Holy ****, Blew away my expectation by a long long mile.
Looks very good. check it out for yourself.
Now looking for a even better conference call.
Lam Research Corporation Announces Fourth Quarter and Year-End
1999 Results
Fourth Quarter 1999 Earnings Per Share of $0.28
FREMONT, Calif.--(BUSINESS WIRE)--July 29, 1999--Lam Research Corporation (Nasdaq: LRCX - news), a leading supplier of wafer fabrication
equipment and services to the worldwide semiconductor industry, today announced financial results for the periods ended June 30, 1999.
Revenues of $210.9 million for the fourth quarter increased sequentially by 38 percent and generated net income of $11.3 million, or $0.28 per share. This
compares with revenues of $230.6 million and a net loss of $1.9 million, or $0.05 per share (excluding restructuring charges of $64.0 million, $1.67 per share)
for the quarter ended June 30, 1998. Revenues increased in all regions and particularly in Asia Pacific. Geographic revenue distribution for the quarter was:
North America, 38 percent; Europe, 16 percent; Japan, 7 percent; and Asia Pacific, 39 percent.
For the 12 months ended June 30, 1999, the company reported a net loss of $54.5 million or $1.42 per share on revenues of $648 million compared to an
after tax loss of $0.3 million ($0.01 per share) on revenues of $1.05 billion for the previous fiscal year. These amounts exclude after tax restructuring and other
non-recurring charges of $58.4 million ($1.51 per share) and $144.3 million ($3.79 per share) for fiscal years 1999 and 1998, respectively.
New orders for the quarter were up sequentially, resulting in a book to bill ratio in excess of 1.2 to 1. Geographic distribution of orders during the June quarter
was: North America, 32 percent; Europe, 25 percent; Japan, 14 percent; and Asia Pacific, 29 percent.
Gross margins increased to 38.8 percent during the period from 35.5 percent in March 1999, the result of economies of scale in manufacturing and reductions
in materials costs. Continued focus on cost management and administrative efficiencies drove operating expenses as a percentage of revenue significantly lower
than the previous quarter.
Lam's balance sheet remains strong. Cash, short-term investments and restricted cash, increased by $18 million during the quarter and reached $372 million at
June 30, 1999. Ongoing emphasis on asset management resulted in positive cash flow from operations for the second consecutive quarter, as the Accounts
Receivable Days Sales Outstanding (DSO) ratio fell to 74 days and inventory management yielded substantially improved turnover performance.
''This quarter marks the company's return to profitability and we are very pleased with the progress we have made. In particular, we have significantly
strengthened our etch market position and in early June, successfully launched the Exelan(tm) dielectric etch system. We have penetrated the CMP market with
our Teres(tm) system which is exceeding industry technology and reliability standards,'' stated James W. Bagley, chairman and chief executive officer of Lam.
''Our product and customer support capability, combined with the improving industry fundamentals should allow the company to further benefit from the
opportunities ahead,'' Bagley concluded.
This press release contains certain forward-looking statements which are subject to the Safe Harbor provisions created by the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements relate to the prospective demand for the company's products, acceptance and competitiveness of the
company's products and market transition to new processes. Such statements are based on current expectations and are subject to risks, uncertainties, and
changes in condition and other risks detailed in documents filed with the Securities and Exchange Commission, including specifically the report on Form 10-K
for the year ended June 30, 1998, and the Form 10-Q/A for the quarter ended March 31, 1999. The company undertakes no obligation to update the
information in this press release.
Lam Research Corporation is a leading supplier of wafer fabrication equipment and services to the world's semiconductor industry. The company's common
stock trades on the Nasdaq National Securities Market under the symbol ''LRCX.'' |
