SAN JOSE – Cadence Design Systems reported first-quarter net income of $79 million, up 154.8% compared to the same period in 2012.

The results included a $34 million income tax benefit due to a reversal of an uncertain tax position.

For the March quarter, the printed circuit board and semiconductor design software developer posted revenue of $354 million, up 12% year-over-year.

Cadence this week completed its acquisition of Tensilica, a dataplane processing IP company. The cash outlay at closing was approximately $326 million. In addition, Cadence assumed certain unvested Tensilica options.

Cadence also announced its intent to acquire Cosmic Circuits, a developer of low-power connectivity and analog/mixed-signal IP. It is estimated that 2013 revenue for Tensilica would be about $57 million prior to the merger, of which $13 million would be royalties, representing growth of about 30% over 2012. Cadence expects Tensilica to contribute approximately $27 million of revenue in the remainder of 2013, after a deferred revenue adjustment of approximately $16 million.

For the second quarter of 2013, the company expects total revenue of $355 million to $365 million. For the year, the company expects total revenue of $1.44 billion to $1.47 billion.