Exhibit 99.1

[LOGO] ICS Integrated Circuit Systems, Inc.

Corporate Headquarters

2435 Boulevard of the Generals

Norristown, PA 19403

Phone: 610-630-5300

Fax: 610-630-5399

Web Site: http://www.icst.com

Company Contact:

Justine Lien, CFO

Integrated Circuit Systems, Inc.

610-630-5300

INTEGRATED CIRCUIT SYSTEMS, INC. ANNOUNCES FISCAL 2003

THIRD QUARTER RESULTS

48% Increase In Operating Income Over Prior Year Period

Norristown, PA – April 24, 2003 – Integrated Circuit Systems, (Nasdaq: ICST), today announced results for the fiscal third quarter ending March 29, 2003. As expected, revenue for the quarter was seasonally down after the Christmas quarter to $60.9 million, but shows a 14% growth year over year.

($Millions, except EPS)

	Q3 FY 2003		Q3 FY 2002(1)		Y-Y GROWTH		Q2 FY 2003		Q-Q GROWTH
Revenue	$	60.9	$	53.3	14	%	$	62.0	-2	%
Gross Margin	$	36.1	$	31.3	15	%	$	36.3	—
Operating Income	$	17.9	$	12.1	48	%	$	18.2	-2	%
Fully Diluted EPS	$	0.22	$	0.16	38	%	$	0.23	-4	%

(1) Q3FY2002 information (other than revenue) is presented on a pro forma basis to exclude certain special charges relating to an acquisition. See reconciliation to comparable GAAP financial measures below.

Revenues in seasonal businesses like PC and Digital Consumer were down on a quarterly basis, but show growth year over year. Communications and Military showed growth both quarterly and yearly.

Revenues

	Q3 FY2003 % of revenue		Q3 FY2002 % of revenue		Y-Y Growth		Q2 FY2003 % of revenue		Q-Q Growth
PC	48	%	47	%	15	%	48	%	-2	%
Digital Consumer	15	%	15	%	10	%	17	%	-15	%
Communications	28	%	30	%	10	%	27	%	3	%
Military	9	%	8	%	34	%	8	%	10	%

Gross margin increased during the quarter to 59.4% because of material cost savings due to design efficiencies. Operating income was 29.4% of revenue, same as the previous quarter but a 670 basis point increase year over year for the third quarter. In dollar terms, this represents a 48% increase year over year for the third quarter. This all resulted in an earnings per share of $0.22 for the quarter.

Hock Tan, CEO and President stated, “The results for the quarter show the continued penetration of ICS silicon timing devices into new markets like ADSL and registered memory modules, compared to the same period a year ago. Also we have focused on cost savings which is reflected in the gross margin.”

“Our business, timing solutions for the electronic world, has been about gaining share over older technologies, and we plan for that to continue in the communications and digital consumer markets. We will continue to invest in new products in new market applications and do so at the lowest cost in order to promote future growth.”

Third Quarter Fiscal 2003 Conference Call

ICS will host a conference call to discuss the earnings results for the third quarter of fiscal year 2003 at 9:00 a.m. EDT on Thursday, April 24, 2003. The company will also discuss its strategic direction and market conditions. Any interested parties are invited to listen to the conference call by dialing (877) 405-3430 or (706) 634-6397 for international callers. The call will also be broadcast via the Internet and can be accessed from ICS’s corporate website at the address www.icst.com.

About ICS

Integrated Circuit Systems, Inc. is a leader in the design, development and marketing of silicon timing devices for communications, networking, computing and digital multimedia applications. The Company is headquartered in Norristown, PA, with key facilities in San Jose, CA; Tempe, AZ; Worcester, MA and Singapore.

Statements included in this release, to the extent they are forward looking, involve a number of risks and uncertainties related to competitive factors, technological developments and market demand. Further information on these and other potential factors that could affect the Company’s financial results can be found in the Company’s Form 10-K filed on September 11, 2002.

INTEGRATED CIRCUIT SYSTEMS, Inc.

CONSOLIDATED OPERATING RESULTS

	Unaudited Three Months Ended						Unaudited Nine Months Ended
	Mar. 29, 2003		Mar. 30, 2002		Dec. 28, 2002		Mar. 29, 2003		Mar. 30, 2002
(In thousands)
REVENUES	$	60,853	$	53,262	$	62,026	$	180,668	$	127,529
Cost of sales		24,709		23,200		25,701		73,731		54,360
Gross Margin		36,144		30,062		36,325		106,937		73,169
Expenses:
Research and development		8,772		8,083		8,803		25,793		20,577
Selling, general and administrative		8,678		10,142		8,472		25,776		19,627
In process research and development		—		2,900		—		—		2,900
Deferred compensation		244		472		244		1,538		961
Amortization of intangibles		575		500		575		1,725		500
		18,269		22,097		18,094		54,832		44,565
Operating income		17,875		7,965		18,231		52,105		28,604
Other income (expense)		28		636		565		699		2,182
Income before income taxes		17,903		8,601		18,796		52,804		30,786
Income taxes		2,626		1,554		2,871		7,889		4,740
Net income	$	15,277	$	7,047	$	15,925	$	44,915	$	26,046
Basic EPS
Net income	$	0.22	$	0.11	$	0.24	$	0.66	$	0.39
Diluted EPS
Net income	$	0.22	$	0.10	$	0.23	$	0.64	$	0.37
Weighted Shares
Basic		68,155		66,533		67,711		67,733		66,380
Diluted		70,879		70,230		70,313		70,401		70,125
Supplemental operating results:
Capital expenditures	$	776	$	1,127	$	526	$	2,704	$	2,748
Depreciation and amortization	$	2,050	$	2,267	$	2,222	$	6,534	$	4,845

INTEGRATED CIRCUIT SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEET

(in thousands, excluding Other Financial Data)	Mar 29, 2003			June 29, 2002
	(unaudited)
ASSETS
Current Assets:
Cash and marketable securities	$	110,428		$	110,521
Accounts receivable, net		34,481			28,741
Inventory, net		16,648			18,556
Deferred tax asset		7,733			6,791
Prepaid income taxes		1,151			1,181
Other current assets		6,093			13,705
Total current assets		176,534			179,495
Property and equipment, net		15,774			18,324
Long term investments		30,037			—
Investment in Maxtek Technologies		3,000			4,000
Intangibles		30,675			32,400
Goodwill		39,230			41,575
Other assets, net		357			598
Total assets	$	295,607		$	276,392
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term obligations	$	17,010		$	13,744
Accounts payable		14,970			11,416
Accrued expenses and other current liabilities		11,461			25,272
Total current liabilities		43,441			50,432
Long-term debt, less current portion		3,001			28,514
Deferred tax liability		10,842			12,876
Other long term liabilities		521			599
Total liabilities		57,805			92,421
Shareholders’ Equity:
Common stock		694			678
Additional paid in capital		238,813			227,531
Accumulated deficit		12,465			(32,451	)
Deferred compensation		(975	)		(3,988	)
Treasury stock		(13,195	)		(7,799	)
Total shareholders’ equity		237,802			183,971
Total liabilities and shareholders’ equity	$	295,607		$	276,392
OTHER FINANCIAL DATA:
Days sales outstanding		52			47
Inventory turns		5.7			4.7

INTEGRATED CIRCUIT SYSTEMS, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Supplemental Financial Information

Reconciliation of Gross Margin to Pro Forma Gross Margin

(in thousands)

(unaudited)

	Three Months Ended				Nine Months Ended
	Mar. 29, 2003		Mar. 30, 2002		Mar. 29, 2003		Mar. 30, 2002
Gross margin	$	36,144	$	30,062	$	106,937	$	73,169
Add: Inventory step up		—		1,252		—		1,252
Pro forma gross margin	$	36,144	$	31,314	$	106,937	$	74,421

Reconciliation of Operating Income to Pro Forma Operating Income

(in thousands)

(unaudited)

	Three Months Ended				Nine Months Ended
	Mar. 29, 2003		Mar. 30, 2002		Mar. 29, 2003		Mar. 30, 2002
Operating income	$	17,875	$	7,965	$	52,105	$	28,604
Add: Inventory step up		—		1,252		—		1,252
Add: In-process research and development expenses		—		2,900		—		2,900
Pro forma operating income	$	17,875	$	12,117	$	52,105	$	32,756

Reconciliation of Net Income to Pro Forma Net Income and Diluted Pro Forma EPS:

(in thousands)

(unaudited)

	Three Months Ended				Nine Months Ended
	Mar. 29, 2003		Mar. 30, 2002		Mar. 29, 2003		Mar. 30, 2002
Net income	$	15,277	$	7,047	$	44,915	$	26,046
Add: Inventory step up		—		1,252		—		1,252
Add: In-process research and development expenses		—		2,900		—		2,900
Pro forma net income	$	15,277	$	11,199	$	44,915	$	30,198
Diluted pro forma EPS	$	0.22	$	0.16	$	0.64	$	0.43
Diluted weighted shares		70,879		70,230		70,401		70,125