(BSNS WIRE) Lam Research Corporation Announces September Quarter Results; Record New
Orders, Revenues, and Profits
Business/Technology Editors
FREMONT, Calif.--(BUSINESS WIRE)--Oct. 12, 2000--Lam Research
Corporation (Nasdaq: LRCX) today announced financial results for the
fiscal quarter ended September 24, 2000. Record revenues of $432.0
million were 79 percent higher than the prior year's quarter and 15
percent greater than the quarter ended June 25, 2000. Record net
income of $66.1 million, or $0.48 per diluted share compares to
earnings of $24.7 million or $0.19 per diluted share for the
corresponding quarter ended September 26, 1999.
New orders for the September quarter exceeded the prior quarter's
orders by approximately 10 percent. Geographic distribution for the
quarter was as follows: North America, 36 percent; Europe, 23 percent;
Japan, 14 percent; and Asia Pacific, 27 percent.
Revenues increased in all regions from the prior year's
corresponding quarter. Sales distribution for the period was as
follows: North America, 34 percent; Europe, 24 percent; Japan, 13
percent; and Asia Pacific, 29 percent.
Gross margins increased to 46.1 percent of revenues compared to
41.7 percent for the corresponding quarter ended September 26, 1999,
while operating expenses decreased as a percent of revenues to 25.3
percent.
Cash, short-term investments and restricted cash increased to
$434.1 million at the end of the period driven by approximately $13.1
million positive cash flow from operations.
"Demand for our leading edge etch and CMP equipment resulted in
robust growth in new orders for the September quarter. Our Exelan(tm)
dielectric etch system and Teres(tm) CMP system continue to
demonstrate good momentum in the marketplace. We recently introduced
the TCP(R) 9400DFM (Designed For Manufacture), targeted at polysilicon
applications, which has further strengthened our lead in this
important etch market segment," stated James W. Bagley, Lam's chairman
and chief executive officer.
"Our continued focus on achieving world-class financial
performance has led to the highest after tax profits in the company's
history. We believe our commitment to expanding our product portfolio
and strengthening our operating model has successfully positioned Lam
for the opportunities ahead," 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 include, but are
not limited to, the prospective demand for the company's products, the
company's plans and objectives for future operations, market
opportunities, market and competitive conditions. Such statements are
based on current expectations and are subject to risks, uncertainties
and changes in condition, significance, value and effect including
those risks detailed in documents filed with the Securities and
Exchange Commission, including, specifically the report on Form 10-K
for the fiscal year ended June 25, 2000, which could cause actual
results to vary from expectations. The company undertakes no
obligation to update the information in this press release.
Lam Research Corporation is a leading supplier of front-end wafer
processing equipment and services to the worldwide semiconductor
manufacturing industry. The company's common stock trades on the
Nasdaq National Market under the symbol "LRCX". Lam's World Wide Web
address is lamrc.com.
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LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Sep 24, Sep 26,
2000 1999
---------- ----------
Total revenue $432,041 $ 241,582
Cost and expenses:
Cost of goods sold 232,795 140,771
---------- ----------
Gross margin 199,246 100,811
Research and development 56,531 39,264
Selling, general and administrative 52,941 34,500
---------- ----------
Operating income 89,774 27,047
Other income, net 4,639 378
---------- ----------
Income before income tax expense 94,413 27,425
Income tax expense 28,324 2,743
---------- ----------
Net income $ 66,089 $ 24,682
========== ==========
Net income per share
Basic $ 0.53 $ 0.21
========== ==========
Diluted(1) $ 0.48 $ 0.19
========== ==========
Number of shares used in
per share calculation
Basic 124,477 117,252
========== ==========
Diluted(1) 144,320 127,752
========== ==========
(1) Diluted earnings per share for the three month period ended
September 24, 2000 assumes conversion of convertible subordinated
notes. Accordingly, interest expense net of taxes of $3,025 must be
added to net income for computing diluted earnings per share.
Conversion of the notes for the three month period ending September
26, 2000 was antidilutive and therefore excluded from the calculation
of diluted earnings per share.
LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Sept. 24, June 25,
2000 2000
---------- ----------
Assets:
Cash and short-term investments $ 373,769 $ 371,722
Accounts receivable, net 387,784 323,935
Inventories 255,452 227,169
Other current assets 97,871 98,509
---------- ----------
Total current assets 1,114,876 1,021,335
Equipment/leasehold
improvements, net 122,800 119,192
Restricted cash 60,348 60,348
Other assets 45,496 43,962
---------- ----------
Total assets $1,343,520 $1,244,837
========== ==========
Liabilities and
stockholders' equity:
Total current liabilities $ 314,939 $ 287,756
Long-term debt and other 320,819 321,657
Stockholders' equity 707,762 635,424
---------- ----------
Total liabilities and
stockholders' equity $1,343,520 $1,244,837
========== ==========
(1) Diluted earnings per share for the three month period ended
September 24, 2000 assumes conversion of convertible subordinated
notes. Accordingly, interest expense net of taxes of $3,025 must be
added to net income for computing diluted earnings per share.
Conversion of the convertible subordinated notes for the three month
period ending September 26, 1999 was antidilutive and therefore
excluded from the calculation of diluted earnings per share.
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CONTACT: Lam Research Corporation
Kathleen Bela, 510/572-4566 (Investor Relations)
kathleen.bela@lamrc.com
Lisa Garber, 510/572-4538 (Corporate Communications)
lisa.garber@lamrc.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: HARDWARE EARNINGS
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