Fremont, CA--July 30, 1996--Lam Research Corp. (Fremont, CA) announced record revenues for the company's fourth quarter and fiscal year, ended June 30, 1996.
Fiscal 1996 revenues were $1.28 billion, an increase of 58 percent over the prior year, while net income rose 58 percent to $141.1 million, compared to $89.2 million in the year ended June 30, 1995.
Revenues in the fourth quarter were $376.5 million, a 46 percent increase from $257.3 million reported for the quarter ended June 30, 1995. Net income of $38.5 million ($1.27 per share, fully diluted) represented a 26.6 percent increase over earnings of $30.4 million ($1.00 per share, fully diluted) in the fourth quarter of fiscal 1995. This 1995 result included a $10.4 million ($0.08 per share, fully diluted) non-recurring pre-tax gain from the sale of all of Lam's shareholdings in Brooks Automation Inc. during the period.
Bookings in the fourth quarter of fiscal 1996 were $291 million compared to $282 million in the fourth quarter of fiscal 1995. Fourth-quarter bookings were down from $380 million in the third quarter of fiscal 1996, due primarily to slower demand for capital equipment used for production of current-generation memory (4- and 16-Mbit) chips. Lam anticipates that the slowdown in demand for the company's products could continue for several quarters, resulting in a substantial reduction in bookings, revenues, and profits for one or more quarters as compared to fourth quarter levels.
For the year, Lam reported revenues of $1.28 billion, an increase of 58 percent over $810.6 million in fiscal 1995 revenues. Net earnings for fiscal 1996 were $141.1 million ($4.67 per share, fully diluted), up 58 percent from $89.2 million ($3.06 per share, fully diluted) for the prior year. Excluding the non-recurring income from the aforementioned item in fiscal 1995, net income increased 72 percent over fiscal 1995. Lam reported the company's book value increased from $18.25 per share in the third quarter of fiscal 1996, to $20.15 per share in the fourth quarter.
Lam Research Corp.
4650 Cushing Pkwy.
Fremont, CA 94538
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