In Brief: The Valley Business Scene
The Rotary Club of Woodstock’s annual fundraiser, the Shrimp and Catfish Dinner held April 6, raised $13,500 for several central Valley charities, according to a release from the club. Nearly 500 people from throughout the Shenandoah Valley attended the event.
Beneficiaries of the ninth annual dinner include the FFA, the Peter Muhlenberg Middle School Band Department, Interact Clubs at Central High School and Massanutten Military Academy, and various international Rotary projects.
Over the event’s nine years, more than $63,000 has been donated to local causes, the club said in the release.
Cadence Announces 3.6 Percent Increase In First-Quarter Revenue
STAUNTON — Cadence Inc., a Staunton-based medical technology firm, sported a 3.6 percent increase in revenue in the first quarter of 2013, according to unaudited results announced by the company April 23.
Total revenue came in at $13.5 million compared to just more than $13 million in the first quarter of 2012.
Net income increased 2.3 percent and earnings per share rose 3.8 percent over the prior first quarter, to 54 cents per share. Earnings before interest, taxes, depreciation and amortization were up 9.5 percent, to $2.9 million.
“While we saw some modest increases compared to a year ago, we saw some weakness in all of our markets compared to late last year,” said Ken Cleveland, chief financial officer, in a release from the company. “We continue to invest heavily in new initiatives. Our engineering and development expenses were up 48 percent over last year [but] these expenses are being offset by good execution on our current business.”
As previously announced, Alan Connor was officially appointed CEO of Cadence at the board’s regular April meeting. Connor has been serving as the president since April 2011 and succeeded Peter Harris, who will continue as chairman of the board.
Cadence manufactures innovative medical technologies for minimally invasive devices.