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Cadence Selects Alan Connor as CEO, Announces 9-Month Revenue

Cadence, Inc., a provider of medical device outsourcing solutions, has selected Alan Connor 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. Harris will continue as Chairman of the Board. 

Prior to joining Cadence in 2011, Connor served in a variety of executive management roles within large and medium-sized companies, such as MicroAire, MEDRAD, Arthur Andersen and Westinghouse.  

The Company also announced plans to spend up to $4 million dollars 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%

 (Source: Cadence, Inc.)