Symmetricom Files Restated Financial Statements and Quarterly Reports

Business Wire, June 17, 2008

SAN JOSE, Calif. -- Symmetricom, Inc. (NASDAQ:SYMM) today announced that it has filed with the Securities and Exchange Commission an amended Annual Report on Form 10-K/A for the fiscal year ended July 1, 2007, an amended Quarterly Report on Form 10-Q/A for the quarter ended September 30, 2007 and Quarterly Reports on Form 10-Q for the quarters ended December 30, 2007 and March 30, 2008. Symmetricom was required to restate certain prior period financial statements and had previously failed to file certain reports because the Company needed to resolve certain accounting issues related to inventory accruals.

With these filings, the Company has once again become current in the filing of its required periodic reports with the SEC. The Company believes that the filing of these reports also satisfies the conditions established by the Nasdaq Listing Qualification panel for continued listing on the Nasdaq Global Market.

On April 17, 2008, the Audit Committee of the Board of Directors, following a review initiated by the Audit Committee with the assistance of independent legal counsel and a forensic accounting firm, concluded that due to errors in accounting for accrued liabilities related to inventory receipts, the Company's financial statements for the fiscal years and interim periods from 2002 through 2007 and for the first quarter of fiscal 2008, and the independent accounting reports related to those periods, should no longer be relied upon. Following an intensive examination, the Company has concluded that the cumulative net income impact on fiscal years 2002 through 2007 was an increase of approximately $0.2 million.

Thomas Steipp, president and chief executive officer of Symmetricom, commented, "We are very pleased that this accounting issue has been resolved and that we are again in compliance with our financial reporting requirements. We have instituted a more effective program for tracking inventory to insure that this problem will not reoccur."

Safe Harbor

This press release contains forward-looking statements concerning the Company's satisfaction of the conditions for continued listing on the Nasdaq Global Market. There can be no assurance that the filing of the amended Annual Report on Form 10-K/A, amended Quarterly Report on Form 10-Q/A and the delinquent Quarterly Reports on Form 10-Q with the Securities and Exchange Commission will satisfy the Nasdaq Listing Qualifications panel's requirements. Forward-looking statements are made as of the date of this press release and, except as required by law, the Company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.

About Symmetricom, Inc.

As a worldwide leader in precise time and frequency products and services, Symmetricom provides "Perfect Timing" to customers around the world. Since 1985, the company's solutions have helped define the world's time and frequency standards, delivering precision, reliability and efficiency to wireline and wireless networks, instrumentation and testing applications and network time management. Deployed in more than 90 countries, the company's synchronization solutions include primary reference sources, building integrated timing supplies (BITS), GPS timing receivers, time and frequency distribution systems, network time servers and ruggedized oscillators. Symmetricom also incorporates technologies including Universal Timing Interface (UTI), Network Time Protocol (NTP), Precision Time Protocol (IEEE 1588), and others supporting the world's migration to Next Generation Networks (NGN). Symmetricom is based in San Jose, Calif., with offices worldwide. For more information, visit www.symmetricom.com.