Lam Research Corporation Announces $250 Million Share Repurchase Program
September 10 2010 - 5:45PM
Business Wire
Lam Research Corporation (NASDAQ: LRCX) today announced that its
Board of Directors has authorized the repurchase of up to
$250 million of the Company’s common stock from the public
market or in private purchases. The program is effective
immediately.
The repurchase program may be suspended or discontinued at any
time, and will be funded using the Company’s available cash. As of
June 27, 2010, Lam Research had approximately $992 million in
total gross cash and cash equivalents, short-term investments and
restricted cash and investments, and as of August 13, 2010 had
approximately 124 million shares outstanding.
“This decision illustrates our confidence in the continued
growth and cash generation performance of the company,” stated
Steve Newberry, president and chief executive officer of Lam
Research. “We believe that a stock buyback is an effective way of
returning value to Lam’s shareholders,” 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 management’s plans for repurchasing
Company stock under the approvals granted by the Board,
management’s and the board’s confidence in our continued growth and
cash generation prospects and the Company’s view that share
repurchases will be an effective way to return value to our
shareholders. These plans are dependent on the Company’s future
financial condition, and its determinations of the continued value
of a repurchase program, changing business conditions in the
semiconductor industry and the overall economy and our plans for
reacting to those changes, changing customer demands, success of
our competitors’ strategies including their development of new
technologies, and the technical challenges presented by our current
product offerings as well as our new products.
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 27, 2010 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 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 Research is a NASDAQ-100®
company. For more information, visit
http://www.lamresearch.com/.
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