Cypress Reports Fourth-Quarter and Year-End 2014 Results

FOURTH-QUARTER 2014 HIGHLIGHTS

+ Cypress and Spansion announced a definitive agreement to merge in an all-stock, tax-free transaction valued at approximately $4 billion. The merger is expected to achieve more than $135 million in cost synergies on an annualized basis over three years and to be accretive to non-GAAP earnings within the first full year after the transaction closes. The combined company will continue to pay $0.11 per share in quarterly dividends to shareholders.

+ Cypress introduced two highly integrated, single-chip Bluetooth® Low Energy (BLE) solutions that simplify the design of low-power, sensor-based systems for the Internet of Things (IoT) and other applications. The new PSoC® 4 BLE Programmable System-on-Chip delivers unprecedented ease of use and integration to applications for the IoT, home automation, healthcare equipment, sports and fitness monitors, and other wearable devices. The PRoC™ BLE Programmable Radio-on-Chip provides a cost-effective, turnkey solution for wireless human interface devices, remote controls and applications that require wireless connectivity.

+ Cypress announced the qualification of its BLE solutions under the Bluetooth 4.1 specification, which is designed to coexist with faster 4G cellular technologies, such as LTE, and to deliver better connections and data transfer. The qualification further simplifies customer Bluetooth Low Energy designs.

+ Cypress introduced its TrueTouch® Gen5 TMA568 capacitive touchscreen controller for large-screen smartphones, tablets and e-readers with advanced features: gloved-finger tracking, 1-mm passive stylus support and hover functionality that enlarges touchscreen content to improve ease of use.

+ Casio selected Cypress's TrueTouch capacitive touchscreen controller and low-power SRAM products for its wearable EX-FR10 camera. TrueTouch provides best-in-class waterproofing, while MoBL® (More Battery Life™) asynchronous SRAMs enable fast throughput and fluid image buffering.

+ Yota Devices announced production of its next-generation YotaPhone with Cypress's TrueTouch Gen5 touchscreen controllers in the smartphone's two displays. The premium Android phone uses the TMA568 controller for advanced multitouch functionality in its standard display and the TMA545 controller for its "electronic paper" display.

+ iConnectivity, a leading developer of digital audio interfaces for musicians, is using Cypress's CapSense® MBR3 mechanical button replacement solution in its next-generation iConnectAUDIO4+ audio interface system. The easy-to-use MBR3 solution enables the implementation of a dynamic, reliable touch-sensing user interface for this system.

+ Cypress began sampling its EZ-USB® HX3™ hub controller in a 36-mm2 ball grid array (BGA) package. The new package makes the hub controller the industry's smallest, saving board space in Ultrabook™ devices, tablets and other mobile and consumer devices.

+ Cypress and Icron Technologies successfully completed interoperability testing between Cypress's EZ-USB FX3™ USB 3.0 peripheral controller and the EZ-USB CX3™ camera controller and Icron's USB 3.0 Spectra™ 3001-15 active copper extension cable. The Icron cable extends USB 3.0 performance to 15 meters and enables the Cypress controllers to address a broader range of machine vision and industrial applications.

+ Cypress's RadStop™ radiation-hardened 72-Mb QDR-II+ SRAMs and 4-Mbit fast asynchronous SRAMs have met the Qualified Manufacturers List Class V and Class Q standards -- the highest quality and reliability standards for aerospace-grade ICs in satellites and other applications.

+ United Microelectronics Corporation (UMC) licensed Cypress's SONOS (Silicon Oxide Nitride Oxide Silicon) embedded flash memory intellectual property (IP) for its 40-nanometer process technology. UMC had licensed Cypress's 55-nanometer SONOS IP in 2014. This ongoing collaboration strengthens the position of SONOS as the next-generation embedded-flash solution of choice for foundries.

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ABOUT CYPRESS

Cypress delivers high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and exceptional system value. Cypress offerings include the flagship PSoC 1, PSoC 3, PSoC 4 and PSoC 5LP programmable system-on-chip families. Cypress is the world leader in capacitive user interface solutions including CapSense touch sensing, TrueTouch touchscreens, and trackpad solutions for notebook PCs and peripherals. Cypress is a world leader in USB controllers, which enhance connectivity and performance in a wide range of consumer and industrial products. Cypress is also the world leader in SRAM and nonvolatile RAM memories. Cypress serves numerous major markets, including consumer, mobile handsets, computation, data communications, automotive, industrial and military. Cypress trades on the NASDAQ Global Select Market under the ticker symbol CY. Visit Cypress online at www.cypress.com.

FORWARD-LOOKING STATEMENTS

Statements herein that are not historical facts and that refer to Cypress or its subsidiaries' plans and expectations for Q1 2015 and the remainder of fiscal year 2015 and beyond are forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. We may use words such as "believe," "expect," "future," "plan," "intend" and similar expressions to identify such forward-looking statements that include, but are not limited to, statements related to our expectations regarding the proposed merger with Spansion which include dependence on government regulators and shareholder approval; the semiconductor market; the strength and growth of our proprietary and programmable products; our expectations regarding our revenue growth and earnings leverage; our expectation that our ETD division will significantly contribute to our 2015 revenue growth; as well as our expectations regarding the demand for our products and how our products are expected to perform. Such statements reflect our current expectations, which are based on information and data available to our management as of the date of this release. Our actual results may differ materially due to a variety of uncertainties and risk factors, including, but not limited to, the state of and future of the global economy, business conditions and growth trends in the semiconductor market, whether our products perform as expected, whether the demand for our proprietary and programmable products is fully realized, our ability to manage our business to have strong earnings and significant revenue growth, reduce operating expenses, our ability to effectively implement third party wafer processes, the strength or softness of the markets we serve, our ability to maintain and improve our gross margins and realize our bookings, the seasonality of the markets we serve, the financial performance of our subsidiaries and Emerging Technologies Division, and other risks described in our filings with the Securities and Exchange Commission. We assume no responsibility to update any such forward-looking statements.

Cypress, the Cypress logo, PSoC, TrueTouch, CapSense, EZ-USB and MoBL are registered trademarks and PRoC, More Battery Life, HX3, FX3, CX3 and RadStop are trademarks of Cypress Semiconductor Corp. All other trademarks or registered trademarks are the property of their respective owners.

                                                                            
                     CYPRESS SEMICONDUCTOR CORPORATION                      
                   CONDENSED CONSOLIDATED BALANCE SHEETS                    
                               (In thousands)                               
                                (Unaudited)                                 
                                                                                                          
                                                                                                  -------------  -------------
                                                                                                  December  28,    December  29,  
                                                                                                          2014                    2013          
                                                                                                  -------------  -------------
                                                                                                                                                        
ASSETS                                                                                                                                            
                                                                                                                                                        
    Cash,  cash  equivalents  and  short-term                                                                          
      investments                                                                      $        118,812    $        104,462  
    Accounts  receivable,  net                                                          75,984                81,084  
    Inventories,  net  (a)                                                                  88,227              100,612  
    Property,  plant  and  equipment,  net                                    237,763              258,585  
    Goodwill  and  other  intangible  assets,  net                        99,615              106,523  
    Other  assets                                                                                122,880              113,707  
                                                                                                  -------------  ------------  
        Total  assets                                                                  $        743,281    $        764,973  
                                                                                                  =============  =============
                                                                                                                                                        
LIABILITIES  AND  EQUITY                                                                                                            
                                                                                                                                                        
    Accounts  payable                                                              $          42,678    $          47,893  
    Deferred  margin  on  sales  to  distributors                          95,187              122,578  
    Income  tax  liabilities                                                              21,494                29,001  
    Other  liabilities                                                                      155,057              159,866  
    Long-term  revolving  credit  facility                                  227,000              227,000  
                                                                                                  -------------  -------------
        Total  liabilities                                                                  541,416              586,338  
                                                                                                  -------------  -------------
    Total  Cypress  stockholders'  equity                                    208,320              183,109  
    Noncontrolling  interest                                                            (6,455)              (4,474)
                                                                                                  -------------  -------------
        Total  equity                                                                            201,865              178,635  
                                                                                                  -------------  -------------
            Total  liabilities  and  equity                              $        743,281    $        764,973  
                                                                                                  =============  =============
                                                                                                                                                        
(a)  Net  inventories  include  $2.0  million  and  $3.2  million  of  capitalized        
        inventories  related  to  stock  compensation  expense,  as  of  December  28,      
        2014  and  December  29,  2013,  respectively.                                                              
                                                                                                                                                        
                                                                                                                                                        
                                          CYPRESS  SEMICONDUCTOR  CORPORATION                                            
                            CONDENSED  CONSOLIDATED  STATEMENTS  OF  OPERATIONS                              
                                                            ON  A  GAAP  BASIS                                                              
                                      (In  thousands,  except  per-share  data)                                        
                                                                (Unaudited)                                                                  
                                                                                                                                                        
                                  -----------------------------------  -----------------------
                                                  Three  Months  Ended                        Twelve  Months  Ended    
                                  ----------------------------------    ----------------------  
                                    December        September      December        December        December    
                                          28,                  29,                  29,                  28,                  29,        
                                        2014                2014                2013                2014                2013        
                                  ----------    ----------    ----------    ----------    ----------  
                                                                                                                                                        
Revenues                  $    184,097    $    187,516    $    167,776    $    725,497    $    722,693  
Cost  of  revenues          90,395            90,633            91,328          361,820          384,121  
                                  ----------    ----------    ----------    ----------    ----------  
Gross  margin                  93,702            96,883            76,448          363,677    $    338,572  
Operating                                                                                                                                      
  expenses:                                                                                                                                    
  Research  and                                                                                                                              
    development                39,677            38,626            42,343          164,560          190,906  
  Selling,                                                                                                                                      
    general  and                                                                                                                              
    administrative          37,746            41,119            43,623          163,488          182,671  
  Acquisition                                                                                                                                
    costs                              7,253                      -                      -              7,253                      -  
  Amortization  of                                                                                                                        
    acquisition-                                                                                                                            
    related                                                                                                                                      
    intangibles                  1,305              1,701              1,850              6,683              7,833  
  Restructuring                                                                                                                            
    charges                                72                (238)              (469)          (1,180)          15,357  
                                  ----------    ----------    ----------    ----------    ----------  
      Total                                                                                                                                        
        operating                                                                                                                              
        expenses,                                                                                                                              
        net                            86,053            81,208            87,347          340,804          396,767  
                                  ----------    ----------    ----------    ----------    ----------  
Operating  income                                                                                                                        
  (loss)                              7,649            15,675          (10,899)          22,873          (58,195)
Interest  and                                                                                                                                
  other  income,                                                                                                                            
  net                                  (2,759)          (1,890)          (1,437)          (7,528)                348  
                                  ----------    ----------    ----------    ----------    ----------  
Income  (loss)                                                                                                                              
  before  income                                                                                                                            
  taxes                                4,890            13,785          (12,336)          15,345          (57,847)
Income  tax                                                                                                                                    
  benefit                                                                                                                                        
  (provision)                  (1,814)          (1,231)          (2,210)            1,173              7,761  
                                  ----------    ----------    ----------    ----------    ----------  
Income  (loss),                                                                                                                            
  net  of  taxes                  3,076            12,554          (14,546)          16,518          (50,086)
Adjust  for  net                                                                                                                            
  loss                                                                                                                                              
  attributable  to                                                                                                                        
  noncontrolling                                                                                                                          
  interest                              426                  286                  337              1,418              1,845  
                                  ----------    ----------    ----------    ----------    ----------  
Net  Income                                                                                                                                    
  (loss)                                                                                                                                          
  attributable  to                                                                                                                        
  Cypress                  $        3,502    $      12,840    $    (14,209)  $      17,936    $    (48,241)
                                  ==========    ==========    ==========    ==========    ==========  
                                                                                                                                                        
Net  Income                                                                                                                                    
  (loss)  per                                                                                                                                  
  share                                                                                                                                            
  attributable  to                                                                                                                        
  Cypress:                                                                                                                                      
    Basic                    $          0.02    $          0.08    $        (0.09)  $          0.11    $        (0.31)
    Diluted                $          0.02    $          0.08    $        (0.09)  $          0.11    $        (0.31)
    Cash  dividend                                                                                                                          
      per  share          $          0.11    $          0.11    $          0.11    $          0.44    $          0.44  
Shares  used  in                                                                                                                            
  net  income                                                                                                                                  
  (loss)  per                                                                                                                                  
  share                                                                                                                                            
  calculation:                                                                                                                              
    Basic                          161,864          159,759          151,580          159,031          148,558  
    Diluted                      169,148          166,481          151,580          169,122          148,558  
                                  -----------------------------------  -----------------------
                                                                                                                                                        
                                              CYPRESS  SEMICONDUCTOR  CORPORATION                                        
      RECONCILIATION  OF  GAAP  FINANCIAL  MEASURES  TO  NON-GAAP  FINANCIAL  MEASURES  
                                                                          (a)                                                                        
                                          (In  thousands,  except  per-share  data)                                    
                                                                    (Unaudited)                                                              
                                                                                                                                                        
                                      ---------------------------------------------------------
                                                                            Three  Months  Ended                                        
                                      ---------------------------------------------------------
                                      December                      September                      December                    
                                            28,            %  of            28,              %  of            29,            %  of    
                                          2014        Revenue          2014        Revenue        2013        Revenue  
                                      --------    -------    ---------    -------    --------    -------  
                                                                                                                                                        
GAAP  gross  margin    $  93,702          50.9%  $    96,883          51.7%  $  76,448          45.6%
    Stock-based                                                                                                                              
      compensation                                                                                                                          
      expense                        2,759            1.5%          3,766            2.0%        3,088            1.8%
    Acquisition                                                                                                                              
      costs  and                                                                                                                                
      related                                                                                                                                    
      amortization                    22            0.0%                  -            0.0%        5,562            3.3%
    Changes  in  value                                                                                                                    
      of  deferred                                                                                                                            
      compensation                                                                                                                          
      plan                                  (44)          0.0%                  4            0.0%            136            0.1%
    Impairment  of                                                                                                                          
      assets,                                                                                                                                    
      restructuring                                                                                                                        
      and  other                            -            0.0%            (303)        -0.2%            269            0.2%
    Tax  and  tax-                                                                                                                            
      related  items                    -                -                    -            0.0%                -                -  
                                      --------    -------    ---------    -------    --------    -------  
Non-GAAP  gross                                                                                                                            
  margin                        $  96,439          52.4%  $  100,350          53.5%  $  85,503          51.0%
                                      ========    =======    =========    =======    ========    =======  
                                                                                                                                                        
GAAP  research  and                                                                                                                      
  development                                                                                                                                
  expenses                    $  39,677                      $    38,626                      $  42,344                    
    Stock-based                                                                                                                              
      compensation                                                                                                                          
      expense                      (2,553)                          (2,089)                        (7,356)                  
    Acquisition                                                                                                                              
      costs  and                                                                                                                                
      related                                                                                                                                    
      amortization                      -                                      -                                    -                    
    Changes  in  value                                                                                                                    
      of  deferred                                                                                                                            
      compensation                                                                                                                          
      plan                                  128                                  (13)                            (282)                  
    Impairment  of                                                                                                                          
      assets,                                                                                                                                    
      restructuring                                                                                                                        
      and  other                      (252)                              (231)                          1,368                    
                                      --------    -------    ---------    -------    --------    -------  
Non-GAAP  research                                                                                                                      
  and  development                                                                                                                        
  expenses                    $  37,000                      $    36,293                      $  36,074                    
                                      ========    =======    =========    =======    ========    =======  
                                                                                                                                                        
GAAP  selling,                                                                                                                              
  general  and                                                                                                                                
  administrative                                                                                                                          
  expenses                    $  46,376                      $    41,119                      $  43,623                    
    Stock-based                                                                                                                              
      compensation                                                                                                                          
      expense                      (1,436)                          (6,427)                      (10,432)                  
    Acquisition                                                                                                                              
      costs  and                                                                                                                                
      related                                                                                                                                    
      amortization            (8,602)                                    -                              (148)                  
    Changes  in  value                                                                                                                    
      of  deferred                                                                                                                            
      compensation                                                                                                                          
      plan                                  229                                  (24)                            (607)                  
    Legal  and  other        (1,330)                                    -                                    -                    
    Impairment  of                                                                                                                          
      assets,                                                                                                                                    
      restructuring                                                                                                                        
      and  other                        (72)                                  64                                    -                    
                                      --------    -------    ---------    -------    --------    -------  
Non-GAAP  selling,                                                                                                                      
  general  and                                                                                                                                
  administrative                                                                                                                          
  expenses                    $  35,165                      $    34,732                      $  32,436                    
                                      ========    =======    =========    =======    ========    =======  
                                                                                                                                                        
GAAP  operating                                                                                                                            
  income  (loss)          $    7,649                      $    15,675                      $(10,899)                  
    Stock-based                                                                                                                              
      compensation                                                                                                                          
      expense                        6,748                            12,282                          20,877                    
    Acquisition                                                                                                                              
      costs  and                                                                                                                                
      related                                                                                                                                    
      amortization              8,622                              1,701                            7,558                    
    Changes  in  value                                                                                                                    
      of  deferred                                                                                                                            
      compensation                                                                                                                          
      plan                                (402)                                  41                            1,026                    
    Impairment  of                                                                                                                          
      assets,                                                                                                                                    
      restructuring                                                                                                                        
      and  other                        328                                (374)                        (1,324)                  
    Legal  and  other          1,330                                      -                                    -                    
                                      --------    -------    ---------    -------    --------    -------  
Non-GAAP  operating                                                                                                                    
  income                        $  24,275                      $    29,325                      $  17,238                    
                                      ========    =======    =========    =======    ========    =======  
                                                                                                                                                        
GAAP  pretax  profit        4,890            2.7%  $    13,785            7.4%  $(12,336)        -7.4%
    Stock-based                                                                                                                              
      compensation                                                                                                                          
      expense                        6,748            3.7%        12,282            6.5%      20,877          12.4%
    Acquisition                                                                                                                              
      costs  and                                                                                                                                
      related                                                                                                                                    
      amortization              8,622            4.7%          1,701            0.9%        7,558            4.5%
    Changes  in  value                                                                                                                    
      of  deferred                                                                                                                            
      compensation                                                                                                                          
      plan                            (1,048)        -0.6%              288            0.2%        1,026            0.6%
    Legal  and  other          1,330            0.7%                  -            0.0%                -            0.0%
    Impairment  of                                                                                                                          
      assets,                                                                                                                                    
      restructuring                                                                                                                        
      and  other                        327            0.2%            (374)        -0.1%      (1,324)        -0.8%
    Tax  related  and                                                                                                                      
      other  items                  (618)        -0.3%            (967)        -0.5%          (633)        -0.4%
    Investment                                                                                                                                
      related  losses          1,495            0.8%                  -            0.0%                -            0.0%
    Losses  from                                                                                                                              
      equity  method                                                                                                                        
      investment                  1,403            0.7%          1,386            0.7%            632            0.4%
                                      --------    -------    ---------    -------    --------    -------  
Non-GAAP  pretax                                                                                                                          
  profit                            23,149          12.6%        28,101          15.1%      15,800            9.3%
                                      ========    =======    =========    =======    ========    =======  
                                                                                                                                                        
                                                                                                                                                        
GAAP  net  income                                                                                                                          
  (loss)                                                                                                                                          
  attributable  to                                                                                                                        
  Cypress                      $    3,503                      $    12,840                      $(14,209)                  
    Stock-based                                                                                                                              
      compensation                                                                                                                          
      expense                        6,748                            12,282                          20,877                    
    Acquisition                                                                                                                              
      costs  and                                                                                                                                
      related                                                                                                                                    
      amortization              8,622                              1,701                            7,558                    
    Changes  in  value                                                                                                                    
      of  deferred                                                                                                                            
      compensation                                                                                                                          
      plan                            (1,048)                                288                              (535)                  
    Investment                                                                                                                                
      related  losses                                                                                                                      
      (gains)                        1,495                                      -                                930                    
    Impairment  of                                                                                                                          
      assets,                                                                                                                                    
      restructuring                                                                                                                        
      and  other                        327                                (374)                        (1,324)                  
    Legal  and  other          1,330                                      -                                    -                    
    Tax  related  and                                                                                                                      
      other  items                  (324)                          (1,585)                          1,063                    
    Losses  from                                                                                                                              
      equity  method                                                                                                                        
      investment                  1,403                              1,386                                632                    
                                      --------    -------    ---------    -------    --------    -------  
Non-GAAP  net                                                                                                                                
  income                                                                                                                                          
  attributable  to                                                                                                                        
  Cypress                      $  22,056                      $    26,538                      $  14,992                    
                                      ========    =======    =========    =======    ========    =======  
                                                                                                                                                        
GAAP  net  income                                                                                                                          
  (loss)  per  share                                                                                                                      
  attributable  to                                                                                                                        
  Cypress  -  diluted  $      0.02                      $        0.08                      $    (0.09)                  
    Stock-based                                                                                                                              
      compensation                                                                                                                          
      expense                          0.04                                0.07                              0.13                    
    Acquisition                                                                                                                              
      costs  and                                                                                                                                
      related                                                                                                                                    
      amortization                0.05                                0.01                              0.05                    
    Changes  in  value                                                                                                                    
      of  deferred                                                                                                                            
      compensation                                                                                                                          
      plan                              (0.01)                                    -                            (0.01)                  
    Impairment  of                                                                                                                          
      assets,                                                                                                                                    
      restructuring                                                                                                                        
      and  other                            -                                      -                            (0.01)                  
    Legal  and  other            0.01                                      -                                    -                    
    Tax  related  and                                                                                                                      
      other  items                        -                              (0.01)                            0.01                    
    Investment                                                                                                                                
      related  losses                                                                                                                      
      (gains)                          0.01                                      -                              0.01                    
    Non-GAAP  share                                                                                                                        
      count                                                                                                                                        
      adjustment                          -                                      -                                    -                    
    Losses  from                                                                                                                              
      equity  method                                                                                                                        
      investment                    0.01                                0.01                                    -                    
                                      --------    -------    ---------    -------    --------    -------  
Non-GAAP  net                                                                                                                                
  income  per  share                                                                                                                      
  attributable  to                                                                                                                        
  Cypress  -  diluted  $      0.13                      $        0.16                      $      0.09                    
                                      =========================================================
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        

                                                                                                                                        
                                      -------------------------------------------------
                                                                    Twelve  Months  Ended                              
                                      -------------------------------------------------
                                        December                              December                                  
                                              29,                %  of                29,                        %  of      
                                            2014            Revenue            2013                    Revenue    
                                      ----------    ---------    ----------            ---------  
                                                                                                                                        
GAAP  gross  margin    $    363,677              50.1%  $    338,572                      46.8%
    Stock-based                                                                                                              
      compensation                                                                                                          
      expense                          13,209                1.8%          12,789                        1.8%
    Acquisition                                                                                                              
      costs  and                                                                                                                
      related                                                                                                                    
      amortization                      (86)              0.0%          24,805                        3.4%
    Changes  in  value                                                                                                    
      of  deferred                                                                                                            
      compensation                                                                                                          
      plan                                      427                0.1%                854                        0.2%
    Impairment  of                                                                                                          
      assets,                                                                                                                    
      restructuring                                                                                                        
      and  other                        4,489                0.6%                241                        0.0%
    Tax  and  tax-                                                                                                            
      related  items                        -                    -                      -                            -  
                                      ----------    ---------    ----------            ---------  
Non-GAAP  gross                                                                                                            
  margin                        $    381,716              52.6%  $    377,261                      52.2%
                                      ==========    =========    ==========            =========  
                                                                                                                                        
GAAP  research  and                                                                                                      
  development                                                                                                                
  expenses                    $    164,560                          $    190,906                                
    Stock-based                                                                                                              
      compensation                                                                                                          
      expense                        (16,187)                              (26,042)                              
    Acquisition                                                                                                              
      costs  and                                                                                                                
      related                                                                                                                    
      amortization                                                                  (252)                              
    Changes  in  value                                                                                                    
      of  deferred                                                                                                            
      compensation                                                                                                          
      plan                                    (793)                                (1,744)                              
    Impairment  of                                                                                                          
      assets,                                                                                                                    
      restructuring                                                                                                        
      and  other                          (482)                                (1,104)                              
                                      ----------    ---------    ----------            ---------  
Non-GAAP  research                                                                                                      
  and  development                                                                                                        
  expenses                    $    147,098                          $    161,764                                
                                      ==========    =========    ==========            =========  
                                                                                                                                        
GAAP  selling,                                                                                                              
  general  and                                                                                                                
  administrative                                                                                                          
  expenses                    $    176,244                          $    182,671                                
    Stock-based                                                                                                              
      compensation                                                                                                          
      expense                        (20,774)                              (34,187)                              
    Acquisition                                                                                                              
      costs  and                                                                                                                
      related                                                                                                                    
      amortization              (14,330)                                (1,168)                              
    Changes  in  value                                                                                                    
      of  deferred                                                                                                            
      compensation                                                                                                          
      plan                                (1,855)                                (3,795)                              
    Legal  and  other            (1,330)                                                                            
    Impairment  of                                                                                                          
      assets,                                                                                                                    
      restructuring                                                                                                        
      and  other                            (97)                                          -                                
                                      ----------    ---------    ----------            ---------  
Non-GAAP  selling,                                                                                                      
  general  and                                                                                                                
  administrative                                                                                                          
  expenses                    $    137,858                          $    143,521                                
                                      ==========    =========    ==========            =========  
                                                                                                                                        
GAAP  operating                                                                                                            
  income  (loss)                  22,873                          $    (58,195)                              
    Stock-based                                                                                                              
      compensation                                                                                                          
      expense                          50,170                                  73,020                                
    Acquisition                                                                                                              
      costs  and                                                                                                                
      related                                                                                                                    
      amortization                14,244                                  34,056                                
    Changes  in  value                                                                                                    
      of  deferred                                                                                                            
      compensation                                                                                                          
      plan                                  3,075                                    6,393                                
    Impairment  of                                                                                                          
      assets,                                                                                                                    
      restructuring                                                                                                        
      and  other                        5,067                                  17,152                                
    Legal  and  other              1,330                                            -                                
                                      ----------    ---------    ----------            ---------  
Non-GAAP  operating                                                                                                    
  income                        $      96,759                          $      72,426                                
                                      ==========    =========    ==========            =========  
                                                                                                                                        
GAAP  pretax  profit          15,345                2.1%        (57,847)                    -8.0%
    Stock-based                                                                                                              
      compensation                                                                                                          
      expense                          50,170                6.9%          73,020                      10.1%
    Acquisition                                                                                                              
      costs  and                                                                                                                
      related                                                                                                                    
      amortization                14,244                2.0%          34,056                        4.7%
    Changes  in  value                                                                                                    
      of  deferred                                                                                                            
      compensation                                                                                                          
      plan                                        61                0.0%                  22                        0.0%
    Legal  and  other              1,330                0.2%                    -                        0.0%
    Impairment  of                                                                                                          
      assets,                                                                                                                    
      restructuring                                                                                                        
      and  other                        3,737                0.5%          17,152                        2.4%
    Tax  related  and                                                                                                      
      other  items                      (263)              0.0%          (2,267)                    -0.3%
    Investment                                                                                                                
      related  losses              1,495                0.2%                    -                        0.0%
    Losses  from                                                                                                              
      equity  method                                                                                                        
      investment                      5,068                0.7%            1,877    (b)              0.3%
                                      ----------    ---------    ----------            ---------  
Non-GAAP  pretax                                                                                                          
  profit                                91,187              12.6%          66,013                        9.2%
                                      ==========    =========    ==========            =========  
                                                                                                                                        
                                                                                                                                        
GAAP  net  income                                                                                                          
  (loss)                                                                                                                          
  attributable  to                                                                                                        
  Cypress                      $      17,936                          $    (48,241)  (b)                      
    Stock-based                                                                                                              
      compensation                                                                                                          
      expense                          50,170                                  73,020                                
    Acquisition                                                                                                              
      costs  and                                                                                                                
      related                                                                                                                    
      amortization                14,244                                  11,514                                
    Changes  in  value                                                                                                    
      of  deferred                                                                                                            
      compensation                                                                                                          
      plan                                        61                                          22                                
    Investment                                                                                                                
      related  losses                                                                                                      
      (gains)                            1,495                                                                              
    Impairment  of                                                                                                          
      assets,                                                                                                                    
      restructuring                                                                                                        
      and  other                        3,737                                  39,694                                
    Legal  and  other              1,330                                                                              
    Tax  related  and                                                                                                      
      other  items                  (6,750)                              (14,665)                              
    Losses  from                                                                                                              
      equity  method                                                                                                        
      investment                      5,068                                    1,877    (b)                      
                                      ----------    ---------    ----------            ---------  
Non-GAAP  net                                                                                                                
  income                                                                                                                          
  attributable  to                                                                                                        
  Cypress                      $      87,291                          $      63,221                                
                                      ==========    =========    ==========            =========  
                                                                                                                                        
GAAP  net  income                                                                                                          
  (loss)  per  share                                                                                                      
  attributable  to                                                                                                        
  Cypress  -  diluted  $          0.11                          $        (0.32)                              
    Stock-based                                                                                                              
      compensation                                                                                                          
      expense                              0.30                                      0.45                                
    Acquisition                                                                                                              
      costs  and                                                                                                                
      related                                                                                                                    
      amortization                    0.08                                      0.21                                
    Changes  in  value                                                                                                    
      of  deferred                                                                                                            
      compensation                                                                                                          
      plan                                          -                                      0.01                                
    Impairment  of                                                                                                          
      assets,                                                                                                                    
      restructuring                                                                                                        
      and  other                          0.02                                      0.10                                
    Legal  and  other                0.01                                            -                                
    Tax  related  and                                                                                                      
      other  items                    (0.04)                                  (0.08)                              
    Investment                                                                                                                
      related  losses                                                                                                      
      (gains)                              0.01                                    (0.01)                              
    Non-GAAP  share                                                                                                        
      count                                                                                                                        
      adjustment                              -                                      0.02                                
    Losses  from                                                                                                              
      equity  method                                                                                                        
      investment                        0.03                                      0.01    (b)                      
                                      ----------    ---------    ----------            ---------  
Non-GAAP  net                                                                                                                
  income  per  share                                                                                                      
  attributable  to                                                                                                        
  Cypress  -  diluted  $          0.52                          $          0.39                                
                                      =================================================
                                                                                                                                        
                                                                                                                                        
                                                                                                                                        
(a)  Refer  to  the  accompanying  "Notes  to  Non-GAAP  Financial  Measures"  for  a    
        detailed  discussion  of  management's  use  of  non-GAAP  financial  measures.  
(b)  Adjusted  for  impact  of  investment  in  equity  method  investee.  See                
        footnote  disclosures  related  thereto  in  our  10Q  filed  on  August  6,  2014.
                                                                                                                                                        
                                            CYPRESS  SEMICONDUCTOR  CORPORATION                                          
                                                  SUPPLEMENTAL  FINANCIAL  DATA                                                
                                                              (In  thousands)                                                              
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                  ----------------------------------    ----------------------  
                                                  Three  Months  Ended                        Twelve  Months  Ended    
                                  -----------------------------------  -----------------------
                                    December        September      December        December        December    
                                          28,                  28,                  29,                  28,                  29,        
                                        2014                2014                2013                2014                2013        
                                  ----------    ----------    ----------    ----------    ----------  
Selected  Cash                                                                                                                              
  Flow  Data                                                                                                                                    
  (Preliminary):                                                                                                                          
    Net  cash                                                                                                                                    
      provided  by                                                                                                                            
      operating                                                                                                                                
      activities        $      25,514    $        8,322    $      20,171    $    103,336    $      66,696  
    Net  cash                                                                                                                                    
      provided  by                                                                                                                            
      (used  in)                                                                                                                                
      investing                                                                                                                                
      activities        $    (13,736)  $    (11,173)  $            569    $    (42,156)  $        1,139  
    Net  cash                                                                                                                                    
      provided  by                                                                                                                            
      (used  in)                                                                                                                                
      financing                                                                                                                                
      activities        $    (13,126)  $        6,501    $    (11,276)  $    (43,453)  $    (45,024)
                                                                                                                                                        
Other                                                                                                                                              
  Supplemental                                                                                                                              
  Data                                                                                                                                              
  (Preliminary):                                                                                                                          
    Capital                                                                                                                                      
      expenditures    $        3,769    $        5,800    $        8,750    $      20,947    $      36,627  
    Depreciation      $      10,013    $      10,093    $        9,436    $      39,724    $      39,572  
    Payment  of                                                                                                                                
      dividend            $      17,728    $      17,413    $      16,578    $      69,248    $      64,819  
    Dividend  paid                                                                                                                          
      per  share          $          0.11    $          0.11    $          0.11    $          0.11    $          0.44  
    Dividend  yield                                                                                                                        
      per  share  (a)                3.0%                4.4%                4.3%                3.0%                4.3%
                                  -----------------------------------  -----------------------
                                                                                                                                                        
(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                                    
                                            ------------------------------------------------------
                                                  December  29,          September  28,            December  29,      
                                                          2014                            2014                            2013              
                                            -----------------  -----------------  ------------------
                                                GAAP      Non-GAAP      GAAP      Non-GAAP      GAAP        Non-GAAP
                                            --------  --------  --------  --------  --------    --------
                                                                                                                                                        
Net  income  (loss)                                                                                                                      
  attributable  to                                                                                                                        
  Cypress                            $    3,502  $  22,056  $  12,840  $  26,538  $(14,209)  $  14,992
                                            --------  --------  --------  --------  --------    --------
                                                                                                                                                        
Weighted-average                                                                                                                        
  common  shares                                                                                                                            
  outstanding  (basic)      161,864    161,864    159,759    159,759    151,580      151,580
Effect  of  dilutive                                                                                                                    
  securities:                                                                                                                                
    Stock  options,                                                                                                                        
      unvested                                                                                                                                  
      restricted  stock                                                                                                                  
      and  other                          7,284        8,892        6,722        8,460                -        14,224
                                            --------  --------  --------  --------  --------    --------
Weighted-average                                                                                                                        
  common  shares                                                                                                                            
  outstanding  for                                                                                                                        
  diluted  computation      169,148    170,756    166,481    168,219    151,580      165,804
                                            ========  ========  ========  ========  ========    ========
                                                                                                                                                        
Net  income  (loss)  per                                                                                                              
  share  attributable                                                                                                                  
  to  Cypress  -  basic      $      0.02  $      0.14  $      0.08  $      0.17  $    (0.09)  $      0.10
Net  income  (loss)  per                                                                                                              
  share  attributable                                                                                                                  
  to  Cypress  -  diluted  $      0.02  $      0.13  $      0.08  $      0.16  $    (0.09)  $      0.09
                                            ------------------------------------------------------
                                                                                                                                                        

                                                                                                                    
                                            ------------------------------------
                                                              Twelve  Months  Ended                
                                            ------------------------------------
                                                  December  28,            December  29,      
                                                          2014                            2013              
                                            -----------------  ------------------
                                                GAAP      Non-GAAP      GAAP        Non-GAAP
                                            --------  --------  --------    --------
                                                                                                                    
Net  income  (loss)                                                                                  
  attributable  to                                                                                    
  Cypress                            $  17,936  $  87,291  $(48,241)  $  63,221
                                            --------  --------  --------    --------
                                                                                                                    
Weighted-average                                                                                    
  common  shares                                                                                        
  outstanding  (basic)      159,031    159,031    148,558      148,558
Effect  of  dilutive                                                                                
  securities:                                                                                            
    Stock  options,                                                                                    
      unvested                                                                                              
      restricted  stock                                                                              
      and  other                        10,091        9,331                -        12,954
                                            --------  --------  --------    --------
Weighted-average                                                                                    
  common  shares                                                                                        
  outstanding  for                                                                                    
  diluted  computation      169,122    168,362    148,558      161,512
                                            ========  ========  ========    ========
                                                                                                                    
Net  income  (loss)  per                                                                          
  share  attributable                                                                              
  to  Cypress  -  basic      $      0.11  $      0.55  $    (0.32)  $      0.43
Net  income  (loss)  per                                                                          
  share  attributable                                                                              
  to  Cypress  -  diluted  $      0.11  $      0.52  $    (0.32)  $      0.39
                                            ------------------------------------
                                                                                                                    
                                                                                                                                                        
                                                                                                                                                        
                                            ----------  ----------  ----------  ----------  ----------
                                              December      September    December      December      December  
                                                    28,                28,                29,                28,                29,      
                                                  2014              2014              2013              2014              2013      
                                            ----------  ----------  ----------  ----------  ----------
                                                                                                                                                        
Average  stock  price                                                                                                                  
  for  the  period  ended      $10.77          $10.54            $9.45          $10.18          $10.59    
Common  stock                                                                                                                                
  outstanding  at                                                                                                                          
  period  end  (in                                                                                                                          
  thousands)                          163,013        161,178        153,214        163,013        153,214  
                                                                                                                                                        
                                            ----------  ----------  ----------  ----------  ----------
                                                                                                                                                        
 

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