Exhibit 99.1
 Editorial Contact:
    
    Investor Relations Contact:Gwen Carlson
Conexant Systems, Inc.
(949) 483-7363
    
    Scott Allen
Conexant Systems, Inc.
(949) 483-2698
 CONEXANT REPORTS FINANCIAL RESULTS FOR THE
FIRST QUARTER OF FISCAL 2009
 Company Also Completes Expense-reduction Actions
 NEWPORT BEACH, Calif., Jan. 29, 2009 
 First Fiscal Quarter Financial Results
     Expense-reduction Actions




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##### 



Conexant Reports Financial Results for the First Quarter of Fiscal 2009
    
    2
   Business Perspective
   Business Outlook




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##### 



Conexant Reports Financial Results for the First Quarter of Fiscal 2009
    
    3
 Conference Call Today
   About Conexant
  Safe Harbor Statement
     Conexant is a registered trademark of Conexant Systems, Inc. Other brands and names contained in
this release are the property of their respective owners




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##### 



Conexant Reports Financial Results for the First Quarter of Fiscal 2009
    
    4
 CONEXANT SYSTEMS, INC.
GAAP Condensed Consolidated Statements of Operations
 Fiscal Quarter EndedJanuary 2,
    
    
    October 3,
    
    
    December 28,2009
    
    
    2008
    
    
    2007Net revenues (Note 1)
    
    $
    86,498
    
    
    $
    122,615
    
    
    $
    145,933Cost of goods sold
    
    
    40,348
    
    
    
    56,300
    
    
    
    63,812Gross margin
    
    
    46,150
    
    
    
    66,315
    
    
    
    82,121Operating expenses:Research and development
    
    
    26,313
    
    
    
    29,279
    
    
    
    37,823Selling, general and administrative
    
    
    19,483
    
    
    
    21,008
    
    
    
    20,014Amortization of intangible assets
    
    
    3,371
    
    
    
    4,455
    
    
    
    4,571Gain on sale of intellectual property
    
    
    (12,858
    )
    
    
    
    
    
    
    Special charges (Note 2)
    
    
    10,209
    
    
    
    2,415
    
    
    
    4,349Total operating expenses
    
    
    46,518
    
    
    
    57,157
    
    
    
    66,757Operating (loss) income
    
    
    (368
    )
    
    
    9,158
    
    
    
    15,364Interest expense
    
    
    6,054
    
    
    
    6,852
    
    
    
    9,449Other expense, net
    
    
    2,295
    
    
    
    3,352
    
    
    
    5,345(Loss) income before income taxes and (loss) gain on equity
method investments
    
    
    (8,717
    )
    
    
    (1,046
    )
    
    
    570Provision for income taxes
    
    
    912
    
    
    
    373
    
    
    
    862Loss before (loss) gain on equity method investments
    
    
    (9,629
    )
    
    
    (1,419
    )
    
    
    (292
    )(Loss) gain on equity method investments
    
    
    (846
    )
    
    
    (808
    )
    
    
    3,773Net (loss) income from continuing operations
    
    
    (10,475
    )
    
    
    (2,227
    )
    
    
    3,481Gain on sale of discontinued operations
    
    
    
    
    
    
    6,268
    
    
    
    Loss from
discontinued operations (Note 3)
    
    
    (7,214
    )
    
    
    (3,124
    )
    
    
    (12,699
    )Net (loss) income
    
    $
    (17,689
    )
    
    $
    917
    
    
    $
    (9,218
    )Basic and diluted net (loss) income per share from continuing
operations
    
    $
    (0.21
    )
    
    $
    (0.04
    )
    
    $
    0.07Basic and diluted net gain per share from sale of discontinued
operations
    
    $
    
    
    
    $
    0.13
    
    
    $
    Basic and diluted net loss per share from discontinued operations
    
    $
    (0.15
    )
    
    $
    (0.07
    )
    
    $
    (0.26
    )Basic and diluted net (loss) income per share
    
    $
    (0.36
    )
    
    $
    0.02
    
    
    $
    (0.19
    )Shares used in basic per-share computation
    
    
    49,657
    
    
    
    49,565
    
    
    
    49,236Shares used in diluted per-share computation
    
    
    49,657
    
    
    
    49,565
    
    
    
    49,399
 Note 1
    
    
    
    Net revenues for the fiscal quarter ended December 28, 2007 includes $14.7 million for
the buyout of a future royalty stream.Note 2
    
    
    
    Special charges in the fiscal quarter ended January 2, 2009 include $6.6 million of
restructuring charges and a charge of $3.7 million related to a legal settlement. Special charges
for the fiscal quarter ended October 3, 2008 and December 28, 2007 consist primarily of
restructuring charges.Note 3
    
    
    
    Loss from discontinued operations in the fiscal quarter ended January
2, 2009 includes $7.0 million of restructuring charges related to facilities
occupied by the Broadband Media Processing business sold in the fourth
quarter of fiscal 2008




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##### 



Conexant Reports Financial Results for the First Quarter of Fiscal 2009
    
    5
 CONEXANT SYSTEMS, INC.
 Reconciliation of GAAP Financial Measures to Non-GAAP Core Financial Measures
 Fiscal Quarter EndedJanuary 2,
    
    
    October 3,
    
    
    December 28,2009
    
    
    2008
    
    
    2007GAAP net revenues
    
    $
    86,498
    
    
    $
    122,615
    
    
    $
    145,933Royalty buyout (l)
    
    
    
    
    
    
    
    
    
    
    (14,700
    )Non-GAAP Core net revenues less impact of royalty buyout
    
    $
    86,498
    
    
    $
    122,615
    
    
    $
    131,233GAAP cost of goods sold
    
    $
    40,348
    
    
    $
    56,300
    
    
    $
    63,812Cost of goods sold adjustments (a, f)
    
    
    (628
    )
    
    
    (525
    )
    
    
    (114
    )Non-GAAP Core cost of goods sold
    
    
    39,720
    
    
    $
    55,775
    
    
    $
    63,698GAAP gross margin
    
    $
    46,150
    
    
    $
    66,315
    
    
    $
    82,121Gross margin adjustments (a, f)
    
    
    628
    
    
    
    525
    
    
    
    114Non-GAAP Core gross margin
    
    
    46,778
    
    
    
    66,840
    
    
    
    82,235Royalty buyout (l)
    
    
    
    
    
    
    
    
    
    
    (14,700
    )Non-GAAP Core gross margin less impact of royalty buyout
    
    $
    46,778
    
    
    $
    66,840
    
    
    $
    67,535GAAP operating expenses
    
    $
    46,518
    
    
    $
    57,157
    
    
    $
    66,757Stock-based compensation (a)
    
    
    (2,330
    )
    
    
    (2,334
    )
    
    
    (2,570
    )Amortization of intangible assets (b)
    
    
    (3,371
    )
    
    
    (4,455
    )
    
    
    (4,571
    )Gain on sale of intellectual property (c)
    
    
    12,858
    
    
    
    
    
    
    
    Special charges (d)
    
    
    (10,209
    )
    
    
    (2,590
    )
    
    
    (4,349
    )Acquired research and development (e)
    
    
    
    
    
    
    (800
    )
    
    
    Non-GAAP Core operating expenses
    
    $
    43,466
    
    
    $
    46,978
    
    
    $
    55,267GAAP operating (loss) income
    
    $
    (368
    )
    
    $
    9,158
    
    
    $
    15,364Gross margin adjustment (a, f)
    
    
    628
    
    
    
    525
    
    
    
    114Operating expense adjustments (a-e)
    
    
    3,052
    
    
    
    10,179
    
    
    
    11,490Non-GAAP Core operating income
    
    
    3,312
    
    
    $
    19,862
    
    
    
    26,968Royalty buyout (l)
    
    
    
    
    
    
    
    
    
    
    (14,700
    )Non-GAAP Core operating income less impact of royalty buyout
    
    $
    3,312
    
    
    $
    19,862
    
    
    $
    12,268GAAP other expense, net
    
    $
    2,295
    
    
    $
    3,352
    
    
    $
    5,345Unrealized losses on Mindspeed warrant (g)
    
    
    (482
    )
    
    
    (2,312
    )
    
    
    (8,364
    )Gains on sales of equity securities (h)
    
    
    51
    
    
    
    21
    
    
    
    Loss on impairment of facility (i)
    
    
    
    
    
    
    (1,435
    )
    
    
    Loss on impairment of marketable securities (j)
    
    
    (2,635
    )
    
    
    
    
    
    
    Non-GAAP Core other income
    
    $
    (771
    )
    
    $
    (374
    )
    
    $
    (3,019
    )GAAP net (loss) income from continuing operations
    
    $
    (10,475
    )
    
    $
    (2,227
    )
    
    $
    3,481Gross margin adjustments (a, f)
    
    
    628
    
    
    
    525
    
    
    
    114Operating expense adjustments (a-e)
    
    
    3,052
    
    
    
    10,179
    
    
    
    11,490Losses (gains) on equity method investments (k)
    
    
    846
    
    
    
    808
    
    
    
    (3,773
    )Other expense adjustments (g-j)
    
    
    3,066
    
    
    
    3,726
    
    
    
    8,364Non-GAAP Core net (loss) income from continuing operations
    
    $
    (2,883
    )
    
    $
    13,011
    
    
    $
    19,676Basic and Diluted net (loss) income per share from continuing operations:GAAP Basic and Diluted
    
    $
    (0.21
    )
    
    $
    (0.04
    )
    
    $
    0.07Non-GAAP Basic and Diluted
    
    $
    (0.06
    )
    
    $
    0.26
    
    
    $
    0.40Shares used in basic and diluted per-share computations:Basic
    
    
    49,657
    
    
    
    49,565
    
    
    
    49,236Diluted
    
    
    49,657
    
    
    
    49,565
    
    
    
    49,399




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##### 



Conexant Reports Financial Results for the First Quarter of Fiscal 2009
    
    6
 GAAP to Non-GAAP Core Adjustments:
 (a)
    
    Stock-based compensation expense is based on the fair value of all stock options and employee
stock purchase plan shares in accordance with SFAS No. 123(R).(b)
    
    Amortization of intangible assets resulting from business combinations.(c)
    
    Gain on sale of intellectual property which is not part of our core, on-going operations.(d)
    
    Special charges in the fiscal quarter ended January 2,
2009 include $6.6 million of
restructuring charges and a charge of $3.7 million related to a legal settlement. Special
charges for the fiscal quarter ended October 3, 2008 and December 28, 2007 consist primarily
of restructuring charges.(e)
    
    For the fiscal quarter ended October 3, 2008, the adjustment relates to a purchase accounting
expense of in-process research and development acquired through the purchase of the SigmaTel
multifunction printer imaging product lines.(f)
    
    The fiscal quarter ended October 3, 2008 includes the impact of environmental remediation
charges and a charge from inventory acquired through the purchase of the SigmaTel
multifunction printer imaging product lines.(g)
    
    Unrealized losses associated with the change in the fair value of our warrant to purchase 6
million shares of Mindspeed Technologies, Inc. common stock, which is accounted for as a
derivative instrument.(h)
    
    Gains on sales of equity securities or on the liquidation of companies in which we held
equity securities.(i)
    
    For the fiscal quarter ended October 3, 2008, the adjustment relates to the loss incurred on
a non-cancelable lease obligation.(j)
    
    Loss from other than temporary impairment of marketable securities.(k)
    
    Losses (gains) losses on equity method investments.(l)
    
    The fiscal quarter ended December 28, 2007 includes $14.7 million of non-recurring revenue
that resulted from the buyout of a future royalty stream.
 Non-GAAP Financial Measures:
  GAAP Guidance:




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##### 



Conexant Reports Financial Results for the First Quarter of Fiscal 2009
    
    7
 CONEXANT SYSTEMS, INC.
 Condensed Consolidated Balance Sheets
 January 2,
    
    
    October 3,2009
    
    
    2008ASSETSCurrent assets:Cash and cash equivalents
    
    $
    110,327
    
    
    $
    105,883Restricted cash
    
    
    20,500
    
    
    
    26,800Receivables
    
    
    40,514
    
    
    
    48,997Inventories
    
    
    26,014
    
    
    
    36,439Other current assets
    
    
    40,885
    
    
    
    38,537Total current assets
    
    
    238,240
    
    
    
    256,656Property, plant and equipment
    
    
    21,332
    
    
    
    24,912Goodwill
    
    
    111,360
    
    
    
    110,412Intangible assets
    
    
    9,910
    
    
    
    14,971Other assets
    
    
    39,010
    
    
    
    39,452Total assets
    
    $
    419,852
    
    
    $
    446,403LIABILITIES AND SHAREHOLDERS DEFICITCurrent liabilities:Current portion of long-term debt
    
    $
    17,570
    
    
    $
    17,707Short-term debt
    
    
    32,868
    
    
    
    40,117Accounts payable
    
    
    22,783
    
    
    
    34,894Accrued compensation and benefits
    
    
    11,952
    
    
    
    14,989Other current liabilities
    
    
    40,504
    
    
    
    44,385Total current liabilities
    
    
    125,677
    
    
    
    152,092Long-term debt
    
    
    373,830
    
    
    
    373,693Other liabilities
    
    
    73,310
    
    
    
    57,352Total liabilities
    
    
    572,817
    
    
    
    583,137Shareholders deficit
    
    
    (152,965
    )
    
    
    (136,734
    )Total liabilities and shareholders deficit
    
    $
    419,852
    
    
    $
    446,403
 Selected Other Data
 Fiscal Quarter EndedJanuary 2,
    
    
    October 3,
    
    
    December 28,2009
    
    
    2008
    
    
    2007Revenues By Region:Americas
    
    $
    6,475
    
    
    $
    8,391
    
    
    $
    8,754Asia-Pacific
    
    
    76,462
    
    
    
    108,577
    
    
    
    130,621Europe, Middle East and Africa
    
    
    3,561
    
    
    
    5,647
    
    
    
    6,558$
    86,498
    
    
    $
    122,615
    
    
    $
    145,933Cash Flow Data:Depreciation of PP&E
    
    $
    2,649
    
    
    $
    2,846
    
    
    $
    4,078Capital expenditures
    
    $
    181
    
    
    $
    1,718
    
    
    $
    1,392