Peter Harris.  "This promotion is the result of a two year succession planning process.  Alan's personal efforts have been instrumental in our recent success and I look forward to his on-going leadership as we pursue our vision."

The Company also announced plans to spend up to $4 million to repurchase shares of the Company at such times and prices as deemed appropriate.  Funds used to purchase shares will come from a combination of operating cash flow and existing debt facilities.

The company's unaudited results for the first nine months of 2012 include a 34% increase in revenue and 72% increase in income over prior year results.  Earnings per share increased 52% over prior year to $1.76 per share.  Earnings before interest, taxes, depreciation and amortization (EBITDA) were up 46% compared to 2012.

 


9 Months 2012

9 Months 2011

% Change

Sales (000s)

$41,268

$30,699

34%

EBITDA (000s)

$8,567

$5,890

46%

Operating Income (000s)

$5,328

$3,304

61%

Net Income (000s)

$3,039

$1,770

72%

Earnings/Share

$1.76

$1.16

52%

 

About Cadence, Inc.
Cadence is a premier contract manufacturing company improving patient outcomes by creating new medical technologies for minimally invasive devices.  Headquartered in the Green Hills Technology Center in Staunton, Virginia, Cadence has over 200 shareholders.  Cadence creates new-to-the-world manufacturing technologies to make devices the world has never seen. This is Outcome-based Manufacturing™.

SOURCE Cadence, Inc.

Contact:
Cadence, Inc.
Ken Cleveland
Phone: +1-540-245-1002
Email Contact
Web: http://www.cadenceinc.com


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  • Wrong Cadence October 23, 2012
    Reviewed by 'Jim Foley'
    This is not about Cadence Design Systems, this is about some different company named Cadence, Inc.


      4 of 4 found this review helpful.
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