Cadence Reports Q4 Revenue Up 9% Print E-mail
Written by Chelsey Drysdale   
Wednesday, 29 January 2014 21:42

SAN JOSECadence Design Systems reported fourth-quarter 2013 revenue of $377 million, up 9% year-over-year. Cadence reported net income of $38 million, down 88% compared to the same quarter in 2012.

The company's printed circuit board design software unit saw sales rise 28% year-over-year, boosted by its acquisition of Sigrity.

Revenue for 2013 totaled $1.46 billion, an increase of 10.1% year-over-year. Net income for 2013 was $164 million, down 62.7% compared to 2012.

GAAP net income for the fourth quarter of 2012 included a total of $257 million in income tax benefits.

During 2013, the firm “delivered six new innovative products,” and “completed three important acquisitions in the IP space,” said Lip-Bu Tan, president and CEO.

Cadence said its board has approved the repurchase of up to $100 million of its common stock under its stock repurchase program. Cadence expects to repurchase up to $50 million of its common stock during each of fiscal years 2014 and 2015.

For the first quarter of 2014, the company expects total revenue in the range of $373 million to $383 million. For 2014, the company expects total revenue in the range of $1.55 billion to $1.585 billion, up 6% to 9% over 2013.

Last Updated on Thursday, 30 January 2014 15:51
 

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