SAN JOSE – Cadence Design Systems reported fourth-quarter 2012 revenue of $346 million, up 12.3% year-over-year.

On a GAAP basis, the developer of printed circuit board and semiconductor design software tools recognized net income of $314 million, compared to net income of $11 million in the same period in 2011. Earnings included an aggregate $257 million in income tax benefits. Excluding those one-time benefits, income rose 26% to $58 million.

Using Cadence's non-GAAP measure, net income in the fourth quarter of 2012 was $58 million, compared to net income of $46 million.

Revenue for 2012 totaled $1.33 billion, up 15.3% year-over-year. Net income was $440 million, compared to net income of $72 million for 2011.

“In SoC Realization, we significantly expanded our IP and VIP portfolios, and revenue grew over 30%. In System Realization, Palladium XP had record revenue, and we strengthened our printed circuit board platform with the acquisition of Sigrity,” said Lip-Bu Tan, president and CEO.

For the first quarter of 2013, the company expects total revenue in the range of $342 million to $352 million. For 2013, the firm expects total revenue of $1.405 billion to $1.445 billion.  

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