Cadence Design Systems, Inc. (NASDAQ:CDNS) announced results for the fourth quarter and fiscal year 2011. Cadence reported fourth quarter 2011 revenue of $308 million, compared to revenue of $249 million reported for the same period in 2010. On a GAAP basis, Cadence recognized net income of $11 million, or $0.04 per share on a diluted basis in the fourth quarter of 2011, compared to a net loss of $37 million, or $(0.14) per share on a diluted basis in the same period in 2010. Revenue for 2011 totaled $1,150 million, compared to revenue of $936 million for 2010. Net income for 2011 was $72 million, or $0.27 per share on a diluted basis, compared to net income of $127 million or $0.48 per share on a diluted basis for 2010. The GAAP net income for 2010 included a $148 million income tax benefit related to the settlement of an Internal Revenue Service examination of Cadence's federal income tax returns for the tax years 2000 through 2002 and a $67 million acquisition-related income tax benefit.
Cadence Design Systems, Inc. develops electronic design automation software and hardware for customers worldwide.

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