SAN JOSE -- Cadence Design Systems reported first-quarter net income of $31 million, up 417% year-over-year.

The developer of semiconductor and printed circuit board CAD software said revenue rose 18.8% from last year to $316 million.

Non-GAAP net income more than doubled to $47 million. For the period ended March 31, product revenue was $190 million, maintenance revenue was $96 million and services revenue was $30 million. By geography, the Americas made up 44%, EMEA19%, Asia 19% and Japan 18%.

"Cadence is off to a good start for 2012, with strong operating performance leading to an increase in our outlook," said Lip-Bu Tan, president and chief executive. "We continue to roll out new technology, including the newest release of our Encounter digital design platform targeted at the 20-nanometer node, as well as new design IP products for memory, networking and high-performance computing."

The EDA company guided for second quarter revenue of $315 million to $325 million, and full-year sales of $1.27 billion to $1.3 billion.

On an April 25 conference call with analysts, Cadence said it sees the semiconductor industry growing in the "mid-single digits" this year.

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