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


Reviews:
Review Article
  • 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.
      Was this review helpful to you?   (Report this review as inappropriate)


For more discussions, follow this link …
Bentley:Be inspired

Jobs
Developer-Support-Implementation Engineer for EDA Careers at San Francisco Area, CA
Solidworks Product Designer for NASCENT Technology at Charlotte, NC
SYSTEMS INTEGRATOR for Palm Beach County Human Resources at West Palm Beach, FL
CAD/CAM Regional Account Manager (Pacific Northwest) for Vero Software Inc. at Seattle, WA
Upcoming Events
DEX NYC ROUNDTABLE EVENT at 25 Madison Avenue, New York, NY 10016 New York, NY - May 3, 2017
AUVSI XPONENTIAL 2017 at 2700 S Quincy Street Suite 400 Arlington VA - May 8 - 11, 2017
Xponential 2017 at Dallas TX - May 8 - 11, 2017
IMEX Frankfurt at Messe Frankfurt Frankfurt, Germany - May 16 - 18, 2017
GRAPHISOFT: ARCHICAD download 30-day FREE trial
Bentley: Be Inspired Awards
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
TechJobsCafe - Technical Jobs and Resumes EDACafe - Electronic Design Automation GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy