Lam Research Corporation Announces $500 Million Share Repurchase Program
August 24 2005 - 6:15PM
Business Wire
Lam Research Corporation (NASDAQ:LRCX) today announced that its
Board of Directors has authorized the repurchase of $500 million of
the Company's common stock from the public market or in private
purchases. The terms of the repurchase program will permit Lam to
repurchase shares through September 30, 2008. As of June 26, 2005,
Lam had approximately $894 million in total cash, short-term
investments, and restricted cash and approximately 137 million
shares outstanding. Under the Board's previous $250 million share
repurchase authorization, Lam had repurchased approximately seven
million shares at an aggregate cost of approximately $214 million
through August 23, 2005. Management is planning to repurchase both
the amount remaining in the previous repurchase approval and the
amount in the new repurchase approval according to the Board
authorizations. 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 management's plans for
repurchasing Company stock under the approvals granted by the
Board. These plans are dependent on the Company's future financial
condition, and management's determinations of the continued value
of a repurchase program. Such 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 26, 2005, 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 supplier of wafer fabrication
equipment and services to the world's semiconductor industry. Lam's
common stock trades on The NASDAQ National Market(R) under the
symbol LRCX. Lam is a NASDAQ-100(R) company. The Company's World
Wide Web address is http://www.lamresearch.com.
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