UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

       Date of report (Date of earliest event reported): October 20, 2003

                            SILICON LABORATORIES INC.
               (Exact Name of Registrant as Specified in Charter)


        Delaware                       000-29823                 74-2793174
(State or Other Jurisdiction      (Commission File Number)     (IRS Employer
      of Incorporation)                                     Identification No.)



                       4635 Boston Lane, Austin, TX 78735
               (Address of Principal Executive Offices) (Zip Code)

       Registrant's telephone number, including area code: (512) 416-8500

                                 Not Applicable
          (Former Name or Former Address, if Changed since Last Report)


ITEM 7. FINANCIAL STATEMENTS, PRO FORMA INFORMATION AND EXHIBITS (c) Exhibits. 99 Press Release of Silicon Laboratories Inc. dated October 20, 2003. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On October 20, 2003, Silicon Laboratories Inc. issued a press release describing its results of operations for its fiscal quarter ended September 27, 2003. A copy of the press release is attached as Exhibit 99 to this report. Use of Non-GAAP Financial Information From time to time, Silicon Laboratories provides certain non-GAAP financial measures as additional information relating to its operating results. The non-GAAP financial measurements provided in the press release furnished herewith do not replace the presentation of Silicon Laboratories' GAAP financial results. These additional measurements merely provide supplemental information to assist investors in analyzing Silicon Laboratories' financial position and results of operations; however, these measures are not in accordance with, or an alternative to, GAAP and may be different from non-GAAP measures used by other companies. Silicon Laboratories has chosen to provide this information to investors because it believes that such supplemental information enables them to perform meaningful comparisons of past, present and future operating results, and as a means to highlight the results of core ongoing operations. Pursuant to the requirements of Regulation G, we have provided in the press release furnished with this report a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The information in this report, including the exhibit hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by Silicon Laboratories, whether made before or after the date hereof, regardless of any general incorporation language in such filing. 2

SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Silicon Laboratories Inc., a Delaware corporation Dated: October 20 2003 By: /s/ John W. McGovern ----------------------------------------- John W. McGovern VICE PRESIDENT AND CHIEF FINANCIAL OFFICER (PRINCIPAL ACCOUNTING OFFICER) 3

EXHIBIT INDEX Exhibit No. Description - ------------------------- ------------------------------------------------- 99 Press release dated October 20, 2003 of the Registrant 4

                                                                    Exhibit 99

        Silicon Laboratories Reports Record Financial Results


    AUSTIN, Texas--(BUSINESS WIRE)--Oct. 20, 2003--Silicon
Laboratories Inc. (Nasdaq:SLAB), a leader in high-performance,
analog-intensive, mixed-signal ICs, today reported record third
quarter results for the period ended September 27, 2003. The company
delivered its tenth consecutive quarter of revenue growth.

    Financial Results

    Revenues for the third quarter of 2003 increased twenty percent
sequentially to $82.9 million from $69.1 million in the second quarter
of 2003. This represents a 60 percent increase over revenues of $51.8
million during the third quarter of 2002.
    Under generally accepted accounting principles (GAAP), net income
for the third quarter of 2003 was $13.9 million, resulting in diluted
net income per share of $0.26, compared to second quarter 2003 net
income of $10.9 million, which resulted in diluted net income per
share of $0.21. Excluding non-cash charges for amortization of
deferred stock compensation, adjusted net income for the third quarter
of 2003 was $15.1 million, representing 18 percent of revenues.
Adjusted diluted net income per share was $0.29. The reconciling
charges are set forth in the reconciliation of GAAP to non-GAAP
financial measures tables included below.
    Operating income for the third quarter was $20.7 million or 25
percent of revenues. The company ended the quarter with a highly
liquid balance sheet with cash and short-term investments totaling
$143 million, an increase from $131 million at the end of the second
quarter of 2003.

    Business Summary

    "Business in the third quarter was strong across all of our
product areas. We believe that we are successfully gaining market
share in existing markets while simultaneously expanding to new
markets and applications," said Nav Sooch, chairman and chief
executive officer of Silicon Laboratories. "In addition, we met our
adjusted operating income goal for the fifth consecutive quarter which
demonstrates that we are effectively managing our rapidly growing
business."
    The strong performance during the quarter was the result of
dramatic growth in the GSM/GPRS handset, notebook and set-top box
markets. Next generation products added new design wins, which will
also drive growth. For example, the ADSL AFE shipped in volume and
contributed to revenue for the first time in the third quarter.
    "The rapid growth in the quarter gave us an opportunity to
leverage our very efficient supply chain to quickly meet accelerated
demand. As a result of close relationships with our key partners TSMC,
ASE and Amkor, we have proven our ability to meet rapidly changing
customer needs," said Dan Artusi, president and chief operating
officer of Silicon Laboratories. "We see very exciting opportunities
ahead of us as we continue to execute and deliver on new product
developments currently underway."

    Business Outlook

    For the fourth quarter of 2003, before taking into account any
revenues or charges related to the acquisition of Cygnal Integrated
Products, which is expected to close during Q4, the company currently
anticipates revenues in the range of $92 to $95 million, and Q4
diluted net income per share on a GAAP basis is expected to be $0.27
to $0.29. Q4 adjusted diluted net income per share, which excludes a
non-cash charge for amortization of deferred stock compensation and
before taking into account any changes related to the acquisition of
Cygnal, is expected to be $0.30 to $0.32. If the Cygnal acquisition
closes during Q4 as expected, the company will incur additional
acquisition-related charges, such as the write off of in-process
research and development and amortization of acquired intangible
assets.

    Conference Call Today

    A conference call discussing the third quarter results is
scheduled for 3:15 p.m. Central Time. An audio webcast will be
available simultaneously on Silicon Laboratories' website under
Investor Relations at http://www.silabs.com. A replay will be
available after the call at the website listed above or by calling
800-638-8815 (U.S.) or +1 402-220-0241 (international). These replays
will be available through November 20, 2003.

    About Silicon Laboratories Inc.

    Silicon Laboratories Inc. is a leading designer of
high-performance, analog-intensive mixed-signal integrated circuits
(ICs) for a broad range of applications. Silicon Laboratories' diverse
portfolio of highly integrated, patented solutions is developed by a
world-class engineering team with decades of cumulative expertise in
cutting-edge mixed-signal design. The company has design, engineering,
marketing, sales and applications offices throughout North America,
Europe and Asia. For more information about Silicon Laboratories
please visit www.silabs.com.

    Cautionary Language

    This press release contains forward-looking statements based on
Silicon Laboratories' current expectations. The words "believe,"
"expect," "intend," "plan," "project," "will" and similar phrases as
they relate to Silicon Laboratories are intended to identify such
forward-looking statements. These forward-looking statements reflect
the current views and assumptions of Silicon Laboratories and are
subject to various risks and uncertainties that could cause actual
results to differ materially from expectations. Among the factors that
could cause actual results to differ materially from those in the
forward-looking statements are as follows: risks that Silicon
Laboratories may not be able to maintain its historical growth rate;
quarterly fluctuations in revenues and operating results; risks that
Silicon Labs may not be able to manage strains associated with its
growth; difficulties developing new products that achieve market
acceptance; difficulties managing international activities; credit
risks associated with our accounts receivable; geographic
concentration of manufacturers, assemblers, test service providers and
customers in the Pacific Rim that subjects Silicon Laboratories'
business and results of operations to risks of natural disasters,
epidemics, war and political unrest; dependence on a limited number of
products and customers; product development risks; intellectual
property litigation risks; risks associated with acquisitions,
including the acquisition of Cygnal Integrated Products; the
competitive and cyclical nature of the semiconductor industry and
other factors that are detailed in Silicon Laboratories filings with
the SEC, including the Form 10-K filed January 22, 2003 and the Form
10-Q that we anticipate will be filed on or about October 20, 2003.

    Non-GAAP Financial Measurements

    In addition to the GAAP results provided throughout this document,
the Company has provided non-GAAP financial measurements that present
net income, operating income and net income per share on a basis
excluding non-cash and other one-time charges. Details of these
excluded items are presented in the table below, which reconciles the
GAAP results to non-GAAP financial measurements described in this
press release. Also, this press release and the reconciliation from
GAAP results to these and other additional non-GAAP financial
measurements that may be discussed in the earnings conference call can
be found on the Company's website at
http://investor.silabs.com/ireye/ir_site.zhtml?ticker=SLAB&script=950.
    The non-GAAP financial measurements provided in this press release
do not replace the presentation of Silicon Laboratories' GAAP
financial results. These measurements merely provide supplemental
information to assist investors in analyzing Silicon Laboratories'
financial position and results of operations; however, these measures
are not in accordance with, or an alternative to, GAAP and may be
different from non-GAAP measures used by other companies. Silicon
Laboratories has chosen to provide this information to investors
because it believes it may enable them to perform meaningful
comparisons of past, present and future operating results, and as a
means to more clearly highlight the results of core ongoing
operations.

    Note to editors: Silicon Laboratories and the Silicon Laboratories
logo are trademarks of Silicon Laboratories Inc. All other product
names noted herein may be trademarks of their respective holders.


Silicon Laboratories Inc.
Unaudited Condensed Consolidated Statements of Income (in thousands,
except per share data)

                          THREE MONTHS ENDED      NINE MONTHS ENDED
                        ---------------------- -----------------------
                         SEPT. 27,  SEPT. 28,  SEPT. 27,    SEPT. 28,
                           2003        2002      2003          2002
                        ----------- ---------- ---------    ----------
Revenues                   $82,907    $51,786  $215,746      $121,819
Cost of revenues            38,061     22,747   111,906(a)     54,144
                        ----------- ---------- ---------    ----------
Gross profit                44,846     29,039   103,840        67,675
Operating expenses:
 Research and
  development               12,267      7,379    33,433        23,637
 Selling, general and
  administrative            10,688      8,653    30,223        23,627
 Amortization of
  deferred
  stock compensation         1,196      1,293     3,686         3,906
                        ----------- ---------- ---------    ----------
Operating expenses          24,151     17,325    67,342        51,170
                        ----------- ---------- ---------    ----------
Operating income            20,695     11,714    36,498        16,505
Other income (expense):
 Interest income               281        351       933         1,177
 Interest expense               --       (150)       --          (450)
 Other income
  (expense), net                75       (286)     (707)         (296)
                        ----------- ---------- ---------    ----------
Income before income
 taxes                      21,051     11,629    36,724        16,936
Provision for income
 taxes                       7,119      3,747    12,931         6,044
                        ----------- ---------- ---------    ----------

Net income                 $13,932     $7,882   $23,793       $10,892
                        =========== ========== =========    ==========
Net income per share:
 Basic                       $0.28      $0.17     $0.49         $0.23
 Diluted                     $0.26      $0.16     $0.46         $0.21
Weighted-average common
 shares outstanding:
 Basic                      48,939     47,703    48,545        47,288
 Diluted                    52,816     50,519    51,709        50,902

(a) Includes a $15.3 million charge for patent infringement litigation
    settlement


Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share data)

GAAP net income                $13,932     $7,882    $23,793  $10,892

Tax-effected adjustments:
  Settlement of patent
    infringement lawsuit            --         --     10,377       --
  Amortization of deferred
    stock compensation           1,196      1,293      3,686    3,906
                             ---------- ---------- ---------- --------
Adjusted net income            $15,128     $9,175    $37,856  $14,798
                             ========== ========== ========== ========

GAAP diluted shares
 outstanding                    52,816     50,519     51,709   50,902

Adjusted diluted net income
  per share                      $0.29      $0.18      $0.73    $0.29

                                   THREE MONTHS ENDED
                   ---------------------------------------------------
                   SEPT. 27, JUNE 28,  MARCH 29,  DEC. 28,  SEPT. 28,
                     2003      2003      2003       2002      2002
                   --------- --------- ---------- --------- ----------


GAAP revenues       $82,907   $69,086    $63,753   $60,196    $51,786

GAAP operating
 income (loss)       20,695    16,422       (619)   14,485     11,714
GAAP operating
 income (loss) %       25.0%     23.8%     (1.0)%     24.1%      22.6%

Adjustments:
Settlement of
 patent
 infringement
 lawsuit                 --        --     15,260        --         --
Impairment of
 goodwill and
 other intangible
 assets                  --        --         --        37         --
Amortization of
 deferred stock
 compensation         1,196     1,223      1,266     1,267      1,293
                   --------- --------- ---------- --------- ----------
Adjusted operating
 income             $21,891   $17,645    $15,907   $15,789    $13,007
                   ========= ========= ========== ========= ==========
Adjusted operating
 income %              26.4%     25.5%      25.0%     26.2%      25.1%


Condensed Consolidated Balance Sheets (in thousands, except per
share data)

                                          SEPTEMBER 27,  DECEMBER 28,
                                               2003           2002
                                          -------------- -------------
                 ASSETS                    (UNAUDITED)
Current assets:
 Cash and cash equivalents                     $110,383       $73,950
 Short-term investments                          32,776        41,216
 Accounts receivable, net of allowance
  for doubtful accounts of $923 at
  September 27, 2003 and $945 at December
  28, 2002                                       49,100        27,501
 Inventories                                     18,572        13,319
 Deferred income taxes                            4,921         4,921
 Prepaid expenses and other                       3,846         1,841
                                          -------------- -------------
Total current assets                            219,598       162,748
Property, equipment and software, net            35,568        29,781
Goodwill and other intangible assets, net         1,969           450
Other assets, net                                 8,085         4,086
                                          -------------- -------------
Total assets                                   $265,220      $197,065
                                          ============== =============

    LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
 Accounts payable                               $32,297       $13,272
 Accrued expenses                                10,971         8,505
 Deferred income on shipments to
  distributors                                    5,389        10,147
 Income taxes payable                            11,590         8,470
                                          -------------- -------------
Total current liabilities                        60,247        40,394
Other long-term obligations                       5,589           949
                                          -------------- -------------
Total liabilities                                65,836        41,343

Commitments and contingencies

Stockholders' equity:
  Common stock--$.0001 par value; 250,000
    shares authorized; 49,743 and 48,904
    shares issued and outstanding at
    September 27, 2003 and December 28,
    2002, respectively                                5             5
 Additional paid-in capital                     189,576       174,088
 Stockholder notes receivable                        --          (228)
 Deferred stock compensation                     (8,939)      (13,092)
 Retained earnings (deficit)                     18,742        (5,051)
                                          -------------- -------------
Total stockholders' equity                      199,384       155,722
                                          -------------- -------------
Total liabilities and stockholders'
 equity                                        $265,220      $197,065
                                          ============== =============


    CONTACT: Silicon Laboratories Inc., Austin
             Shannon Pleasant, 512-464-9254
             investor.relations@silabs.com