Cadence reports increases in revenue, profit in 2015

CRANSTON – Cadence, a contract manufacturer of products for the medical, life science and automotive industry, reported increases in revenue and profit in 2015.
The Staunton, Va.-based company employs approximately 215 in Cranston. It said revenue grew nearly 17 percent in 2015 to $88.4 million, from $75.7 million in 2014.
Profit rose 20.3 percent to $6.2 million, or $3.66 per diluted share, in 2015 from $5.1 million, or $3.05 per diluted share, in 2014.
The company said that 2015 results reflect the acquisition of Plainfield Precision Holdings locations in Sturgeon Bay, Wis.; Plymouth, Mass.; and Santo Domingo, Dominican Republic, completed in August 2014.
Ken Cleveland, Cadence’s chief financial officer, said 2015 was “another record year for Cadence in revenue and earnings.”
“Revenue in the fourth quarter was a record $22.9 million and profitability was improved leading to good year-over-year financial results,” Cleveland said.
Cadence also has a facility in Pittsburgh.

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