SAN JOSE -- Cadence swung to a fourth-quarter net profit of $11 million, compared to a net loss of $37 million a year ago.

Revenue for the period ended Dec. 31 rose 23% year-over-year to $308 million.

Revenue for 2011 totaled $1.15 billion, up 8.4% from 2010. Net income fell 43% to $72 million; however, net income for 2010 included a $148 million income tax benefit related to the settlement of an Internal Revenue Service examination of Cadence’s federal income tax returns for the tax years 2000 through 2002 and a $67 million acquisition-related income tax benefit.

The printed circuit board and semiconductor design software developer guided for first-quarter revenue of $305 million to $315 million. For 2012, the company expects revenue of $1.24 billion to $1.28 billion.