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Lam Research Corporation Reports Financial Results for the Quarter Ended December 23, 2012

FREMONT, CA -- (Marketwire) -- 01/23/13 -- Lam Research Corp. (NASDAQ: LRCX)

  • Reported revenue of $860.9 million for the December 2012 quarter, down 5% from the prior quarter

  • Reported GAAP gross margin of 36.6%, GAAP operating margin of 0.5% and GAAP EPS of $0.04

  • Delivered non-GAAP gross margin of 44.2%, operating margin of 11.5%, and EPS of $0.45

  • Repurchased 10 million shares of common stock, completing approximately $1.4 billion of $1.6 billion in announced buybacks

Lam Research Corp. (NASDAQ: LRCX) today announced financial results for the quarter ended December 23, 2012. Highlights for the quarter were as follows:


                          Lam Research Corporation
        Financial Highlights for the Quarter Ended December 23, 2012
           (in thousands, except per share data and percentages)

                                                    U.S. GAAP     Non-GAAP
                                                   -----------  -----------

Revenue:                                           $   860,886  $   860,886

Operating Margin:                                          0.5%        11.5%

Net Income:                                        $     6,408  $    77,278

Diluted EPS:                                       $      0.04  $      0.45


Revenue for the period was $860.9 million, gross margin was $315.4 million, or 36.6% of revenue, operating expenses were $311.4 million, and net income was $6.4 million, or $0.04 per diluted share on a GAAP basis. This compares to revenue of $906.9 million, gross margin of $333.9 million, or 36.8%, operating expenses of $317.2 million, and net income of $2.8 million, or $0.02 per diluted share, for the September 2012 quarter. Shipments for the December 2012 quarter were $803 million, compared to $935 million during the September 2012 quarter.

In addition to U.S. Generally Accepted Accounting Principles (GAAP) results, this commentary contains non-GAAP financial measures. The Company's non-GAAP results for both the December 2012 and September 2012 quarters exclude costs associated with the fair value impact of acquisition-related inventory, amortization related to intangible assets acquired in the Novellus transaction, certain acquisition and integration-related costs, the amortization of convertible note discounts, and rationalization of certain product configurations. Additionally, the December 2012 quarter non-GAAP results exclude restructuring charges and tax benefits on successful resolution of certain tax matters. See "Use of Non-GAAP Financial Measures" below for additional information.

Non-GAAP Financial Measures

On a non-GAAP basis, net income was $77.3 million, or $0.45 per diluted share, in the December 2012 quarter compared to $97.0 million, or $0.53 per diluted share, for the September 2012 quarter. Gross margin for the December 2012 quarter was $380.5 million, or 44.2%, compared to $402.3 million, or 44.4%, for the September 2012 quarter. Gross margin performance reflected unfavorable factory utilization as well as product and customer-mix changes. Non-GAAP operating expenses for the December 2012 quarter decreased to $281.5 million compared with the September quarter of $284.3 million. This was primarily due to lower incentive compensation stemming from decreased business volumes and reductions in field and support-group spending.

"Lam closed calendar year 2012 by delivering solid financial performance for the December quarter and strong execution against our integration plans," stated Martin Anstice, Lam's president and chief executive officer. "In the latter part of 2012, demand for semiconductor equipment declined, particularly in the NAND memory segment. Although we expect these conditions will continue in the near-term we remain optimistic in the long-term about the catalysts and inflections for growth. In this environment, we remain committed to funding new technology investments and positioning next-generation products with customers, and at the same time, retaining day-to-day discipline necessary to deliver predictable operating performance."

Cash and cash equivalents, short-term investments and restricted cash and investment balances decreased to $2.7 billion as planned at the end of the December 2012 quarter, compared to $2.9 billion at the end of the September 2012 quarter. This decrease was primarily the result of approximately $355 million of stock repurchases, offset by approximately $193 million in cash flow from operating activities during the December 2012 quarter. Deferred revenue and deferred profit balances at the end of the December 2012 quarter decreased to $282.0 million and $169.0 million, respectively, as compared to $363.5 million and $208.1 million, respectively, at the end of the September 2012 quarter. Lam's deferred revenue balance does not include shipments to Japanese customers, to whom title does not transfer until customer acceptance. Shipments to Japanese customers are classified as inventory at cost until the time of acceptance. The anticipated future revenue from shipments to Japanese customers was approximately $45.7 million as of December 23, 2012.

The geographic distribution of shipments and revenue during the December 2012 quarter is shown in the following table:


                       Region                         Shipments    Revenue
---------------------------------------------------- ----------  ----------
North America                                                29%         24%
Europe                                                        9%          8%
Japan                                                        14%         10%
Korea                                                        12%         12%
Taiwan                                                       22%         26%
Asia Pacific                                                 14%         20%


Use of Non-GAAP Financial Measures

Management uses non-GAAP gross margin, operating income, operating expenses, operating margin, net income, and net income per diluted share to evaluate the Company's operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing the investors' ability to view the Company's results from management's perspective. Tables presenting reconciliations of non-GAAP results to U.S. GAAP results are included at the end of this press release and on the Company's web site at http://investor.lamresearch.com.

Caution Regarding Forward-Looking Statements

Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, but are not limited to, the anticipated revenue from shipments to Japanese customers, our expectations for growth and future demand for semiconductor equipment, and our plans pertaining to expense management, funding technology investments and positioning our products with customer as well as our ability to execute on those plans. Some factors that may affect these forward-looking statements include: business conditions in the consumer electronics industry, the semiconductor industry and the overall economy; the strength of the financial performance of our existing and prospective customers; the introduction of new and innovative technologies; the occurrence and pace of technology transitions and conversions; the actions of our competitors, consumers, semiconductor companies and key suppliers and subcontractors; and the success of research and development and sales and marketing programs. 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 by us with the Securities and Exchange Commission, including specifically our report on Form 10-K for the year ended June 24, 2012 and Form 10-Q for the three months ended September 23, 2012. These uncertainties and changes could cause actual results to vary from expectations. The Company undertakes no obligation to update the information or statements made in this press release.

About Lam Research

Lam Research Corp. is a major supplier of innovative wafer fabrication equipment and services to the worldwide semiconductor industry. For more than 30 years, the Company has driven continuous improvements in chip performance, power consumption, and cost, contributing to the global proliferation of smartphones, computers, tablets, and other electronic products. Lam Research has been the leading supplier of high-throughput plasma etch equipment for more than a decade and expanded its product offerings in 2008 to include single-wafer clean systems. The Company added thin-film deposition and wafer surface preparation technologies to its product portfolio in 2012 with the acquisition of Novellus Systems, Inc. Headquartered in Fremont, Calif., Lam Research maintains a global network of service facilities throughout North America, Asia, and Europe to rapidly meet the needs of its global customer base. It is an S&P 500® company whose common stock trades on the NASDAQ Global Select Market(SM) under the symbol LRCX. For more information, please visit http://www.lamresearch.com.

Consolidated Financial Tables Follow.


                          LAM RESEARCH CORPORATION
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
           (in thousands, except per share data and percentages)
                                (unaudited)

                         Three Months Ended             Six Months Ended
                 ----------------------------------  ----------------------
                  December    September   December    December    December
                  23, 2012    23, 2012    25, 2011    23,  012    25, 2011
                 ----------  ----------  ----------  ----------  ----------
Revenue          $  860,886  $  906,888  $  583,981  $1,767,774  $1,264,417
  Cost of goods
   sold             545,472     573,002     350,014   1,118,474     746,567
  Cost of goods
   sold -
   restructuring
   and
   impairments            -           -        (859)          -        (859)
                 ----------  ----------  ----------  ----------  ----------
    Total cost
     of goods
     sold           545,472     573,002     349,155   1,118,474     745,708
                 ----------  ----------  ----------  ----------  ----------
    Gross margin    315,414     333,886     234,826     649,300     518,709
    Gross margin
     as a
     percent of
     revenue           36.6%       36.8%       40.2%       36.7%       41.0%
Research and
 development        165,951     163,311     104,024     329,262     206,583
Selling, general
 and
 administrative     144,400     153,863      83,256     298,263     163,456
Restructuring
 and impairments      1,021           -           -       1,021       1,725
                 ----------  ----------  ----------  ----------  ----------
    Total
     operating
     expenses       311,372     317,174     187,280     628,546     371,764
                 ----------  ----------  ----------  ----------  ----------
    Operating
     income           4,042      16,712      47,546      20,754     146,945
    Operating
     margin as a
     percent of
     revenue            0.5%        1.8%        8.1%        1.2%       11.6%
Other income
 (expense), net     (13,390)     (9,938)     (7,785)    (23,328)    (19,858)
                 ----------  ----------  ----------  ----------  ----------
    Income
     (loss)
     before
     income
     taxes           (9,348)      6,774      39,761      (2,574)    127,087
Income tax
 expense
 (benefit)          (15,756)      4,006       6,549     (11,750)     22,037
                 ----------  ----------  ----------  ----------  ----------
    Net income   $    6,408  $    2,768  $   33,212  $    9,176  $  105,050
                 ==========  ==========  ==========  ==========  ==========
Net income per
 share:
  Basic net
   income per
   share         $     0.04  $     0.02  $     0.28  $     0.05  $     0.87
                 ==========  ==========  ==========  ==========  ==========
  Diluted net
   income per
   share         $     0.04  $     0.02  $     0.27  $     0.05  $     0.86
                 ==========  ==========  ==========  ==========  ==========
Number of shares
 used in per
 share
 calculations:
  Basic             170,699     179,928     119,739     175,314     121,435
                 ==========  ==========  ==========  ==========  ==========
  Diluted           173,027     181,926     120,873     177,490     122,382
                 ==========  ==========  ==========  ==========  ==========



                          LAM RESEARCH CORPORATION
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                               (in thousands)

                                    December 23, September 23,    June 24,
                                        2012          2012          2012
                                   ------------- ------------- -------------
                                    (unaudited)   (unaudited)       (1)
ASSETS
Cash and cash equivalents          $   1,190,189 $   1,411,466 $   1,564,752
Short-term investments                 1,330,498     1,312,767     1,297,931
Accounts receivable, net                 590,925       640,217       765,818
Inventories                              530,272       567,920       632,853
Deferred income taxes                    139,300       136,556        47,782
Other current assets                      65,224       100,490       105,973
                                   ------------- ------------- -------------
  Total current assets                 3,846,408     4,169,416     4,415,109
Property and equipment, net              590,547       593,202       584,596
Restricted cash and investments          166,166       166,196       166,335
Deferred income taxes                        344             -             -
Goodwill and intangible assets         2,608,221     2,642,770     2,686,730
Other assets                             151,478       152,762       151,882
                                   ------------- ------------- -------------
  Total assets                     $   7,363,164 $   7,724,346 $   8,004,652
                                   ============= ============= =============

LIABILITIES AND STOCKHOLDERS'
 EQUITY
Current liabilities                $     825,482 $     854,257 $   1,426,928
                                   ------------- ------------- -------------

Long-term debt, convertible notes,
 and capital leases                $   1,286,729 $   1,278,792 $     761,783
Income taxes payable                     260,063       282,844       274,240
Other long-term liabilities              294,300       296,807       219,577
                                   ------------- ------------- -------------
  Total liabilities                    2,666,574     2,712,700     2,682,528
                                   ============= ============= =============

Senior convertible notes                       -             -       190,343
Stockholders' equity                   4,696,590     5,011,646     5,131,781
                                   ------------- ------------- -------------
  Total liabilities and
   stockholders' equity            $   7,363,164 $   7,724,346 $   8,004,652
                                   ============= ============= =============


(1)  Derived from audited financial statements


                          LAM RESEARCH CORPORATION
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (in thousands)
                                (unaudited)

                         Three Months Ended             Six Months Ended
                 ----------------------------------  ----------------------
                  December    September   December    December    December
                  23, 2012    23, 2012    25, 2011    23, 2012    25, 2011
                 ----------  ----------  ----------  ----------  ----------
CASH FLOWS FROM
 OPERATING
 ACTIVITIES:
Net income       $    6,408  $    2,768  $   33,212  $    9,176  $  105,050
Adjustments to
 reconcile net
 income to net
 cash provided
 by operating
 activities:
  Depreciation
   and
   amortization      78,388      74,816      22,372     153,204      43,732
  Deferred
   income taxes      (7,320)    (12,017)       (633)    (19,337)       (633)
  Restructuring
   and
   impairment
   charges, net       1,021           -        (859)      1,021         866
  Equity-based
   compensation
   expense           24,027      24,414      18,224      48,441      35,968
  Income tax
   benefit on
   equity-based
   compensation
   plans                  -           -         470           -       1,129
  Excess tax
   benefit on
   equity-based
   compensation
   plans                  -           -        (204)          -      (2,155)
  Amortization
   of
   convertible
   note discount      7,843       7,752       6,671      15,595      13,264
  Impairment of
   investment             -           -           -           -       1,724
  Other, net         13,673      11,050       1,083      24,723       2,506
  Changes in
   operating
   assets and
   liabilities:      69,186     140,479      88,680     209,665      54,465
                 ----------  ----------  ----------  ----------  ----------
    Net cash
     provided by
     operating
     activities     193,226     249,262     169,016     442,488     255,916
                 ----------  ----------  ----------  ----------  ----------

CASH FLOWS FROM
 INVESTING
 ACTIVITIES:
Capital
 expenditures
 and intangible
 assets             (38,924)    (43,965)    (26,682)    (82,889)    (42,414)
Cash acquired in
 (paid for)
 business
 acquisition         (8,716)          -           -      (8,716)          -
Net
 sales/maturitie
 s (purchases)
 of available-
 for-sale
 securities         (23,250)    (16,638)     (4,194)    (39,888)    (89,453)
Purchase of
 equity method
 investment               -           -     (10,740)          -     (10,740)
Receipt of loan
 payment                  -           -       8,375           -       8,375
Proceeds from
 sale of assets         660           -       2,677         660       2,677
Transfer of
 restricted cash
 and investments         33         146           3         179          20
                 ----------  ----------  ----------  ----------  ----------
    Net cash
     provided by
     (used for)
     investing
     activities     (70,197)    (60,457)    (30,561)   (130,654)   (131,535)
                 ----------  ----------  ----------  ----------  ----------

CASH FLOWS FROM
 FINANCING
 ACTIVITIES:
Principal
 payments on
 long-term debt
 and capital
 lease
 obligations           (115)       (665)     (1,576)       (780)     (3,140)
Excess tax
 benefit on
 equity-based
 compensation
 plans                    -           -         204           -       2,155
Net cash
 received in
 settlement
 (paid in
 advance for)
 stock
 repurchase
 contracts                -           -      51,005           -     (23,995)
Treasury stock
 purchases         (355,010)   (355,079)    (20,642)   (710,089)    (92,695)
Reissuances of
 treasury stock
 related to
 employee stock
 purchase plan            -       9,925           -       9,925       8,858
Proceeds from
 issuance of
 common stock         6,583         951       1,311       7,534       1,475
                 ----------  ----------  ----------  ----------  ----------
    Net cash
     used for
     financing
     activities    (348,542)   (344,868)     30,302    (693,410)   (107,342)
                 ----------  ----------  ----------  ----------  ----------
Effect of
 exchange rate
 changes on cash      4,236       2,777      (1,147)      7,013      (2,243)
Net increase
 (decrease) in
 cash and cash
 equivalents       (221,277)   (153,286)    167,610    (374,563)     14,796
Cash and cash
 equivalents at
 beginning of
 period           1,411,466   1,564,752   1,339,318   1,564,752   1,492,132
                 ----------  ----------  ----------  ----------  ----------
Cash and cash
 equivalents at
 end of period   $1,190,189  $1,411,466  $1,506,928  $1,190,189  $1,506,928
                 ==========  ==========  ==========  ==========  ==========



       Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income
                   (in thousands, except per share data)
                                (unaudited)

                                                Three Months   Three Months
                                                   Ended          Ended
                                               -------------  -------------
                                                December 23,  September 23,
                                                    2012           2012
                                               -------------  -------------
U.S. GAAP net income                           $       6,408  $       2,768
Pre-tax non-GAAP items:
  Costs associated with rationalization of
   certain product configurations - cost of
   goods sold                                         17,434          3,210
  Amortization related to intangible assets
   acquired in Novellus transaction - cost of
   goods sold                                         20,745         20,715
  Acquisition-related inventory fair value
   impact - cost of goods sold                        26,882         43,842
  Integration costs - cost of goods sold                   -            694
  Integration costs - operating expenses               8,971         13,500
  Amortization related to intangible assets
   acquired in Novellus transaction -
   operating expenses                                 19,438         19,418
  Restructuring charges - operating expenses           1,021              -
  Costs associated with rationalization of
   certain product configurations - operating
   expenses                                              443              -
  Amortization of convertible note discount,
   Lam notes - other income (expense), net             6,992          6,910
  Amortization of convertible note discount,
   Novellus assumed notes - other income
   (expense), net                                        821            842
Net tax benefit on non-GAAP items                    (14,883)       (14,886)
Net tax benefit on successful resolution of
 certain tax matters                                 (16,994)             -
                                               -------------  -------------
Non-GAAP net income                            $      77,278  $      97,013
                                               =============  =============
Non-GAAP net income per diluted share          $        0.45  $        0.53
                                               =============  =============
Number of shares used for diluted per share
 calculation                                         173,027        181,926



 Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and Operating
  Income to Non-GAAP Gross Margin, Operating Expenses and Operating Income
                     (in thousands, except percentages)
                                (unaudited)

                                                Three Months   Three Months
                                                   Ended          Ended
                                               -------------  -------------
                                               December 23,   September 23,
                                                    2012           2012
                                               -------------  -------------
U.S. GAAP gross margin                         $     315,414  $     333,886
Pre-tax non-GAAP items:
  Costs associated with rationalization of
   certain product configurations - cost of
   goods sold                                         17,434          3,210
  Amortization related to intangible assets
   acquired in Novellus transaction - cost of
   goods sold                                         20,745         20,715
  Acquisition-related inventory fair value
   impact - cost of goods sold                        26,882         43,842
  Integration costs - cost of goods sold                   -            694
                                               -------------  -------------
Non-GAAP gross margin                          $     380,475  $     402,347
                                               =============  =============
U.S. GAAP gross margin as a percentage of
 revenue                                                36.6%          36.8%
Non-GAAP gross margin as a percentage of
 revenue                                                44.2%          44.4%
U.S. GAAP operating expenses                   $     311,372  $     317,174
Pre-tax non-GAAP items:
  Integration costs - operating expenses              (8,971)       (13,500)
  Amortization related to intangible assets
   acquired in Novellus transaction -
   operating expenses                                (19,438)       (19,418)
  Restructuring charges - operating expenses          (1,021)             -
  Costs associated with rationalization of
   certain product configurations - operating
   expenses                                             (443)             -
                                               -------------  -------------
Non-GAAP operating expenses                    $     281,499  $     284,256
                                               =============  =============
Non-GAAP operating income                      $      98,976  $     118,091
                                               =============  =============
Non-GAAP operating margin as a percent of
 revenue                                                11.5%          13.0%


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"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...