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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders -- Ignore unavailable to you. Want to Upgrade?

To: Jerome who wrote (4820)	7/23/2002 9:09:25 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 5867

Lam Research's Outlook Reflects Uncertainty By K.C. Swanson Staff Reporter 07/23/2002 08:27 PM EDT Lam Research (LRCX:Nasdaq - news - commentary - research - analysis) slightly surpassed analyst expectations for revenues and earnings in its fourth fiscal quarter, but that's not saying much: The chip-equipment maker still posted its second unprofitable quarter in a row. Lam also forecast revenue for the quarter under way to come in nearly 12% below analysts' current estimates, though projected earnings are in line with Street expectations. The company issued a wide range of guidance on orders for the September quarter, reflecting the prevailing uncertainty about near-term demand. It said new orders will be flat to about 10% down sequentially, compared with the June quarter's sequential order growth of 41%. Earlier on Tuesday, jitters over a projected order decline of nearly 10% issued by competitor Novellus (NVLS:Nasdaq - news - commentary - research - analysis) cast a pall over chip-equipment stocks, including Lam Research. Tuesday the stock lost $1.45, or 9.4%, to close at $13.95. After releasing its financial results, shares of the company gained a penny, or 0.08%, to $13.96 in trading after the close. For its fourth fiscal quarter, the company posted a net loss of $31 million or 24 cents a share a share. That includes a nontaxable loss of $26 million on equity derivative contracts in Lam stock and a restructuring reserve recovery of $4.1 million. Last quarter, excluding a one-time gain, Lam lost 12 cents per share. Excluding the special charges, June's net loss was 6 cents per share, slightly better than consensus estimates for a loss of 7 cents. Revenue came in at $180 million, slightly above expectations for $174 million. Sales were up 10% from the previous quarter, but remain 51% below last year's levels. For next quarter, president Steve Newberry projected revenue will be $190 million to $200 million, with earnings per share between 1 cent and 3 cents. That compares with current analyst projections of $215 million and 2 cents, according to First Call/Thomson Financial. The company also revealed in its conference call that it saw a net loss of 200 employees in the most recent quarter, reducing head count to 2,500. In 2001, the company had a staff of 3,150.