WILSONVILLE, OR -- Mentor Graphics today announced fiscal fourth-quarter net profits of $57.8 million, up 14% year-over-year.

For the period ended Jan. 31, the developer of printed circuit board and semiconductor chip design software reported revenues of $320.4 million, up 4.2%.

For the full fiscal year, revenues were $1.02 billion, up 10.9% from a year ago. GAAP operating margins reached 11.1%. Net income rose 193% to $83.9 million.

"It was a quarter and a year of records for the company, including the significant milestone of crossing one billion dollars in revenues," said Wally Rhines, chairman and CEO. "We exited the year with very strong momentum as our strategy of diversification has driven growth in non-traditional EDA applications like manufacturing, thermal analysis and embedded software, all of which grew bookings faster than the overall company."

With continued discipline in the business, we expect to grow earnings per share at twice the rate of revenue growth in the coming fiscal year. Our past investments in a multi-tiered sales channel allow us to address the universe of tens of thousands of systems companies versus the hundreds of semiconductor companies which gives us, uniquely among our competitors, the reach to penetrate traditionally underserved adjacent design markets."

For fiscal 2013, the company expects revenues of about $1.1 billion. For the first fiscal quarter, the company expects revenues of about $255 million. President Greg Hinckley said Mentor expects to achieve its goal of 20% operating margins in fiscal 2014.

The company's board has increased the share repurchase authorization to $200 million from the original $150 million. During fiscal year 2012 the company repurchased 6.8 million shares for $90 million at an average cost of $13.22 per share. Under this increased authorization, $110 million is available for share repurchase over the next two years.