Exhibit 99.1

Editorial Contact:		Investor Relations Contact:
Gwen Carlson		Scott Allen
Conexant Systems, Inc.		Conexant Systems, Inc.
(949) 483-7363		(949) 483-2698

CONEXANT REPORTS FINANCIAL RESULTS FOR
FIRST QUARTER OF FISCAL 2011

     NEWPORT BEACH, Calif., Feb. 7, 2011 — Conexant Systems, Inc. (NASDAQ: CNXT) today announced financial results for the first quarter of fiscal 2011.

     Conexant presents financial results based on Generally Accepted Accounting Principles (GAAP) as well as select non-GAAP financial measures intended to reflect its core results of operations. The company believes these core financial measures provide investors with additional insight into its underlying operating results. Core financial measures exclude certain non-cash and other non-core items as fully described in the GAAP to non-GAAP reconciliation in the accompanying financial data.

     For the first quarter of fiscal 2011, Conexant core revenues were $46.1 million. Core gross margins were 59.6 percent of revenues. Core operating expenses were $23.2 million. Core operating income was $4.2 million, and core net loss was $1.4 million, or $0.02 per share, based on an average of 82 million shares outstanding during the quarter.

     On a GAAP basis, net revenues for the first quarter of fiscal 2011 were $46.1 million. GAAP gross margins were 59.4 percent of revenues. GAAP operating expenses were $26.1 million. GAAP net loss including discontinued operations and a $7.3 million unrealized loss associated with the change in the fair value of our Mindspeed warrants, was $9.7 million, or $0.12 per share.

     The company ended the quarter with $99.6 million in cash and short-term investments, compared to $74.5 million in the previous quarter, due primarily to cash generated by the sale of real estate in Newport Beach.

     Conexant will not be hosting a conference call to discuss its first fiscal quarter results or providing an outlook for the second quarter of fiscal 2011.

About Conexant

     Conexant’s portfolio of innovative semiconductor solutions includes products for imaging, audio, embedded modem, and video surveillance applications. Conexant is a fabless semiconductor company headquartered in Newport Beach, Calif. To learn more, please visit www.conexant.com

CONEXANT SYSTEMS, INC.
GAAP Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share amounts)

		Fiscal Quarter Ended
		December 31,				October 1,				January 1,
		2010				2010				2010
Net revenues		$	46,110			$	56,315			$	61,813
Cost of goods sold			18,709				22,221				24,204
Gross margin			27,401				34,094				37,609
Operating expenses:
Research and development			13,548				13,831				13,245
Selling, general and administrative			11,187				11,519				12,402
Amortization of intangible assets			284				284				396
Gain on sale of intellectual property			(1,249	)			—				—
Special charges (Note 1)			2,282				(22	)			346
Total operating expenses			26,052				25,612				26,389
Operating income			1,349				8,482				11,220
Interest expense (Note 2)			5,714				5,635				9,503
Other expense (income), net			5,851				(6,744	)			(7,204	)
(Loss) income from continuing operations before income taxes and income (loss) on equity method investments			(10,216	)			9,591				8,921
Income tax provision (benefit)			94				144				(230	)
(Loss) income from continuing operations before income (loss) on equity method investments			(10,310	)			9,447				9,151
Income (loss) on equity method investments			663				309				(454	)
(Loss) income from continuing operations			(9,647	)			9,756				8,697
Loss from discontinued operations, net of tax			(31	)			(1,282	)			(363	)
Net (loss) income		$	(9,678	)		$	8,474			$	8,334
(Loss) income per share from continuing operations — basic and diluted		$	(0.12	)		$	0.12			$	0.14
Loss per share from discontinued operations — basic and diluted		$	0.00			$	(0.02	)		$	0.00
Net (loss) income per share — basic and diluted		$	(0.12	)		$	0.10			$	0.14
Shares used in computing basic per-share computations			81,787				81,252				60,023
Shares used in computing diluted per-share computations			81,787				82,240				60,091

Note 1

— Special charges in the fiscal quarter ended December 31, 2010 consist primarily of severance and other expenses related to workforce reductions.

Note 2

— Effective October 3, 2009 we adopted FSP APB 14-1, which changed the method of accounting for our convertible notes. In addition, as required, we revised our previously reported financial statements to retrospectively apply this change in accounting to prior periods. Under this new method of accounting, the debt and equity components of our convertible notes are bifurcated and accounted for separately. The equity components of our convertible notes are included in Stockholders’ equity in our Condensed Consolidated Balance Sheets with a corresponding reduction in the carrying values of our convertible notes as of the date of issuance or modification, as applicable. The reduced carrying values of our convertible notes are being accreted back to their principal amounts through the recognition of non-cash interest expense. This results in recognizing interest expense on these borrowings at effective rates approximating what we would have incurred had we issued nonconvertible debt with otherwise similar terms. In connection with applying this new accounting to current and prior periods, we recorded $0.1 million, $0.1 million, and $3.4 million of additional non-cash interest expense in the fiscal quarters ended December 31, 2010, October 1, 2010, and January 1, 2010, respectively.

CONEXANT SYSTEMS, INC.
Reconciliation of GAAP Financial Measures to Non-GAAP Core Financial Measures
(unaudited, in thousands, except per share amounts)

		Fiscal Quarter Ended
		December 31 ,				October 1,				January 1,
		2010				2010				2010
GAAP and Core net revenues		$	46,110			$	56,315			$	61,813
GAAP cost of goods sold		$	18,709			$	22,221			$	24,204
Stock-based compensation (a)			(73	)			(71	)			(58	)
Other (e)			—				(19	)			(55	)
Non-GAAP Core cost of goods sold		$	18,636			$	22,131			$	24,091
GAAP gross margin		$	27,401			$	34,094			$	37,609
Gross margin adjustments (a,e)			73				90				113
Non-GAAP Core gross margin		$	27,474			$	34,184			$	37,722
GAAP operating expenses		$	26,052			$	25,612			$	26,389
Stock-based compensation (a)			(1,932	)			(1,554	)			(1,438	)
Amortization of intangible assets (b)			(284	)			(284	)			(396	)
Gain on sale of intellectual property (c)			1,249				—				—
Special charges (d)			(1,844	)			22				(346	)
Non-GAAP Core operating expenses		$	23,241			$	23,796			$	24,209
GAAP operating income (loss)		$	1,349			$	8,482			$	11,220
Gross margin adjustments (a,e)			73				90				113
Operating expense adjustments (a-d)			2,811				1,816				2,180
Non-GAAP Core operating income		$	4,233			$	10,388			$	13,513
GAAP interest expense		$	5,714			$	5,635			$	9,503
Debt discount and debt issuance cost expense (f)			(139	)			(137	)			(3,407	)
Interest expense adjustments (g)			—				—				(2,400	)
Non-GAAP Core interest expense		$	5,575			$	5,498			$	3,696
GAAP other expense (income), net		$	5,851			$	(6,744	)		$	(7,204	)
Unrealized (losses) gains on Mindspeed warrant (h)			(7,276	)			4,279				4,285
Gains on sales of equity securities (i)			1,393				3,143				4,113
Losses on repurchase and exchange of debt (j)			—				(2	)			(1,123	)
Recognized cumulative translation adjustments (k)			—				(363	)			—
Non-GAAP Core other (income) expense		$	(32	)		$	313			$	71
GAAP (loss) income from continuing operations		$	(9,647	)		$	9,756			$	8,697
Gross margin adjustments (a,e)			73				90				113
Operating expense adjustments (a-d)			2,811				1,816				2,180
(Gain) loss on equity method investments (l)			(663	)			(309	)			454
Other expense (income) adjustments (h-k)			5,883				(7,057	)			(7,275	)
Interest expense adjustments (f-g)			139				137				5,807
Non-GAAP Core (loss) income from continuing operations		$	(1,404	)		$	4,433			$	9,976
Basic and Diluted (loss) income per share from continuing operations:
GAAP basic and diluted		$	(0.12	)		$	0.12			$	0.14
Non-GAAP basic and diluted		$	(0.02	)		$	0.05			$	0.17
Shares used in basic and diluted per-share computations:
Basic			81,787				81,252				60,023
Diluted			81,787				82,240				60,091

See “GAAP to Non-GAAP Core Adjustments” below

CONEXANT SYSTEMS, INC.
GAAP to Non-GAAP Core Adjustments:

Non-GAAP Financial Measures:

We have presented non-GAAP cost of goods sold, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP interest expense, non-GAAP other (income) expense, non-GAAP (loss) income from continuing operations and non-GAAP basic and diluted (loss) income per share from continuing operations, on a basis consistent with our historical presentation to assist investors in understanding our core results of operations on an on-going basis. These non-GAAP financial measures also enhance comparisons of our core results of operations with historical periods. We are providing these non-GAAP financial measures to investors to enable them to perform additional financial analysis and because it is consistent with the financial models and estimates published by analysts who follow our company. Management believes that these are important measures in the evaluation of our results of operations. Investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by us may be different than non-GAAP financial measures presented by other companies.

GAAP Guidance:

We do not present GAAP guidance due to our inability to project (i) future market prices of the common stock of a third party underlying a derivative financial instrument, (ii) realized gains or losses from the sale of equity securities in third parties, and (iii) the financial results of investments accounted for using the equity method of accounting.

CONEXANT SYSTEMS, INC.

Condensed Consolidated Balance Sheets
(unaudited, in thousands)

		December 31,				October 1,
		2010				2010
ASSETS
Current assets:
Cash and cash equivalents		$	79,606			$	54,466
Marketable securities			20,028				20,059
Receivables, net			24,500				31,463
Inventories, net			7,884				8,747
Other current assets			12,141				14,690
Current assets held for sale			—				13,059
Total current assets			144,159				142,484
Property, plant and equipment, net			5,505				6,080
Goodwill			109,908				109,908
Other assets			40,507				47,372
Total assets		$	300,079			$	305,844
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt, net of debt discount of $96 and $240			11,122				10,978
Accounts payable			11,583				12,516
Accrued compensation and benefits			6,616				7,682
Other current liabilities			32,258				31,836
Total current liabilities			61,579				63,012
Long-term debt, net of debt discount of $1,376 and $1,457 (Note 2)			173,624				173,543
Other liabilities			61,029				57,197
Total liabilities			296,232				293,752
Shareholders’ equity			3,847				12,092
Total liabilities and shareholders’ equity		$	300,079			$	305,844

Selected Other Data
(unaudited, in thousands)

		Fiscal Quarter Ended
		December 31,				October 1,				January 1,
		2010				2010				2010
Revenues By Region:
Americas		$	3,393			$	4,313			$	3,994
Asia-Pacific			42,372				51,578				56,805
Europe, Middle East and Africa			345				424				1,014
		$	46,110			$	56,315			$	61,813
Cash Flow Data:
Depreciation of PP&E		$	638			$	763			$	1,067
Capital expenditures		$	354			$	1,205			$	219
Cash provided by (used in) Operations		$	3,466			$	(1,802	)		$	10,205