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Page one of six pages.
Exhibit Index is on Page four.
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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): June 24, 1998
LAM RESEARCH CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 000-12933 94-2634797
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
4650 CUSHING PARKWAY, FREMONT, CALIFORNIA 94538
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(Address of Principal Executive Offices)
(510) 659-0200
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report.)
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ITEM 5. OTHER EVENTS
On June 24, 1998, Lam Research Corporation (the "Company") announced a
reduction in workforce and corporate restructuring. Attached hereto as Exhibit
99.1 is the Company's press release dated June 24, 1998.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99.1 Lam Research Corporation Press Release dated
June 24, 1998.
2
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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: July 9, 1998 LAM RESEARCH CORPORATION
By: /s/ Richard H. Lovgren
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Name: Richard H. Lovgren
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Title: Vice President, Secretary
and General Counsel
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EXHIBIT INDEX
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Page No. in Sequentially
Exhibit No. Description Numbered Current Report
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99.1 Lam Research Corporation Press Release 5
dated June 24, 1998.
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Exhibit 99.1
FOR IMMEDIATE RELEASE
Contacts: Melodie Brenner Kathleen Bela
Corporate Communications Investor Relations
Lam Research Corporation Lam Research Corporation
Phone: 510/572-4523 Phone: 510/572-4566
Fax: 510/572-2935 Fax: 510/572-6454
e-mail:[email protected] e-mail:[email protected]
LAM RESEARCH ANNOUNCES REDUCTION IN WORK FORCE AND CORPORATE RESTRUCTURING
FREMONT, Calif., June 24, 1998- Lam Research Corporation (Nasdaq: LRCX), a
leading supplier of wafer fabrication equipment to the worldwide semiconductor
industry, today announced its intention to restructure the company including a
reduction in its global work force of approximately 20 to 25 percent. Further
weakening in the order outlook for semiconductor capital equipment is cited as
the reason for the action.
The company expects that a restructuring charge will be taken in the range of
$55 to $65 million for the quarter ending June 30, 1998, with no anticipated tax
benefit. The restructuring charge includes costs related to severance
compensation and facilities consolidation, as well as write-off of assets
utilized in affected operations. Management noted that the company anticipates
meeting analysts' fourth quarter expectations on operating results, excluding
the restructuring charge.
"Industry investment has further decreased across all regions. We anticipate
current business conditions to continue into calendar 1999, with capital
spending in calendar 1998 down as much as 30% over 1997 levels," stated James W.
Bagley, Lam's chief executive officer.
"Based on this view of the industry, we have made the decision to realign the
company's cost structure while preserving key research and development
investments to provide for new products. We will continue to implement new
business processes and global customer support strategies as part of our ongoing
efforts at improving operating efficiencies. This focus will ensure the company
is well positioned when the market recovers," Bagley concluded.
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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."
Safe Harbor
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 contemplated
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.
