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U.S. Bancorp Piper Jaffray Expands Semiconductor Research -- Initiates

Coverage of Analog and Mixed-Signal Semiconductor Device Sector

Analyst Initiates Coverage of MXIM, ICST and OIIM With Outperform Ratings

SAN FRANCISCO, June 4 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray today initiates coverage of the analog and mixed-signal semiconductor device sector by commencing coverage of Maxim Integrated Products, Inc. (MXIM-- $42.97, #) and Integrated Circuit Systems, Inc. (ICST--$19.40, #) with Outperform ratings.  In addition, Svanberg assumes coverage of O2Micro International Limited (OIIM--$13.40, #@) with an Outperform rating.

Senior Analog and Mixed-Signal Semiconductor Device Analyst Tore Svanberg believes the industry is at the early stages of a recovery, although uncertainty in end-market demand prevails.  Therefore, we seek to identify names that have less exposure to the macro economic environment and sell into markets that are growing, said Svanberg.

Maxim Integrated Products, Inc. is a vendor of high-performance analog and mixed-signal integrated circuits (ICs) to multiple end-markets worldwide.  The company's 3,000-plus products are used in a wide range of microprocessor-based electronic applications, including personal computers (PCs), consumer portables, wireless and wireline communications and networking gear, instrumentation, process control and fiber-based telecom equipment.

We believe Maxim is currently the leading large-cap vendor of analog and mixed-signal semiconductors to multiple end-markets, said Svanberg.  Led by a highly experienced management team, we believe Maxim's technical innovation, product definition, quality and service are among the highest in the industry. This, in turn, allows the company to maintain strong relationships with its customers and maintain a highly profitable business model.

Integrated Circuit Systems is a pure-play vendor of silicon timing ICs to multiple end-markets worldwide.  The company's products are used in a wide range of timing-based electronic applications within the computing, communications and consumer end-markets.

In our opinion, Integrated Circuit Systems (ICS) is today's leading vendor of silicon timing integrated circuits to diversified computing, consumer and communications applications, said Svanberg.  The company has established an attractive business model that we believe has the opportunity to sustain 20-plus percent growth over the next couple of years.  More importantly, ICS has developed among the most profitable businesses in the entire mixed-signal semiconductor industry.

O2Micro is a semiconductor supplier of power management and security components to multiple computing, portable and display applications worldwide. The company's products include smart power ICs, Cold Cathode Fluorescent Lamp (CCFL) inverters, smart cardbus controllers and intelligent disc jockey (DJ) devices that lengthen battery operating time, increase efficiency output and enable security.

O2Micro continues to outperform the overall analog and mixed-signal market by delivering differentiated power management and security solutions to growing markets such as notebook PCs, flat panel displays and smart card applications, said Svanberg.  The company has consistently delivered gross margins above 60 percent over the last two years, an achievement that we believe is sustainable in the near-term.  More importantly, we believe its operating margins will move into the 20-to-30 percent range as revenue growth outpace operating expenses going forward.

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based

U.S. Bancorp (NYSE: USB), provides a full range of investment products and services to businesses, institutions and individuals.  The company's investment banking business has grown significantly in the last several years by focusing on the needs of growth companies in the health care, technology, financial institutions, consumer and communications growth sectors.  U.S. Bancorp Piper Jaffray has a national reputation for its expertise in fundamental research and equity and debt financing.  U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray.

The following disclosures apply to stocks mentioned in this report if and as indicated: (#) U.S. Bancorp Piper Jaffray (USBPJ) makes a market in the company's securities. (ˆ) USBPJ analysts who follow this company, or members of their household, have a beneficial interest in the company's securities. USBPJ analysts or members of their household may sell such positions while a Strong Buy, Outperform, or Market Perform rating is maintained; however, they may do so only upon appropriate USBPJ management approval. (>) USBPJ analysts who follow this company, or members of their household, have a beneficial interest in the company's securities that were acquired in a private transaction pre-IPO. USBPJ analysts or members of their household may sell such positions while a Strong Buy, Outperform, or Market Perform rating is maintained; however, they may do so only upon appropriate USBPJ management approval. (@) Within the past three years, USBPJ was managing underwriter of an offering of, or dealer manager of a tender offer for, the company's securities or the securities of an affiliate. (˜) A USBPJ officer, director, or other employee is a director and/or officer of the company.

This material is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete.  This information is not intended to be used as the primary basis of investment decisions.  Because of individual client requirements, it should not be construed as advice designed to meet the particular investment needs of any investor.  It is not a representation by us or an offer or the solicitation of an offer to sell or buy any security.  Further, a security described in this release may not be eligible for solicitation in the states in which the client resides.  U.S. Bancorp and its affiliated companies, and their respective officers or employees, or members of their families, may have a beneficial interest in the company's securities and may purchase or sell such positions in the open market or otherwise.  This report is a communication made in the United Kingdom by U.S. Bancorp Piper Jaffray to market counterparties or intermediate customers and is exclusively directed at such persons; it is not directed at private customers and any investment or services to which the communication may relate will not be available to private customers.  In the United Kingdom, no persons other than a market counterparty or an intermediate customer should read or rely on any of the information in this communication.  Securities products and services offered through U.S. Bancorp Piper Jaffray, member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.  Additional information is available upon request.

Nondeposit investment products are not insured by the FDIC, are not deposits or other obligations of or guaranteed by U.S. Bank National Association or its affiliates, and involve investment risks, including possible loss of the principal amount invested. Securities products and services are offered through U.S. Bancorp Piper Jaffray Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.  (5/99-0679)

U.S. Bancorp Piper Jaffray Inc. is a member of the National Association of Securities Dealers, CRD number 665.



SOURCE  U.S. Bancorp Piper Jaffray

    -0-                             06/04/2002

/CONTACT:  Dana H. Wade, Public Relations, +1-650-838-1329, or Erin Freeman, Director of Public Relations, +1-415-277-1595, both of U.S. Bancorp Piper Jaffray/

/Web site:  http://www.piperjaffray.com  /


CO:  U.S. Bancorp Piper Jaffray; Maxim Integrated Products, Inc.; Integrated

Circuit Systems, Inc.; O2Micro International Limited

ST:  New York, Minnesota, California

-- MNTU014 --
0798 06/04/2002 11:36 EDT http://www.prnewswire.com

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