FREMONT, Calif., March 31, 2008 - Lam Research Corporation (NASDAQ: LRCX) today announced that the Company has filed its fiscal year 2007 Form 10-K, September 2007 Form 10-Q and December 2007 Form 10-Q, with the Securities and Exchange Commission (SEC). The Company believes it is now current with its SEC filings and is awaiting confirmation from NASDAQ that it has complied with all applicable listing standards.
As previously announced, the independent committee appointed by Lam's Board of Directors determined that the actual measurement dates for financial accounting purposes of certain stock option grants differed from the recorded grant dates of these awards. As a result the Company has recorded adjustments to previously issued financial statements totaling $65.8 million for compensation expenses, net of taxes, in fiscal years 1997 through 2006, with a $3.0 million impact on the three most recent fiscal years. In addition, Lam Research expects to incur a cash expense currently estimated at $50.0 - $55.0 million which will be recorded in the March 2008 quarter, as a result of the Board's decision authorizing the Company to assume responsibility for the 409A tax liabilities of employees.
Lam Research anticipates the Company will resume communication of full quarter financial results in its next quarterly conference call on April 23, 2008.
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, the resumed communication of full financial results in April of 2008, and compliance with the applicable listing standards of NASDAQ. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the discovery of new facts relating to the Company's stock option grants, receipt of approvals from third parties such as our independent registered accounting firm, of those financial results, and the determination by NASDAQ that the Company is in compliance with the applicable listing standards. These forward-looking 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 report on Form 10-K for the year ended June 24, 2007, and Form 10-Q for the quarter ended December 23, 2007, 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 provider of wafer fabrication equipment and services to the world's semiconductor industry. Lam's common stock trades on The NASDAQ Global Select MarketSM under the symbol LRCX. Lam is a NASDAQ-100(R) company. The Company's World Wide Web address is www.lamresearch.com.
Lam Research Corporation Contact: Carol Raeburn, Senior Director, Investor Relations
phone: 510/572-4450
e-mail: carol.raeburn@lamresearch.com |
