Mindspeed Technologies, Inc (MSPD) SEC Filing 10-K Annual report for the fiscal year ending Friday, October 2, 2009

Exhibit 99.1

Mindspeed^® Reports Fiscal Fourth Quarter 2009 Results

Continued Revenue Growth and Non-GAAP Gross Margin Improvement Result in Non-GAAP Operating Profit and Positive Cash Generation

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--October 26, 2009--Mindspeed Technologies, Inc. (NASDAQ: MSPD), a leading supplier of semiconductor solutions for network infrastructure applications, today reported results for its fiscal fourth quarter of 2009, which ended on October 2, 2009.

Fiscal Fourth Quarter 2009 Financial Highlights:

• Total Revenue: $34.7 million, up 7 percent sequentially
• All three business units grew sequentially
• Non-GAAP Gross Margin: 62.4 percent, up from 61.3 percent in the fiscal third quarter 2009; GAAP Gross Margin: 62.3 percent, up from 61.2 percent in the fiscal third quarter 2009
• Non-GAAP net loss per share of $(0.00); GAAP net loss per share of $(0.04)
• Generated approximately $9 million of cash, including $8.9 million in net proceeds from the company’s common stock offering, which closed on August 19, 2009; company ended the fiscal fourth quarter 2009 with cash and cash equivalents totaling $20.9 million dollars

Revenues for the fiscal fourth quarter of 2009 were $34.7 million and increased sequentially by 7 percent from revenues of $32.5 million in the fiscal third quarter of 2009.

The company’s non-GAAP gross margin was $21.7 million, or 62.4 percent of revenues, for the fiscal fourth quarter of 2009. This is compared to the company’s non-GAAP gross margin of $19.9 million, or 61.3 percent of revenues, for the fiscal third quarter of 2009. Presented on a GAAP basis, gross margin for the fiscal fourth quarter of 2009 was $21.7 million, or 62.3 percent of revenues, compared to $19.9 million, or 61.2 percent of revenues, for the fiscal third quarter of 2009.