ACTEL CORPORATION Q3 2003 EARNINGS RELEASE

Contact:  Jon Anderson, Actel Corporation (650) 318-4445


For Release:  October 22, 2003 @ 1:00 P.M. PDT



                      ACTEL ANNOUNCES THIRD QUARTER RESULTS

     Mountain View,  Calif. - Actel Corporation  (NASDAQ:  ACTL) today announced
net revenues of $38.4  million for the third quarter of 2003, up 17 percent from
the third quarter of 2002 and 5 percent from the second quarter of 2003.



     Pro-forma net income, which excludes  acquisition-related  amortization and
other non-operating items, was $2.6 million for the third quarter of 2003, up 46
percent from the third  quarter of 2002 and 33 percent  sequentially.  Pro-forma
earnings were $0.10 per diluted share, compared with $0.07 for the third quarter
of 2002 and $0.08 for the second quarter of 2003.



     Including all  amortization  and other costs in accordance  with  generally
accepted  accounting  principles  (GAAP),  Actel  reported  net  income  of $2.3
million,  or $0.08 per share,  for the third  quarter of 2003 compared with $1.1
million,  or $0.04 per share, for the third quarter of 2002 and $1.4 million, or
$0.05 per share, for the second quarter of 2003.



     Gross margin was 60.7 percent for the third  quarter of 2003  compared with
58.4  percent  for the third  quarter  of 2002 and 60.2  percent  for the second
quarter of 2003.



     During the third quarter, Actel:



     o    Unveiled the  industry's  first  flash-based  FPGAs  qualified to full
          military specifications.



     o    Introduced the first embedded  system  platform for highly  integrated
          single chip 8051 designs.



     John East,  president  and CEO,  stated,  "Our revenues grew for the fourth
consecutive  quarter  and are at the highest  level  since the first  quarter of
2001.  Design wins also  continued  to increase.  We're very  excited  about the
future."



Business Outlook - Fourth Quarter 2003

     The company believes that fourth quarter revenues will grow sequentially in
the 1% to 5% range. Gross margin is expected to be about 61%. Operating expenses
are anticipated to come in at approximately $21.8 million.  Other income will be
about $0.7  million.  The tax rate for the  quarter is expected to be about 13%.
Share count is expected to be approximately 27.5 million shares.



     A conference  call to discuss third  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 December.



     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 2061
Stierlin   Court,   Mountain  View,  CA  94043-4655.   Telephone:   888-99-ACTEL
(992-2835). Internet: http://www.actel.com.



     The statements under the heading  "Business  Outlook - Fourth Quarter 2003"
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                 Nine Months Ended
                                                   --------------------------------------    ------------------------
                                                     Oct. 5,       Oct. 6,       Jul. 6,       Oct. 5,       Oct. 6,
                                                      2003          2002          2003          2003          2002
                                                   ----------    ----------    ----------    ----------    ----------
<S>                                                <C>           <C>           <C>           <C>           <C>
Net revenues..................................     $   38,405    $   32,912    $   36,609    $  109,355    $  100,265
Costs and expenses:
   Cost of revenues...........................         15,086        13,683        14,584        44,399        39,423
   Research and development...................         10,234         9,575         9,851        29,598        29,214
   Selling, general, and
      administrative..........................         10,457        10,560        11,070        32,559        32,307
   Amortization of goodwill and
      other acquisition-related
      intangibles.............................            663           681           663         2,007         2,043
                                                   ----------    ----------    ----------    ----------    ----------
         Total costs and expenses.............         36,440        34,499        36,168       108,563       102,987
                                                   ----------    ----------    ----------    ----------    ----------
Income (loss) from operations.................          1,965        (1,587)          441           792        (2,722)
Interest income and other, net................            754         1,371           815         2,561         3,539
                                                   ----------    ----------    ----------    ----------    ----------
Income (loss) before tax (benefit) provision..          2,719          (216)        1,256         3,353           817
Tax (benefit) provision.......................            436        (1,323)         (130)         (547)       (1,089)
                                                   ----------    ----------    ----------    ----------    ----------
Net income....................................     $    2,283    $    1,107    $    1,386    $    3,900    $    1,906
                                                   ==========    ==========    ==========    ==========    ==========
Net income per share:
   Basic......................................     $     0.09    $     0.05    $     0.06    $     0.16    $     0.08
                                                   ==========    ==========    ==========    ==========    ==========
   Diluted....................................     $     0.08    $     0.04    $     0.05    $     0.15    $     0.08
                                                   ==========    ==========    ==========    ==========    ==========

Shares used in computing net income per share:
   Basic....................................           25,055        24,531        24,550        24,631        24,361
                                                   ==========    ==========    ==========    ==========    ==========
   Diluted..................................           27,101        24,959        25,776        25,974        25,399
                                                   ==========    ==========    ==========    ==========    ==========
</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                 Nine Months Ended
                                                   --------------------------------------    ------------------------
                                                     Oct. 5,       Oct. 6,       Jul. 6,       Oct. 5,       Oct. 6,
                                                      2003          2002          2003          2003          2002
                                                   ----------    ----------    ----------    ----------    ----------
<S>                                                <C>           <C>           <C>           <C>           <C>
Pro-Forma operating costs and expenses......       $   21,265    $   20,135    $   20,921    $   62,731    $   61,521
Pro-Forma operating income (loss)...........       $    2,054    $     (906)   $    1,104    $    2,225    $     (679)
Pro-Forma net income........................       $    2,602    $    1,788    $    1,958    $    5,471    $    4,964
Pro-Forma basic earnings per share..........       $     0.10    $     0.07    $     0.08    $     0.22    $     0.20
Pro-Forma diluted earnings per share........       $     0.10    $     0.07    $     0.08    $     0.21    $     0.20
</TABLE>


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

                                                            Three Months Ended                 Nine Months Ended
                                                   --------------------------------------    ------------------------
                                                     Oct. 5,       Oct. 6,       Jul. 6,       Oct. 5,       Oct. 6,
                                                      2003          2002          2003          2003          2002
                                                   ----------    ----------    ----------    ----------    ----------
<S>                                                <C>           <C>           <C>           <C>           <C>
Pro-Forma net income........................       $    2,602    $    1,788    $    1,958    $    5,472    $    4,964
Amortization of goodwill and other
   acquisition-related intangibles..........             (663)         (681)         (663)       (2,007)       (2,043)
Gains (losses) on sales and write-downs of
   strategic equity investments, net of tax.                -             -            91            91        (1,015)
Adjustment of legal accrual, net of
   tax impact...............................              344             -             -           344             -
                                                   ----------    ----------    ----------    ----------    ----------
GAAP net income.............................       $    2,283    $    1,107    $    1,386    $    3,900    $    1,906
                                                   ==========    ==========    ==========    ==========    ==========
</TABLE>

<PAGE>


                                ACTEL CORPORATION

                           CONSOLIDATED BALANCE SHEETS
                            (unaudited, in thousands)

<TABLE>
<CAPTION>
                                                                                               Oct. 5,       Jan. 5,
                                                                                                2003          2003
                                                                                             ----------    ----------
                                     ASSETS


Current assets:
<S>                                                                                          <C>           <C>
   Cash and cash equivalents...........................................................      $   17,726    $   18,207
   Short-term investments..............................................................         131,379       115,622
   Accounts receivable, net............................................................          14,819        17,615
   Inventories, net....................................................................          33,318        34,591
   Deferred income taxes and other current assets......................................          28,549        33,022
                                                                                             ----------    ----------
         Total current assets..........................................................         225,791       219,057
Property and equipment, net............................................................          18,188        16,204
Goodwill, net..........................................................................          32,142        32,142
Other assets, net......................................................................          25,443        25,918
                                                                                             ----------    ----------
                                                                                             $  301,564    $  293,321
                                                                                             ==========    ==========

                      LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
   Accounts payable....................................................................      $    8,316    $   11,500
   Accrued salaries and employee benefits..............................................           5,072         7,280
   Other accrued liabilities...........................................................           3,515         3,879
   Deferred income on shipments to distributors .......................................          21,526        26,459
                                                                                             ----------    ----------
         Total current liabilities.....................................................          38,429        49,118
Deferred compensation plan liability...................................................           2,433         1,889
Deferred rent liability................................................................             625             -
                                                                                             ----------    ----------
         Total liabilities.............................................................          41,487        51,007
Shareholders' equity...................................................................         260,077       242,314
                                                                                             ----------    ----------
                                                                                             $  301,564    $  293,321
                                                                                             ==========    ==========
</TABLE>



