Cypress Raises Q4 Estimate for Second Time this Quarter

12/19/2003 - Cypress Semiconductor Corporation (NYSE: CY) increased its guidance for the 2003 fourth quarter for the second time in the quarter. Cypress guided investors to revenue of approximately $235 million and pro forma earnings of $0.141 per share for the quarter ending December 28, 2003.

Cypress posted revenue of $217 million and pro forma earnings of $0.081 per share in the third quarter. Cypress had initially guided investors to fourth quarter revenue of $224 million and pro forma earnings of $0.091 per share. Last month, the company increased its guidance to revenue of $230 million and pro forma earnings of $0.121 per share.

Cypress ascribed the improved outlook to an increase in demand for memory in networking equipment and wireless handsets and to higher-than-expected USB sales in consumer and computation systems.

Cypress is scheduled to report its fourth quarter results in a webcast and conference call on January 22, 2004. The webcast will be accessible via the Investor Relations page on the Cypress website, www.cypress.com/investors.

About Cypress
Cypress Semiconductor Corp. (NYSE: CY) is Connecting From Last Mile to First MileTM with high-performance solutions for personal, network access, enterprise, metro switch and core communications system applications. Cypress ConnectsTM 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 www.cypress.com.

“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, free cash, expectations from our market segments, market-share gains and turns business, 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] Cypress reported GAAP earnings of $0.12 per share in the 2003 third quarter. The equivalent GAAP earnings for our initial fourth quarter guidance was $0.02 per share. The equivalent GAAP earnings for our November revision to fourth quarter guidance was $0.05 per share. The equivalent GAAP earnings for our current revision to fourth quarter guidance is $0.07 per share. The difference between proforma and GAAP earnings included the impact of amortization of intangibles and other acquisition-related, restructuring and special charges and credits.

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