Exhibit 99.1

Contact:

Dan Madden

VP Finance & Investor Relations

+1-408-428-7929

dmadden@symmetricom.com

Symmetricom Reports Third Quarter

Fiscal Year 2010 Financial Results

Company Generates Strong Earnings and Cash Flow

• Net revenue of $56.5 million

• Income from continuing operations of $3.7 million, or $0.08 per share

• Non-GAAP Income from continuing operations of $6.4 million, or $0.15 per share

• Free cash flow of $9.9 million

SAN JOSE, Calif. — May 4, 2010 — Symmetricom, Inc. (NASDAQ:SYMM), a major supplier of precise time and frequency technologies, today reported financial results for its third quarter of fiscal 2010 ended March 28, 2010.

Net revenue for the third quarter of fiscal 2010 was $56.5 million, compared to the $56.2 million reported for the third quarter of fiscal 2009. Symmetricom reported income from continuing operations of $3.7 million, or $0.08 per share, for the third quarter of fiscal 2010, compared to a loss from continuing operations of $46.8 million, or $(1.08) per share, in the third quarter of fiscal 2009. The loss from continuing operations in the third quarter of fiscal 2009 was principally driven by a $48.1 million charge for impairment of goodwill and $5.9 million of restructuring charges.

In the third quarter of fiscal 2010, Symmetricom completed the sale of its video Quality of Experience business and recorded income from discontinued operations of $0.8 million, or $0.02 per share.

Non-GAAP Income from continuing operations in the third quarter of fiscal 2010 were $6.4 million, or $0.15 per share, compared with $6.6 million, or $0.15 per share, in the same period of the prior year

Cash, cash equivalents and short-term investments totaled $133.5 million as of March 28, 2010, an increase of $12.7 million from the $120.8 million reported as of December 27, 2009. Net cash provided by operating activities in the third quarter was approximately $11.7 million and property, plant and equipment purchases were $1.8 million, resulting in free cash flow of $9.9 million.

Symmetricom Reports Third Quarter Fiscal Year 2010 Financial Results

May 4, 2010

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“Our revenues were up slightly over the prior year quarter and improved gross margins drove strong earnings and cash flows,” said Dave Côté, Chief Executive Officer of Symmetricom. “In our Communications Business, we saw continued growth in our IEEE1588 packet timing products, driven by the continuing conversion to Ethernet backhaul by carriers worldwide. We also won a three-year, $5 million service contract with a major carrier, our largest ever. In addition, we made key organizational progress by hiring a new Executive VP of Sales, completing the sale of our QoE business, and initiating the outsourcing of activities from our Puerto Rico facility.”

Business Highlights

Revenue in our Communications business in the third quarter was $35.2 million compared to $33.4 million reported in the same period of last year. The 5% year-over-year growth was driven primarily by increased sales of our WiMAX GPS modules and growth in installation services revenues.

Revenue in our Government business in the third quarter was $21.3 million compared to $22.7 million reported in the same period of last year. The 6% year-over-year decline in revenues was due primarily to lower sales of government communications and signal intelligence systems.

Fourth Quarter and Fiscal 2010 Guidance

Symmetricom’s updated guidance for fiscal 2010 is as follows:

• Net revenue is expected to be in the range of $216 million to $223 million

• GAAP earnings per share is expected to be in the range of $0.11 to $0.17

• Non-GAAP earnings per share is expected to be in the range of $0.37 to $0.42

For the fourth quarter of fiscal 2010, Symmetricom updated guidance is as follows:

• Net revenue is expected to be in the range of $50 million to $57 million

• GAAP earnings (loss) per share is expected to be in the range of $(0.03) to $0.03

• Non-GAAP earnings per share is expected to be in the range of $0.07 to $0.12

A reconciliation of GAAP and non-GAAP guidance is provided at the end of this press release.

Investor Conference Call

As previously announced, management will hold a conference call to discuss these results today, at 1:30 p.m. Pacific Time. Investors are invited to join the conference call by dialing +1-415-228-5002 and referencing “Symmetricom.” A live webcast will also be available on the investor relations section of the company’s website at www.symmetricom.com. An audio replay will be available for one week and can be accessed by dialing +1-402-220-9789 and referencing the passcode 5220.

About Symmetricom, Inc.

Symmetricom, a world leader in precise time solutions, sets the world’s standard for time. The Company generates, distributes and applies precise time for the communications, aerospace/defense, IT infrastructure and metrology industries. Symmetricom’s customers, from communications service providers and network equipment manufacturers to governments and their suppliers worldwide, are able to build more reliable networks and systems by using the Company’s advanced timing technologies, atomic clocks, services and solutions. All products

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Symmetricom Reports Third Quarter Fiscal Year 2010 Financial Results

May 4, 2010

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support today’s precise timing standards, including GPS-based timing, IEEE 1588 (PTP), Network Time Protocol (NTP), Synchronous Ethernet and DOCSIS(R) timing. Symmetricom is based in San Jose, California, with offices worldwide. For more information, visit: http://www.symmetricom.com.

Non-GAAP Information

Certain non-GAAP financial information is included in this press release. In the reconciliation of GAAP to Non-GAAP results, Symmetricom excludes certain items related to non-cash equity-based compensation, amortization of acquired intangibles, restructuring charges, impairment of goodwill and other intangibles, gains and losses on investments and repayment of convertible notes, non-cash interest expense charges, and other items that we do not consider indicative of our ongoing performance. The income tax effect after these Non-GAAP adjustments is determined based upon Symmetricom’s estimate of its annual Non-GAAP effective tax rate excluding these Non-GAAP adjustments. Symmetricom believes that excluding such items provides investors, analysts and management with a representation of the Company’s core operating performance and with information useful in assessing, in conjunction with GAAP results, underlying trends in operating performance. Management uses such Non-GAAP information to evaluate financial results and to establish operational goals. Non-GAAP information should not be considered superior to or as a substitute for data prepared in accordance with GAAP. A reconciliation of the non-GAAP results to the GAAP results is provided in the financial schedules portion of this press release.

Free cash flow is defined as net cash provided by operating activities minus purchases of property, plant and equipment. Symmetricom believes this metric provides useful information to our investors, analysts, and management about the level of cash generated by normal business operations, including the use of cash for the purchase of property, plant and equipment. Management also views it as a measure of cash available to pay debt and return cash to stockholders. Free cash flow is not a GAAP financial measure and should not be considered superior to or a substitute for operating cash flow or other cash flow data prepared in accordance with GAAP.

Safe Harbor

This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. These forward-looking statements include statements concerning fourth quarter and fiscal 2010 guidance, as well as the information regarding the usefulness of the Non-GAAP financial information. The statements in this press release are made as of the date of this press release, even if subsequently made available by Symmetricom on its website or otherwise. Symmetricom’s actual results could differ materially from those projected or suggested in these forward-looking statements. Factors that could cause future actual results to differ materially from the results projected in or suggested by such forward-looking statements include: reduced rates of demand for telecommunication products, cable products or test and measurement products, reduced rates or changes in government spending patterns, our customers’ ability and need to upgrade existing equipment, our ability to maintain or reduce manufacturing and operating costs, timing of orders, cancellation or delay of customer orders, loss of customers, customer acceptance of new products, recessionary pressures, geopolitical risks such as terrorist acts and the risk factors listed from time to time in Symmetricom’s reports filed with the Securities and Exchange Commission, including the annual report on Form 10-K for the fiscal year ended June 28, 2009 and subsequent Form 10-Q’s and 8-K’s.

SYMM-F

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Symmetricom Reports Third Quarter Fiscal Year 2010 Financial Results

May 4, 2010

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SYMMETRICOM, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(unaudited)

	Three months ended									Nine months ended
	March 28, 2010			December 27, 2009			March 29, 2009 (1)			March 28, 2010			March 29, 2009 (1)
Net revenue	$	56,526		$	56,862		$	56,168		$	165,656		$	159,486
Cost of sales:
Cost of products and services		28,367			30,884			28,945			88,788			80,266
Amortization of purchased technology		278			368			368			1,014			1,105
Restructuring charges		448			931			2,275			2,241			2,275
Total cost of sales		29,093			32,183			31,588			92,043			83,646
Gross profit		27,433			24,679			24,580			73,613			75,840
Gross margin		48.5	%		43.4	%		43.8	%		44.4	%		47.6	%
Operating expenses:
Research and development		5,684			6,113			4,705			17,511			16,602
Selling, general and administrative		14,385			14,259			13,531			42,183			41,625
Amortization of intangible assets		62			62			102			219			308
Restructuring charges		998			535			3,635			2,009			4,472
Impairment of goodwill		—			—			48,144			—			48,144
Total operating expenses		21,129			20,969			70,117			61,922			111,151
Operating income (loss)		6,304			3,710			(45,537	)		11,691			(35,311	)
Loss on repayment of convertible notes, net		—			—			—			—			(5,623	)
Loss on short-term investments, net		—			—			—			—			(1,368	)
Interest income		350			505			322			1,316			1,581
Interest expense		(1,318	)		(1,270	)		(1,243	)		(3,862	)		(4,102	)
Income (loss) from continuing operations before income taxes		5,336			2,945			(46,458	)		9,145			(44,823	)
Income tax provision		1,648			1,055			292			3,018			991
Income (loss) from continuing operations		3,688			1,890			(46,750	)		6,127			(45,814	)
Income (loss) from discontinued operations, net of tax		804			(391	)		(358	)		38			(1,428	)
Net income (loss)	$	4,492		$	1,499		$	(47,108	)	$	6,165		$	(47,242	)
Earnings (loss) per share - basic:
Income (loss) from continuing operations	$	0.08		$	0.04		$	(1.08	)	$	0.14		$	(1.05	)
Income (loss) from discontinued operations		0.02			(0.01	)		(0.01	)		—			(0.03	)
Net earnings (loss)	$	0.10		$	0.03		$	(1.09	)	$	0.14		$	(1.08	)
Weighted average shares outstanding - basic		43,438			43,313			43,326			43,309			43,658
Earnings (loss) per share - diluted:
Income (loss) from continuing operations	$	0.08		$	0.04		$	(1.08	)	$	0.14		$	(1.05	)
Income (loss) from discontinued operations		0.02			(0.01	)		(0.01	)		—			(0.03	)
Net earnings (loss)	$	0.10		$	0.03		$	(1.09	)	$	0.14		$	(1.08	)
Weighted average shares outstanding - diluted		43,934			43,708			43,326			43,828			43,658

(1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes

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Symmetricom Reports Third Quarter Fiscal Year 2010 Financial Results

May 4, 2010

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SYMMETRICOM, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

	March 28, 2010			June 28, 2009 (1)
ASSETS
Current assets:
Cash and cash equivalents	$	49,072		$	72,064
Short-term investments		84,391			40,737
Accounts receivable, net		36,685			42,389
Inventories, net		36,889			38,566
Prepaids and other current assets		14,699			16,143
Total current assets		221,736			209,899
Property, plant and equipment, net		23,095			20,749
Intangible assets, net		4,075			5,308
Deferred taxes and other assets		33,627			36,431
Total assets	$	282,533		$	272,387
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	6,048		$	8,116
Accrued compensation		15,806			19,093
Accrued warranty		3,440			3,737
Other accrued liabilities		13,575			9,810
Total current liabilities		38,869			40,756
Long-term obligations		54,814			51,769
Deferred income taxes		334			334
Total liabilities		94,017			92,859
Stockholders’ equity:
Common stock		203,307			200,152
Accumulated other comprehensive income (loss)		(188	)		144
Accumulated deficit		(14,603	)		(20,768	)
Total stockholders’ equity		188,516			179,528
Total liabilities and stockholders’ equity	$	282,533		$	272,387

(1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes

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Symmetricom Reports Third Quarter Fiscal Year 2010 Financial Results

May 4, 2010

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SYMMETRICOM, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(In thousands, except per share amounts)

(unaudited)

	Three months ended									Nine months ended
	March 28, 2010			December 27, 2009			March 29, 2009 (1)			March 28, 2010			March 29, 2009 (1)
Reconciliation from GAAP to Non-GAAP
GAAP Income (loss) from continuing operations	$	3,688		$	1,890		$	(46,750	)	$	6,127		$	(45,814	)
Add Non-GAAP adjustments:
Equity-based compensation expense:
Cost of products and services		176			262			153			648			448
Research and development		228			228			(20	)		656			434
Selling, general and administrative		776			700			723			1,670			1,394
Total equity-based compensation expense		1,180			1,190			856			2,974			2,276
Amortization of intangible assets:
Cost of products and services		278			368			368			1,014			1,105
Operating expenses		62			62			102			219			308
Total amortization of intangible assets		340			430			470			1,233			1,413
Restructuring charges		1,446			1,466			5,910			4,250			6,747
Impairment of goodwill		—			—			48,144						48,144
CEO post-employment compensation		—			—			1,007			—			1,007
Loss on repayment of convertible notes, net		—			—			—			—			5,623
Loss on short-term investments, net		—			—			—			—			1,368
Non-cash interest expense on convertible notes		812			765			731			2,345			2,339
Income tax effect of Non-GAAP adjustments		(1,035	)		(1,413	)		(3,718	)		(3,565	)		(8,270	)
Non-GAAP Income from continuing operations	$	6,431		$	4,328		$	6,650		$	13,364		$	14,833
Earnings from continuing operations per share-diluted:
GAAP income (loss) from continuing operations	$	0.08		$	0.04		$	(1.08	)	$	0.14		$	(1.05	)
Non-GAAP income from continuing operations	$	0.15		$	0.10		$	0.15		$	0.30		$	0.34
Shares used in diluted shares calculation		43,934			43,708			43,790			43,828			44,199

(1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes

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Symmetricom Reports Third Quarter Fiscal Year 2010 Financial Results

May 4, 2010

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SYMMETRICOM, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(In thousands, except per share amounts)

(unaudited)

	Three months ended									Nine months ended
	March 28, 2010			December 27, 2009			March 29, 2009 (1)			March 28, 2010			March 29, 2009 (1)
Reconciliation from GAAP to Non-GAAP Gross Margin:
GAAP Revenue	$	56,526		$	56,862		$	56,168		$	165,656		$	159,486
GAAP Gross profit	$	27,433		$	24,679		$	24,580		$	73,613		$	75,840
GAAP Gross margin		48.5	%		43.4	%		43.8	%		44.4	%		47.6	%
Add Non-GAAP adjustments:
Equity-based compensation expense		176			262			153			648			448
Amortization of intangible assets		278			368			368			1,014			1,105
Restructuring charges		448			931			2,275			2,241			2,275
Non-GAAP Gross profit	$	28,335		$	26,240		$	27,376		$	77,516		$	79,668
Non-GAAP Gross margin		50.1	%		46.1	%		48.7	%		46.8	%		50.0	%
Reconciliation from GAAP to Non-GAAP Operating Expense:
GAAP Revenue	$	56,526		$	56,862		$	56,168		$	165,656		$	159,486
GAAP Operating expenses	$	21,129		$	20,969		$	70,117		$	61,922		$	111,151
Operating expense % to revenue		37.4	%		36.9	%		124.8	%		37.4	%		69.7	%
Add Non-GAAP adjustments:
Equity-based compensation expense		1,004			928			703			2,326			1,828
Amortization of intangible assets		62			62			102			219			308
Restructuring charges		998			535			3,635			2,009			4,472
Impairment of goodwill		—			—			48,144			—			48,144
CEO post-employment compensation		—			—			1,007			—			1,007
Non-GAAP operating expenses	$	19,065		$	19,444		$	16,526		$	57,368		$	55,392
Non-GAAP operating expenses % to revenue		33.7	%		34.2	%		29.4	%		34.6	%		34.7	%

(1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes

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Symmetricom Reports Third Quarter Fiscal Year 2010 Financial Results

May 4, 2010

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SYMMETRICOM, INC.

RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES

TO PROJECTED GAAP REVENUE AND EPS

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ending June 27, 2010
	Revenue				Earnings Per Share from Continuing Operations
	From		To		From			To
GAAP Guidance	$	50,000	$	57,000	$	(0.03	)	$	0.03
Estimated Non-GAAP Adjustments
Equity-based compensation expense						0.03			0.02
Amortization of intangible assets						0.01			0.01
Restructuring charges						0.09			0.08
Non-cash interest expense on convertible notes						0.02			0.02
Income tax effect of non-GAAP adjustments						(0.05	)		(0.04	)
Total Non-GAAP Adjustments						0.10			0.09
Non-GAAP Guidance	$	50,000	$	57,000	$	0.07		$	0.12
	Twelve Months Ending June 27, 2010
	Revenue				Earnings Per Share from Continuing Operations
	From		To		From			To
GAAP Guidance	$	216,000	$	223,000	$	0.11		$	0.17
Estimated Non-GAAP Adjustments
Equity-based compensation expense						0.10			0.09
Amortization of intangible assets						0.04			0.04
Restructuring charges						0.18			0.17
Non-cash interest expense on convertible notes						0.07			0.07
Income tax effect of non-GAAP adjustments						(0.13	)		(0.12	)
Total Non-GAAP Adjustments						0.26			0.25
Non-GAAP Guidance	$	216,000	$	223,000	$	0.37		$	0.42

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