lrcx earning:
LAM RESEARCH CORPORATION ANNOUNCES FISCAL 2002 FIRST QUARTER RESULTS
FREMONT, Calif., October 9, 2001 - Lam Research Corporation (Nasdaq: LRCX) today announced financial results for
the quarter ended September 23, 2001. Revenues of $339.6 million were 7 percent lower than the quarter ended June
24, 2001. Net loss for the quarter was $8.9 million, or $0.07 per diluted share including restructuring charges of $21
million and a non-operating charge of $18 million to revalue the Company's put and call options in its own stock. This
compares to a net loss of $102.3 million, or $0.76 per diluted share, in the September 2000 quarter, which included a
$122.1 million charge, net of taxes, for the cumulative effect of applying SAB 101.
Income after tax for the September 2001 quarter, excluding the effect of restructuring charges and the options
revaluation, was $28 million, or $0.21 per diluted share, compared to income (before the cumulative effect of applying
SAB 101) of $19.8 million, or $0.15 per diluted share in the corresponding quarter a year ago.
New orders decreased approximately 25 percent when compared to the previous quarter. Regional distribution of new
orders for the quarter was as follows: North America, 46 percent; Europe, 19 percent; Japan, 5 percent; and Asia
Pacific, 30 percent.
Revenues for the quarter were distributed as follows: North America, 27 percent; Europe,
25 percent; Japan, 10 percent; and Asia Pacific, 38 percent. Shipments for the quarter were approximately $133
million.
Excluding the effect of restructuring charges, gross margins were 37 percent of revenues compared with 41.5 percent
in the June 2001 quarter. Operating expenses, excluding restructuring charges, decreased sequentially by $7.7 million
to $94.4 million, reflecting the continuing impact of downsizing activities. An income tax rate of 10 percent is expected
for fiscal year 2002.
Cash, Short-term Investments and Restricted Cash totaled $920 million at the end of the quarter. Accounts Receivable
and Inventories declined by $47 million and $53 million, respectively, from the prior quarter. The 5 percent Convertible
Debenture issued in September 1997 is now included in Total Current Liabilities as it is due within the next 12 months.
"Customer reductions in capital commitments continued during the quarter resulting in lower than expected new
orders," stated James W. Bagley, chairman and chief executive officer. "We are committed to manage through this
cyclical slowdown effectively and have executed several cost-reduction programs."
"Despite the downturn in the wafer fabrication equipment industry, Lam's market position has never been better. We
are benefiting from growing customer acceptance of our new products and have won head-to-head technology run-offs
at several customers for critical next-generation applications, which include copper and 300 mm. Our stong
competitive position stems from demonstrated technical leadership, and the Company should achieve market share
gains when growth in capital spending resumes," 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 future market conditions, the prospective demand for the
company's products, future market share projections, the company's plans and objectives for operations, market
opportunities, market share and competitive position. Such statements are based on current expectations and are
subject to risks, 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, 2001, 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 leading supplier of 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.
Consolidated Financial Tables to Follow
( Excel / PDF versions )
"Accounting for the Company's Equity Derivatives Under
EITF 00-19" Attached |
