SAN JOSE – Cadence Design Systems reported first-quarter fiscal 2014 revenue of $379 million, up 7% year-over-year.

On a GAAP basis, Cadence recognized net income of $33 million for the period, down 58.2% compared to the first quarter of 2013.

The PCB design software unit reported sales of $35.7 million for the period.

"In the first quarter, Cadence continued to strengthen its product portfolio through internally developed products and key acquisitions," said Lip-Bu Tan, president and CEO. "We advanced our functional verification platform by releasing Incisive vManager solution and acquiring Forte Design Systems. And today, we announced that we entered into a definitive agreement to acquire Jasper Design Automation, which will meaningfully add to our verification capabilities."

For the second quarter 2014, the company expects total revenue in the range of $370 million to $380 million. For the year, Cadence expects total revenue in the range of $1.55 billion to $1.59 billion.

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