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Cypress Guides Market Higher in Q104 Revenue Estimate; New Target Puts Company Back at $1 Billion Run Rate | Cypress Semiconductor

Cypress Guides Market Higher in Q104 Revenue Estimate; New Target Puts Company Back at $1 Billion Run Rate

Last Updated: June 15, 2009

Cypress Guides Market Higher in Q104 Revenue Estimate; New Target Puts Company Back at $1 Billion Run Rate

Cypress Corpcom

SAN JOSE, California, February 9, 2004 - Cypress Semiconductor Corporation (NYSE: CY) today announced that revenue for its 2004 first quarter, ending March 28, 2004, is projected to be higher than current analysts' estimates.

Cypress, which posted revenue of $236.0 million in the 2003 fourth quarter, was projected by analysts to post revenue in the 2004 first quarter of approximately $243 million and pro forma earnings of $0.171 per share. The company today guided the market to revenues of $250 million and pro forma earnings of $0.181 per share.

Cypress attributed the improved outlook to a number of factors. Bookings remain strong in the first month of the quarter. Positive momentum in the WAN market is continuing, driven by increased demand for network search engines, synchronous SRAMs, clocks and specialty memories. Wireless sales continue to be robust amid an ongoing shift to higher-density SRAMs in the handset business. The rapid adoption of USB 2.0 products is helping to offset seasonal weakness in the computation and consumer segment.

Cypress is scheduled to report its 2004 first quarter results in a webcast and conference call on April 15, 2004. The webcast will be accessible via the Investor Relations page on the Cypress website,

About Cypress

Cypress Semiconductor Corp." (NYSE: CY) is Connecting From Last Mile to First Mile(TM) with high-performance solutions for personal, network access, enterprise, metro switch and core communications system applications. Cypress Connects(TM) using wireless, wireline, digital and optical transmission standards, including USB, Fibre Channel, SONET/SDH, Gigabit Ethernet and DWDM. Leveraging its process and system-level expertise, Cypress makes industry-leading physical layer devices, framers and network search engines, along with a broad portfolio of high-bandwidth memories, timing technology solutions and reconfigurable mixed-signal arrays. More information about Cypress is accessible online at

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements herein that are not historical facts are "forward-looking statements" involving risks and uncertainties." This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding our revenue, profitability and expectations for our market segments, respectively.

Factors that could cause actual results to differ materially from the forward looking statements include but are not limited to: the effect of global economic conditions, shifts in supply and demand, market acceptance, the impact of competitive products and pricing, product development, commercialization, technological and manufacturing difficulties, and capacity and supply constraints. Please refer to Cypress's Securities and Exchange Commission filing in its Annual Report on Form 10-K for the fiscal year ended December 29, 2002 for a discussion of such risks. Cypress assumes no obligation to update these forward looking statements.

Cypress and the Cypress logo are registered trademarks of Cypress Semiconductor Corporation. "Connecting from Last Mile to First Mile" and "Cypress Connects" are trademarks of Cypress Semiconductor Corporation.

[1] Projected first-quarter profitability represents a GAAP earnings per share of $0.11, including amortization of intangibles and other acquisition-related charges. The equivalent GAAP earnings per share for our initial first-quarter guidance was $0.10 per share.