SAN JOSE Cadence Design Systems reported third-quarter 2011 revenue of $292 million, up nearly 23% year-over-year.

Net income was $28 million, down 78% compared to the same period in 2010. Net income for the third quarter of 2010 included a $148 million income tax benefit.

For the fourth quarter, the company expects total revenue in the range of $295 million to $305 million.

For full-year 2011, the firm expects total revenue in the range of $1.135 billion to $1.145 billion.

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