-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LnH9XxVLXAXMceOoNTrvA2A9WJvh/UJ3/4O8I/q/EPaGn8fB4R/DOjG5BI3OzHoZ M+4awh9LKxmiIzmeOhzMBg== 0000891618-98-003936.txt : 19980817 0000891618-98-003936.hdr.sgml : 19980817 ACCESSION NUMBER: 0000891618-98-003936 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980728 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980814 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAM RESEARCH CORP CENTRAL INDEX KEY: 0000707549 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 942634797 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-12701 FILM NUMBER: 98691276 BUSINESS ADDRESS: STREET 1: 4650 CUSHING PKWY CITY: FREMONT STATE: CA ZIP: 94538 BUSINESS PHONE: 5106590200 MAIL ADDRESS: STREET 1: 4650 CUSHING PARKWAY CITY: FREMONT STATE: CA ZIP: 94538 8-K 1 FORM 8-K DATED JULY 28, 1998 1 Page one of eight pages. Exhibit Index is on Page four. - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 28, 1998 LAM RESEARCH CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 000-12933 94-2634797 (State or Other Jurisdiction (Commission File Number) (IRS Employer of Incorporation) Identification No.) 4650 CUSHING PARKWAY, FREMONT, CALIFORNIA 94538 (Address of Principal Executive Offices) (510) 659-0200 (Registrant's Telephone Number, Including Area Code) Not Applicable (Former Name or Former Address, if Changed Since Last Report.) 2 ITEM 5. OTHER EVENTS On July 28, 1998, Lam Research Corporation (the "Company") announced the financial results for the Company's fourth quarter and fiscal year ended June 30, 1998. Attached hereto as Exhibit 99.1 is the Company's press release dated July 28, 1998. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits 99.1 Lam Research Corporation Press Release dated July 28, 1998. 2 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DATED: August 13, 1998 LAM RESEARCH CORPORATION By: /s/ Richard H. Lovgren ------------------------------ Name: Richard H. Lovgren ---------------------------- Title: Vice President, Secretary and General Counsel 3 4 EXHIBIT INDEX
Page No. in Sequentially Exhibit No. Description Numbered Current Report - ----------- ----------- ------------------------ 99.1 Lam Research Corporation Press Release 5 dated July 28, 1998.
4 EX-99.1 2 PRESS RELEASE DATED JULY 28, 1998 1 EXHIBIT 99.1 [LAM RESEARCH LETTERHEAD] NEWS RELEASE FOR IMMEDIATE RELEASE Contacts: Kathleen Bela Melodie Brenner Investor Relations Corporate Communications Lam Research Corporation Lam Research Corporation Phone: 510/572-4566 Phone: 510/572-4523 Fax: 510/572-6454 Fax: 510/572-2935 e-mail: kathleen.bela@lamrc.com e-mail: melodie.brenner@lamrc.com LAM ANNOUNCES FOURTH QUARTER AND YEAR-END 1998 RESULTS FREMONT, Calif.-July 28, 1998-Lam Research Corporation (Nasdaq: LRCX), a leading supplier of wafer fabrication equipment to the worldwide semiconductor industry, today announced financial results for the company's fourth quarter and fiscal year, ended June 30, 1998. Revenues for the fourth quarter of fiscal 1998 were $230.6 million, compared to revenues of $282.6 million for the fourth quarter of fiscal 1997. Geographic revenue distribution for the quarter was: North America, 46 percent; Asia Pacific, 25 percent; Europe, 23 percent; and Japan, 6 percent. Lam recorded a charge in the fourth quarter of $64.0 million relating to severance and other costs associated with the company's previously announced restructuring and reduction in force. Including the restructuring charge, the company reported a net loss of $65.9 million ($1.72 per share) for the fourth fiscal quarter of 1998. This compares to a net loss of $1.5 million ($0.04 per share) for the fourth fiscal quarter of 1997. Excluding restructuring charges, the company reported gross margin of $92.5 million or 40.1 percent and a net loss of $1.9 million ($0.05 per share) for the fourth fiscal quarter of 1998. Cash and short-term investments increased to $397.2 million at June 30, 1998, from $350.3 million at March 31, 1998. For the twelve months ended June 30, 1998, the company reported revenues of $1.1 billion, flat with fiscal year 1997 levels. Including one time charges, the company reported a net loss of $144.6 million ($3.80 per share) for fiscal 1998 versus a net loss of $30.7 million ($0.83 per share) for fiscal 1997. -more- 2 LAM announces fourth quarter and year-end 1998 results.............page 2 of 4 "Clearly, this has been a difficult year for Lam as we have faced the combined challenges of repositioning the company and doing so within what has become the worst downturn the industry has seen in over a decade. We expect our business to continue to be impacted over the next several quarters," stated James W. Bagley, chief executive officer of Lam. "Nevertheless, despite a worldwide slowdown throughout the semiconductor equipment industry, we remain optimistic about the company's future. I am pleased with the progress we have made with respect to strengthening our product portfolio. We've also continued to execute to our operating plan as demonstrated by our increased gross margins as a percentage of sales (excluding restructuring charges), despite a declining revenue environment. I believe we will continue to make improvements throughout this difficult period." "This downturn is a strategic opportunity to build market share momentum as our customers focus on developing advanced technology applications and enhancing the productivity and cost structure within their existing fab lines. Lam is well positioned in both of these critical areas. The company has made improvements across all product lines during the past year. As a result, I believe we offer the most innovative productivity solutions coupled with leading edge capabilities extending below the 0.25 micron regime. This combination will enable the company to take advantage of the market opportunities as the industry recovers," Bagley concluded. This press release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to the Safe Harbor provisions created thereunder. Such forward-looking statements include, but are not limited to, statements that relate to the company's future revenue and operating expenses, management's plans and objectives for future operations, the effect of any consolidation or restructuring of operations on the company's future profitability, and a continued downturn in the semiconductor market. Such statements are based on current expectations that may involve other risks detailed from time to time in the company's SEC reports, including the report on Form 10-K for the year ended June 30, 1997 and the Form 10-Q for the quarter ended March 31, 1998. The company assumes no obligation to update the information in this release. Lam Research Corporation is a leading supplier of wafer fabrication equipment and services to the world's semiconductor industry. Lam's headquarters are located in Fremont, California. The company's common stock trades on the Nasdaq National Securities Market under the symbol "LRCX." Lam's World Wide Web address is "http://www.lamrc.com." # # # Consolidated Financial Tables Follow 3 LAM announces fiscal 1998 fourth quarter results.....................page 3 of 4 LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except per share data) (unaudited)
Three Months Ended Twelve Months Ended June 30, June 30, 1998 1997 1998 1997 --------- --------- ----------- ----------- Net sales $ 230,357 $ 281,892 $ 1,050,527 $ 1,060,535 Royalty income 229 729 2,059 12,662 --------- --------- ----------- ----------- Total revenue 230,586 282,621 1,052,586 1,073,197 Cost and expenses: Cost of goods sold - on net sales 138,135 173,932 646,511 723,404 Cost of goods sold - restructuring charges 12,380 -- 31,933 -- --------- --------- ----------- ----------- Gross margin 80,071 108,689 374,142 349,793 Research and development 48,949 52,773 206,456 192,254 Selling, general and administrative 47,704 58,089 201,900 209,294 Merger costs -- -- 17,685 -- Acquired in-process research & development -- -- 12,100 -- Restructuring charges 51,582 -- 116,925 9,021 --------- --------- ----------- ----------- Operating loss (68,164) (2,173) (180,924) (60,776) Other (income) expense, net (1,458) (62) (1,799) 83 --------- --------- ----------- ----------- Loss before income taxes (66,706) (2,111) (179,125) (60,859) Income tax benefit (818) (635) (34,526) (30,183) --------- --------- ----------- ----------- Net loss $ (65,888) $ (1,476) $ (144,599) $ (30,676) ========= ========= =========== =========== Net loss per share Basic $ (1.72) $ (0.04) $ (3.80) $ (0.83) ========= ========= =========== =========== Diluted $ (1.72) $ (0.04) $ (3.80) $ (0.83) ========= ========= =========== =========== Number of shares used in per share calculation Basic 38,250 37,344 38,057 36,919 ========= ========= =========== =========== Diluted 38,250 37,344 38,057 36,919 ========= ========= =========== ===========
Note: Amounts presented above applicable to prior periods have been restated to reflect the company's merger with OnTrak Systems, Inc., accounted for as a pooling of interests. Net loss per share amounts for prior periods have been restated to reflect the adoption of Statement of Financial Accounting Standard No. 128. 4 LAM announces fiscal 1998 fourth quarter results..................PAGE 4 OF 4 LAM RESEARCH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited)
June 30, June 30, 1998 1997 ----------- ----------- Assets: Cash and short-term investments $ 397,156 $ 195,693 Accounts receivable, net 176,029 232,073 Inventories 220,610 261,738 Other current assets 103,294 113,642 ----------- ----------- Total current assets 897,089 803,146 =========== =========== Equipment/leasehold improvements, net 144,252 196,992 Restricted cash 51,357 -- Other assets 58,074 34,911 ----------- ----------- Total assets $ 1,150,772 $ 1,035,049 =========== =========== Liabilities and stockholders' equity: Total current liabilities 293,509 340,975 Long-term debt and other 334,174 46,592 Stockholders' equity 523,089 647,482 ----------- ----------- Total liabilities and stockholders' equity $ 1,150,772 $ 1,035,049 =========== ===========
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