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Synaptics Reports Results for Second Quarter of Fiscal 2011

SANTA CLARA, Calif. Jan. 20, 2011 December 31, 2010

$159.6 million $133.3 million $17.7 million $0.50 $12.2 million $0.35

$25.4 million $0.72 $21.7 million $0.62

Russ Knittel

$88.6 million $71.0 million

December 31, 2010 $216.4 million $24.3 million $40.2 million

Kathy Bayless $92 million $136 million to $146 million

Earnings Call Information

2:00 p.m., Pacific Time Thursday, January 20, 2011 www.synaptics.com

About Synaptics Incorporated

Santa Clara, Calif. www.synaptics.com

Use of Non-GAAP Financial Information

In evaluating its business, Synaptics considers and uses net income per share excluding share-based compensation, non-cash interest charges, and unusual or non-recurring items as a supplemental measure of operating performance.  Net income excluding share-based compensation, non cash interest charges, and unusual or non-recurring items is not a measurement of the Company’s financial performance under GAAP and should not be considered as an alternative to GAAP net income. The Company presents net income excluding share-based compensation, non-cash interest charges, and unusual or non-recurring items because it considers it an important supplemental measure of its performance. The Company believes this measure facilitates operating performance comparisons from period to period by eliminating potential differences in net income caused by the existence and timing of non-cash compensation charges, non-cash interest charges, and unusual or non-recurring items. Net income excluding share-based compensation, non-cash interest charges, and unusual or non-recurring items has limitations as an analytical tool and should not be considered in isolation or as a substitute for the Company’s GAAP net income.  The principal limitations of this measure are that it does not reflect the Company’s actual expenses and may thus have the effect of inflating its net income and net income per share.  

Forward-Looking Statements

This press release contains "forward-looking" statements about Synaptics, as that term is defined under the federal securities laws. Synaptics intends such forward-looking statements to be subject to the safe harbor created by those laws. Such forward-looking statements include, but are not limited to, statements regarding Synaptics’ anticipated revenue for the third quarter of fiscal 2011, including its anticipation of strong year-over-year growth and seasonality in the March quarter; and Synaptics’ assessment that it has made strong progress on its key initiatives to expand its capabilities and to position itself to meet the growing and evolving market dynamics.  Synaptics cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein.  Such factors include, but are not limited to, (a) demand for Synaptics’ products, (b) market demand for OEMs’ products using Synaptics’ solutions, (c) changing market demand trends in the markets it serves, (d) the success of our customers’ products that utilize our product solutions, (e) the development and launch cycles of our customers’ products, (f) market pressures on selling prices, (g) changes in product mix, (h) the market acceptance of our product solutions compared with competitors’ solutions, (i) general economic conditions, including consumer confidence and demand, and (j) other risks as identified from time to time in Synaptics’ SEC reports, including Quarterly Reports on Form 10-Q and the Annual Report on Form 10-K for the fiscal year ended June 30, 2010. All forward-looking statements are based on information available to Synaptics on the date hereof, and Synaptics assumes no obligation to update such statements.

For more information contact:

Jennifer Jarman

The Blueshirt Group

415-217-7722

[email protected]

(Tables to Follow)

SYNAPTICS INCORPORATED

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

December 31,

June 30,

2010

2010

Assets

Current assets:

Cash and cash equivalents    

$      216,444

$ 209,858

Receivables, net of allowances of $709 and $500, respectively

125,643

101,509

Inventories        

23,002

18,667

Prepaid expenses and other current assets            

4,422

4,471

Total current assets        

369,511

334,505

Property and equipment, net        

27,470

25,821

Goodwill                    

1,927

1,927

Non-current auction rate securities

28,452

28,012

Other assets                          

26,528

24,414

Total assets                      

$      453,888

$ 414,679

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable                          

$        76,628

$   65,618

Accrued compensation          

11,928

11,330

Income taxes payable

6,984

10,061

Other accrued liabilities          

23,734

18,962

Total current liabilities                    

119,274

105,971

Convertible senior subordinated notes

2,305

2,305

Other liabilities                  

21,555

19,892

Commitments and contingencies

Stockholders’ equity:

Preferred stock;

$.001 par value; 10,000,000 shares authorized;

no shares issued and outstanding

Common stock;

$.001 par value; 120,000,000 shares authorized;  45,910,212 and

44,891,834 shares issued, 33,587,719 and 34,020,521

shares outstanding, respectively

46

45

Additional paid in capital

375,159

347,764

Less: 12,322,493 and 10,871,313  treasury shares, respectively, at cost

(322,142)

(281,932)

Retained earnings

255,496

219,119

Accumulated other comprehensive income

2,195

1,515

Total stockholders’ equity          

310,754

286,511

Total liabilities and stockholders’ equity        

$      453,888

$ 414,679

SYNAPTICS INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Six Months Ended

December 31,

December 31,

2010

2009

2010

2009

Net revenue                                                

$ 159,581

$ 133,323

$ 312,766

$ 252,915

Cost of revenue (1)                                

94,543

79,492

184,900

150,762

Gross margin                                                  

65,038

53,831

127,866

102,153

Operating expenses

Research and development (1)                          

26,640

22,442

51,560

42,417

Selling, general, and administrative (1)          

18,958

16,575

34,506

30,339

Total operating expenses                                      

45,598

39,017

86,066

72,756

Operating income                                  

19,440

14,814

41,800

29,397

Interest income

226

241

437

572

Interest expense                                                

(5)

(968)

(9)

(2,391)

Impairment (loss)/recovery on investments, net

10

(443)

Income before income taxes                

19,661

14,087

42,238

27,135

Provision for income taxes (2)                                    

1,983

1,860

5,861

5,104

Net income                                        

$   17,678

$   12,227

$   36,377

$   22,031

Net income per share:

Basic                                                      

$       0.52

$       0.36

$       1.06

$       0.65

Diluted                                                    

$       0.50

$       0.35

$       1.02

$       0.62

Shares used in computing net income per share:

Basic                                                          

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