SAN JOSE, CA – Cadence Design Systems reported  fourth quarter 2014 revenue of $423 million, up 12.2% year-over-year.

On a GAAP basis, Cadence recognized net income of $65 million, an increase of 71% compared to the same quarter in 2013.

PCB revenue, which the company lists under System Interconnect and Analysis, made up 11% of the company's total revenue during the quarter, or $46.5 million. That's up from $37.7 million a year ago, or 23%. 

Revenue for 2014 totaled $1.58 billion, up 8.3% year-over-year. Net income for the year was $159 million, down 3% compared to 2013. Overall PCB design software sales totaled $173.8 million, up from $160.6 million, an 8% gain.  

"Fiscal 2014 was a year of excellent progress for our system design enablement strategy for end-product design, as we delivered a growing set of innovative solutions to our expanding systems and SoC customer base," said Lip-Bu Tan, president and CEO.  "Our digital and signoff solutions gained momentum with market-shaping customers, and our IP business had a breakout year with revenue growth of nearly 40%."

Regarding the firm's PCB software performance, he told analysts, "Sigrity had a record year as signal integrity analysis becomes even more critical at advanced nodes for high speed I/O and for miniaturized consumer packaging.

For the first quarter of 2015, the company expects total revenue in the range of $405 million to $415 million. For 2015, Cadence expects total revenue in the range of $1.68 billion to $1.72 billion.