20.01.2005 21:56:00

Lam Research Corporation Announces Earnings for the Quarter Ended Dece

Lam Research Corporation Announces Earnings for the Quarter Ended December 26, 2004


    Business Editors/High-Tech Editors

    FREMONT, Calif.--(BUSINESS WIRE)--Jan. 20, 2005--Lam Research Corporation (Nasdaq:LRCX) today announced earnings for the quarter ended December 26, 2004. Revenue for the period was $379.8 million, and net income was $83.6 million, or $0.59 per diluted share, compared to revenue of $419.5 million and net income of $89.8 million, or $0.64 per diluted share, for the September 2004 quarter.
    Gross margin for the December 2004 quarter was 52.4 percent of revenue compared to 51.2 percent of revenue in the September 2004 quarter. The improvement in gross margin was primarily the result of lower material content as a percent of revenue. In the period, operating expenses decreased to $90.3 million, primarily due to continued expense control.
    New orders recorded in backlog decreased 10 percent from the prior period to approximately $387 million. The geographic distribution of new orders as well as revenue during the December quarter is shown in the following table:

Region New Orders Revenue -------------------------------- ------------- ----------- North America 14% 14% Europe 9% 12% Japan 12% 17% Korea 40% 15% Asia Pacific 25% 42%

    Cash, short-term investments and restricted cash balances increased to $761.9 million at the end of December, and cash flows from operating activities were approximately $150 million during the quarter. Deferred revenue and profit balances were $123.0 million and $73.9 million, respectively, and unshipped orders in backlog were approximately $456 million at the end of the quarter. The value of orders shipped from backlog to Japanese customers that are not recorded as deferred revenue was approximately $53 million. These shipments are classified as inventory at cost until title transfers.
    "We are pleased with the Company's financial results this quarter," stated James W. Bagley, Lam's Chairman and Chief Executive Officer. "These solid results reflect the Company's ability to perform well during an uncertain business environment and underscore the success of the strategic initiatives we have implemented. We continue to grow our market share, increase our gross margins, and generate significant levels of cash. We believe we have the right business model and the right product set to support our customers' requirements effectively for next-generation device manufacturing and expect to continue to build upon these successes," Bagley concluded.

    Statements made in this press release which are not statements of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate, but are not limited, to our performance during uncertain business conditions, the success of our strategic initiatives, our future ability to grow market share, increase gross margins and generate cash, and our ability to support our customers' future requirements. Business conditions in the semiconductor market may change in ways that we do not anticipate, and we might be challenged to react to those changes. Our competitors may develop new technologies that would impair our market share, margins and cash generation. Customer requirements might change in a manner in which we are not prepared to support in a timely fashion.
    Such statements are based on current expectations and are subject to uncertainties and changes in condition, significance, value and effect as well as other risks detailed in documents filed with the Securities and Exchange Commission, including specifically the reports on Form 10-K for the year ended June 27, 2004, and Form 10-Q for the quarter ended September 26, 2004, which could cause actual results to vary from expectations. The Company undertakes no obligation to update the information or statements made in this press release.
    Lam Research Corporation is a major supplier of wafer fabrication equipment and services to the world's semiconductor industry. Lam's common stock trades on the Nasdaq National Market under the symbol LRCX. The Company's World Wide Web address is http://www.lamrc.com.

    Consolidated Financial Tables Follow


LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data and percentages) (unaudited)

Three Months Ended Six Months Ended ----------------------------- ------------------- December September December December December 26, 26, 28, 26, 28, 2004 2004 2003 2004 2003 --------- --------- --------- --------- --------- Total revenue $379,800 $419,549 $191,508 $799,349 $375,246 Cost of goods sold 180,898 204,788 105,372 385,686 210,842 Cost of goods sold -- restructuring recoveries - - (1,079) - (1,329) --------- --------- --------- --------- --------- Total cost of goods sold 180,898 204,788 104,293 385,686 209,513 Gross margin 198,902 214,761 87,215 413,663 165,733 Gross margin as a percent of revenue 52.4% 51.2% 45.5% 51.7% 44.2% Research and development 47,057 50,358 39,078 97,415 77,604 Selling, general and administrative 43,275 43,127 34,141 86,402 68,134 Restructuring charges, net - - 5,948 - 7,010 --------- --------- --------- --------- --------- Total operating expenses 90,332 93,485 79,167 183,817 152,748 Operating income 108,570 121,276 8,048 229,846 12,985 Other income, net 1,298 8 473 1,306 1,917 --------- --------- --------- --------- --------- Income before income taxes 109,868 121,284 8,521 231,152 14,902 Income tax expense 26,254 31,534 2,130 57,788 3,725 --------- --------- --------- --------- --------- Net income $ 83,614 $ 89,750 $ 6,391 $173,364 $ 11,177 ========= ========= ========= ========= ========= Net income per share: Basic $ 0.61 $ 0.66 $ 0.05 $ 1.27 $ 0.09 ========= ========= ========= ========= ========= Diluted $ 0.59 $ 0.64 $ 0.05 $ 1.23 $ 0.08 ========= ========= ========= ========= ========= Number of shares used in per share calculations: Basic 137,255 135,478 131,020 136,366 129,688 ========= ========= ========= ========= ========= Diluted 142,268 139,808 139,658 141,108 137,502 ========= ========= ========= ========= =========

LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)

December 26, September 26, June 27, 2004 2004 2004 (unaudited) (unaudited) (1) ------------ ------------- ----------- Assets: Cash, cash equivalents and short-term investments $ 649,400 $ 476,672 $ 429,472 Accounts receivable, net 248,498 333,397 245,508 Inventories 129,302 112,784 108,249 Other current assets 70,025 60,751 113,159 ------------ ------------- ----------- Total current assets 1,097,225 983,604 896,388 Property and equipment, net 45,154 41,950 42,444 Restricted cash 112,468 112,468 112,468 Other assets 139,154 172,777 147,326 ------------ ------------- ----------- Total assets $1,394,001 $1,310,799 $1,198,626 ============ ============= ===========

Liabilities and stockholders' equity: Current liabilities $ 356,584 $ 387,986 $ 376,606 ------------ ------------- ----------- Long-term debt and other liabilities $ 7,268 $ 8,138 $ 9,554 Stockholders' equity 1,030,149 914,675 812,466 ------------ ------------- ----------- Total liabilities and stockholders' equity $1,394,001 $1,310,799 $1,198,626 ============ ============= ===========

(1) Derived from audited financial statements

--30--RR/sf*

CONTACT: Lam Research Corporation Kathleen Bela, 510-572-4566 (Investor Relations) kathleen.bela@lamrc.com

KEYWORD: CALIFORNIA INDUSTRY KEYWORD: HARDWARE SOFTWARE MANUFACTURING EARNINGS SOURCE: Lam Research Corporation

Copyright Business Wire 2005

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