Update: Cypress Reports First-Quarter 2014 Results

                                                                            
                                                                            
                                                                            
              CYPRESS SEMICONDUCTOR CORPORATION                             
    RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP                   
                    FINANCIAL MEASURES (a)                                  
            (In thousands, except per-share data)                           
                         (Unaudited)                                        
                                                                            
                                             Three Months Ended             
                                ------------------------------------------- 
                                  March 30,     December 29,    March 31,   
                                     2014           2013           2013     
                                -------------  -------------  ------------- 
                                                                            
GAAP gross margin               $      77,722  $      76,448  $      79,046 
  Stock-based compensation                                                  
   expense                              2,251          3,088          3,618 
  Acquisition-related expense           2,967          5,562            422 
  Changes in value of deferred                                              
   compensation plan                      218            136            122 
  Impairment of assets and                                                  
   other                                2,564            269          4,307 
                                -------------  -------------  ------------- 
Non-GAAP gross margin           $      85,722  $      85,503  $      87,515 
                                =============  =============  ============= 
                                                                            
GAAP research and development                                               
  expenses                                              $            45,330    $            42,343    $            49,330  
    Stock-based  compensation                                                                                                    
      expense                                                          (7,183)                (7,356)                (4,967)
    Acquisition-related  expense                              -                            -                      (815)
    Changes  in  value  of  deferred                                                                                            
      compensation  plan                                          (424)                    (282)                    (207)
    Impairment  of  assets  and                                                                                                    
      other                                                                        -                    1,368                  (1,394)
                                                                -------------    -------------    -------------  
Non-GAAP  research  and                                                                                                              
  development  expenses                      $            37,723    $            36,073    $            41,947  
                                                                =============    =============    =============  
                                                                                                                                                        
GAAP  selling,  general  and                                                                                                      
  administrative  expenses                $            42,609    $            43,623    $            45,442  
    Stock-based  compensation                                                                                                    
      expense                                                          (7,388)              (10,432)                (3,852)
    Acquisition-related  expense                        (473)                    (148)                    (556)
    Changes  in  value  of  deferred                                                                                            
      compensation  plan                                          (964)                    (607)                (1,861)
    Impairment  of  assets  and                                                                                                    
      other                                                                        -                      (244)                    (177)
                                                                -------------    -------------    -------------  
Non-GAAP  selling,  general  and                                                                                              
  administrative  expenses                $            33,784    $            32,192    $            38,996  
                                                                =============    =============    =============  
                                                                                                                                                        
GAAP  operating  loss                          $          (11,036)  $          (10,899)  $          (29,175)
    Stock-based  compensation                                                                                                    
      expense                                                          16,822                  20,877                  12,437  
    Acquisition-related  expense                      5,274                    7,558                    2,894  
    Changes  in  value  of  deferred                                                                                            
      compensation  plan                                        1,606                    1,026                    3,098  
    Impairment  of  assets  and                                                                                                    
      other                                                                2,564                      (854)                  5,878  
    Restructuring  charges                                (1,014)                    (470)                11,440  
                                                                -------------    -------------    -------------  
Non-GAAP  operating  income              $            14,216    $            17,238    $              6,572  
                                                                =============    =============    =============  
                                                                                                                                                        
GAAP  net  loss  attributable  to                                                                                              
  Cypress                                                $            (7,934)  $          (13,577)  $          (28,195)
    Stock-based  compensation                                                                                                    
      expense                                                          16,822                  20,877                  12,437  
    Acquisition-related  expense                      5,274                    7,558                    2,894  
    Changes  in  value  of  deferred                                                                                            
      compensation  plan                                            747                      (535)                      674  
    Impairment  of  assets  and                                                                                                    
      other                                                                2,564                      (854)                  5,525  
    Restructuring  charges                                (1,014)                    (470)                11,440  
    Tax  and  tax-related  items                        (5,367)                  1,065                      (196)
    Investment-related                                                                                                                
      gains/losses                                                      883                        930                            -  
                                                                -------------    -------------    -------------  
Non-GAAP  net  income                                                                                                                  
  attributable  to  Cypress                $            11,975    $            14,994    $              4,579  
                                                                =============    =============    =============  
                                                                                                                                                        
GAAP  net  loss  per  share                                                                                                          
  attributable  to  Cypress  -                                                                                                    
  diluted                                                $              (0.05)  $              (0.09)  $              (0.19)
    Stock-based  compensation                                                                                                    
      expense                                                              0.10                      0.13                      0.08  
    Acquisition-related  expense                        0.03                      0.05                      0.02  
    Changes  in  value  of  deferred                                                                                            
      compensation  plan                                                -                            -                      0.01  
    Impairment  of  assets  and                                                                                                    
      other                                                                  0.02                    (0.01)                    0.04  
    Restructuring  charges                                  (0.01)                          -                      0.07  
    Tax  and  tax-related  items                          (0.03)                    0.01                            -  
    Investment-related                                                                                                                
      gains/losses                                                    0.01                      0.01                            -  
    Non-GAAP  share  count                                                                                                            
      adjustment                                                              -                    (0.01)                          -  
                                                                -------------    -------------    -------------  
Non-GAAP  net  income  per  share                                                                                              
  attributable  to  Cypress  -                                                                                                    
  diluted                                                $                0.07    $                0.09    $                0.03  
                                                                -------------    -------------    -------------  
                                                                                                                                                        
                                                                                                                                                        
(a)  Refer  to  the  accompanying  "Notes  to  Non-GAAP  Financial  Measures"  for  a    
  detailed  discussion  of  management's  use  of  non-GAAP  financial  measures.        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                          CYPRESS  SEMICONDUCTOR  CORPORATION                                            
                                                SUPPLEMENTAL  FINANCIAL  DATA                                                  
                                                              (In  thousands)                                                              
                                                                (Unaudited)                                                                  
                                                                                                                                                        
                                                                                    Three  Months  Ended                                
                                                    -------------------------------------------------  
                                                          March  30,              December  29,            March  31,        
                                                                2014                          2013                          2013            
                                                    ---------------    ---------------    ---------------  
Selected  Cash  Flow  Data                                                                                                          
  (Preliminary):                                                                                                                          
Net  cash  provided  by                                                                                                                
  operating  activities          $                25,198    $                21,029    $                  8,265  
Net  cash  provided  (used)                                                                                                        
  by  investing  activities    $                  2,063    $                      309    $                    (895)
Net  cash  used  in                                                                                                                        
  financing  activities          $                (9,619)  $                (2,276)  $              (13,354)
                                                                                                                                                        
Other  Supplemental  Data                                                                                                          
  (Preliminary):                                                                                                                          
Capital  expenditures            $                  5,559    $                  8,750    $                  9,298  
Depreciation                            $                  9,485    $                  9,436    $                10,355  
Payment  of  dividend              $                16,850    $                16,578    $                15,845  
Dividend  paid  per  share      $                    0.11    $                    0.11    $                    0.11  
Dividend  yield  per  share                                                                                                        
  (a)                                                                    4.4%                          4.3%                          4.0%
                                                    ---------------    ---------------    ---------------  
                                                                                                                                                        
(a)  Dividend  yield  per  share  is  calculated  based  on  annualized  dividend          
  paid  per  share  divided  by  the  common  stock  share  price  at  the  end  of  the      
  period.                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                            CYPRESS  SEMICONDUCTOR  CORPORATION                                          
                                        CONSOLIDATED  DILUTED  EPS  CALCULATION                                        
                                        (In  thousands,  except  per-share  data)                                      
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                        Three  Months  Ended                                            
                            --------------------------------------------------------------
                                        March  30,                    December  29,                      March  31,          
                                            2014                                  2013                                  2013                
                            --------------------  --------------------  --------------------
                                  GAAP          Non-GAAP        GAAP          Non-GAAP        GAAP          Non-GAAP
                            ---------    ---------  ---------    ---------  ---------    ---------
                                                                                                                                                        
Net  income                                                                                                                                    
  (loss)                                                                                                                                          
  attributable                                                                                                                              
  to  Cypress      $    (7,934)  $    11,974  $  (13,577)  $    14,992  $  (28,195)  $      4,579
                            ---------    ---------  ---------    ---------  ---------    ---------
                                                                                                                                                        
Weighted-                                                                                                                                      
  average                                                                                                                                        
  common  shares                                                                                                                            
  outstanding                                                                                                                                
  (basic)                154,572        154,572      151,580        151,580      145,689        145,689
Effect  of                                                                                                                                      
  dilutive                                                                                                                                      
  securities:                                                                                                                                
Stock  options,                                                                                                                            
  unvested                                                                                                                                      
  restricted                                                                                                                                  
  stock  and                                                                                                                                    
  other                                -          11,366                  -          14,698                  -          12,569
                            ---------    ---------  ---------    ---------  ---------    ---------
Weighted-                                                                                                                                      
  average                                                                                                                                        
  common  shares                                                                                                                            
  outstanding                                                                                                                                
  for  diluted                                                                                                                                
  computation        154,572        165,938      151,580        166,278      145,689        158,258
                            ---------    ---------  ---------    ---------  ---------    ---------
                                                                                                                                                        
Net  income                                                                                                                                    
  (loss)  per                                                                                                                                  
  share                                                                                                                                            
  attributable                                                                                                                              
  to  Cypress  -                                                                                                                              
  basic                $      (0.05)  $        0.08  $      (0.09)  $        0.10  $      (0.19)  $        0.03
Net  income                                                                                                                                    
  (loss)  per                                                                                                                                  
  share                                                                                                                                            
  attributable                                                                                                                              
  to  Cypress  -                                                                                                                              
  diluted            $      (0.05)  $        0.07  $      (0.09)  $        0.09  $      (0.19)  $        0.03
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                            March  30,                    December  29,                  March  31,          
                                                  2014                                2013                                2013              
                                  -------------------  -------------------  -------------------
                                                                                                                                                        
Average  stock                                                                                                                              
  price  for  the                                                                                                                            
  period  ended        $                          10.13  $                            9.45  $                          10.50
                                                                                                                                                        
Common  stock                                                                                                                                
  outstanding  at                                                                                                                          
  period  end  (in                                                                                                                          
  thousands)                                    156,971                          153,214                          146,866
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
 

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