Summary of STANDARD MICROSYSTEMS CORP

Item 2.02 Results of Operations and Financial Condition.

On June 25, 2009, Standard Microsystems Corporation (the "Company") issued a press release announcing its financial results for its first quarter ended May 31, 2009. A copy of the press release is furnished herewith and attached as Exhibit 99.1.

Management of the Company will host a teleconference on June 25, 2009 at 5:00 PM eastern time to discuss the Company's results. Details on accessing the teleconference are contained in the Company's press release dated June 18, 2009 announcing the teleconference, and below. A webcast of the call, along with presentation materials, will be accessible via the investor relations section of SMSC's website at www.smsc.com. The teleconference may also be accessed by dialing 1-877-852-6576 in the U.S. or 1-719-325-4757 from outside of the U.S. The teleconference confirmation code is 6502347. A replay of the call will also be available on a 24-hour basis from June 25 - July 1, 2009 and can be accessed by dialing 1-877-852-6576 and entering passcode 6502347, or internationally by dialing 1-719-325-4757 and entering passcode 6502347. In addition, a webcast archive of the audio and slide presentation will be available on the investor relations portion of the Company's website at http://www.smsc.com.

Use of Non-GAAP Financial Information

Included within the press release are non-GAAP financial measures that supplement the Company's Condensed Consolidated Income Statements prepared under generally accepted accounting principles (GAAP). These non-GAAP financial measures adjust the Company's actual results prepared under GAAP to exclude certain charges as more fully described in the accompanying press release. The non-GAAP measures have been reconciled to and should be considered together with the Condensed Consolidated Income Statements. These non-GAAP measures are not meant as a substitute for GAAP, but are included solely for informational and comparative purposes. The Company's management believes that this information assists in evaluating operational trends, but should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures.

The information in this Item 2.02 and Item 9.01 and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.

Item 2.05 Costs Associated with Exit or Disposal Activities.

As a result of global economic conditions and to improve its cost competitiveness and strategic flexibility, the Registrant's Board of Directors on June 24, 2009 approved the Registrant's plan to reduce its workforce by approximately sixty-four employees over the next two to nine months in connection with the relocation of certain of its test floor activities from Hauppauge, New York to offshore facilities in Asia. The Registrant estimates that these measures will result in accounting charges totaling approximately $3.0 million to $8.0 million over this quarter and the next two quarters of fiscal year 2010. These charges relate to severance, project charges and potential write-downs of equipment and deferred tax assets. The Registrant estimates that cash payments associated with these programs will also approximate $2.0 million to $3.0 million and will most likely be made in the third and fourth quarters of fiscal year 2010; the Registrant expects these activities to be completed no later than the fourth quarter of fiscal year 2010.