SAN JOSE, CA – Cadence Design Systems reported fiscal first quarter revenue of $411 million, up 8.4% year-over-year. On a GAAP basis, the firm recognized net income of $36 million, an increase of 9.1% compared to the same period in 2014.

PCB design software sales made up $42.2 million of the company's revenue for the quarter, up from $35.7 million a year ago and down from $46.5 million in the fourth quarter.

"With the progress we are making on our strategy and confidence in Cadence's prospects, we are pleased to announce we are replacing our existing stock repurchase program with an expanded program to repurchase $450 million over the next two years," said Geoff Ribar, senior vice president and CEO.

Cadence expects to repurchase approximately $56.25 million of its common stock per quarter, beginning in the second quarter.

For the second quarter, the PCB and semiconductor design software company expects total revenue in the range of $410 million to $420 million. For 2015, Cadence expects total revenue in the range of $1.68 billion to $1.72 billion.