Cypress Expects Q2 Revenue to be Higher than Previously Projected

5/2/2003 - Cypress Semiconductor Corporation (NYSE: CY) announced that revenue for its 2003 second quarter, ending June 29, 2003, is projected to be higher than current analysts’ estimates. Cypress, which posted revenue of $181.0 million in the first quarter ended March 30, 2003, was projected by analysts to post $193 million in revenue in the second quarter. The company today guided analysts to a second quarter revenue figure of approximately $200 million and pro forma earnings per share of $0.031.

Cypress President and CEO T.J. Rodgers delivered the news at the company’s 2003 Stockholder’s Meeting, held at its headquarters in San Jose, CA. Rodgers attributed stronger-than-expected performance during the quarter to continued strength in the wireless segment and an increasing adoption rate for USB 2.0 controllers.

“The quarter to date is looking better than expected, particularly in our key wireless and computation segments, with bookings and turns continuing to exhibit some strength,” Rodgers said. “Our wireless strength is due to market share gains as we continue to diversify our customer base."

“Our positive performance in the quarter validates our previously stated expectation for the quarter that we would grow revenue sequentially, return to pro forma profitability1 and generate free cash,” Rodgers concluded.

The webcast of the Cypress Shareholder’s Meeting is accessible via the “Investors” page of the Cypress website at

About Cypress
Cypress Semiconductor Corporation (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 programmable microcontrollers. 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, 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] The projected profitability in the second quarter of 2003 will have a delta to GAAP profitability of approximately $18 million, representing amortization of intangibles and other acquisition-related charges. We expect a GAAP loss per share of $0.10 in the second quarter due to these charges.

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