Exhibit 99.1

Investor Relations Contact:	Media Relations Contact:
Sujal Shah	Mitch Seigle
610-712-5471	408-954-3225
sujal.shah@lsi.com	mitch.seigle@lsi.com

cc09-81

LSI Reports Third Quarter 2009 Results

MILPITAS, Calif., October 28, 2009 — LSI Corporation (NYSE: LSI) today reported results for its third quarter ended October 4, 2009.

Third Quarter News Release Summary

• Third quarter 2009 revenues of $578 million

• Third quarter 2009 GAAP* net income of $0.08 per diluted share

• Third quarter 2009 non-GAAP** net income of $0.18 per diluted share

• Third quarter operating cash flows of $69 million

Fourth Quarter 2009 Business Outlook

• Projected revenues of $605 million to $645 million

• GAAP* net (loss)/income in the range of ($0.04) to $0.05 per share

• Non-GAAP** net income in the range of $0.07 to $0.13 per share

*	Generally Accepted Accounting Principles.
**	Excludes goodwill and other intangible asset impairment, stock-based compensation, amortization of acquisition-related intangibles, purchase accounting effect on inventory, restructuring of operations and other items, net, and loss on write-down of debt/equity securities. It also excludes the income tax effect associated with the above mentioned items.

Third quarter 2009 revenues were $578 million, an 11% increase sequentially compared to $521 million reported in the second quarter of 2009. Third quarter 2009 revenues decreased 19% year over year compared to $714 million reported in the third quarter of 2008.

Third quarter 2009 GAAP* net income was $52 million or 8 cents per diluted share, compared to second quarter 2009 GAAP net loss of $61 million or 9 cents per share. Third quarter GAAP results included a $65 million tax benefit, or 10 cents per diluted share, primarily related to the settlement of a multi-year foreign tax audit. Third quarter 2009 GAAP results compare to third quarter 2008 GAAP net income of $11 million or 2 cents per diluted share. Third quarter 2009 GAAP net income included a net charge of $66 million from special items, consisting primarily of $43 million of amortization of acquisition-related items, $15 million of stock-based compensation expense, $6.6 million in net restructuring and other items, and $1.7 million in write-down of investments.

Third quarter 2009 non-GAAP** net income was $119 million or 18 cents per diluted share compared to second quarter 2009 non-GAAP net income of $7 million or 1 cent per diluted share. Third quarter non-GAAP results included earnings of 10 cents per diluted share reflecting the above-mentioned tax benefit. Third quarter non-GAAP net income compares to third quarter 2008 non-GAAP net income of $94 million or 14 cents per diluted share.

Cash and short-term investments totaled approximately $907 million at quarter end.

“With the economy demonstrating signs that a modest recovery is underway, our third quarter revenues exceeded our guidance range, supported by healthy sequential growth across our businesses overall,” said Abhi Talwalkar, LSI president and chief executive officer. “As businesses resume spending on information technology, we are now poised to realize the benefits of the winning recipe we have worked to put in place over the last several years.”

Bryon Look, LSI CFO and chief administrative officer, said, “We delivered a very solid third quarter, with improved profitability stemming from strong top-line growth, expanding gross margins across both our semiconductor and storage systems businesses, and continued focus on effectively managing our operating expenses. Operating cash flows were healthy at $69 million and our net cash position increased to $557 million.”

LSI Fourth Quarter 2009 Business Outlook

	GAAP*	Special Items	Non-GAAP**
Revenue	$605 million to $645 million		$605 million to $645 million
Gross Margin	39% — 43%	$30 million to $40 million	45.5% — 47.5%
Operating Expenses	$230 million to $250 million	$20 million to $30 million	$210 million to $220 million
Net Other Income	0		0
Tax	Approximately $8 million		Approximately $8 million
Net (Loss)/Income Per Share	($0.04) to $0.05	($0.08) to ($0.11)	$0.07 to $0.13
Diluted Share Count	663 million		663 million

Capital spending is projected to be around $15 million in the fourth quarter and approximately $45 million in total for 2009.

Depreciation and software amortization is projected to be around $22 million in the fourth quarter and approximately $90 million in total for 2009.

LSI Conference Call Information

LSI will hold a conference call today at 2 p.m. PDT to discuss third quarter financial results and the fourth quarter 2009 business outlook. Internet users can access the conference call at http://www.lsi.com/webcast. Subsequent to the conference call, a replay will be available at the same web address.

Forward-Looking Statements: This news release contains forward-looking statements that are based on the current opinions and estimates of management. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could cause LSI’s actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: our reliance on major customers and suppliers; our ability to keep up with rapid technological change; our ability to compete successfully in competitive markets; fluctuations in the timing and volumes of customer demand; the unavailability of appropriate levels of manufacturing capacity; and general industry and market conditions. For additional information, see the documents filed by LSI with the Securities and Exchange Commission, and specifically the risk factors set forth in the company’s most recent reports on Form 10-K and 10-Q. LSI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About LSI

LSI Corporation (NYSE: LSI) is a leading provider of innovative silicon, systems and software technologies that enable products which seamlessly bring people, information and digital content together. The company offers a broad portfolio of capabilities and services including custom and standard product ICs, adapters, systems and software that are trusted by the world’s best known brands to power leading solutions in the Storage and Networking markets. More information is available at www.lsi.com.

# # #

Editor’s Notes:

1.	All LSI news releases (financial, acquisitions, manufacturing, products, technology, etc.) are issued exclusively by PR Newswire and are immediately thereafter posted on the company’s external website, http://www.lsi.com.
2.	LSI and the LSI & Design logo are trademarks or registered trademarks of LSI Corporation.
3.	All other brand or product names may be trademarks or registered trademarks of their respective companies.

LSI CORPORATION
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)

	October 4,			July 5,			December 31,
	2009			2009			2008
Assets
Current assets:
Cash and short-term investments	$	907.1		$	873.6		$	1,119.1
Accounts receivable, net		307.2			267.9			304.0
Inventories		155.5			158.7			220.5
Prepaid expenses and other current assets		140.3			140.5			155.9
Total current assets		1,510.1			1,440.7			1,799.5
Property and equipment, net		215.9			217.5			236.0
Goodwill and identified intangible assets, net		970.7			988.5			1,065.6
Other assets		228.5			235.6			243.1
Total assets	$	2,925.2		$	2,882.3		$	3,344.2
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt	$	350.0		$	350.0		$	245.1
Other current liabilities		484.6			464.1			552.4
Total current liabilities		834.6			814.1			797.5
Long-term debt, net of current portion		—			—			350.0
Pension, tax and other liabilities		690.6			750.8			755.8
Total liabilities		1,525.2			1,564.9			1,903.3
Stockholders’ equity:
Common stock and additional paid-in capital		6,129.6			6,111.7			6,065.3
Accumulated deficit		(4,473.3	)		(4,525.8	)		(4,360.8	)
Accumulated other comprehensive loss		(256.3	)		(268.5	)		(263.6	)
Total stockholders’ equity		1,400.0			1,317.4			1,440.9
Total liabilities and stockholders’ equity	$	2,925.2		$	2,882.3		$	3,344.2

LSI CORPORATION
Consolidated Statements of Operations (GAAP)
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended									Nine Months Ended
	October 4,			July 5,			September 28,			October 4,			September 28,
	2009			2009			2008			2009			2008
Revenues	$	578,419		$	520,665		$	714,308		$	1,581,363		$	2,067,118
Cost of revenues		315,067			301,333			369,137			892,984			1,086,507
Purchase accounting effect on inventory		1,892			2,550			—			4,442			—
Amortization of acquisition related intangibles		34,177			33,867			45,502			101,654			131,860
Stock-based compensation expense		1,697			2,022			2,252			5,732			6,885
Total cost of revenues		352,833			339,772			416,891			1,004,812			1,225,252
Gross profit		225,586			180,893			297,417			576,551			841,866
Research and development		144,661			141,724			162,958			433,807			487,398
Stock-based compensation expense		6,386			7,195			6,593			21,443			21,985
Total research and development		151,047			148,919			169,551			455,250			509,383
Selling, general and administrative		66,323			64,819			80,720			197,661			238,901
Amortization of acquisition related intangibles		9,123			9,123			15,019			27,369			42,944
Stock-based compensation expense		6,729			7,785			8,005			22,629			25,422
Total selling, general and administrative		82,175			81,727			103,744			247,659			307,267
Restructuring of operations and other items, net		4,745			6,010			1,586			35,960			26,869
(Loss)/income from operations		(12,381	)		(55,763	)		22,536			(162,318	)		(1,653	)
Interest expense		(3,899	)		(6,864	)		(8,993	)		(17,999	)		(26,930	)
Interest income and other, net		3,535			6,344			8,028			15,742			30,879
(Loss)/income before income taxes		(12,745	)		(56,283	)		21,571			(164,575	)		2,296
(Benefit)/provision for income taxes		(65,230	)		5,200			10,200			(52,030	)		18,200
Net income/(loss)	$	52,485		$	(61,483	)	$	11,371		$	(112,545	)	$	(15,904	)
Net income/(loss) per share:
Basic	$	0.08		$	(0.09	)	$	0.02		$	(0.17	)	$	(0.02	)
Diluted	$	0.08		$	(0.09	)	$	0.02		$	(0.17	)	$	(0.02	)
Shares used in computing per share amounts:
Basic		651,865			650,300			643,849			650,183			648,519
Diluted		658,963			650,300			647,418			650,183			648,519

A reconciliation of net income/(loss) on the GAAP basis to non-GAAP net income is included below.

	Three Months Ended							Nine Months Ended
Reconciliation of GAAP net income/(loss) to	October 4,		July 5,			September 28,		October 4,			September 28,
non-GAAP net income:	2009		2009			2008		2009			2008
GAAP net income/(loss)	$	52,485	$	(61,483	)	$	11,371	$	(112,545	)	$	(15,904	)
Special items:
a) Stock-based compensation expense — cost of revenues		1,697		2,022			2,252		5,732			6,885
b) Stock-based compensation expense — R&D		6,386		7,195			6,593		21,443			21,985
c) Stock-based compensation expense — SG&A		6,729		7,785			8,005		22,629			25,422
d) Amortization of acquisition related intangibles — cost of revenues		34,177		33,867			45,502		101,654			131,860
e) Amortization of acquisition related intangibles — SG&A		9,123		9,123			15,019		27,369			42,944
f) Purchase accounting effect on inventory		1,892		2,550			—		4,442			—
g) Restructuring of operations and other items, net		4,745		6,010			1,586		35,960			26,869
h) Write-down of debt and equity securities		1,650		—			1,673		1,650			4,500
i) Income tax effect of above items		—		—			2,024		—			(2,821	)
Total special items		66,399		68,552			82,654		220,879			257,644
Non-GAAP net income	$	118,884	$	7,069		$	94,025	$	108,334		$	241,740
Non-GAAP net income per share:
Basic	$	0.18	$	0.01		$	0.15	$	0.17		$	0.37
Diluted *	$	0.18	$	0.01		$	0.14	$	0.17		$	0.37
Shares used in computing non-GAAP per share amounts:
Basic		651,865		650,300			643,849		650,183			648,519
Diluted		685,043		652,389			673,498		655,460			652,208

* In computing non-GAAP diluted earnings per share for three months ended October 4, 2009 and September 28, 2008, net income was increased by $3,500 for interest, net of taxes, on the $350 million convertible notes considered dilutive common stock.

	Three Months Ended						Nine Months Ended
Reconciliation of GAAP to non-GAAP shares used in the	October 4,		July 5,		September 28,		October 4,		September 28,
calculation of diluted per share amounts:	2009		2009		2008		2009		2008
Diluted shares used in per-share computation — GAAP		658,963		650,300		647,418		650,183		648,519
Dilutive stock awards		—		2,089		—		5,277		3,689
Effect of $350 million convertible notes considered dilutive		26,080		—		26,080		—		—
Diluted shares used in per-share computation — non-GAAP		685,043		652,389		673,498		655,460		652,208

LSI CORPORATION
Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)

	Three Months Ended									Nine Months Ended
	October 4,			July 5,			September 28,			October 4,			September 28,
	2009			2009			2008			2009			2008
Operating activities:
Net income/(loss)	$	52,485		$	(61,483	)	$	11,371		$	(112,545	)	$	(15,904	)
Adjustments:
Depreciation and amortization *		67,600			66,239			82,327			198,918			239,945
Stock-based compensation expense		14,812			17,002			16,850			49,804			54,292
Non-cash restructuring of operations and other items, net		699			(8	)		82			690			(3,163	)
Gain on redemption of convertible subordinated notes		—			(149	)		—			(149	)		—
Write-down of debt and equity securities, net of gain on sale of equity securities		1,529			—			1,673			1,529			4,500
(Gain)/loss on sale of property and equipment		(337	)		17			37			(220	)		14
Non-cash foreign exchange loss		8,431			4,268			1,939			315			6,988
Deferred taxes		(242	)		(84	)		268			(253	)		4,397
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combinations:
Accounts receivable, net		(39,271	)		5,364			(41,782	)		(3,217	)		5,237
Inventories		4,824			54,242			30,983			78,406			30,884
Prepaid expenses and other assets		4,814			11,015			18,784			48,272			9,192
Accounts payable		46,807			10,147			(41,515	)		(6,581	)		(92,323	)
Accrued and other liabilities		(93,493	)		(37,658	)		(24,604	)		(127,246	)		(64,194	)
Net cash provided by operating activities		68,658			68,912			56,413			127,723			179,865
Investing activities:
Purchases of debt securities available-for-sale		—			—			(51,969	)		(10	)		(158,601	)
Proceeds from maturities and sales of debt securities available-for-sale		13,695			28,063			38,516			77,640			131,719
Purchases of equity securities		(4,534	)		—			(5,000	)		(9,534	)		(8,500	)
Proceeds from sales of equity securities		165			—			—			165			—
Purchases of property, equipment and software		(20,137	)		(23,138	)		(27,150	)		(68,738	)		(95,005	)
Proceeds from sale of property and equipment		2,637			105			150			2,749			11,400
Acquisition of business and companies, net of cash acquired		(26,141	)		(20,840	)		—			(46,981	)		(95,137	)
Decrease/(increase) in non-current assets and deposits		—			13,501			—			13,501			(13,300	)
Proceeds from maturity of notes receivable associated with sale of semiconductor operations in Thailand		10,000			—			—			10,000			—
Proceeds received from the resolution of a pre-acquisition income tax contingency		—			—			—			—			4,821
Net cash used in investing activities		(24,315	)		(2,309	)		(45,453	)		(21,208	)		(222,603	)
Financing activities:
Redemption of convertible subordinated notes		—			(244,047	)		—			(244,047	)		—
Issuance of common stock		3,367			6,672			6,821			10,040			36,370
Purchase of common stock under repurchase programs		—			—			—			—			(229,231	)
Net cash provided by/(used in) financing activities		3,367			(237,375	)		6,821			(234,007	)		(192,861	)
Effect of exchange rate changes on cash and cash equivalents		2,721			3,221			(1,932	)		3,576			(1,060	)
Increase/(decrease) in cash and cash equivalents		50,431			(167,551	)		15,849			(123,916	)		(236,659	)
Cash and cash equivalents at beginning of period		654,954			822,505			769,061			829,301			1,021,569
Cash and cash equivalents at end of period	$	705,385		$	654,954		$	784,910		$	705,385		$	784,910

* Depreciation of fixed assets and amortization of intangible assets, software, capitalized intellectual property, premiums on short-term investments, debt issuance costs, and accrued debt premium.

LSI CORPORATION
Selected Financial Information (GAAP)
(In millions)
(Unaudited)

	Three Months Ended
	October 4,			July 5,			September 28,
	2009			2009			2008
Semiconductor revenues	$	371.8		$	343.8		$	500.4
Storage Systems revenues	$	206.6		$	176.9		$	213.9
Total revenues	$	578.4		$	520.7		$	714.3
Percentage change in revenues-qtr./qtr. ( a )		11.1	%		8.0	%		3.2	%
Percentage change in revenues-yr./yr. ( b )		-19.0	%		-24.8	%		-1.8	%
Days sales outstanding		48			46			51
Days of inventory		40			42			45
Current ratio		1.8			1.8			3.1
Quick ratio		1.5			1.4			2.5
Gross margin as a percentage of revenues		39.0	%		34.7	%		41.6	%
R&D as a percentage of revenues		26.1	%		28.6	%		23.7	%
SG&A as a percentage of revenues		14.2	%		15.7	%		14.5	%
Employees ( c )		5,318			5,357			5,356
Revenues per employee (in thousands) ( d )	$	435.1		$	388.8		$	533.5
Selected Cash Flow Information:
Purchases of property and equipment ( e )	$	11.4		$	7.7		$	14.1
Depreciation and amortization ( f )	$	23.9		$	23.2		$	22.1

( a )	Represents a sequential quarterly change in revenues.
( b )	Represents a change in revenues in the quarter presented as compared to the same quarter of the previous year.
( c )	Actual number of employees at the end of each period presented.
( d )	Revenues per employee is calculated by annualizing revenues for each quarter presented and dividing it by the number of employees.
( e )	Excludes purchases of software.
( f )	Represents depreciation of fixed assets and amortization of software.