Cadence Design Systems Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 28, 2013. For the quarter, the company reported revenue of $377 million, compared to revenue of $346 million reported for the same period in 2012. On a GAAP basis, Cadence recognized net income of $38 million, or $0.13 per share on a diluted basis, in the fourth quarter of 2013, compared to net income of $314 million, or $1.10 per share on a diluted basis, in the same period in 2012. On non-GAAP basis, net income was $67 million, or $0.23 per share on a diluted basis, as compared to net income of $58 million, or $0.20 per share on a diluted basis, in the same period in 2012. Income from operations was $37.799 million against $56.261 million a year ago. Income before benefit for income taxes was $29.433 million against $52.728 million a year ago.

For the year, the company's revenue was $1.460 billion, compared to revenue of $1.326 billion for 2012. Net income for 2013 was $164 million, or $0.56 per share on a diluted basis, compared to net income of $440 million, or $1.57 per share on a diluted basis, for 2012. On non-GAAP basis, net income was $252 million, or $0.86 per share on a diluted basis, compared to non-GAAP net income of $217 million, or $0.77 per share on a diluted basis, in 2012. Income from operations was $189.007 million against $211.672 million a year ago. Income before benefit for income taxes was $158.996 million against $188.271 million a year ago. Net cash provided by operating activities was $367.605 million against $315.994 million a year ago. Purchases of property, plant and equipment was $44.929 million against $35.966 million a year ago.

For the first quarter ending March 29, 2014, the company expects total revenue in the range of $373 million to $383 million. First quarter GAAP net income per diluted share is expected to be in the range of $0.08 to $0.10. Net income per diluted share using the non-GAAP measure defined below is expected to be in the range of $0.18 to $0.20.

For the year ending January 3, 2015, the company expects total revenue in the range of $1.550 billion to $1.585 billion. On a GAAP basis, net income per diluted share for 2014 is expected to be in the range of $0.55 to $0.65. On non-GAAP basis, net income per diluted share for 2014 is expected to be in the range of $0.92 to $1.02.