ACTEL CORPORATION Q2 2003 EARNINGS RELEASE


Contact:  Jon Anderson, Actel Corporation (408) 522-4445



For Release:  July 23, 2003 @ 1:00 P.M. PDT



                     ACTEL ANNOUNCES SECOND QUARTER RESULTS

     Sunnyvale,  Calif. - Actel Corporation  (NASDAQ:  ACTL) today announced net
revenues of $36.6 million for the second quarter of 2003, up 7 percent from both
the second quarter of 2002 and the first quarter of 2003.



     Pro-forma net income, which excludes  acquisition-related  amortization and
other  non-operating  charges,  was $2.0 million for the second quarter of 2003,
down 2 percent from the second quarter of 2002 and up 115 percent  sequentially.
Pro-forma  earnings  were $0.08 per diluted  share,  compared with $0.08 for the
second quarter of 2002 and $0.04 for the first quarter of 2003.



     Including all  amortization  and other costs in accordance  with  generally
accepted  accounting  principles  (GAAP),  Actel  reported  net  income  of $1.4
million,  or $0.05 per share,  for the second  quarter of 2003 compared with net
income of $0.4 million,  or $0.02 per share,  for the second quarter of 2002 and
net income of $0.2 million, or $0.01 per share, for the first quarter of 2003.



     Gross margin was 60.2 percent for the second  quarter of 2003 compared with
62.2  percent  for the  second  quarter of 2002 and 57.1  percent  for the first
quarter of 2003.



     During the second quarter, Actel:



     o    Unveiled    its     next-generation,     radiation-tolerant     RTAX-S
     field-programmable  gate array  (FPGA)  offerings.  The family will feature
     densities of up to 2-million equivalent system gates (approximately 250,000
     ASIC   equivalent   gates),   hardened   registers  that  offer   practical
     single-event upset (SEU) immunity, and usable error-corrected onboard RAM.



     o Announced the production  qualification of its AX1000,  AX500, AX250, and
     AX125  FPGAs,  the first  four  members of the  company's  high-performance
     Axcelerator family.



     John East,  president  and CEO,  stated,  "We're  pleased to post our third
consecutive  quarter of  sequential  revenue  growth.  Continued  acceptance  by
customers of our flash  families  and  increased  design  activity for the sixth
straight quarter bode well for the future."



Business Outlook - September 2003 Quarter

     The  company  believes  that third  quarter  revenues  will grow in the mid
single digit range. Gross margin is expected to be about 60%. Operating expenses
are anticipated to come in at approximately $21.4 million.  Other income will be
about $0.7  million.  The tax rate for the  quarter is  expected to be about 7%.
Share count is expected to be approximately 26.4 million shares.



     A conference  call to discuss second quarter  results will be held today at
2:30  p.m.  Pacific  Time.  A live  web  cast and  replay  of the  call  will be
available. Web cast and replay access information as well as financial and other
statistical  information  can be found on Actel's  web site,  www.actel.com.  In
addition,  the company  expects to issue a press  release  providing a financial
update during the second week of September.  A recorded  message with the update
information will also be available at 650.318.7500.



     Actel Corporation is a supplier of innovative programmable logic solutions,
including  FPGAs  based on  antifuse  and flash  technologies,  high-performance
intellectual   property  (IP)  cores,  software  development  tools  and  design
services,  targeted  for  the  high-speed  communications,  application-specific
integrated circuit (ASIC) replacement and radiation-tolerant markets. Founded in
1985, Actel employs approximately 500 people worldwide. The Company is traded on
the Nasdaq  National  Market under the symbol ACTL and is  headquartered  at 955
East Arques  Avenue,  Sunnyvale,  Calif.,  94086-4533.  Telephone:  888-99-ACTEL
(992-2835). Internet: http://www.actel.com.



     The  statements  under  the  heading  "Business  Outlook -  September  2003
Quarter" are forward-looking statements made under the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995 and should be read with the
"Risk  Factors" in Actel's  most recent Forms 10-K and 10-Q.  Actel's  quarterly
revenues and  operating  results are subject to a multitude of risks,  including
general  economic  conditions  and a  variety  of  risks  specific  to  Actel or
characteristic  of the  semiconductor  industry,  such  as  fluctuating  demand,
intense  competition,   rapid  technological  change  and  related  intellectual
property and international trade issues,  wafer and other supply shortages,  and
booking and  shipment  uncertainties.  These and the other Risk  Factors make it
difficult  for Actel to  accurately  project  quarterly  revenues and  operating
results,  and could  cause  actual  results  to  differ  materially  from  those
projected in the  forward-looking  statements.  Any failure to meet expectations
could cause the price of Actel's stock to decline significantly.



Editor's Note: The Actel name and logo are trademarks of Actel Corporation.  All
other trademarks and servicemarks are the property of their respective owners.


                                     --30--


<PAGE>


                                ACTEL CORPORATION

                        CONSOLIDATED STATEMENTS OF INCOME
               (unaudited, in thousands except per share amounts)


<TABLE>
<CAPTION>

                                                             Three Months Ended                  Six Months Ended
                                                   ---------------------------------------   -------------------------
                                                       Jul. 6,       Jul. 7,       Apr. 6,       Jul. 6,       Jul. 7,
                                                        2003          2002          2003          2003          2002
                                                   ----------    ----------    ----------    ----------    -----------
<S>                                                <C>           <C>           <C>           <C>           <C>
Net revenues................................       $   36,609    $   34,293    $   34,341    $   70,950    $   67,353
Costs and expenses:
   Cost of revenues.........................           14,584        12,956        14,729        29,313        25,740
   Research and development.................            9,851         9,902         9,513        19,364        19,639
   Selling, general, and
      administrative........................           11,070        11,036        11,032        22,102        21,747
   Amortization of goodwill and
      other acquisition-related
      intangibles...........................              663           681           681         1,344         1,362
                                                   ----------    ----------    ----------    ----------    ----------
         Total costs and expenses...........           36,168        34,575        35,955        72,123        68,488
                                                   ----------    ----------    ----------    ----------    ----------
Income (loss) from operations...............              441          (282)       (1,614)       (1,173)       (1,135)
Interest income and other, net..............              815           803           992         1,807         2,168
                                                   ----------    ----------    ----------    ----------    ----------
Income (loss) before tax (benefit) provision            1,256           521          (622)          634         1,033
Tax (benefit) provision.....................             (130)          117          (853)         (983)          234
                                                   ----------    ----------    ----------    ----------    ----------
Net income..................................       $    1,386    $      404    $      231    $    1,617    $      799
                                                   ==========    ==========    ==========    ==========    ==========

Net income per share:
   Basic....................................       $     0.06    $     0.02    $     0.01    $     0.07    $     0.03
                                                   ==========    ==========    ==========    ==========    ==========
   Diluted..................................       $     0.05    $     0.02    $     0.01    $     0.06    $     0.03
                                                   ==========    ==========    ==========    ==========    ==========

Shares used in computing net income per share:
   Basic....................................           24,550        24,382        24,338        24,444        24,276
                                                   ==========    ==========    ==========    ==========    ==========
   Diluted..................................           25,776        26,036        25,087        25,453        25,676
                                                   ==========    ==========    ==========    ==========    ==========
</TABLE>


<PAGE>


                                ACTEL CORPORATION

                              PRO-FORMA INFORMATION
                   EXCLUDING ACQUISITION-RELATED AMORTIZATION
                                 AND OTHER ITEMS
                    (in thousands, except per share amounts)

     The following Pro-Forma supplemental  information adjusts for the effect of
acquisition-related   amortization  and  other  non-operating   items.  Not  all
acquisition-related amortization charges are deductible for income tax purposes.
The tax  implications of these items have been included in the  determination of
pro forma net income.  This pro forma  information is not prepared in accordance
with generally accepted accounting principles (GAAP).
<TABLE>
<CAPTION>

                                                             Three Months Ended                  Six Months Ended
                                                   ---------------------------------------   -------------------------
                                                      Jul. 6,       Jul. 7,       Apr. 6,       Jul. 6,       Jul. 7,
                                                       2003          2002          2003          2003          2002
                                                   ----------    ----------    ----------    ----------    -----------
<S>                                                <C>           <C>           <C>           <C>           <C>
Pro-Forma operating costs and expenses......       $   20,921    $   20,938    $   20,545    $   41,466    $   41,386
Pro-Forma operating income (loss)...........       $    1,104    $      399    $     (933)   $      171    $      227
Pro-Forma net income........................       $    1,958    $    1,992    $      912    $    2,870    $    3,176
Pro-Forma basic earnings per share..........       $     0.08    $     0.08    $     0.04    $     0.12    $     0.13
Pro-Forma diluted earnings per share........       $     0.08    $     0.08    $     0.04    $     0.11    $     0.12
</TABLE>


                        PRO-FORMA TO GAAP RECONCILIATION
                            (unaudited, in thousands)
<TABLE>
<CAPTION>

                                                             Three Months Ended                  Six Months Ended
                                                   ---------------------------------------   -------------------------
                                                      Jul. 6,       Jul. 7,       Apr. 6,       Jul. 6,       Jul. 7,
                                                       2003          2002          2003          2003          2002
                                                   ----------    ----------    ----------    ----------    -----------
<S>                                                <C>           <C>           <C>           <C>           <C>
Pro-Forma net income........................       $    1,958    $    1,992    $      912    $    2,870    $    3,176
Amortization of goodwill and other
   acquisition-related intangibles..........             (663)         (681)         (681)       (1,344)       (1,362)
Gains (losses) on sales and write-downs of
   strategic equity investments, net of tax.               91          (907)            -            91        (1,015)
                                                   ----------    ----------    ----------    ----------    ----------
GAAP net income.............................       $    1,386    $      404    $      231    $    1,617    $      799
                                                   ==========    ==========    ==========    ==========    ==========
</TABLE>


<PAGE>


                                ACTEL CORPORATION

                           CONSOLIDATED BALANCE SHEETS
                            (unaudited, in thousands)

<TABLE>
<CAPTION>

                                                                                                Jul. 6,       Jan. 5,
                                                                                                 2003          2003
                                     ASSETS

Current assets:
<S>                                                                                        <C>           <C>
   Cash and cash equivalents...........................................................    $     13,257  $     18,207
   Short-term investments..............................................................         128,391       115,622
   Accounts receivable, net............................................................          21,178        17,615
   Inventories, net....................................................................          31,443        34,591
   Deferred income taxes and other current assets......................................          27,008        33,022
                                                                                           ------------  ------------
         Total current assets..........................................................         221,277       219,057
Property and equipment, net............................................................          16,924        16,204
Goodwill, net..........................................................................          32,142        32,142
Other assets, net......................................................................          25,907        25,918
                                                                                           ------------  ------------
                                                                                           $    296,250  $    293,321
                                                                                           ============  ============

                      LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
   Accounts payable....................................................................    $      9,030  $     11,500
   Accrued salaries and employee benefits..............................................           5,611         7,280
   Other accrued liabilities...........................................................           3,717         3,879
   Deferred income on shipments to distributors .......................................          26,284        26,459
                                                                                           ------------  ------------
         Total current liabilities.....................................................          44,642        49,118
Deferred compensation plan liability...................................................           2,267         1,889
                                                                                           ------------  ------------
         Total liabilities.............................................................          46,909        51,007
Shareholders' equity...................................................................         249,341       242,314
                                                                                           ------------  ------------
                                                                                           $    296,250  $    293,321
                                                                                           ============  ============
</TABLE>




