Lam Research Corporation Announces an Increase to Share Repurchase Program
September 01 2011 - 4:05PM
Marketwired
Lam Research Corporation (NASDAQ: LRCX) today announced that its
Board of Directors has approved an increase of $500 million in the
Company's authorization for share repurchases, raising the total
authorization under the program to $750 million. Repurchases of the
Company's common stock may be made in both public market and
private transactions, and may include the use of derivative
contracts and structured share repurchase agreements. The increased
authorization limit 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 26, 2011, Lam Research had approximately $2.3 billion in total
gross cash and cash equivalents, short-term investments and
restricted cash and investments, and as of August 12, 2011 had
approximately 124 million shares outstanding.
"We believe that this increase to our share repurchase program
enhances our flexibility with respect to providing value to our
shareholder base," stated Steve Newberry, Lam's chief executive
officer and vice chairman. "Our strong balance sheet and cash
generation capabilities provide us with the ongoing opportunity to
leverage this flexibility."
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 the Company's continued
growth and cash generation prospects, and the Company's view that
share repurchases will be an effective way to return value to its
shareholders. These plans are dependent on the Company's future
financial condition, its determinations of the continued value of a
repurchase program, changing business conditions in the
semiconductor industry and the overall economy, and its plans for
reacting to those changes, changing customer demands, the success
of the Company's competitors' strategies including their
development of new technologies, and the technical challenges
presented by the Company's current product offerings and 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 Company's report on Form 10-K for its fiscal year ended June
26, 2011, 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
Market(SM) under the symbol LRCX. Lam Research is a NASDAQ-100®
company. For more information, visit
http://www.lamresearch.com/.
Lam Research Corporation Contact: Shanye Hudson Director,
Investor Relations 510/572-4589 Email Contact
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