Cypress Mid-Quarter Update, Second Quarter 2004

SAN JOSE, Calif.—(BUSINESS WIRE)—May 5, 2004— Cypress Semiconductor Corporation (NYSE: CY) CEO T.J. Rodgers announced at the 32nd Annual JP Morgan Technology & Telecom conference yesterday that the company's pro forma earnings per share for the 2004 second quarter, ending June 27, 2004, are expected to be $0.23(1) per share, $0.02 per share higher than the mean estimate of analysts who cover the company.

The expected upside in earnings is primarily driven by improved product mix, which is expected to generate higher gross margins, now estimated at 54% versus the prior quarter's 52%.

The company did not change guidance for the second-quarter revenue, currently estimated by analysts to be $262 million.

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 www.cypress.com.

"Safe Harbor" Statement under the private Securities Litigation Reform Act of 1995: Statements herein that are not historical facts and that refer to Cypress's plans and expectations for the second quarter of 2004 are "forward-looking statements" about the prospects for Cypress, which are based on our current expectations and could be affected by uncertainties and risk factors, including but are not limited to those described in our filings with the Securities and Exchange Commission. Our actual results may differ materially.

(1) The equivalent GAAP earnings per share, including amortization of intangibles and other acquisition-related, restructuring and special charges and credits, is $0.16.

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. All other trademarks are the property of their respective owners.



Contact:
Cypress Semiconductor Corporation
Manny Hernandez, 408-943-2754
(CFO, VP Finance & Administration)
Joseph L. McCarthy, 408-943-2902
(VP Corporate Communications)



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