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|   | þ | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|--------|--------|---------------------------------------------------------------------------------------------------|

|   | For      the Quarterly Period Ended March 31,2008 |
|--------|---------------------------------------------------|

|   | o | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|--------|---|-----------------------------------------------------------------------------------------------------|

|   | For      the Transition Period From _____ to_____ |
|--------|---------------------------------------------------|

| Delaware                             | 33-0732700                  |
|--------------------------------------|-----------------------------|
| (State      or other jurisdiction of | (IRS      Employer          |
| Incorporation      or Organization)  | Identification      Number) |

|  Large      accelerated filer o            |  Accelerated      filer þ    |
|-----------------------------------------------------------|----------------------------------------|
|                                                      |                                   |
|  Non-accelerated      filer o    |  Smaller      reporting company o |

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Table of Contents

HI/FN, INC.

| PART I.           | FINANCIAL INFORMATION                                                                                               |                    |
|-------------------|---------------------------------------------------------------------------------------------------------------------|-------------------------|
| Item 1.           | Financial Statements (unaudited)                                                                                    |                    |
|              | Condensed Consolidated Balance Sheets         as of March 31, 2008 and September 30,    2007         |  1                 |
|              | Condensed Consolidated Statements of      Operationsfor the three and six months ended March 31, 2008 and      2007 |  2                 |
|              | Condensed Consolidated Statements of Cash      Flowsfor the six months ended March 31, 2008 and      2007           |  3                 |
|              | Notes to Condensed Consolidated Financial      Statements                                                           | 4 –      11       |
| Item 2.           | Management’s Discussion and Analysis of Financial Condition      and Results of Operations                    | 12      – 22      |
| Item 3.           | Quantitative and Qualitative Disclosures About Market      Risks                                                    | 22 –      23 |
| Item 4.           | Controls and Procedures                                                                                             | 23                      |
|              |                                                                                                                |                    |
| PART II.          | OTHER INFORMATION                                                                                                   |                    |
| Item 1A.          | Risk Factors                                                                                                        | 24                      |
| Item 4.           | Submission of Matters to a Vote of Security      Holders                                                            | 24                      |
| Item 6.           | Exhibits                                                                                                            | 25                      |
| Signatures        | 26                                                                                                                  |
| Index to Exhibits |                                                                                                                |
| Exhibit 31.1      |                                                                                                                |
| Exhibit 31.2      |                                                                                                                |
| Exhibit 32.1      |                                                                                                                |
| Exhibit 32.2      |                                                                                                                |

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Table of Contents

PART 1 – FINANCIAL INFORMATION

Item 1. Financial Statements

| HI/FN, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED      CONSOLIDATED BALANCE SHEETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
| (in      thousands)(unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | March      31,2008 |   |   | September      30, 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |
| ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |
| CURRENT      ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |   |   |   |   |   |
|    Cash      and cash      equivalents                                                                                                          |   | $ | 13,703 |   |   | $ | 17,049 |   |
|    Short-term      investments                                                                                                                  |   |   | 24,801 |   |   |   | 18,273 |   |
|    Accounts      receivable,      net                                                                                                           |   |   | 6,981 |   |   |   | 7,450 |   |
|    Inventories      (finished      goods)                                                                                                       |   |   | 2,817 |   |   |   | 2,784 |   |
|    Prepaid      expenses and other current      assets                                                                                          |   |   | 1,143 |   |   |   | 1,428 |          |
|         Total current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 49,445 |   |   |   | 46,984 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |
|         Other      receivables                                                                                                             |   |   | 164 |   |   |   | 189 |   |
|         Property and equipment,      net                                                                                                   |   |   | 2,132 |   |   |   | 1,982 |   |
|         Goodwill and intangible assets,      net                                                                                           |   |   | 5,955 |   |   |   | 7,453 |   |
|         Other      assets                                                                                                                  |   |   | 2,032 |   |   |   | 2,358 |   |
|               Total assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $ | 59,728 |   |   | $ | 58,966 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |
| LIABILITIES      AND STOCKHOLDERS’ EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |
| CURRENT      LIABILITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
|         Accounts      payable                                                                                                                        |   | $ | 2,191 |   |   | $ | 1,467 |   |
|         Accrued expenses and other current      liabilities                                                                                          |   |   | 4,343 |   |   |   | 4,051 |   |
|         Total current      liabilities                                                                                                                                   |   |   | 6,534 |   |   |   | 5,518 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |
| STOCKHOLDERS’      EQUITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |
|         Common      stock                                                                                                                            |   |   | 15 |   |   |   | 15 |   |
|         Additional paid-in      capital                                                                                                              |   |   | 174,042 |   |   |   | 171,573 |   |
|         Accumulated other comprehensive income      (loss)                                                                                           |   |   | (6 | ) |   |   | 3 |   |
|         Accumulated      deficit                                                                                                                     |   |   | (116,430 | ) |   |   | (113,716 | ) |
|         Treasury stock, at      cost                                                                                                                 |   |   | (4,427 | ) |   |   | (4,427 | ) |
| Total      stockholders’      equity                                                                                                                                         |   |   | 53,194 |   |   |   | 53,448 |   |
|               Total liabilities and stockholders’ equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $ | 59,728 |   |   | $ | 58,966 |   |

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| HI/FN, INC.CONDENSED      CONSOLIDATED STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| (in      thousands, except per share data)(unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | Three      Months EndedMarch      31, |   |   | Six      Months EndedMarch      31, |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 2008 |   |   | 2007 |   |   | 2008 |   |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      revenues:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Processors                                                                                                                                      |   | $ | 8,556 |   |   | $ | 10,208 |   |   | $ | 18,541 |   |   | $ | 18,773 |   |
| Software      licenses and      other                                                                                                           |   |   | 709 |   |   |   | 821 |   |   |   | 1,653 |   |   |   | 1,525 |   |
|              Total net      revenues                                                                                        |   |   | 9,265 |   |   |   | 11,029 |   |   |   | 20,194 |   |   |   | 20,298 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs      and operating expenses:                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost      of revenues –      processors                                                                                                   |   |   | 2,970 |   |   |   | 3,513 |   |   |   | 6,290 |   |   |   | 6,635 |   |
| Cost      of revenues – software licenses and other                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | 152 |   |   |   | 83 |   |   |   | 304 |   |   |   | 165 |   |
| Research      and      development                                                                                                              |   |   | 3,496 |   |   |   | 3,101 |   |   |   | 7,098 |   |   |   | 7,420 |   |
| Sales      and      marketing                                                                                                                   |   |   | 2,930 |   |   |   | 2,117 |   |   |   | 5,324 |   |   |   | 3,939 |   |
| General      and      administrative                                                                                                            |   |   | 1,275 |   |   |   | 2,658 |   |   |   | 2,997 |   |   |   | 5,100 |   |
| Amortization      of intangible      assets                                                                                                     |   |   | 749 |   |   |   | 738 |   |   |   | 1,498 |   |   |   | 1,475 |   |
|              Total costs and operating      expenses                                                                        |   |   | 11,572 |   |   |   | 12,210 |   |   |   | 23,511 |   |   |   | 24,734 |   |
| Loss from      operations                                                                                                   |   |   | (2,307 | ) |   |   | (1,181 | ) |   |   | (3,317 | ) |   |   | (4,436 | ) |
| Interest      income                                                                                                                            |   |   | 375 |   |   |   | 499 |   |   |   | 837 |   |   |   | 1,004 |   |
| Other      expenses,      net                                                                                                                   |   |   | (91 | ) |   |   | (9 | ) |   |   | (208 | ) |   |   | (24 | ) |
| Loss      before income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | (2,023 | ) |   |   | (691 | ) |   |   | (2,688 | ) |   |   | (3,456 | ) |
| Provision      for (benefit from) income      taxes                                                                         |   |   | 11 |   |   |   | 16 |   |   |   | 26 |   |   |   | (47 | ) |
| Net      loss                                                                                                               |   | $ | (2,034 | ) |   | $ | (707 | ) |   | $ | (2,714 | ) |   | $ | (3,409 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss per share, basic and      diluted                                                                             |   | $ | (0.14 | ) |   | $ | (0.05 | ) |   | $ | (0.18 | ) |   | $ | (0.24 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      average shares outstanding, basic and diluted                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 14,859 |   |   |   | 13,973 |   |   |   | 14,818 |   |   |   | 13,960 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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| HI/FN, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED      CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
| (in      thousands)(unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | March      31, |   |
|         Six Months Ended                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 2008 |   |   | 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
| Cash      flows from operating activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |
| Net      loss                                                                                                                                                                                          |   | $ | (2,714 | ) |   | $ | (3,409 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Adjustments      to reconcile net loss to net cash provided by (used in) operating      activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |
|          Depreciation and      amortization                                                                                                                                                       |   |   | 795 |   |   |   | 917 |   |
|          Amortization of intangible      assets                                                                                                                                                   |   |   | 1,498 |   |   |   | 1,475 |   |
|          Short-term investment impairment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | 170 |   |   |   | - |   |
|          Stock-based compensation expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | 970 |   |   |   | 987 |   |
|          Write-down of excess and obsolete      inventory                                                                                                                                         |   |   | 27 |   |   |   | 45 |   |
|          Allowance for doubtful accounts      recovery                                                                                                                                            |   |   | (12 | ) |   |   | (5 | ) |
| Changes      in assets and liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |
|          Accounts      receivable                                                                                                                                                                 |   |   | 481 |   |   |   | (1,859 | ) |
|          Inventories                                                                                                                                                                              |   |   | (60 | ) |   |   | (259 | ) |
|          Prepaid expenses and other current      assets                                                                                                                                           |   |   | 285 |   |   |   | 131 |   |
|          Other      receivables                                                                                                                                                                   |   |   | 25 |   |   |   | - |   |
|          Other      assets                                                                                                                                                                        |   |   | 22 |   |   |   | (555 | ) |
|          Accounts      payable                                                                                                                                                                    |   |   | 724 |   |   |   | 743 |   |
|          Accrued expenses and other current      liabilities                                                                                                                                      |   |   | 442 |   |   |   | (157 | ) |
|           Net cash provided by (used in) operating      activities                                                                                                                                          |   |   | 2,653 |   |   |   | (1,946 | ) |
| Cash      flows from investing activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |
| Sale      and maturities of short-term      investments                                                                                                                                                |   |   | 18,493 |   |   |   | 21,973 |   |
| Purchases      of short-term      investments                                                                                                                                                          |   |   | (25,200 | ) |   |   | (16,846 | ) |
| Purchases      of property and      equipment                                                                                                                                                          |   |   | (641 | ) |   |   | (450 | ) |
| Refund      of escrow funds relating to Siafu      acquisition                                                                                                                                         |   |   | (150 | ) |   |   | - |   |
|           Net cash provided by (used in) investing      activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   | (7,498 | ) |   |   | 4,677 |   |
| Cash      flows from financing activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |
| Proceeds      from issuance of common stock for stock option exercises and employee      stock purchase plan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 1,499 |   |   |   | 287 |   |
|           Net cash provided by financing      activities                                                                                                                                                    |   |   | 1,499 |   |   |   | 287 |   |
| Net increase (decrease) in cash      and cash      equivalents                                                                                                      |   |   | (3,346 | ) |   |   | 3,018 |   |
| Cash      and cash equivalents at beginning of      period                                                                                                          |   |   | 17,049 |   |   |   | 20,437 |   |
| Cash      and cash equivalents at end of      period                                                                                                                |   | $ | 13,703 |   |   | $ | 23,455 |   |

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HI/FN, INC.

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | March      31,2008    |         |   | September      30, 2007 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------------|--------|-------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | ($      in thousands) |         |
| Property      and equipment:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                  |         |   |                    |   |
|              Computer      equipment                                                                                              |   | $                     | 9,091        |   |                    | $      | 8,465 |   |
|              Furniture and      fixtures                                                                                          |   |                  | 915          |   |                    |   | 912 |   |
|              Leasehold      improvements                                                                                          |   |                  | 801          |   |                    |   | 789 |   |
|              Office      equipment                                                                                                |   |                  |  906    |   |                    |   | 906 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                  | 11,713       |   |                    |   | 11,072 |   |
|          Less: accumulated depreciation and      amortization                                                                                         |   |                  |  (9,581 | )      |                    |   | (9,090 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $                     | 2,132        |   |                    | $      | 1,982 |   |

| Intangible      assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |    |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|          Developed and core      technology                                                                                                          |   | $      | 16,771  |   |   | $      | 16,771 |   |
|              Less: accumulated      amortization                                                                                      |   |   | (12,241 | )      |   |   | (10,743 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 4,530   |   |   |   | 6,028 |   |
|          Goodwill                                                                                                                                    |   |   | 1,425   |   |   |   | 1,425 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $      | 5,955   |   |   | $      | 7,453 |   |

| Fiscal      year ending September 30, |   |   |   |   |
|---------------------------------------|--------|--------|--------|--------|
| 2008      (6 months ended)            |   | $      | 1,498  |   |   |
|          2009          |   |   | 1,231  |   |   |
|          2010          |   |   | 643    |   |   |
|          2011          |   |   | 643    |   |   |
|          2012          |   |   | 515    |   |   |
| Total      estimated amortization     |   | $      | 4,530  |   |   |

| Other      assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|              Design tools and other licensed intellectualproperty                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $      | 4,412  |   |   | $      | 4,235 |   |
|                  Less: accumulated      amortization                                                                                         |   |   | (2,539 | )      |   |   | (2,235 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $      | 1,873  |   |   | $      | 2,000 |   |
|              Refundable deposits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   | 159    |   |   |   | 358 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $      | 2,032  |   |   | $      | 2,358 |   |

| Accrued      expenses and other current liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|              Accrued vacant facility lease      cost                                                                                              |   | $      | 420    |   |   | $      | 713 |   |
|              Accrued non-recurring engineering      costs                                                                                         |   |   | 586    |   |   |   | 104 |   |
|              Compensation and employee      benefits                                                                                              |   |   | 1,729  |   |   |   | 1,606 |   |
|              Deferred income and      revenue                                                                                                     |   |   | 1,106  |   |   |   | 1,004 |   |
|              Income taxes      payable                                                                                                            |   |   | 12     |   |   |   | 9 |   |
|              Other                                                                                                                                |   |   | 490    |   |   |   | 615 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $      | 4,343  |   |   | $      | 4,051 |   |

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|                                                                      |   | Three      Months EndedMarch      31, |      |   | Six      Months EndedMarch      31, |   |
|---------------------------------------------------------------------------|--------|---------------------------------------|-----------|--------|-------------------------------------|--------|
|                                                                      |   | 2008                                  |      |   | 2007                                |   |   | 2008 |   |   | 2007 |   |
|                                                                      |   |                                  |      |   |                                |   |   |   |   |   |   |   |
|     Outstanding      options to purchase common stock |   |                                  | 3,275,018 |   |                                |   | 4,217,721 |   |   |   | 3,275,018 |   |   |   | 4,217,721 |   |

|                                                        |   | Three      Months EndedMarch      31, |   |   | Six      Months EndedMarch      31, |   |
|-------------------------------------------------------------|--------|---------------------------------------|--------|--------|-------------------------------------|--------|
|                                                        |   | 2008                                  |   |   | 2007                                |   |   | 2008 |   |   | 2007 |   |
|                                                        |   | (in      thousands)                   |   |
|   Net loss                                             |   | $                                     | (2,034 | )      |                                | $      | (707 | ) |   | $ | (2,714 | ) |   | $ | (3,409 | ) |
|   Unrealized gain/(loss) on      financial instruments |   |                                  | (10    | )      |                                |   | 6 |   |   |   | (9 | ) |   |   | 7 |   |
|   Comprehensive      loss                              |   | $                                     | (2,044 | )      |                                | $      | (701 | ) |   | $ | (2,723 | ) |   | $ | (3,402 | ) |

|                              |                                      |   | Options      Outstanding |   |      | Options      Vested and Exercisable                     |   |
|-----------------------------------|-------------------------------------------|--------|--------------------------|--------|-----------|---------------------------------------------------------|--------|
| Range      ofExercise      Prices |                                      |   |   Quantity     |   |      | Weighted      AverageRemaining      Life(in      years) |   |   | Weighted      AverageExercise      Price |   |   | Quantity |   |   | Weighted      AverageExercise      Price |   |
|                              |                                      |   |                     |   |      |                                                    |   |   |   |   |   |   |   |   |   |   |
| $                                 |   0.00 - $    4.85                   |   |                     |   | 480,209   |                                                    |   |   | 7.42 |   |   | $ | 3.65 |   |   |   | 257,495 |   |   | $ | 4.36 |   |
|                              |        4.90 -    5.00 |   |                     |   | 118,287   |                                                    |   |   | 0.88 |   |   |   | 4.99 |   |   |   | 118,287 |   |   |   | 4.99 |   |
|                              |        5.09 -    5.10 |   |                     |   | 362,111   |                                                    |   |   | 8.45 |   |   |   | 5.10 |   |   |   | 128,269 |   |   |   | 5.10 |   |
|                              |        5.11 -    5.84 |   |                     |   | 334,992   |                                                    |   |   | 8.51 |   |   |   | 5.63 |   |   |   | 120,674 |   |   |   | 5.43 |   |
|                              |        5.92 -    6.13 |   |                     |   | 342,217   |                                                    |   |   | 9.04 |   |   |   | 6.08 |   |   |   | 120,277 |   |   |   | 6.11 |   |
|                              |        6.21 -    6.66 |   |                     |   | 385,584   |                                                    |   |   | 6.11 |   |   |   | 6.50 |   |   |   | 222,764 |   |   |   | 6.57 |   |
|                              |        6.67 -    7.95 |   |                     |   | 357,362   |                                                    |   |   | 6.74 |   |   |   | 7.15 |   |   |   | 272,780 |   |   |   | 7.25 |   |
|                              |        7.99 -  10.52            |   |                     |   | 391,700   |                                                    |   |   | 6.60 |   |   |   | 9.17 |   |   |   | 309,600 |   |   |   | 9.43 |   |
|                              | 10.76      -  14.98                  |   |                     |   | 335,385   |                                                    |   |   | 3.96 |   |   |   | 13.18 |   |   |   | 335,385 |   |   |   | 13.18 |   |
|                              | 15.99      -  69.88                  |   |                     |   | 167,171   |                                                    |   |   | 2.74 |   |   |   | 25.58 |   |   |   | 167,171 |   |   |   | 25.58 |   |
|                              |        0.00 -  69.88       |   |                     |   | 3,275,018 |                                                    |   |   | 6.66 |   |   | $ | 7.79 |   |   |   | 2,052,702 |   |   | $ | 9.17 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Shares |    |   | Weighted      AverageFair      ValuePer      Share |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|----------------------------------------------------|--------|
|          Balance at September 30, 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   | 111,619 |   |                                               | $      | 6.04 |   |
| RSUs      Granted                                                                                                                                                |   |   | 137,500 |   |                                               |   | 5.84 |   |
| RSUs      Exercised                                                                                                                                              |   |   | (36,619 | )      |                                               |   | 5.44 |   |
| RSUs      Forfeited/Cancelled                                                                                                                                    |   |   | -       |   |                                               |   | - |   |
|          Balance at March 31,      2008                                                                                       |   |   | 212,500 |   |                                               | $      | 6.01 |   |

|                                                                                   |   | Three      Months EndedMarch      31, |   |   | Six      Months EndedMarch      31, |   |
|----------------------------------------------------------------------------------------|--------|---------------------------------------|--------|--------|-------------------------------------|--------|
|                                                                                   |   | 2008                                  |   |   | 2007                                |   |   | 2008 |   |   | 2007 |   |
|                                                                                   |   | (in      thousands)                   |   |
|          Cost of revenues                                               |   | $                                     | 8      |   |                                | $      | 7 |   |   | $ | 15 |   |   | $ | 13 |   |
|          Research and development                                       |   |                                  | 171    |   |                                |   | 122 |   |   |   | 339 |   |   |   | 291 |   |
|          Sales and marketing                                            |   |                                  | 167    |   |                                |   | 63 |   |   |   | 266 |   |   |   | 121 |   |
|          General and administrative                                     |   |                                  | 191    |   |                                |   | 352 |   |   |   | 350 |   |   |   | 562 |   |
|              Total stock-based compensation expense |   | $                                     | 537    |   |                                | $      | 544 |   |   | $ | 970 |   |   | $ | 987 |   |

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|                                                                                  |   | Three      Months EndedMarch      31, |   |   | Six      Months EndedMarch      31, |   |
|---------------------------------------------------------------------------------------|--------|---------------------------------------|--------|--------|-------------------------------------|--------|
|                                                                                  |   | 2008                                  |   |   | 2007                                |   |   | 2008 |   |   | 2007 |   |
|                                                                                  |   | (in      thousands)                   |   |
|          North America:                                                |   |                                  |   |   |                                |   |   |   |   |   |   |   |
|             United States                               |   | $                                     | 3,771  |   |                                | $      | 4,523 |   |   | $ | 8,490 |   |   | $ | 8,078 |   |
|             Other                                       |   |                                  | 162    |   |                                |   | 257 |   |   |   | 278 |   |   |   | 448 |   |
|                 Total North America |   |                                  | 3,933  |   |                                |   | 4,780 |   |   |   | 8,768 |   |   |   | 8,526 |   |
|          Asia:                                                         |   |                                  |   |   |                                |   |   |   |   |   |   |   |   |   |   |   |
|             Hong Kong                                   |   |                                  | 3,530  |   |                                |   | 5,082 |   |   |   | 7,500 |   |   |   | 9,126 |   |
|             Malaysia                                    |   |                                  | 226    |   |                                |   | 371 |   |   |   | 758 |   |   |   | 1,058 |   |
|             Thailand                                    |   |                                  | 254    |   |                                |   | 150 |   |   |   | 469 |   |   |   | 180 |   |
|             Japan                                       |   |                                  | 195    |   |                                |   | 213 |   |   |   | 392 |   |   |   | 490 |   |
|             Singapore                                   |   |                                  | 145    |   |                                |   | - |   |   |   | 294 |   |   |   | 134 |   |
|             China                                       |   |                                  | 166    |   |                                |   | - |   |   |   | 166 |   |   |   | - |   |
|             Taiwan                                      |   |                                  | 37     |   |                                |   | 30 |   |   |   | 57 |   |   |   | 30 |   |
|             Korea                                       |   |                                  | 10     |   |                                |   | - |   |   |   | 10 |   |   |   | - |   |
|                 Total Asia          |   |                                  | 4,563  |   |                                |   | 5,846 |   |   |   | 9,647 |   |   |   | 11,018 |   |
|          Europe and other                                              |   |                                  | 770    |   |                                |   | 403 |   |   |   | 1,780 |   |   |   | 754 |   |
|        Total                                       |   | $                                     | 9,265  |   |                                | $      | 11,029 |   |   | $ | 20,194 |   |   | $ | 20,298 |   |

|                                              |   | Three      Months EndedMarch      31, |      |   | Six      Months EndedMarch      31, |   |
|---------------------------------------------------|--------|---------------------------------------|-----------|--------|-------------------------------------|--------|
|                                              |   | 2008                                  |      |   | 2007                                |   |   | 2008 |   |   | 2007 |   |
|          Cisco Systems, Inc.       |   |                                  | 48%       |   |                                |   | 58% |   |   |   | 49% |   |   |   | 56% |   |
|          Huawei Technologies, Inc. |   |                                  | 10%       |   |                                |   | 11% |   |   |   |        7% |   |   |   | 13% |   |
|          EMC Corporation           |   |                                  |   8% |   |                                |   |   4% |   |   |   | 11% |   |   |   |   3% |   |
|                                              |   |                                  | 66%       |   |                                |   | 73% |   |   |   | 67% |   |   |   | 72% |   |

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Item 2. Management’s Discussion and Analysis of Financial Conditionand Results of Operations

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|                                                          |   | Three Months Ended      March31, |   | Year-over-Year    Change |   | Six Months Ended      March31, |   | Year-over-Year    Change |              |
|----------------------------------------------------------|--------|----------------------------------|--------|--------------------------|--------|--------------------------------|--------|--------------------------|-------------------|
|          (dollars in thousands)           |   | 2008                             |   | 2007                     |   |                           | 2008   |                          |  2007        |
|     Processors             |   | $                                | 8,556  |                     | $      | 10,208                         |   |                     |        (16)% |   | $ | 18,541 |   | $ | 18,773 |   |   |          (1)% |   |
|     Software      licenses and other |   |                             | 709    |                     |   | 821                            |   |                     |        (14)% |   |   | 1,653 |   |   | 1,525 |   |   |     8% |   |
|                                                     |   | $                                | 9,265  |                     | $      | 11,029                         |   |                     |        (16)% |   | $ | 20,194 |   | $ | 20,298 |   |   |          (1)% |   |

|                                                     |   |                   |                       |                   |   |                            |              |        |                         |
|----------------------------------------------------------|--------|-------------------|----------------------------|-------------------|--------|----------------------------|-------------------|--------|------------------------------|
|                                                     |   | % of net revenues |                       | % of net revenues |   |                       | % of net revenues |        |  % of net      revenues |
|     Processors             |   |              |        92%            |              |   |        93%            |              |   |                         |   |   |        92% |   |   |        92% |   |   |      |   |
|     Software      licenses and other |   |              |          8% |              |   |          7% |              |   |                    |   |   |          8% |   |   |          8% |   |   |   |   |
|      Total                           |   |              | 100%                       |              |   | 100%                       |              |   |                         |   |   | 100% |   |   | 100% |   |   |   |   |

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|                                              |   | Three      Months EndedMarch      31, |      |   | Six      Months EndedMarch      31, |   |
|---------------------------------------------------|--------|---------------------------------------|-----------|--------|-------------------------------------|--------|
|                                              |   | 2008                                  |      |   | 2007                                |   |   | 2008 |   |   | 2007 |   |
|          Cisco Systems, Inc.       |   |                                  | 48%       |   |                                |   | 58% |   |   |   | 49% |   |   |   | 56% |   |
|          Huawei Technologies, Inc. |   |                                  | 10%       |   |                                |   | 11% |   |   |   |        7% |   |   |   | 13% |   |
|          EMC Corporation           |   |                                  |   8% |   |                                |   |   4% |   |   |   | 11% |   |   |   |   3% |   |
|                                              |   |                                  | 66%       |   |                                |   | 73% |   |   |   | 67% |   |   |   | 72% |   |

|                                                          |   | Three Months      Ended March31, |   | Year-over-Year    Change |   | Six Months Ended      March31, |   | Year-over-Year    Change |              |
|----------------------------------------------------------|--------|---------------------------------------|--------|--------------------------|--------|--------------------------------|--------|--------------------------|-------------------|
|          (dollars in thousands)           |   | 2008                                  |   | 2007                     |   |                           | 2008   |                          |  2007        |
|     Processors             |   | $                                     | 2,970  |                     | $      | 3,513                          |   |                     |        (15)% |   | $ | 6,290 |   | $ | 6,635 |   |   |          (5)% |   |
|     Software      licenses and other |   |                                  | 152    |                     |   | 83                             |   |                     |   83%   |   |   | 304 |   |   | 165 |   |   |  84% |   |
|                                                     |   | $                                     | 3,122  |                     | $      | 3,596                          |   |                     |        (13)% |   | $ | 6,954 |   | $ | 6,800 |   |   |          (3)% |   |

|                                                     |   |                            |   |                            |   |        |                       |        |                                       |
|----------------------------------------------------------|--------|----------------------------|--------|----------------------------|--------|--------|----------------------------|--------|--------------------------------------------|
|                                                     |   | % of revenue      category |   | % of revenue      catagory |   |   | %      of revenue catagory |        |  %      of revenue      catagory |
|     Processors             |   |                       | 35%    |                       |   | 34%    |                       |   |                                       |   |   | 34% |   |   | 35% |   |   |      |   |
|     Software      licenses and other |   |                       | 21%    |                       |   | 10%    |                       |   |                                  |   |   | 18% |   |   | 11% |   |   |   |   |
|      Total                           |   |                       | 34%    |                       |   | 33%    |                       |   |                                       |   |   | 33% |   |   | 34% |   |   |   |   |

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|                                                                                   |   | Three Months      Ended March31, |   | Year-over-Year    Change |   | Six Months Ended      March31, |   | Year-over-Year    Change |            |
|-----------------------------------------------------------------------------------|--------|---------------------------------------|--------|--------------------------|--------|--------------------------------|--------|--------------------------|-----------------|
|          (dollars in thousands)                                    |   | 2008                                  |   | 2007                     |   |                           | 2008   |                          |  2007      |
|     Research      & development expenses   |   | $                                     | 3,496  |                     | $      | 3,101                          |   |                     |        13% |   | $ | 7,098 |   | $ | 7,420 |   |   |    (3)% |   |
|     As      a percentage of net revenues                      |   |                                  | 38%    |                     |   | 28%                            |   |                     |            |   |   | 35% |   |   | 37% |   |   |   |   |

|                                                                              |   | Three Months      Ended March31, |   | Year-over-Year    Change |   | Six Months Ended      March31, |   | Year-over-Year    Change |            |
|------------------------------------------------------------------------------|--------|---------------------------------------|--------|--------------------------|--------|--------------------------------|--------|--------------------------|-----------------|
|          (dollars in thousands)                               |   | 2008                                  |   | 2007                     |   |                           | 2008   |                          |  2007      |
|     Sales      & marketing expenses   |   | $                                     | 2,930  |                     | $      | 2,117                          |   |                     |        38% |   | $ | 5,324 |   | $ | 3,939 |   |   |    35% |   |
|     As      a percentage of net revenues                 |   |                                  | 32%    |                     |   | 19%                            |   |                     |            |   |   | 26% |   |   | 19% |   |   |   |   |

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|                                                                           |   | Three Months      Ended March31, |   | Year-over-Year    Change |   | Six Months Ended      March31, |   | Year-over-Year    Change |              |
|---------------------------------------------------------------------------|--------|---------------------------------------|--------|--------------------------|--------|--------------------------------|--------|--------------------------|-------------------|
|          (dollars in thousands)                            |   | 2008                                  |   | 2007                     |   |                           | 2008   |                          |  2007        |
|          General & administrative expenses   |   | $                                     | 1,275  |                     | $      | 2,658                          |   |                     |        (52)% |   | $ | 2,997 |   | $ | 5,100 |   |   |    (41)% |   |
|     As      a percentage of net revenues              |   |                                  | 14%    |                     |   | 24%                            |   |                     |              |   |   | 15% |   |   | 25% |   |   |   |   |

|                                                                      |   | Three Months      Ended March31, |   | Year-over-Year    Change |   | Six Months Ended      March31, |   | Year-over-Year    Change |           |
|----------------------------------------------------------------------|--------|---------------------------------------|--------|--------------------------|--------|--------------------------------|--------|--------------------------|----------------|
|          (dollars in thousands)                       |   | 2008                                  |   | 2007                     |   |                           | 2008   |                          |  2007     |
|     Amoritzation      of intangibles   |   | $                                     | 749    |                     | $      | 738                            |   |                     |        1% |   | $ | 1,498 |   | $ | 1,475 |   |   |   2% |   |
|     As      a percentage of net revenues         |   |                                  | 8%     |                     |   | 7%                             |   |                     |           |   |   | 7% |   |   | 7% |   |   |   |   |

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|                                                                              |   | Three Months      Ended March31, |   | Year-over-Year    Change |   | Six Months Ended      March31, |   | Year-over-Year    Change |              |
|------------------------------------------------------------------------------|--------|---------------------------------------|--------|--------------------------|--------|--------------------------------|--------|--------------------------|-------------------|
|          (dollars in thousands)                               |   | 2008                                  |   | 2007                     |   |                           | 2008   |                          |  2007        |
|     Interest      income & other expenses, net  |   | $                                     | 284    |                     | $      | 490                            |   |                     |        (41)% |   | $ | 629 |   | $ | 980 |   |   |    (36)% |   |
|     As      a percentage of net revenues                 |   |                                  | 3%     |                     |   | 4%                             |   |                     |              |   |   | 3% |   |   | 5% |   |   |   |   |

|                                                                        |   | Three Months      Ended March31, |   | Year-over-Year    Change |   | Six Months Ended      March31, |   | Year-over-Year    Change |              |
|------------------------------------------------------------------------|--------|---------------------------------------|--------|--------------------------|--------|--------------------------------|--------|--------------------------|-------------------|
|          (dollars in thousands)                         |   | 2008                                  |   | 2007                     |   |                           | 2008   |                          |  2007        |
|     Provision      for (benefit from) income taxes |   | $                                     | 11     |                     | $      | 16                             |   |                     |        (31)% |   | $ | 26 |   | $ | (47 | )  |   |   155% |   |
|     As      a percentage of net revenues           |   |                                  | 0%     |                     |   | 0%                             |   |                     |              |   |   | 0% |   |   | 0% |   |   |   |   |

|                                                                        |   | March      31,      |   |
|-----------------------------------------------------------------------------|--------|---------------------|--------|
|          Six Months Ended                                    |   | 2008                |   |   | 2007 |   |
|                                                                        |   | (in      thousands) |   |
|          Net cash provided by (used in) operating activities |   | $                   | 2,653  |   |   | $ | (1,946 | ) |
|          Net cash provided by (used in) investing activities |   |                | (7,498 | ) |   |   | 4,677 |   |
|          Net cash provided by financing activities           |   |                | 1,499  |   |   |   | 287 |   |
| Net increase (decrease) in cash      and cash equivalents                   |   | $                   | (3,346 | ) |   | $ | 3,018 |   |

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|                                                      |   |                |   |   | Payments      Due By Period |   |
|-----------------------------------------------------------|--------|---------------------|--------|--------|-----------------------------|--------|
|          Contractual Obligations           |   | Total               |   |   | Less      than1      year   |   |   | 1      – 3years |   |   | 3      – 5years |   |   | More      than 5 years |   |
|                                                      |   | (in      thousands) |   |
|          Operating lease commitments       |   | $                   | 2,506  |   |                        | $      | 1,410 |   |   | $ | 1,018 |   |   | $ | 78 |   |   | $ | - |   |
|          Inventory purchases               |   |                | 3,095  |   |                        |   | 3,095 |   |   |   | - |   |   |   | - |   |   |   | - |   |
|          Non-recurring engineering expense |   |                | 586    |   |                        |   | 586 |   |   |   | - |   |   |   | - |   |   |   | - |   |
|          Totals                            |   | $                   | 6,187  |   |                        | $      | 5,091 |   |   | $ | 1,018 |   |   | $ | 78 |   |   | $ | - |   |

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Item 3. Quantitative and Qualitative Disclosures About MarketRisk

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Item 4. Controls and Procedures

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PART II - OTHER INFORMATION

Item 1A. Risk Factors

Item4. 

|   |                                      |  Votes      for:  |  Votes      withheld: |   |
|--------|-------------------------------------------|-----------------------------|----------------------------|--------|
|   | Albert E.      Sisto       |  11,031,882            |  142,206              |   |
|   | Douglas L.      Whiting    |  10,576,821            |  597,267              |   |

|   | Votes      for:  | 11,059,389 |   |   |
|--------|-----------------------|------------|--------|--------|
|   | Votes      against:   | 111,884    |   |   |
|   | Abstentions:          | 2,814      |   |   |

|        | Votes      for:  | 6,806,617 |        |   |
|--------|-----------------------|-----------|--------|--------|
|   | Votes      against:   | 149,315   |   |   |
|   | Abstentions:          | 5,842     |   |   |

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Item6. 

| Exhibit Number          |  Exhibit                                                                                                                                                | Incorporated      by Reference |             |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|------------------|
| Form                         | File      No.                                                                                                                                                | Exhibit                        | Filing      Date | Filed      Herewith |
|                         |                                                                                                                                                         |                           |             |   |   |   |
|          31.1 | Certification      of Chief Executive Officer pursuant to Rule 13A-14(a) or      15D-14(a)                                                                   |                           |             |   |   | X |
|          31.2 | Certification      of Chief Financial Officer pursuant to Rule 13A-14(a) or      15D-14(a)                                                                   |                           |             |   |   | X |
|          32.1 | Certification      of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |                           |             |   |   | X |
|          32.2 | Certification      of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |                           |             |   |   | X |

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SIGNATURES

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | hi/fn,inc.                                                                                                            |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (Registrant)                                                                                                          |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                  |   |
|  Date: May 8,      2008                                                                                 | By: /s/ William R.      Walker                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | William      R. Walker                                                                                                |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Vice President,      Finance, Chief Financial Officer and Secretary (principal financial and      accounting officer) |   |

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INDEX TO EXHIBITS

| Exhibit Number          |  Exhibit                                                                                                                                                | Incorporated      by Reference |             |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|------------------|
| Form                         | File      No.                                                                                                                                                | Exhibit                        | Filing      Date | Filed      Herewith |
|                         |                                                                                                                                                         |                           |             |   |   |   |
|          31.1 | Certification      of Chief Executive Officer pursuant to Rule 13A-14(a) or      15D-14(a)                                                                   |                           |             |   |   | X |
|          31.2 | Certification      of Chief Financial Officer pursuant to Rule 13A-14(a) or      15D-14(a)                                                                   |                           |             |   |   | X |
|          32.1 | Certification      of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |                           |             |   |   | X |
|          32.2 | Certification      of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |                           |             |   |   | X |

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