Cadence Design Systems , announced results for the fourth quarter and fiscal year 2011. The company 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, compared to a net loss of $37 million, 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, compared to net income of $127 million 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.