SAN JOSE, CA – Cadence Design Systems reported fourth quarter 2015 revenue of $441 million, an increase of 4.3% year-over-year.

On a GAAP basis, Cadence recognized net income of $80 million, up 23.1% compared to the same quarter in 2014.

System Interconnect and Analysis revenue, which includes PCB CAD, was up 5.25% in the quarter to $48.9 million.

Revenue for 2015 totaled $1.7 billion, up 7.7% year-over-year. Net income was $252 million, up 58.5% compared to 2014. System Interconnect and Analysis revenue rose 8.4% for the year to $180.3 million.

Some 40% of the supplier's revenue now comes from systems companies.

"In 2015, Cadence produced excellent financial results and continued innovating with the launch of nine new products,” said Lip-Bu Tan. “We expanded our digital business with additional market-shaping customers, and conducted pioneering work at the advanced nodes. Strong customer demand for the new Palladium Z1 helped drive robust hardware sales in the fourth quarter. "

On Jan. 28, Cadence entered into a $300-million three-year senior unsecured non-amortizing term loan facility with a group of seven lending institutions.  The proceeds from the term loan facility will be used for general corporate purposes, including the repurchase of common stock. At the same time, Cadence also drew down $50 million on its existing revolving credit facility.

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