SAN JOSE – Cadence Design Systems reported fiscal second-quarter 2014 revenue of $379 million, up 4.7% year-over-year.  

GAAP net income was $23 million, up 156% year-over-year.

"Cadence continued to drive growth and innovation during the quarter, reflecting the ongoing success of our system design enablement strategy," said Lip-Bu Tan, president and CEO.  "In addition to completing the acquisition of Jasper Design Automation, we won new business in digital and signoff at the most advanced nodes, and made continued progress in IP."

For the third quarter, the company expects total revenue in the range of $390 million to $400 million. For 2014, the company expects total revenue in the range of $1.57 billion to $1.59 billion. 

The firm’s board also approved an increase in the rate of repurchase under its stock repurchase program.  In January of this year, the board approved the repurchase of up to $50 million of Cadence common stock in each of fiscal years 2014 and 2015 for a total of $100 million. The new plan authorizes the repurchase of $300 million of Cadence common stock over two years. Cadence expects to repurchase approximately $37.5 million of its common stock per quarter under the new plan, beginning with the third quarter of 2014.

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