Lam Research Corporation Announces Selected Financial Results for the Quarter Ended June 24, 2007
July 24 2007 - 4:05PM
Business Wire
Lam Research Corporation (NASDAQ:LRCX) today announced selected
financial results for the quarter ended June 24, 2007. Revenue for
the period was $678.5 million compared to revenue of $650.3 million
for the March 2007 quarter. Shipments for the June 2007 quarter
were approximately $694 million compared to March 2007 quarter
shipments of approximately $620 million. The geographic
distribution of shipments and revenue during the June 2007 quarter
is shown in the following table: Region Shipments Revenue North
America 19% 16% Europe 8% 7% Japan 10% 11% Korea 19% 19% Asia
Pacific 44% 47% Cash and cash equivalents, short-term investments
and restricted cash and investments balances were $1.0 billion at
the end of June. The Company repurchased approximately $768 million
of its common stock during the quarter resulting in the completion
of the Company�s currently available repurchase authorizations.
During the June 2007 quarter, capital expenditures were
approximately $14 million and proceeds from the issuance of common
stock related to employee equity-based plans were $19 million.
Total shares outstanding as of June 24, 2007 were 123,535,328. At
the end of the period, deferred revenue was $295.5 million and the
anticipated future revenue value of orders shipped to Japanese
customers that are not recorded as deferred revenue was
approximately $51.1 million. �Our strong shipment and revenue
performance for the June quarter is indicative of continued
operational and financial execution at Lam Research,� said Steve
Newberry, Lam Research�s president and chief executive officer.
�While the near term environment is expected to be characterized by
a slowing of the rate of capacity expansion in memory, we believe
the long-term semiconductor unit demand outlook remains favorable
and that Lam is in excellent position to execute on its strategic
objectives of maintaining and building on its existing leadership
positions in its core etch business; expanding its served available
market through entry into markets adjacent to etch, and delivering
strong cash flows,� Newberry 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 the future revenue value of orders shipped to Japanese
customers, our expectations of future shipments and revenues, our
anticipated operational and financial performance, our customers�
capacity expansions, the long term demand for semiconductors and
our ability to maintain and build on our leadership positions in
core etch, to expand our served available markets and to maintain
strong cash flows. Some factors that may affect these
forward-looking statements include: changing business conditions in
the semiconductor industry and the overall economy and the efficacy
of our plans for reacting to those changes, changing customer
demands, including fluctuations in overall demand which could
affect our financial results in particular fiscal periods, success
of our competitors� strategies including their development of new
technologies, and the technical challenges presented by our new
products. 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 25, 2006, and Form 10-Q for the quarter ended March
25, 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. As the
Company announced on July 17, 2007, the Company�s Board of
Directors has appointed an Independent Committee to review the
Company�s historical stock option practices and related accounting.
Because that review has not been completed and because the
Company�s auditors have not yet completed their review, the Company
cannot make assurances that the outcome of the investigation will
not result in changes to or a restatement of its financial results
for this or any historical period, that its Form 10-K for the
period ended June 24, 2007 will be timely filed, that the Company
will be able to give timely guidance with respect to future periods
or that it will not be required to make changes to its internal
controls or processes. 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�
company. The Company�s World Wide Web address is
http://www.lamresearch.com.
Lam Research (NASDAQ:LRCX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Lam Research (NASDAQ:LRCX)
Historical Stock Chart
From Jul 2023 to Jul 2024