Lam Research Corporation Announces Financial Results for the Quarter Ended March 25, 2012

FREMONT, CA -- (Marketwire) -- Apr 18, 2012 -- Lam Research Corporation's (NASDAQ: LRCX) highlights for the March 2012 quarter were:

                          Lam Research Corporation                          
         Financial Highlights for the Quarter Ended March 25, 2012          
           (in thousands, except per share data and percentages)            
                                                 U.S. GAAP       Non-GAAP   
                                               -------------  ------------- 
Revenue:                                       $     658,961  $     658,961 
Operating Margin:                                        8.8%          11.1%
Net Income:                                    $      45,604  $      60,621 
Diluted EPS:                                   $        0.38  $        0.50 

Lam Research Corporation today announced financial results for the quarter ended March 25, 2012. Revenue for the period was $659.0 million, gross margin was $267.1 million, or 40.5%, operating expenses were $209.0 million, and net income was $45.6 million, or $0.38 per diluted share, compared to revenue of $584.0 million, gross margin of $234.8 million, or 40.2%, operating expenses of $187.3 million, and net income of $33.2 million, or $0.27 per diluted share, for the December 2011 quarter. Shipments for the March 2012 quarter were $713 million compared to $563 million during the December 2011 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 March 2012 and December 2011 quarters exclude the amortization of convertible note discounts and certain acquisition-related costs. Additionally, the Company's non-GAAP results for the March 2012 quarter exclude certain integration-related costs and certain costs associated with a customer bankruptcy filing, and non-GAAP results for the December 2011 quarter exclude certain restructuring and impairment charges. 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

Non-GAAP net income was $60.6 million, or $0.50 per diluted share, in the March 2012 quarter compared to non-GAAP net income of $41.0 million, or $0.34 per diluted share, for the December 2011 quarter. Non-GAAP gross margin for the March 2012 quarter was $269.8 million, or 40.9%, compared to non-GAAP gross margin of $234.0 million, or 40.1%, for the December 2011 quarter. Gross margin performance reflected improved factory utilization as a result of greater business volumes offset by less favorable customer mix. Non-GAAP operating expenses for the March 2012 quarter increased to $196.8 million compared with the December 2011 quarter of $180.4 million primarily due to increased levels of investment in support of our strategic growth initiatives as well as higher levels of variable compensation, aligned with the improved financial performance.

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

                                        Region                                              Shipments              Revenue        
----------------------------------------------  -------------    -------------  
North  America                                                                                          12%                        20%
Europe                                                                                                          8%                          9%
Japan                                                                                                            7%                          7%
Korea                                                                                                          48%                        37%
Taiwan                                                                                                        14%                        16%
Asia  Pacific                                                                                            11%                        11%

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