Exhibit 99.1

FOR IMMEDIATE RELEASE	APRIL 28, 2010
Investor Relations Contact:	Media Relations Contact:
Sujal Shah	Mitch Seigle
610-712-5471	408-954-3225
sujal.shah@lsi.com	mitch.seigle@lsi.com

cc10-39

LSI Reports First Quarter 2010 Results

Company swings quarterly net income by more than $100 million year-over-year

MILPITAS, Calif., April 28, 2010 — LSI Corporation (NYSE: LSI) today reported results for its first quarter ended April 4, 2010.

First Quarter 2010 News Release Summary

• First quarter 2010 revenues of $637 million

• First quarter 2010 GAAP* net income of 3 cents per diluted share

• First quarter 2010 non-GAAP** net income of 14 cents per diluted share

• First quarter operating cash flows of $106 million

Second Quarter 2010 Business Outlook

• Projected revenues of $635 million to $665 million

• GAAP* net (loss)/income in the range of ($0.03) to $0.06 cents per share

• Non-GAAP** net income in the range of $0.08 to $0.14 cents 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, write-down of debt and equity securities and gain on repurchase of convertible subordinated notes. It also excludes the income tax effect associated with the above mentioned items.

First quarter 2010 revenues were $637 million, a 32% increase year-over-year compared to $482 million reported in the first quarter of 2009, and essentially flat sequentially compared to $638 million reported in the fourth quarter of 2009.

First quarter 2010 GAAP* net income was $23 million or 3 cents per diluted share, compared to first quarter 2009 GAAP net loss of $104 million or 16 cents per share. First quarter GAAP results included a net tax benefit of $19 million primarily related to the expiration of statutes of limitations. First quarter 2010 GAAP results compare to fourth quarter 2009 GAAP net income of $65 million or 10 cents per diluted share. First quarter 2010 GAAP net income included a net charge of $70 million from special items, consisting primarily of $40 million of amortization of acquisition-related items, $16 million of stock-based compensation expense, $12 million of loss on write-down of equity securities, and $2 million of net restructuring and other items.

First quarter 2010 non-GAAP** net income was $92 million or 14 cents per diluted share, compared to first quarter 2009 non-GAAP net loss of $18 million or 3 cents per share. First quarter non-GAAP results also included the aforementioned net tax benefit of $19 million. Fourth quarter 2009 non-GAAP net income was $124 million or 18 cents per diluted share.

Cash and short-term investments totaled approximately $1.0 billion at quarter end. LSI also announced today that it has completed the purchase of approximately 4 million shares of its common stock for approximately $26 million under its $250 million share repurchase program.

“Our strong first quarter results reflect an improving end demand environment as well as increasing operating leverage from the steps we have taken to transform our business over the past few years,” said Abhi Talwalkar, LSI president and chief executive officer. “Revenues were at the high end of our updated guidance range and well above typical seasonal patterns, further underscoring our confidence in our ability to grow faster than the markets we serve.”

Bryon Look, LSI CFO and chief administrative officer, said, “First quarter revenues improved significantly on a year-over-year basis and were sequentially flat to the fourth quarter of 2009, offsetting the effects of normal seasonality. We delivered strong earnings performance relative to our upwardly revised guidance and generated solid operating cash flows of $106 million. Semiconductor revenues grew 9% sequentially, while our storage systems business achieved record first-quarter revenues.”

LSI Second Quarter 2010 Business Outlook

	GAAP*	Special Items	Non-GAAP**
Revenue	$635 million to $665 million		$635 million to $665 million
Gross Margin	40% – 44%	$30 million to $40 million	46.7% – 48.7%
Operating Expenses	$248 million to $268 million	$20 million to $30 million	$228 million to $238 million
Net Other (Loss)/Income	$1 million		$1 million
Tax	Approximately $9 million		Approximately $9 million
Net (Loss)/Income Per Share	($0.03) to $0.06	($0.08) to ($0.11)	$0.08 to $0.14
Diluted Share Count	664 million		664 million

Capital spending is projected to be around $15 million in the second quarter and approximately $55 million in total for 2010.

Depreciation and software amortization is projected to be around $26 million in the second quarter and approximately $100 million in total for 2010.

LSI Conference Call Information

LSI will hold a conference call today at 2 p.m. PDT to discuss first quarter financial results and the second quarter 2010 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)

	April 4,			December 31,			April 5,
	2010			2009			2009
Assets
Current assets:
Cash and short-term investments	$	1,015.5		$	962.1		$	1,073.8
Accounts receivable, net		298.6			339.0			273.3
Inventories		185.8			169.3			201.2
Prepaid expenses and other current assets		124.4			115.1			136.7
Total current assets		1,624.3			1,585.5			1,685.0
Property and equipment, net		215.4			219.0			226.6
Goodwill and identified intangible assets, net		887.7			927.9			1,022.9
Other assets		223.1			235.5			243.5
Total assets	$	2,950.5		$	2,967.9		$	3,178.0
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt	$	350.0		$	350.0		$	244.6
Other current liabilities		509.4			504.4			490.0
Total current liabilities		859.4			854.4			734.6
Long-term debt, net of current portion		—			—			350.0
Pension, tax and other liabilities		618.9			652.4			750.8
Total liabilities		1,478.3			1,506.8			1,835.4
Stockholders’ equity:
Common stock and additional paid-in capital		6,141.6			6,149.2			6,088.4
Accumulated deficit		(4,386.0	)		(4,408.5	)		(4,464.3	)
Accumulated other comprehensive loss		(283.4	)		(279.6	)		(281.5	)
Total stockholders’ equity		1,472.2			1,461.1			1,342.6
Total liabilities and stockholders’ equity	$	2,950.5		$	2,967.9		$	3,178.0

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

	Three Months Ended
	April 4,			December 31,			April 5,
	2010			2009			2009
Revenues	$	637,182		$	637,796		$	482,279
Cost of revenues		332,937			335,792			276,584
Purchase accounting effect on inventory		—			56			—
Amortization of acquisition-related intangibles		31,288			33,448			33,610
Stock-based compensation expense		1,712			1,650			2,013
Total cost of revenues		365,937			370,946			312,207
Gross profit		271,245			266,850			170,072
Research and development		158,974			146,526			147,422
Stock-based compensation expense		7,898			6,536			7,862
Total research and development		166,872			153,062			155,284
Selling, general and administrative		70,563			63,239			66,519
Amortization of acquisition-related intangibles		8,948			9,123			9,123
Stock-based compensation expense		6,821			5,993			8,115
Total selling, general and administrative		86,332			78,355			83,757
Restructuring of operations and other items, net		1,620			2,286			25,205
Income/(loss) from operations		16,421			33,147			(94,174	)
Interest expense		(3,894	)		(3,932	)		(7,236	)
Interest income and other, net		(8,807	)		4,530			5,863
Income/(loss) before income taxes		3,720			33,745			(95,547	)
(Benefit)/provision for income taxes		(18,800	)		(31,081	)		8,000
Net income/(loss)	$	22,520		$	64,826		$	(103,547	)
Net income/(loss) per share:
Basic	$	0.03		$	0.10		$	(0.16	)
Diluted	$	0.03		$	0.10		$	(0.16	)
Shares used in computing per share amounts:
Basic		656,528			654,560			648,459
Diluted		664,315			663,237			648,459

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

	Three Months Ended
Reconciliation of GAAP net income/(loss) to	April 4,		December 31,		April 5,
non-GAAP net income/(loss):	2010		2009		2009
GAAP net income/(loss)	$	22,520	$	64,826	$	(103,547	)
Special items:
a) Stock-based compensation expense — cost of revenues		1,712		1,650		2,013
b) Stock-based compensation expense — R&D		7,898		6,536		7,862
c) Stock-based compensation expense — SG&A		6,821		5,993		8,115
d) Amortization of acquisition-related intangibles — cost of revenues		31,288		33,448		33,610
e) Amortization of acquisition-related intangibles — SG&A		8,948		9,123		9,123
f) Purchase accounting effect on inventory		—		56		—
g) Restructuring of operations and other items, net		1,620		2,286		25,205
h) Write-down of equity securities		11,600		—		—
Total special items		69,887		59,092		85,928
Non-GAAP net income/(loss)	$	92,407	$	123,918	$	(17,619	)
Non-GAAP net income/(loss) per share:
Basic	$	0.14	$	0.19	$	(0.03	)
Diluted *	$	0.14	$	0.18	$	(0.03	)
Shares used in computing non-GAAP per share amounts:
Basic		656,528		654,560		648,459
Diluted		690,395		689,317		648,459

* In computing non-GAAP diluted earnings per share for three months ended April 4, 2010 and December 31, 2009, 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
Reconciliation of GAAP to non-GAAP shares used in the calculation	April 4,		December 31,		April 5,
of diluted per share amounts:	2010		2009		2009
Diluted shares used in per-share computation — GAAP		664,315		663,237		648,459
Effect of $350 million convertible notes considered dilutive		26,080		26,080		—
Diluted shares used in per-share computation — non-GAAP		690,395		689,317		648,459

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

	Three Months Ended
	April 4,			December 31,			April 5,
	2010			2009			2009
Operating activities:
Net income/(loss)	$	22,520		$	64,826		$	(103,547	)
Adjustments:
Depreciation and amortization *		67,017			69,244			65,079
Stock-based compensation expense		16,431			14,179			17,990
Non-cash restructuring of operations and other items, net		(10	)		—			(1	)
Write-down of equity securities		11,600			—			—
Loss on sale of property and equipment		3			75			100
Unrealized foreign exchange (gain)/loss		(2,215	)		986			(12,384	)
Deferred taxes		98			3,316			73
Changes in assets and liabilities:
Accounts receivable, net		40,396			(31,769	)		30,690
Inventories		(16,441	)		(13,814	)		19,340
Prepaid expenses and other assets		(8,095	)		20,197			32,443
Accounts payable		(8,547	)		15,001			(63,535	)
Accrued and other liabilities		(16,979	)		(65,490	)		3,905
Net cash provided by/(used in) operating activities		105,778			76,751			(9,847	)
Investing activities:
Purchases of debt securities available-for-sale		—			—			(10	)
Proceeds from maturities and sales of debt securities available-for-sale		11,254			12,932			35,882
Purchases of equity securities		—			(4,625	)		(5,000	)
Purchases of property, equipment and software		(27,276	)		(21,266	)		(25,463	)
Proceeds from sale of property and equipment		22			24			7
Net cash (used in)/provided by investing activities		(16,000	)		(12,935	)		5,416
Financing activities:
Issuance of common stock		3,635			8,707			1
Purchase of common stock under repurchase programs		(26,208	)		—			—
Net cash (used in)/provided by financing activities		(22,573	)		8,707			1
Effect of exchange rate changes on cash and cash equivalents		(2,117	)		383			(2,366	)
Increase/(decrease) in cash and cash equivalents		65,088			72,906			(6,796	)
Cash and cash equivalents at beginning of period		778,291			705,385			829,301
Cash and cash equivalents at end of period	$	843,379		$	778,291		$	822,505

* 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
	April 4,			December 31,			April 5,
	2010			2009			2009
Semiconductor revenues	$	416.5		$	380.8		$	325.0
Storage Systems revenues	$	220.7		$	257.0		$	157.3
Total revenues	$	637.2		$	637.8		$	482.3
Percentage change in revenues-qtr./qtr. ( a )		-0.1	%		10.3	%		-20.9	%
Percentage change in revenues-yr./yr. ( b )		32.1	%		4.6	%		-27.0	%
Days sales outstanding		42			48			51
Days of inventory		46			41			58
Current ratio		1.9			1.9			2.3
Quick ratio		1.5			1.5			1.8
Gross margin as a percentage of revenues		42.6	%		41.8	%		35.3	%
R&D as a percentage of revenues		26.2	%		24.0	%		32.2	%
SG&A as a percentage of revenues		13.5	%		12.3	%		17.4	%
Employees ( c )		5,451			5,397			5,310
Revenues per employee (in thousands) ( d )	$	467.6		$	472.7		$	363.3
Selected Cash Flow Information:
Purchases of property and equipment ( e )	$	15.2		$	14.1		$	10.2
Depreciation and amortization ( f )	$	26.3		$	26.2		$	22.5

( 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.