MIRA INFORM REPORT

Report Date :

09.11.2013

IDENTIFICATION DETAILS

Name :	LAM RESEARCH CORPORATION
Registered Office :	4650 Cushing Blvd Fremont, CA 94538
Country :	United States
Financials (as on) :	30.06.2013
Date of Incorporation :	08.09.1989
Legal Form :	Public Parent
Line of Business :	Subject is engaged in supplier of wafer fabrication equipment and services to the worldwide semiconductor industry
No. of Employees :	6,600

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
United States	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED STATES - ECONOMIC OVERVIEW

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012 the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. In December 2012, the Federal Reserve Board announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment drops to 6.5% from the December rate of 7.8%, or until inflation rises above 2.5%. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits - including significant budget shortages for state governments

Source : CIA

Company name and address

Lam Research Corporation

4650 CUSHING BLVD
Fremont, CA 94538
United States
Map
Tel:	510-659-0200
Fax:	302-655-5049
Toll Free:	(800) 526-7678

Employees:

6,600

Company Type:

Public Parent

Corporate Family:

87 Companies

Traded:

NASDAQ:

LRCX

Incorporation Date:

08-Sep-1989

Auditor:

Ernst & Young LLP

Fiscal Year End:	30-Jun-2013
Reporting Currency:	US Dollar
Annual Sales:	3,598.9 ^1
Net Income:	113.9
Total Assets:	7,250.3 ^2
Market Value:	8,728.7
	(18-Oct-2013)

Business Description

Lam Research Corporation (Lam Research), is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry. Lam Research designs, manufactures, markets, refurbish, and services semiconductor processing equipment used in the fabrication of integrated circuit. In addition, it offers a broad portfolio of single-wafer clean technologies. Its Customer Support Business Group (CSBG) provides products and services to maximize installed equipment performance and operational efficiency. It offers a range of services including customer service, spares, upgrades, refurbishment of its etch, deposition, photoresist strip, and clean products. The Company also develops manufactures, sells and supports equipment used in grinding, lapping and polishing precision parts used in a spectrum of industrial applications.In June 2012, Lam Research completed its merger with Novellus Systems, Inc. For the fiscal year ended 30 June 2013, Lam Research Corporation revenues increased 35% to $3.6B. Net income decreased 33% to $113.9M. Revenues reflect Taiwan segment increase from $467.9M to $1.03B, Asia/Pacific segment increase of 96% to $573.7M. Net income was offset by Research and development increase of 54% to $683.7M (expense), Selling, general and administrative increase of 50% to $599.5M (expense).

Industry

Industry	Machinery and Equipment Manufacturing
ANZSIC 2006:	2469 - Other Specialised Machinery and Equipment Manufacturing
ISIC Rev 4:	2819 - Manufacture of other general-purpose machinery
NACE Rev 2:	2829 - Manufacture of other general-purpose machinery n.e.c.
NAICS 2012:	333242 - Semiconductor Machinery Manufacturing
UK SIC 2007:	2829 - Manufacture of other general-purpose machinery n.e.c.
US SIC 1987:	3559 - Special Industry Machinery, Not Elsewhere Classified

  Key Executives   (Emails Available)

Name	Title
Martin B. Anstice	President, Chief Executive Officer, Director
Doug Bettinger	Executive Vice President and Chief Financial Officer
Robert Dunsford	Senior Information Technology Manager, Business Intelligence
Timothy M. Archer	Chief Operating Officer, Executive Vice President
Richard A. Gottscho	Executive Vice President - Global Products Group

Significant Developments

Topic	#*	Most Recent Headline	Date
Negative Earnings Pre-Announcement	2	Lam Research Corp Issues Q1 2014 Guidance Below Analysts' Estimates	31-Jul-2013
Officer Changes	2	Lam Research Corp Appoints Doug Bettinger as Chief Financial Officer	26-Feb-2013
Strategic Combinations	1	Axcelis Technologies Inc And Lam Research Corp Announces Strategic Collaboration Agreement On Ion Implant, Dry-Strip, And Etch	4-Dec-2012
Positive Earnings Pre-Announcement	2	Lam Research Corp Issues Q2 2014 Guidance; EPS Guidance Above Analysts' Estimates	23-Oct-2013
Share Repurchases	1	Lam Research Corp Announces $250 Million Share Repurchase Program	24-Apr-2013

News

Title	Date
Lam Research (LRCX) Showing Bullish Technicals With Support At $52.49 Individual.com (95 Words)	5-Nov-2013
Volatility Index ventures to caution-zone territory MarketWatch (2037 Words)	5-Nov-2013
Highest Sales per Share in the Semiconductor Equipment Industry Detected in Shares of Lam Research (LRCX, CCMP, AMKR, KLAC, VECO) Individual.com (42 Words)	5-Nov-2013
US Patent Issued to Lam Research on Nov. 5 for "Showerhead electrode" (California Inventors) U.S. Fed News (172 Words)	5-Nov-2013
US Patent Issued to Lam Research on Nov. 5 for "Inorganic rapid alternating process for silicon etch" (American, Japanese Inventors) U.S. Fed News (245 Words)	5-Nov-2013
US Patent Issued to Lam Research on Nov. 5 for "Bevel edge plasma chamber with top and bottom edge electrodes" (California Inventors) U.S. Fed News (243 Words)	5-Nov-2013

Financial Summary

As of 30-Jun-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.70	3.90
Quick Ratio (MRQ)	2.30	3.02
Debt to Equity (MRQ)	0.33	0.21
Sales 5 Year Growth	7.78	11.04
Net Profit Margin (TTM) %	3.16	19.30
Return on Assets (TTM) %	1.49	15.21
Return on Equity (TTM) %	2.37	21.72

Stock Snapshot

Traded: NASDAQ: LRCX

As of 18-Oct-2013

   Financials in: USD

Recent Price	53.85	EPS	0.66
52 Week High	54.30	Price/Sales	2.43
52 Week Low	33.88	Price/Earnings	63.63
Avg. Volume (mil)	1.62	Price/Book	1.95
Market Value (mil)	8,728.70	Beta	1.27

	Price % Change	Rel S&P 500%
4 Week	9.23%	7.07%
13 Week	6.44%	3.24%
52 Week	49.54%	24.93%
Year to Date	49.05%	21.85%

Key IDSM Number: 17115

ABI Number: 834201188

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1

2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Lam Research Corporation

Location
4650 CUSHING BLVD
Fremont, CA, 94538
Alameda County
United States

Tel:	510-659-0200
Fax:	302-655-5049
Toll Free Tel:	(800) 526-7678

www.lamresearch.com

Quote Symbol - Exchange
LRCX - NASDAQ
Sales USD(mil):	3,598.9
Assets USD(mil):	7,250.3
Employees:	6,600
Fiscal Year End:	30-Jun-2013

Industry:

Miscellaneous Capital Goods

Incorporation Date:	08-Sep-1989
Company Type:	Public Parent
Quoted Status:	Quoted

President, Chief Executive Officer, Director:

Martin B. Anstice

Industry Codes

ANZSIC 2006 Codes:
2469	-	Other Specialised Machinery and Equipment Manufacturing

ISIC Rev 4 Codes:
2819	-	Manufacture of other general-purpose machinery

NACE Rev 2 Codes:
2829	-	Manufacture of other general-purpose machinery n.e.c.

NAICS 2012 Codes:
333242	-	Semiconductor Machinery Manufacturing

US SIC 1987:
3559	-	Special Industry Machinery, Not Elsewhere Classified

UK SIC 2007:
2829	-	Manufacture of other general-purpose machinery n.e.c.

Business Description

Lam Research Corporation (Lam Research), incorporated on September 8, 1989, is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry. Lam Research designs, manufactures, markets, refurbish, and services semiconductor processing equipment used in the fabrication of integrated circuit. In addition, it offers a broad portfolio of single-wafer clean technologies. Its Customer Support Business Group (CSBG) provides products and services to maximize installed equipment performance and operational efficiency. It offers a range of services including customer service, spares, upgrades, refurbishment of its etch, deposition, photoresist strip, and clean products. The Company also develops manufactures, sells and supports equipment used in grinding, lapping and polishing precision parts used in a spectrum of industrial applications. Its customer base includes semiconductor memory, foundry, and integrated device manufacturers (IDMs) that make DRAM, NAND, and logic devices for these products. In June 2012, Lam Research completed its merger with Novellus Systems, Inc.

Etch Process

The Company’s etch products selectively remove portions of various films from the wafer in the creation of semiconductor devices. These products use various plasma-based technologies to create the critical device features at current and future technology nodes. Its products include Dielectric Etch, Conductor Etch, Through-Silicon Via Etch and MEMS and Deep Silicon Etch. Dielectric etch often requires etching multi-layer film stacks. The Company’s 2300 Flex dielectric etch product family represents a continuous evolution of the productivity and performance benefits of DFC technology.
Deposition Process

The Company’s deposition systems use chemical vapor deposition (CVD), physical vapor deposition (PVD), and electrochemical deposition (ECD) processes to form transistor, capacitor, and interconnect layers in an integrated circuit. Its CVD tungsten systems are used to deposit conductive contacts between transistors and interconnects or between layers of metal interconnect wiring. Its PVD systems deposit conductive aluminum and copper metal layers by sputtering metal atoms from the surface of a target source. The ECD systems deposit copper to form the conductive wiring on integrated circuits using copper interconnects.

Clean Process

The manufacture of semiconductor devices involves a series of processes, such as etch, deposition, and implantation, which leave particles and residues on the surface of the wafer. The wafer must be cleaned after these steps to remove particles and residues that could adversely impact the processes that immediately follow them and degrade device performance. The Company’s single-wafer wet clean products include Spin Wet Clean products and Plasma-Based Bevel Clean.

The Company’s spin technology for cleaning and removing films has assisted the industry transition from batch to single-wafer wet processing. This technology provides the productivity and flexibility needed for both high-volume manufacturing and development across multiple technology nodes and for all device types. By offering advanced dilute chemistry and solvent solutions in its systems, it spins wet clean systems address certain defectivity and material integrity requirements.

The 2300 Coronus plasma bevel clean system incorporates plasma technology to remove yield limiting defect sources. The system combines the ability of plasma to selectively remove a range of materials with a confinement technology that protects the die area. Incorporating its Dynamic Alignment technology on the production-proven 2300 platform, the Coronus system provides accurate wafer placement for repeatable process results and superior encroachment control and is designed to remove a range of material types, in multiple applications, throughout the manufacturing process flow.

The Company competes with Tokyo Electron, Ltd., Applied Materials, Inc., Dainippon Screen Manufacturing Co. Ltd., Tokyo Electron, Ltd., ASM International. Mattson Technologies, Inc. and PSK, Inc..

More Business Descriptions

Lam Research Corporation (Lam Research), is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry. Lam Research designs, manufactures, markets, refurbish, and services semiconductor processing equipment used in the fabrication of integrated circuit. In addition, it offers a broad portfolio of single-wafer clean technologies. Its Customer Support Business Group (CSBG) provides products and services to maximize installed equipment performance and operational efficiency. It offers a range of services including customer service, spares, upgrades, refurbishment of its etch, deposition, photoresist strip, and clean products. The Company also develops manufactures, sells and supports equipment used in grinding, lapping and polishing precision parts used in a spectrum of industrial applications.In June 2012, Lam Research completed its merger with Novellus Systems, Inc. For the fiscal year ended 30 June 2013, Lam Research Corporation revenues increased 35% to $3.6B. Net income decreased 33% to $113.9M. Revenues reflect Taiwan segment increase from $467.9M to $1.03B, Asia/Pacific segment increase of 96% to $573.7M. Net income was offset by Research and development increase of 54% to $683.7M (expense), Selling, general and administrative increase of 50% to $599.5M (expense).

Semiconductor Processing Equipment Used in the Fabrication of Integrated Circuits Designer, Mfr, Marketer & Servicer

Establishments primarily engaged in manufacturing semiconductors and related solid- state devices. Important products of this industry are semiconductor diodes and stacks, including rectifiers, integrated microcircuits (semiconductor networks), transistors, solar cells, and light sensing and emitting semi-conductor (solid-state) devices.

Lam Research Corporation (Lam) is a wafer fabrication equipment and related services company. It delivers technological solutions to etch and clean integrated circuits. The company targets different market segments such as, micrologic devices, memory chips, analog chips and application specific integrated circuits. Lam operates its business under a single reportable segment, namely, Manufacturing and Servicing of Front-end Wafer Processing Semiconductor Manufacturing Equipment.The company offers its products on the basis of two principal wafer fabrication process stages namely, etching and cleaning. Lam provides plasma based etching technologies to eliminate dielectric or conductive materials on an integrated circuit. It offers patented Dual Frequency Confined technology to apply power at various frequency levels, which allows etching of different materials. It also provides Waferless Autoclean technology for the cleaning purpose after the completion of etching process. It has a diversified product portfolio that comprises 2300 Exelan Flex dielectric etch systems. The Exelan Flex family enables the single chamber deigns in order to address the requirements of advanced technology applications. The 2300 Exelan Flex dielectric etch products category represents continuous enhancement of DFC technology. It delivers conductor etch products on the basis of TCP technology. It has a broad product portfolio, which includes 2300 Versys Kiyo, 2300 Versys Kiyo45, 2300 Versys Kiyo3x and 2300 Versys Metal45 Etch System Conductor Etch Systems. Lam designs Micro-electromechanical systems products for various consumer applications like ink jet printer heads and inertial sensors. The TCP 9400DSiE system is suitable for silicon deep reactive ion etch process. The 2300 Syndion etch system is an advanced, 3-D IC employing through-silicon vias to provide contact surface between die-to-die and wafer-to-wafer stacking.The company’s wafer cleaning technologies include SP Series, Da Vinci, DV-Prim and Esanti. These products are designed for cleaning and removing films during the intermediary stage between batch and single-wafer wet processing. It offers Confined Chemical Cleaning technology, specially designed for higher degree of selectivity in removing residuals. The 2300 Coronus plasma-based technology is applicable for the selective elimination of a range of materials besides protecting die area. Lam also offers deposition, strip, and polishing/grinding process equipment solutions such as, L3510 line of photoresist strip systems for de-scum and dry strip cleaning processes, the INOVA and SABRE systems for LED metallization steps, the SEQUEL and VECTOR systems for PECVD deposition, and the AC-1500-P3 double-side polishing system for polishing and backside grinding. Peter Wolters, a subsidiary of the company, provides these services for LED manufacturing.Lam’s research and development (R&D) activities include timely development of new products and enhancements to existing products. It principally focuses on the development of etch and other plasma-based technologies, single-wafer clean, and other semiconductor manufacturing products. For the fiscal year ended June 2012, R&D expenses accounted for 16.7% of the company's total revenue, indicating an increase of 19.1% over that for the previous year.The company manages R&D facilities in the US and Austria and operates manufacturing facilities located in the US and Germany. It also leases and own properties for service, technical support and sales activities across the US, Europe and Asia. Lam operates along with its subsidiaries in Austria, Barbados, Cayman Islands, the US, China, France, Germany, Hong Kong, India, Ireland, Israel, Italy, Japan, Korea, Luxembourg, Malaysia, the Netherlands, Republic of South Korea, Singapore, Switzerland, Taiwan, the UK and Vietnam. Some of the principal subsidiaries of the company include, Lam Research AG, Lam Research (Shanghai) Co., Ltd., Lam Research SAS, Lam Research GmbH, Lam Research (Israel) Ltd., Lam Research International B.V. and Lam Research Co., Ltd. among others.Geographically, the company segregates its operations into six segments, namely, North America, Europe, Japan, Korea, Taiwan and Asia Pacific. For the fiscal year ended June 2012, Lam generated 33% of its total revenues from Korea, followed by Taiwan with 18%, North America with 17%, Japan with 12%, Asia Pacific with 11% Europe with 9%.In December 2012, the company entered into an agreement with Axcelis Technologies, Inc. in the area of advanced implant technology including material modification implants and high-dose implant strip. In addition, it also acquired Axcelis' dry-strip IP.

Lam Research Corporation (Lam) is a wafer fabrication equipment supplier. It focuses on designing, manufacturing, distribution and service of wafer fabrication equipment. The company offers etch technologies products for range of applications including, conductor, dielectric etch, micro-electromechanical systems, deep silicon, and three-dimensional integrated circuit pplications. Lam also delivers advanced generation wafer cleaning solution for wafer manufacturing operations. In addition, the company offers customer extranet, spares, support, refurbished systems and product training. It operates along with its subsidiaries in Austria, Barbados, Cayman Islands, the US, China, France, Germany, Hong Kong, India, Ireland, Israel, Italy, Japan, Korea, Luxembourg, Malaysia, the Netherlands, Republic of South Korea, Singapore, Switzerland, Taiwan, the UK and Vietnam. Lam is headquartered in Fremont, California, the US.The company plans to leverage its broad resources, industry relationships and deep technical expertise to deliver enhanced solutions. In line with this strategy, Lam entered into a strategic collaboration with Axcelis Technologies, Inc. in the area of advanced implant technology including material modification implants and high-dose implant strip and also acquired Axcelis' dry-strip IP.The company reported revenues of (U.S. Dollars) USD 3,598.92 million during the fiscal year ended June 2013, an increase of 35.03% over 2012. The operating profit of the company was USD 118.07 million during the fiscal year 2013, a decrease of 50.33% from 2012. The net profit of the company was USD 113.88 million during the fiscal year 2013, a decrease of 32.51% from 2012.

Lam Research Corporation, founded in 1980, is one of the leading suppliers of wafer fabrication equipment and services to the world's semiconductor industry. The company provides various types of etch systems, including dielectric etch, conductor etch, resist strip and Synergy cleaning products. Its etch and chemical mechanical planarization products selectively remove portions of various films from the wafer to create semiconductors. The company also develops intellectual property for integrated processing solutions. Its Synergy standalone clean system is used to clean wafers both before and after a range of semiconductor processing steps. Lam Research Corporation is headquartered in Fremont, Calif., and maintains a network of facilities throughout the United States, Japan, Europe, and Asia.

Product Codes

Product Code	Product Description
MAN-EP-CW	Wafer cleaning systems
MAN-EP-PB	Wafer polishing systems
MAN-EP-PB	Etching systems

Brand/Trade Names
Ontrak - Computer hardware Lam Research - Semiconductor manufacturing machinery	Tcp - Computer software

Financial Data

Financials in:	USD(mil)
Revenue:	3,598.9
Net Income:	113.9
Assets:	7,250.3
Long Term Debt:	976.2
Total Liabilities:	2,761.4
Working Capital:	1.2
Date of Financial Data:	30-Jun-2013

1 Year Growth

35.0%

-32.5%

-9.4%

Market Data

Quote Symbol:	LRCX
Exchange:	NASDAQ
Currency:	USD
Stock Price:	53.9
Stock Price Date:	10-18-2013
52 Week Price Change %:	49.5
Market Value (mil):	8,728,703.0
SEDOL:	2502247
ISIN:	US5128071082
Equity and Dept Distribution:
Common Stock $.001 Par, 09/11, 400M auth., 124,490,743 issd., less 40,101,000 shs. in Treas. @ $1.71B. Insiders own 0.46%. PO:9/94, 2.8M shares @$38.75 by SmithBarney. 3/00, 3-for-1 split. 9/93, 3-for-2 split. FY '01 Summ. Q's reflect the restatement.

Key Corporate Relationships

Auditor:	Ernst & Young LLP
Bank:	Ikon Financial Services
Auditor:	Ernst & Young LLP

Additional Infomation
ABI Number:	834201188
Fortune 1000 Rank:	775

Lam Research Corporation

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments. More about Strategic Initiatives

Strategic Initiatives

Key Organizational Changes

The semiconductor capital equipment industry has been, and continues to be, a key enabler for the creation of the electronic products that are transforming our everyday lives. This paradigm has been particularly evident at Lam Research in the last 12 months. Just before the end of our fiscal year, we closed our acquisition of Novellus Systems. This accomplishment brought together two great companies and two solid management teams in what we believe will be a landmark transaction for our industry, our customers, and our investors. In addition, for the second time in the company’s history, we promoted a new CEO from within our executive ranks.

Partnerships

We are pleased that Steve Newberry has been named Jim’s successor as chairman of the board, further assuring the leadership continuity that has defined our organization for many years. In closing, we want to extend an enthusiastic welcome to the Novellus employees who have joined Lam Research. We would also like to express our sincere gratitude to the entire Lam organization for their tremendous efforts and dedication, our customers for their collaboration and support, and our stockholders for your interest and investment in us.GlobalData uses a range of research techniques to gather and verify its information and analysis. These include primary research, in-house knowledge and expertise, proprietary databases, and secondary sources such as company websites, annual reports, SEC filings and press releases. Disclaimer: No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, GlobalData.

Product

The company focuses in designing, production, distribution, and service of wafer fabrication equipment. A strong product portfolio, wide geographic presence and robust research and development capabilities are the major strengths of the company over its peers. Though the company has a risk associated with competition and technological changes, its acquisition of Novellus Systems and positive outlook for memory products ensure its top line.Robust Research and Development CapabilitiesLam's research and development (R&D) activities focuses on leading-edge plasma etch, single-wafer clean and other semiconductor manufacturing requirements. The R&D expenses in year 2012, 2011 and 2010 were $444.6m, $373.3m and $320.9m, respectively. R&D expenses accounted for 16.7% and 11.5% of the company's total revenues in 2012 and 2011, respectively.

Strengths/Weaknesses (SWOT)

	Helpful to achieving the objective	Harmful to achieving the objective
Internal Origin (attributes of the organization)	Strengths Robust Research and Development Capabilities Strong Backlog Portfolio Product Portfolio Wide Geographic Presence	Weaknesses Declining Profitability Decreasing Operational Efficiency Dependence on Key Customers
External Origin (attributes of the environment)	Opportunities Outlook for Memory Products Acquisition of Novellus Systems Robust R&D Activities	Threats Rapid Technological Changes Reliance on Third-Party Outsourcer Highly Competitive Market

Overview

Lam Research Corporation (Lam) is one of the leading wafer fabrication equipment suppliers in the world. The company focuses in designing, production, distribution, and service of wafer fabrication equipment. A strong product portfolio, wide geographic presence and robust research and development capabilities are the major strengths of the company over its peers. Though the company has a risk associated with competition and technological changes, its acquisition of Novellus Systems and positive outlook for memory products ensure its top line.

Strengths

Robust Research and Development Capabilities

Lam's research and development (R&D) activities focuses on leading-edge plasma etch, single-wafer clean and other semiconductor manufacturing requirements. The R&D expenses in year 2012, 2011 and 2010 were $444.6m, $373.3m and $320.9m, respectively. R&D expenses accounted for 16.7% and 11.5% of the company's total revenues in 2012 and 2011, respectively. The company manages R&D facilities located in Fremont, Livermore and San Jose, California; Tualatin, Oregon; and Villach, Austria.

Strong Backlog Portfolio

TE Connectivity's strong order backlog position strengthens its revenue stream under current economic downturn. Despite economic recession and decline business prospects, the company reported an order backlog. The company's unshipped orders backlog consists of orders for systems, spares, and services. For the fiscal year ended June 2012, the company reported a backlog of approximately $870m as compared to $641m, indicating an increase of 35.7% over that for the previous year. The current order backlog represents 32.6% and 19.4% of total revenue in 2012 and 2011, respectively. Lam expects 100% realization of the segment’s order backlog in 2012.

Product Portfolio

Lam Research provides a broad range of products and services, which helps increase its market share and customer base. Lam Research is one of the leading wafer fabrication equipment suppliers in the world. The company design, manufactures, distributes, and serves front-end wafer processing semiconductor manufacturing equipment. It principally provides etch technologies products for range of applications including conductor, dielectric etch, micro-electromechanical systems (MEMS), deep silicon, and three-dimensional integrated circuit (3D IC) applications. Lam Research offers advanced generation wafer cleaning solution for wafer manufacturing operations. Its wafer cleaning technologies include SP Series, Da Vinci, DV-Prim and Esanti. These products are designed for cleaning and removing films during the intermediary stage between batch and single-wafer wet processing. The company also provides customer extranet, spares, support, refurbished systems, and product training. The company can leverage its comprehensive range of product offerings to cater to its customer requirements in an effective and efficient manner. Lam additionally offers deposition, strip, and polishing/grinding process equipment solutions such as, L3510 line of photoresist strip systems for de-scum and dry strip cleaning processes, the INOVA and SABRE systems for LED metallization steps, the SEQUEL and VECTOR systems for PECVD deposition, and the AC-1500-P3 double-side polishing system for polishing and backside grinding. Peter Wolters, a subsidiary of the company, provides these services for LED manufacturing.

Wide Geographic Presence

The wide geographic diversity of the company reduces the risk associated with adverse economic and political developments in any particular region. In addition, it increases the growth opportunities of the company. Lam has its direct operations North America, South America, Asia and Europe. Geographically, the company segregates its operations into six segments, namely, North America, Europe, Japan, Korea, Taiwan and Asia Pacific. For the fiscal year ended June 2012, Lam generated 33% of its total revenues from Korea, followed by Taiwan with 18%, North America with 17%, Japan with 12%, Asia Pacific with 11% Europe with 9%. The company manages R&D facilities in the US and Austria and operates manufacturing facilities located in the US and Germany. It also leases and own properties for service, technical support and sales activities across the US, Europe and Asia. Lam operates along with its subsidiaries in Austria, Barbados, Cayman Islands, the US, China, France, Germany, Hong Kong, India, Ireland, Israel, Italy, Japan, Korea, Luxembourg, Malaysia, the Netherlands, Republic of South Korea, Singapore, Switzerland, Taiwan, the UK and Vietnam.

Weaknesses

Declining Profitability

Decline in the company's profitability may result in lower investor confidence. A weak financial performance would stop Lam from focusing on executing its organic and geographic diversification growth strategies. The company reported revenues of $2665.19m during the fiscal year ended June 2012, as compared to $3237.69m in 2011. The operating profit of the company declined as compared to the previous year. The decline in operating profit can be attributable to the increase in the company's operating expense. The operating profit of the company was $237.73m during the fiscal year 2012, a decrease in growth by 70.44%. There has also been a decrease in the company's net profit. The net profit of the company was $168.72m during the fiscal year 2012 as compared to $723.75m the previous year. With increased expense and decreased profit, the company posted overall decline in its margins. Other profitability indicators of the company such as, return on assets and return on capital employed also declined compared with the previous year. Its return on capital employed declined to 3.6% in the year 2012 from 23.8% in the year 2011. The company’s return on assets declined to 2.1% in the year 2012 from 17.9% in the year 2011. Lam's return on fixed assets declined to 6.6% in the year 2012 from 103% in the year 2011.

Decreasing Operational Efficiency

The company has displayed a poor financial performance reducing its investor’s confidence. Though the company’s operating income growth decreased to 70.4% from $237.73m in 2012 to $804.28m in 2011. Its operating margin decreased to 8.9% in 2012 as compared to 24.8% in 2011. The company's operating margin has decreased 64 bps over 2011 which may indicate management's low focus on profitability. The decreasing operating profit margin indicates the company has been less efficient in its day-to-day operations. On the other hand, the company reported an increased operating cost as percentage of sales to 91.08% in 2012 from 75.16% and its administration costs as percentage of sales increased from 9.5% in 2011 to 15.0% in 2012. The declining operational efficiency of the company affects its financial and operational condition.

Dependence on Key Customers

Relying on key customers for major portion of its revenue could be an area of concern to the company. For the fiscal year 2012, Samsung Electronics Company, Ltd., SK Hynix Inc., and Taiwan Semiconductor Manufacturing Company, Ltd., represented approximately 50% of the company's total revenues with each customer represented over 10% of total revenues. In 2011, Samsung Electronics Company, Ltd. represented approximately 24% of Lam's total revenues. In 2010, Samsung Electronics Company, Ltd., Taiwan Semiconductor Manufacturing Company, Ltd., and Toshiba Corporation, combined represented approximately 50% of total revenues. The loss of such one or more than one significant customers or the bankruptcy or business disruption of the customer could result in a decline in the company’s sales. Such customer concentration could lead to a major impact on the company’s revenue, hampering its financial position.

Opportunities

Outlook for Memory Products

Positive outlook for memory products could improve the company’s market share and growth opportunities in the future. The huge demand for NAND flash memory stems from the increasing demand for smart phones, iPhones, iPads, PCs, high performance workstations, servers, switches, routers and Internet infrastructure. The industrial customers have been demanding flash drives instead of rotating disk drives for enhancing performance and consistency. Flash memory accounts for approximately 8% of the total revenue generated by the semiconductor industry. The flash memory market generated revenue of $23.80 billion in 2010 and is expected to rise to $30.38 billion in 2012. According to in-house research, the demand for NAND flash is expected to grow at a CAGR of 14.80% between 2010 and 2014, driven by demand from end-user segments including mobile handsets, MP3/PMP players, digital cameras, and USB flash drives. This outlook augurs well for the company.

Acquisition of Novellus Systems

The company could expand its boundaries of operations and increase its customer base with new growth initiatives. In June 2012, the company completed its merger with Novellus Systems, Inc. The merger enables the company to accelerate revenue growth at a faster pace by leveraging its technology adjacencies and complementary experience to more quickly deliver solutions addressing its customers' technology and productivity challenges. Earlier in December 2011, the company and Novellus Systems, Inc. entered into a definitive merger agreement under which Lam will acquire Novellus for total consideration of approximately $3.3 billion. The acquisition provides advanced technological portfolio, optimized and accelerated development of next-generation tools and development of complementary customer relationships. The merger of both the company would result in creation of strong platform which could be able to deliver innovative and cost-effective solutions. The two companies owns products which are complementary to each other Lam’s etch and single-wafer clean equipment and Novellus’s thin-film deposition and surface preparation technologies will be complementary to each other. The merger enables the companies in leveraging their individual capabilities in quick and efficient manner and would result in faster rate of growth both in terms of financial and operational factors. Strategic initiatives such as these enhance the company's offerings and enable to penetrate the market further.

Robust R&D Activities

The company focuses strongly on product development and research activities for bringing new products into the markets. It continuously concentrates on internal and external research and development (R&D) in order to launch new products and enhancement of existing product portfolio. The company employs approximately individuals to support product research, development and engineering initiatives. The company’s R&D activities are focused on plasma etch, single-wafer clean and other semiconductor manufacturing requirements. The company spent $373.3m on its R&D activities during the year 2011 as compared to $320.9m in 2010. The increase in R&D spending was principally due to higher employee compensation, benefits, and higher outside services and supplies for R&D. In 2011 and 2010, Lam posted approximately 30% and 24% systems revenues, respectively through new products unveiled within the last two years. The company’s investment towards product and process engineering and development could enable it to deliver innovative and technologically advanced products to cater the growing needs of its customers.

Threats

Rapid Technological Changes

The semiconductor manufacturing processes are characterized by rapid technological changes, which may affect its business operations. To compete effectively with its peers, the company should continually introduce new products that meet and exceed the customers’ requirements. The introduction of products using new technologies or the adoption of new industry standards could make existing products, or products under development, obsolete or unmarketable. Further the company’s new products should be free from the issues including design, quality or reliability. Inability to study the evolving technological landscape may impact the company’s competitive position.

Reliance on Third-Party Outsourcer

Lam depends upon third-party outsourced manufacturers located in various countries for the manufacturing of certain components, subassemblies and modules. The company requires these components, subassemblies and modules for the manufacture or integration of its products. Further, the company outsources certain components and sub-assemblies from sole supplier or a limited group of suppliers. This could adversely affect the operations of the company if there are any uneven changes if the manufacturers are unable to supply products reliably, if there are disruptions in international trade, trade restrictions and import duties, disruptions at important geographic points of exit and entry or any production and supply constraints leading to additional cost burden on the company. The loss of significant manufacturers of products or key components, or their inability to produce the required quantities, could result in a material adverse impact on the company’s operating results in turn affecting the financial.

Highly Competitive Market

The semiconductor manufacturing industry in which the company operates is characterized by high competition. The list of strong competitors under its etch market includes Tokyo Electron Limited and Applied Materials, Inc. The company competes with Dainippon Screen Mfg. Co., Ltd. in the single-wafer wet clean market. Apart from established players in developed countries, players from emerging countries too are competing hard to garner maximum market share. The company also faces competition from KLA-Tencor Corporation, Hitachi, Ltd., Semitool, Inc., FSI International, Inc. in other markets. Since many of its competitors have a longer operating history, greater brand recognition, established customer and supplier relationships and greater financial resources, it could become difficult for the company to compete with them.

Location
4650 Cushing Pkwy Fremont, CA 94538-6401 United States
County:	Alameda
MSA:	San Fran, CA
Phone:	510-572-0200
Fax:	510-572-6454
URL:	http://lamresearch.com
ABI^©:	834201188
Annual Sales:	$3,598,916,000 (USD)
Employees:	6,600
Facility Size(ft^2):	40,000+
Business Type:	Public
Location Type:	Headquarter
Ticker:	LRCX
Exchange:	NASDAQ

Primary Line of Business:
SIC:	3674-01 - Semiconductor Devices (Mfrs)
NAICS:	334413 - Semiconductors & Related Devices Mfg
Secondary Lines of Business:
NAICS:	517310 - Telecommunications Resellers
	423690 - Other Electronic Parts Merchant Whols
	334419 - Other Electronic Component Mfg
	423610 - Electric Equip & Wiring Merchant Whols
	541613 - Marketing Consulting Svcs
SICs:	3559-34 - Semiconductor Manufacturing Equip (Mfrs)
	3679-01 - Electronic Equipment & Supplies-Mfrs
	4813-02 - Telecommunications Services
	5063-49 - Semiconductor-Mfrs' Equip/Supls (Whls)
	5065-19 - Electronic Equipment & Supplies-Whls
	8742-13 - Marketing Programs & Services
	333298 - All Other Industrial Machinery Mfg
Years in InfoUSA Database:	10+

Table of Contents

Corporate structure news

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Lam Research Corporation	Parent	Fremont, CA	United States	Machinery and Equipment Manufacturing	3,598.9	6,600
Novellus Systems, Inc.	Subsidiary	San Jose, CA	United States	Clothing and Apparel Manufacturing	74.3	2,855
Peter Wolters GmbH	Subsidiary	Rendsburg, Schleswig-Holstein	Germany	Machinery and Equipment Manufacturing	97.5	440
Peter Wolters Of America Inc	Subsidiary	Plainville, MA	United States	Machinery Wholesale	33.4	15
Novellus Systems Taiwan	Subsidiary	Hsin-chu	Taiwan	Machinery and Equipment Manufacturing		200
Novellus Systems Japan, G.K.	Subsidiary	Kawasaki, Kanagawa	Japan	Machinery and Equipment Manufacturing		150
Novellus Singapore Pte Ltd.	Subsidiary	Singapore	Singapore	Machinery and Equipment Manufacturing		100
Novellus Systems International B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Banking	826.8	1
Novellus Systems International B.V.	Subsidiary	Singapore	Singapore	Electronics Wholesale	826.8	90
Novellus Systems Italy SRL	Subsidiary	Agrate Brianza, Milan	Italy	Machinery and Equipment Manufacturing	0.6	2
Novellus Systems GmbH	Subsidiary	Dresden	Germany	Machinery and Equipment Manufacturing	1.8	50
Novellus Systems Ireland Ltd.	Subsidiary	Maynooth, Kildare	Ireland	Machinery and Equipment Manufacturing		45
Novellus Systems Semiconductor Equipment Shanghai Co. Ltd.	Subsidiary	Shanghai	China	Machinery and Equipment Manufacturing		30
SpeedFam USA, Inc.	Subsidiary	Des Plaines, IL	United States	Machinery Wholesale		30
Peter Wolters U.K. Ltd.	Subsidiary	Hinckley	United Kingdom	Machinery Wholesale		200
SpeedFam-IPEC GmbH	Subsidiary	Rendsburg	Germany	Machinery and Equipment Manufacturing
Novellus Systems SARL	Subsidiary	Le Coudray-Montceaux	France	Machinery and Equipment Manufacturing	8.3	20
Novellus Systems Korea	Subsidiary	Seongnam, Kyunggi-do	Korea, Republic of	Machinery and Equipment Manufacturing		20
Novellus Systems (Malaysia) Sdn. Bhd.	Subsidiary	Kulim, Kedah Darul Amam	Malaysia	Machinery and Equipment Manufacturing		4
Novellus Systems International Inc	Subsidiary	San Jose, CA	United States	Holding Companies		2
Novellus Systems Korea Ltd.	Subsidiary	Songnam, Kyonggi-Do	Korea, Republic of	Electronics Wholesale	30.9	117
Novellus Systems	Subsidiary	Montigny Le Bretonneux	France	Machinery and Equipment Manufacturing	3.8
Novellus Systems Israel Ltd.	Subsidiary	Qiryat-Gat	Israel	Machinery and Equipment Manufacturing
Novellus Systems (India) Pvt. Ltd.	Subsidiary	Bengaluru	India	Machinery and Equipment Manufacturing
Novellus Systems UK Limited	Subsidiary	Falkirk	United Kingdom	Machinery and Equipment Manufacturing
Novellus Systems International Trading (Shanghai) Co. Ltd	Subsidiary	Shanghai, Pudong New Area	China	Machinery and Equipment Manufacturing
Lam Research Holding GmbH	Subsidiary	Zurich	Switzerland	Machinery and Equipment Manufacturing		880
Lam Research Management GmbH	Subsidiary	Villach	Austria	Consulting Services		600
SEZ America Inc.	Subsidiary	Fremont, CA	United States	Machinery Wholesale	22.1	63
SEZ Taiwan Ltd.	Subsidiary	Hsin-chu	Taiwan	Consulting Services
SEZ Asia Pacific Pte. Ltd.	Subsidiary	Singapore	Singapore	Holding Companies
SEZ Singapore Pte. Ltd.	Subsidiary	Singapore	Singapore	Consulting Services
SEZ Korea Ltd.	Subsidiary	Seongnam, Kyunggi-do	Korea, Republic of	Consulting Services
LAM Research AG	Subsidiary	Villach	Austria	Machinery and Equipment Manufacturing	100.9	455
Lam Research Co., Ltd.	Subsidiary	Hsin-chu	Taiwan	Sporting Goods and Recreation Stores		300
Lam Research Korea Limited	Subsidiary	Seongnam-si, Gyeonggi-do	Korea, Republic of	Machinery and Equipment Manufacturing	130.9	205
Peter Wolters Precision Solutions (India) Pvt. Ltd.	Subsidiary	Chennai, Tamil Nadu	India	Machinery and Equipment Manufacturing		200
Lam Research Singapore Pte. Ltd.	Subsidiary	Singapore	Singapore	Miscellaneous Professional Services		95
Lam Research Sarl	Subsidiary	Meylan	France	Semiconductor and Other Electronic Component Manufacturing	7.4	74
Lam Research Corp	Branch	Hopewell Jct, NY	United States	Semiconductor and Other Electronic Component Manufacturing	22.3	50
Lam Research Corporation	Branch	Colorado Springs, CO	United States	Machinery and Equipment Manufacturing		50
Peter Wolters of America, Inc.	Subsidiary	Des Plaines, IL	United States	Medical Equipment and Supplies	50.0	40
Lam Research Sarl	Subsidiary	Corbeil-Essonnes	France	Semiconductor and Other Electronic Component Manufacturing		40
Lam Research Corporation	Branch	Fishkill, NY	United States	Metal Products Manufacturing	13.4	35
Lam Research Corporation	Branch	Boise, ID	United States	Machinery and Equipment Manufacturing	8.1	30
Lam Research International Sarl	Subsidiary	Neuchatel	Switzerland	Semiconductor and Other Electronic Component Manufacturing		30
Lam Research GmbH	Subsidiary	Dresden, Sachsen	Germany	Semiconductor and Other Electronic Component Manufacturing		90
Lam Research Srl	Subsidiary	Milan	Italy	Semiconductor and Other Electronic Component Manufacturing	5.9	19
Lam Research Ltd.	Subsidiary	Paisley	United Kingdom	Miscellaneous Personal Services	0.4	1
Lam Research Co.,Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Machinery Wholesale	317.7
Lam Research Co.,Ltd.	Branch	Takaoka, Toyama	Japan	Machinery Wholesale
Lam Research Corp	Branch	Livermore, CA	United States	Semiconductor and Other Electronic Component Manufacturing	12.4	25
Lam Research Corp	Branch	San Jose, CA	United States	Semiconductor and Other Electronic Component Manufacturing	12.4	25
Lam Research Corp	Branch	San Jose, CA	United States	Semiconductor and Other Electronic Component Manufacturing	12.4	25
Lam Research Corp	Branch	San Jose, CA	United States	Semiconductor and Other Electronic Component Manufacturing	12.4	25
Lam Research Corp	Branch	Phoenix, AZ	United States	Semiconductor and Other Electronic Component Manufacturing	12.3	25
Lam Research (Shanghai) Co., Ltd.	Subsidiary	Shanghai, Pudong	China	Semiconductor and Other Electronic Component Manufacturing		15
Lam Research Corporation	Branch	Vancouver, WA	United States	Machinery and Equipment Manufacturing	30.3	12
Lam Research Corp	Branch	Boise, ID	United States	Semiconductor and Other Electronic Component Manufacturing	4.9	12
Novellus Engineering Services	Subsidiary	Plymouth, MI	United States	Semiconductor and Other Electronic Component Manufacturing	6.5	11
Lam Research B.V.	Subsidiary	Schiphol-Rijk	Netherlands	Semiconductor and Other Electronic Component Manufacturing		11
Lam Research Corporation	Branch	Tempe, AZ	United States	Machinery and Equipment Manufacturing	15.7	10
Lam Research Corp	Branch	Melrose, MA	United States	Semiconductor and Other Electronic Component Manufacturing	3.5	8
Lam Research Corp	Branch	Boise, ID	United States	Semiconductor and Other Electronic Component Manufacturing	3.2	8
Lam Research Corporation	Branch	Richardson, TX	United States	Electronics Wholesale		8
Lam Research Corporation	Branch	Austin, TX	United States	Semiconductor and Other Electronic Component Manufacturing	6.8	7
Lam Research Corp	Branch	Tualatin, OR	United States	Semiconductor and Other Electronic Component Manufacturing	3.7	7
Lam Research Corp	Branch	Albany, NY	United States	Semiconductor and Other Electronic Component Manufacturing	3.1	7
Lam Research Corp	Branch	Clifton Park, NY	United States	Semiconductor and Other Electronic Component Manufacturing	3.1	7
Lam Research Corp	Branch	Williston, VT	United States	Semiconductor and Other Electronic Component Manufacturing	3.1	7
Lam Research (Ireland) Limited	Subsidiary	Dublin	Ireland	Semiconductor and Other Electronic Component Manufacturing	1.5	7
Lam Research Co., Ltd.	Subsidiary	Oita	Japan	Semiconductor and Other Electronic Component Manufacturing		7
Lam Research Co., Ltd.	Subsidiary	Toyama	Japan	Semiconductor and Other Electronic Component Manufacturing		6
Lam Research Corporation	Branch	South Portland, ME	United States	Machinery and Equipment Manufacturing		5
Silfex, Incorporated	Subsidiary	Eaton, OH	United States	Semiconductor and Other Electronic Component Manufacturing		5
Lam Research Corp	Branch	San Bernardino, CA	United States	Semiconductor and Other Electronic Component Manufacturing	2.0	4
Lam Research Corp	Branch	San Bernardino, CA	United States	Semiconductor and Other Electronic Component Manufacturing	2.0	4
Peter Wolters Japan Co., Ltd.	Subsidiary	Osaka	Japan	Machinery and Equipment Manufacturing		4
Lam Research Corp	Branch	Bloomington, MN	United States	Semiconductor and Other Electronic Component Manufacturing	0.5	1
Lam Research Co., Ltd. - Hiroshima Service Center	Subsidiary	Hiroshima, Hiroshima	Japan	Semiconductor and Other Electronic Component Manufacturing
Lam Research Srl	Subsidiary	Catania	Italy	Semiconductor and Other Electronic Component Manufacturing
Lam Research Co., Ltd.	Subsidiary	Hyogo	Japan	Semiconductor and Other Electronic Component Manufacturing
Lam Research (Israel) Ltd.	Subsidiary	Ramat Gan	Israel	Semiconductor and Other Electronic Component Manufacturing
Voumard, Inc.	Subsidiary	Elmsford, NY	United States	Machinery and Equipment Manufacturing
Novellus Development Company, LLC	Subsidiary	San Jose, CA	United States	Consulting Services
Gamma Precision Technology	Subsidiary	Fremont, CA	United States	Semiconductor and Other Electronic Component Manufacturing
Lam Research Service Co., Ltd.	Subsidiary	Wuxi	China	Semiconductor and Other Electronic Component Manufacturing

Competitors Report

CompanyName	Location	Employees	Ownership
Applied Materials, Inc.	Santa Clara, California, United States	14,500	Public
ASM International NV (Amsterdam)	Almere, Netherlands	1,570	Public
DAINIPPON SCREEN MFG. CO., LTD.	Kyoto-Shi, Japan	4,955	Public
Hitachi, Ltd.	Chiyoda-Ku, Japan	326,240	Public
KLA-Tencor Corporation	Milpitas, California, United States	5,820	Public
Mattson Technology, Inc.	Fremont, California, United States	323	Public
PSK Inc	Hwaseong, Korea, Republic of	150	Public
Semitool, Inc.	Kalispell, Montana, United States	826	Public
Tokyo Electron Limited	Minato-Ku, Japan	1,293	Public

Executives Report

Board of Directors

Name	Title	Function
Stephen G. Newberry	Chairman	Chairman
Biography: Mr. Stephen G. Newberry has been appointed as Chairman of the Board of Lam Research Corporation effective November 1, 2012. He is no longer Vice Chairman of the Board of the Company effective November 1, 2012. Mr. Newberry has been a director of the Company since 2005 and has served as the Vice Chairman of the Company’s board since 2010. He also serves as the Company’s Chief Executive Officer, and previously served as the Company’s President. Mr. Newberry joined the Company in August 1997 as Executive Vice President and Chief Operating Officer. He was appointed President and Chief Operating Officer in July 1998, President and Chief Executive Officer in June 2005, and Vice Chairman and Chief Executive Officer in December 2010. As previously announced, Mr. Newberry is expected to transition from being the Company’s Vice Chairman and Chief Executive Officer to being Vice Chairman effective January 1, 2012. Prior to joining the Company, Mr. Newberry held various executive positions at Applied Materials, Inc. during his 17-year tenure there. Mr. Newberry serves on the boards of directors of Nanometrics Incorporated, a publicly traded company, and of Semiconductor Equipment and Materials International (“SEMI�), a global semiconductor industry trade association. Mr. Newberry previously served as a director of Amkor Technology, Inc., and of Nextest Systems Corporation. Mr. Newberry is a graduate of the U.S. Naval Academy and the Harvard Graduate School of Business. Age: 59 Education: United States Naval Academy : :$699,231 Compensation Currency: USD Social:
Martin B. Anstice View Email	President, Chief Executive Officer, Director	Director/Board Member
Biography: Mr. Martin B. Anstice is President, Chief Executive Officer, Director of Lam Research Corporation. Mr. Anstice joined the Company in April 2001 as Senior Director, Operations Controller. He was promoted to Chief Financial Officer in June 2004, appointed Executive Vice President and Chief Operating Officer in September 2008, and promoted to President in December 2010. In January 2012, Mr. Anstice was appointed Chief Executive Officer and in February 2012, appointed to the Lam Research Corporation board of directors. He began his career at Raychem Corporation where, during his 13-year tenure, he held numerous finance roles of increasing responsibility in Europe and North America. After Tyco International, Ltd. acquired Raychem in 1999, Mr. Anstice assumed responsibility for supporting mergers and acquisitions at Tyco Electronics Corporation. Mr. Anstice is an associate member of the Chartered Institute of Management Accountants in the United Kingdom. Age: 46 Compensation/Salary:$605,288 Compensation Currency: USD Social:
Eric K. Brandt	Independent Director	Director/Board Member
Biography: Mr. Eric K. Brandt serves as Independent Director of Lam Research Corporation since 2010. Mr. Brandt serves as Executive Vice President and Chief Financial Officer of Broadcom Corporation, a global supplier of semiconductor devices, a role in which he has served since joining Broadcom in March 2007. From September 2005 to March 2007, Mr. Brandt served as President and Chief Executive Officer of Avanir Pharmaceuticals, Inc., a pharmaceutical company. Prior to Avanir Pharmaceuticals, Mr. Brandt was Executive Vice President-Finance and Technical Operations and Chief Financial Officer of Allergan Inc., a global specialty pharmaceutical company, where he also held a number of other senior positions following his arrival there in May 1999. Mr. Brandt serves as a member of the board of directors and a member of the compensation committee of Dentsply International, Inc., a manufacturer and distributor of dental product solutions. He previously served as a member of the boards of directors of Avanir Pharmaceuticals and of Vertex Pharmaceuticals, Inc., a pharmaceutical company, where he was chair of the audit committee. Mr. Brandt received a B.S. in Chemical Engineering from the Massachusetts Institute of Technology and an M.B.A. from the Harvard Graduate School of Business. Age: 50 Education: Harvard Business School, MBA Massachusetts Institute of Technology, BS (Chemical Engineering)
Michael R. Cannon	Independent Director	Director/Board Member
Biography: Mr. Michael R. Cannon has been appointed as Independent Director of Lam Research Corporation since February 2011. He is the General Partner of MRC & LBC Partners, LLC. He retired from Dell Inc. in 2009 after serving as Dell’s President of Global Operations from 2007 to 2009. Prior to joining Dell, he was President and Chief Executive Officer and served on the board of directors of Solectron Corporation, which he joined in 2003. From July 1996 until 2003, Mr. Cannon served as President and Chief Executive Officer of Maxtor Corporation, where he also served on the board. Prior to Maxtor, Mr. Cannon held senior management positions at IBM. Mr. Cannon serves on the boards of Adobe Systems, Seagate Technology, and the Elster Group SE. He studied mechanical engineering at Michigan State University and completed the Advanced Management Program at the Harvard Graduate School of Business. Age: 60
Youssef A El-Mansy	Independent Director	Director/Board Member
Biography: Dr. Youssef A. El-Mansy, Ph.D., serves as Independent Director of Lam Research Corporation since June 4, 2012. He is the retired Vice President, Director of Logic Technology Development, at Intel Corporation, a producer of microchips, computing and communications products, where he was responsible for managing technology development, the processor design center for Intel’s Technology and Manufacturing Group and two wafer manufacturing facilities. Dr. El-Mansy joined Intel in 1979 and led microprocessor technology development at Intel for 20 years. Dr. El-Mansy served on the board of directors of Novellus Systems, Inc., a semiconductor wafer fabrication equipment company, from April 2004 until its merger with Lam Research in June 2012 and on the board of directors of Zygo Corporation, a designer and manufacturer of optical systems, from July 2004 to June 2009. Dr. El-Mansy holds Bachelor of Science and Masters degrees in Electronics and Communications from Alexandria University in Egypt and a Ph.D. in Electronics from Carleton University in Ottawa, Canada. Age: 67 Education: Carleton University, PHD (Electronics) Alexandria University, M (Electronics) Alexandria University, BS (Electronics)
Christine A. Heckart	Independent Director	Director/Board Member
Biography: Ms. Christine A. Heckart serves as Independent Director of Lam Research Corporation since 2011. She is the Chief Marketing Officer of ServiceSource, a service revenue management company. From 2010 to 2012, she was the Chief Marketing Officer at NetApp, Inc., a provider of data storage and management solutions. Ms. Heckart served as General Manager for the TV, video and music business of Microsoft Corporation, a developer of software, services, and hardware, from 2005 to 2010; and she led global marketing at Juniper Networks, Inc., a provider of network infrastructure solutions, from 2002 to 2005. She was President at TeleChoice, Inc, a consulting firm specializing in business and marketing strategies, from 1995 to 2002. Ms. Heckart holds a degree in economics from the University of Colorado at Boulder. Age: 46
Robert Hefty View Email	Director	Director/Board Member
Grant M. Inman	Independent Director	Director/Board Member
Biography: Mr. Grant M. Inman is Independent Director of Lam Research Corporation since August 1981. He is the founder and General Partner of Inman Investment Management, a venture investment firm formed in 1998. Prior to 1998, he co-founded and served as General Partner of Inman & Bowman, a venture capital firm formed in 1985. Mr. Inman was a general partner of the investment banking firm Hambrecht & Quist from 1980 to 1985. Mr. Inman has served on the board of directors of Paychex, Inc., a payroll and human resources outsourcing services company, since 1983 and is a Trustee of The University of California, Berkeley Foundation. He previously served as a director of Wind River Systems, Inc., a developer of operating systems, middleware and software development tools, from June 1999 to July 2009. Mr. Inman holds a B.A. degree in economics from the University of Oregon and an M.B.A. from the University of California, Berkeley. Age: 71 Education: University of California, Berkeley, MBA University of Oregon, BA (Economics)
Catherine P. Lego	Independent Director	Director/Board Member
Biography: Ms. Catherine P. Lego,CPA, is Independent Director of Lam Research Corporation since 2006. From December 1999 to December 2009, she was the General Partner of The Photonics Fund, LLP, a venture capital investment firm that she founded. Prior to forming The Photonics Fund, she founded Lego Ventures LLC, a consulting services firm for early stage electronics companies, and practiced as a Certified Public Accountant with Coopers & Lybrand, an accounting firm. Ms. Lego currently serves on the board of directors and chairs the audit committee of SanDisk Corporation, a global developer of flash memory storage solutions. She received a B.A. in economics and biology from Williams College and an M.S. in Accounting from the New York University Graduate School of Business. Age: 56 Education: New York University, MS (Accounting) Williams College, BA (Economics and Biology)
Krishna C Saraswat	Independent Director	Director/Board Member
Biography: Dr. Krishna C. Saraswat, Ph.D., serves as Independent Director of Lam Research Corporation since June 4, 2012. He has served as the Rickey/Nielsen Professor in the School of Engineering of Stanford University since 2004. He has also served as a Professor of Electrical Engineering and a Professor of Material Science and Engineering at Stanford University since 1983. Dr. Saraswat served on the board of Novellus from February 2011 until its merger with Lam Research in June 2012. Dr. Saraswat received his B.E. degree in Electronics in 1968 from the Birla Institute of Technology and Science, Pilani, India, and his M.S. and Ph.D. degrees in Electrical Engineering in 1969 and 1974, respectively, from Stanford University. At Stanford University he has been engaged in research on new and innovative materials, structures, and process technology of silicon, germanium and III-V devices and interconnects for VLSI and nanoelectronics. Age: 65 Education: Stanford University, PHD (Electrical Engineering) Stanford University, MS (Electrical Engineering) Birla Institute of Technology and Science, Pilani, B (Electronics)
William R. Spivey	Independent Director	Director/Board Member
Biography: Dr. William R. Spivey, Ph.D., serves as Independent Director of Lam Research Corporation since June 4, 2012. From July 2000 to September 2001, he was President and Chief Executive Officer of Luminent, Inc., a producer of fiber optic components. From October 1997 to July 2000, he was Group President, Network Products Group of Lucent Technologies, a producer of world-wide communications products. Previously he held senior executive positions at AT&T Microelectronics, a communications company; Tektronix, Inc., a provider of communications network management and diagnostic solutions; Honeywell; and General Electric. Dr. Spivey serves on the boards of directors of Cascade Microtech, Inc., a developer of precision electrical measurement and test of advanced semiconductor devices, and Raytheon Company, a prime contractor on a broad portfolio of defense and related programs for government customers. He also served on the boards of Novellus from May 1998 until its merger with Lam Research in June 2012; Laird PLC, a global provider of products and technology solutions, from 2002 to 2012; ADC Telecommunications, a supplier of networking products and systems, from 2004 to 2010; Lyondell Chemical Company, from 2000 to 2007; and Luminent, from 2000 to 2001. Dr. Spivey holds a Bachelor of Science degree in Physics from Duquesne University, a Masters degree in Physics from Indiana University of Pennsylvania and a Ph.D. in Management from Walden University. Age: 66 Education: Walden University, PHD (Management) Indiana University of Pennsylvania, MS (Physics) Duquense University, BS (Physics)
Abhijit Y. Talwalkar	Director	Director/Board Member
Biography: Mr. Abhijit Y. Talwalkar serves as Independent Director of Lam Research Corporation since February 2011. Since 2005, he has been the President and Chief Executive Officer of LSI Corporation, a provider of silicon, systems and software technologies for the storage and networking markets. Prior to becoming the LSI President and Chief Executive Officer, Mr. Talwalkar acted in several executive leadership roles at Intel from 1993 to 2005. Mr. Talwalkar also serves on the boards of LSI and the U.S. Semiconductor Industry Association, a semiconductor industry trade association. He has a degree in electrical engineering from Oregon State University. Age: 49 Education: Oregon State University (Electrical Engineering)

Executives

Name	Title	Function
Martin B. Anstice View Email	President, Chief Executive Officer, Director	Chief Executive Officer
Richard A. Gottscho View Email	Executive Vice President - Global Products Group	Division Head Executive
Thomas J Bondur	Sales, Marketing, Vice President	Senior Management (General)
Thomas Bower View Email	Vice President	Senior Management (General)
Nicolas J Bright	Operations, Executive Vice President	Senior Management (General)
Abdi Hariri	International, Vice President, Operations Executive	Senior Management (General)
David J Hemker View Email	Operations, Vice President	Senior Management (General)
Stacy Kirby View Email	Senior Level Officer	Senior Management (General)
Steven A Lindsay View Email	Chief Marketing Officer, Vice President, Sales Executive	Senior Management (General)
Mike Morita View Email	Business Development, Vice President	Senior Management (General)
George M Schisler View Email	Vice President, Legal	Senior Management (General)
Mukund Srinivasan	Vice President	Senior Management (General)
Timothy M. Archer	Chief Operating Officer, Executive Vice President	Operations Executive
Joseph Aurore View Email	Program Manager	Operations Executive
Frank Benavidez View Email	Manager, Global Field Operations	Operations Executive
Vince Brigman View Email	Vice President Regional Operations	Operations Executive
Dustin Bryant View Email	North America Business Operations Manager	Operations Executive
Chris Caporale View Email	Operations Manager	Operations Executive
Thierry Fried View Email	Vice President, European Sales & Field Operations	Operations Executive
Roger Gary View Email	Manager Plm Operations	Operations Executive
Gregg Harrang View Email	Senior Global Security Operations Manager	Operations Executive
Marc Haugen View Email	Vice President Global Product Operations	Operations Executive
Matt Hawkins View Email	Logistics Operations Analyst	Operations Executive
Peter Holland View Email	Director, Supply Chain Management	Operations Executive
Yoshihiko Kitayama View Email	Senior Director Operations	Operations Executive
Ken Krenzin View Email	Director, Global Inventory Planning Global Spares Operations	Operations Executive
Kelly Kurtz View Email	Senior Manager, Supply Chain Operations	Operations Executive
Jim Pasichuke View Email	Senior Director Global Business Operations	Operations Executive
Larry Reeves View Email	Global Freight Operations Manager	Operations Executive
Scott Thomas View Email	Facility Operations Manager	Operations Executive
Yaime Warf View Email	Hris Analyst	Operations Executive
Rob Woll View Email	Program Manager At Lam Research	Operations Executive
Sonia Castillo View Email	Supply Chain Business Manager	Administration Executive
Anita Gonzales View Email	Senior Administrative Specialist	Administration Executive
Sudhakar Gopalakrishnan	Senior Supply Chain Business Manager	Administration Executive
David Jensen View Email	Information Systems Manager Sap	Administration Executive
Kurt Kern View Email	Supply Chain Business Manager, Lam Res	Administration Executive
Bob Liu View Email	Supply Chain Business Manager	Administration Executive
Laura Maloney View Email	Senior Administrative Specialist	Administration Executive
Steve Porth View Email	Supply Chain Business Manager	Administration Executive
Mona Qadoura View Email	Supply Chain Business Manager	Administration Executive
Mike Rogers View Email	Supply Chain Business Manager	Administration Executive
Anibal Valadas	Supply Chain Business Manager	Administration Executive
Ryan Newberry View Email	Security Systems Technicia	Security
Doug Bettinger	Executive Vice President and Chief Financial Officer	Finance Executive
Art Brostrom View Email	Manager, Finance	Finance Executive
Tom Calderon View Email	Senior Finance Manager	Finance Executive
Grace Chen View Email	Finance Manager	Finance Executive
Leign Cramer View Email	Finance, Revenue Bookings	Finance Executive
Uma Ganesh View Email	Senior Financial Analyst	Finance Executive
Erik Goodman View Email	Manager, Finance	Finance Executive
Mike Hewitt View Email	Director, Global Financial Systems	Finance Executive
Kevin Pahler View Email	Finance Director	Finance Executive
Michelle Quejado View Email	Senior Manager, Finance	Finance Executive
Brenda Torres View Email	Director of Planning	Finance Executive
Kevin Breitling View Email	Manage of Accounts Payable	Accounting Executive
Mary Nipper	Audit - Senior Associate	Accounting Executive
Sree Visvanathan	Tax Manager	Corporate Tax Executive
Ray Allsup View Email	Director, Global Benefits	Benefits & Compensation Executive
Karen Borden View Email	Human Resources Director	Human Resources Executive
Jessica Bounlangsy View Email	Human Resources Representative	Human Resources Executive
Beth Fazal View Email	Manager, Human Resources	Human Resources Executive
Shawn Redigan View Email	Director, Human Resources and Global Legal Systems	Human Resources Executive
Jay Sekoch View Email	Human Resources	Human Resources Executive
Josh Estes View Email	Training Specialist	Training Executive
Josh Feldman View Email	Senior Manager, Global Training	Training Executive
Gert Kofler View Email	Manager, Product Training	Training Executive
Steve Manley	Manager Multimedia Training	Training Executive
Steve Nestle View Email	Training and Tech Pubs Manager	Training Executive
Lori Robinson View Email	Director of World Wide Information Technology Training	Training Executive
Christian Vescia	Senior Training Manager, Global Learning and Development	Training Executive
Chris Carolin View Email	Director Customer Support	Customer Service Executive
Candie Stroope	Customer Service Manager	Customer Service Executive
Anthony Kaetzel	Global Account Manager	International Sales Executive
Malcolm Appelbe View Email	Global Logistics Planning and Spares	International Executive
Dorinda Chen View Email	Global Mobility Specialist	International Executive
Cuong Lieu View Email	Global Compliance Manager	International Executive
Lolita Vardeh	Global Mobility Specialist	International Executive
Greg Amico View Email	Senior Director of Product Marketing	Marketing Executive
Raghu Balasubramanian	Director-Marketing New Products	Marketing Executive
Gary Blutman View Email	Vice President Corporate Marketing	Marketing Executive
Chris Carter View Email	Director Marketing Development	Marketing Executive
Indradeep Ghosh View Email	Manager Marketing	Marketing Executive
Patty Natoli View Email	Marketing Communications	Marketing Executive
Elizabeth Pavel View Email	Senior Marketing Manager Corporate Communications	Marketing Executive
Julie Moore	Internal Communications Manager	Corporate Communications Executive
Carol Raeburn	Corporate Communications Executive	Corporate Communications Executive
Shanye Hudson View Email	Director, Investor Relations	Investor Relations Executive
Lisa Agnelli View Email	Knowledge Management Manager	Information Executive
Sanjeev Arora View Email	Information Technology Project Manager	Information Executive
Anu Chowdipura View Email	Information Technology Manager	Information Executive
Gary Cook View Email	Information Technology Specialist	Information Executive
Tom Coonce View Email	Project Manager Systems	Information Executive
Robert Dunsford View Email	Senior Information Technology Manager, Business Intelligence	Information Executive
Walt Ellis View Email	Information Technology Program Manager Staff A	Information Executive
Rommel Esguerra View Email	Information Technology Program Manager	Information Executive
Bradley Estes View Email	Manager-Knowledge Management	Information Executive
Michael Ezeir View Email	Director, Knowledge Management	Information Executive
Tim Finley View Email	Applications Solutions Manager	Information Executive
Don Forsberg View Email	Manager, IT Projects	Information Executive
Richard Gould View Email	Senior Technical Program Manager	Information Executive
Raymond Lee View Email	Information Systems Program Manager	Information Executive
Ron Linnebur View Email	Business Systems Manager	Information Executive
Vish Mathur View Email	Business Systems Analyst Erp	Information Executive
Ben Mooring View Email	Director - 2300 Systems Engineering	Information Executive
Steve Pelletier View Email	Information Systems Program Manager	Information Executive
Michelle Peterson View Email	Information Technology	Information Executive
Kendric Todi View Email	Information Security Engineer	Information Executive
Greg Almeida View Email	Network Administrator	Network Management Executive
Robert Chioino View Email	Network Analyst	Network Management Executive
James Adams View Email	Product Marketing Engineer	Engineering/Technical Executive
Raymond Ahn View Email	Manufacturing Engineer	Engineering/Technical Executive
Armen Avoyan View Email	Engineer	Engineering/Technical Executive
Patrick Barber View Email	Supply Chain Engineering	Engineering/Technical Executive
Frank Baskovich View Email	Tech Training-Curriculum Development	Engineering/Technical Executive
Butch Berney View Email	Manager, Engineering	Engineering/Technical Executive
Greg Bettencourt View Email	Engineer	Engineering/Technical Executive
Anand Bhambure View Email	Programmer Analyst Senior	Engineering/Technical Executive
John Boniface View Email	Project Engineer	Engineering/Technical Executive
Andy Boyden View Email	Senior Manufacturing Engineer	Engineering/Technical Executive
Eugene Braga View Email	Electric Engineer	Engineering/Technical Executive
Ford Brittain View Email	Senior Field Engineer	Engineering/Technical Executive
Danny Brown View Email	Mechanical Engineer I	Engineering/Technical Executive
Francisco Camargo View Email	Engineer	Engineering/Technical Executive
Henry Chan View Email	Software Engineering Manager	Engineering/Technical Executive
Alan Chang View Email	Software Engineer	Engineering/Technical Executive
Quan Chau View Email	Senior Test Engineer	Engineering/Technical Executive
Jeejo Chirayath View Email	Senior Program Manager	Engineering/Technical Executive
Tom Choi View Email	Process Engineer	Engineering/Technical Executive
Himanshu Chokshi View Email	Engineering Manager	Engineering/Technical Executive
Keith Comendant View Email	Staff Engineer	Engineering/Technical Executive
Josh Cormier View Email	Electrical Engineer	Engineering/Technical Executive
Paul Cunningham View Email	Mechanical Designer	Engineering/Technical Executive
Keith Dawson View Email	Engineer	Engineering/Technical Executive
Gerardo Delgadino View Email	Engineering Manager	Engineering/Technical Executive
Tim Derouin View Email	Process Engineer	Engineering/Technical Executive
John Drewery View Email	Director, Technical	Engineering/Technical Executive
Erik Edelberg View Email	Engineering Manager	Engineering/Technical Executive
Fred Egley View Email	Director Electrical Engineering	Engineering/Technical Executive
Robert Eramo	Senior Project Engineer	Engineering/Technical Executive
William Fahrni View Email	Engineer	Engineering/Technical Executive
Janet Flanner View Email	Staff Engineer; New Product Development	Engineering/Technical Executive
Karin Fletcher View Email	Senior Manager Erp Tech	Engineering/Technical Executive
Bruce Freeman View Email	Technical Services Manager	Engineering/Technical Executive
Hannes Gfrerer View Email	Lams Technical Expert For Sharepoint	Engineering/Technical Executive
Mike Giarratano View Email	Senior Elect Engineer	Engineering/Technical Executive
Nancy Gilbert View Email	Senior Manager, Engineering	Engineering/Technical Executive
Simon Gosselin View Email	Engineer	Engineering/Technical Executive
Brad Grattidge View Email	Senior Manager, Engineering	Engineering/Technical Executive
Felix Gutman View Email	Staff Engineer	Engineering/Technical Executive
Declan Hayes View Email	Supervisor Engineer	Engineering/Technical Executive
Steve Heavner View Email	Senior Tech Pubs Manager	Engineering/Technical Executive
Robert Hefty View Email	Director	Engineering/Technical Executive
Seongjun Heo View Email	Process Engineer	Engineering/Technical Executive
Sergio Hernandez View Email	Sap Implemenation and Support	Engineering/Technical Executive
Mark Hnatiuk View Email	Test Engineer	Engineering/Technical Executive
Stephan Hoffmann View Email	Process Engineer	Engineering/Technical Executive
Tuochuan Huang View Email	Engineer	Engineering/Technical Executive
Jerome Hubacek View Email	Technical Director	Engineering/Technical Executive
Girish Hundi View Email	Design Engineer	Engineering/Technical Executive
Lynn Huynh View Email	Engineer	Engineering/Technical Executive
Stephen Hwang View Email	Director, It	Engineering/Technical Executive
Diane Hymes View Email	Director Technology	Engineering/Technical Executive
Nabeel Ibrahim View Email	Senior Business Development Manager	Engineering/Technical Executive
John Jensen View Email	Engineering Manager	Engineering/Technical Executive
Wayland Jew View Email	Project Engineer	Engineering/Technical Executive
Cheri Johnson	Engineering Coordinator	Engineering/Technical Executive
Andrew Jorge View Email	Product Structure Engineer	Engineering/Technical Executive
Michael Kang View Email	Mechanical Design Engineer	Engineering/Technical Executive
Mark Kawaguchi View Email	Senior Manager, Engineering	Engineering/Technical Executive
William Kennedy View Email	Engineer	Engineering/Technical Executive
Steve Kim View Email	Technical Program Director	Engineering/Technical Executive
Yoojin Kim View Email	Manager, Engineering	Engineering/Technical Executive
Harald Klose View Email	Engineering Manager	Engineering/Technical Executive
Artur Kolics View Email	Technical Director 1	Engineering/Technical Executive
Soon Kuek View Email	Engineering Manager	Engineering/Technical Executive
Venkatesh Kumar View Email	Engineer	Engineering/Technical Executive
Klay Kunkel View Email	Electrical Engineer Manager	Engineering/Technical Executive
Connie Lam	Technical Director	Engineering/Technical Executive
Steve Lee View Email	Senior Process Engineer	Engineering/Technical Executive
Gary Lemson View Email	Senior Engineer	Engineering/Technical Executive
Nanhai Li View Email	Engineer	Engineering/Technical Executive
Todd Lopes View Email	Product Engineer	Engineering/Technical Executive
Jorge Luque View Email	Technical Director	Engineering/Technical Executive
Val Malin View Email	Engineer	Engineering/Technical Executive
Ricky Marsh View Email	Product Engineer	Engineering/Technical Executive
Glenn Mcardle View Email	Desktop Server Manager	Engineering/Technical Executive
Brian Mcmillin View Email	Principal Engineer	Engineering/Technical Executive
Buzz Messier View Email	Senior Field Service Engineer	Engineering/Technical Executive
Cliff Moore View Email	Manager Technical Services	Engineering/Technical Executive
Manuchehr Nabyzadeh View Email	Engineer	Engineering/Technical Executive
Tuan Ngo View Email	Engineer	Engineering/Technical Executive
Thomas Nguyen View Email	Engineering Manager	Engineering/Technical Executive
Dzung Nguyen View Email	Senior Electrical Engineer	Engineering/Technical Executive
Tuan Nguyen View Email	Component Engineer	Engineering/Technical Executive
Hoan Nguyen View Email	Sen Software Engineer	Engineering/Technical Executive
Thad Nicholson View Email	Test Engineer	Engineering/Technical Executive
Peter Norton View Email	Staff Engineer	Engineering/Technical Executive
Brian Okamoto View Email	Manager, Engineering	Engineering/Technical Executive
Michael Orbock View Email	Product Engineer Senior	Engineering/Technical Executive
John Parks View Email	Staff Engineer	Engineering/Technical Executive
Roger Patrick View Email	Director, Engineering	Engineering/Technical Executive
Quang Pham View Email	Electrical Engineer	Engineering/Technical Executive
Meghan Piper View Email	Engineer	Engineering/Technical Executive
Vinay Pohray View Email	Senior Manager, Engineering	Engineering/Technical Executive
John Rasnick View Email	Senior Electrical Engineer	Engineering/Technical Executive
Mark Robson View Email	Process Engineer	Engineering/Technical Executive
Matt Rodnick View Email	Senior Project Engineer	Engineering/Technical Executive
Camelia Rusu View Email	Electrical Engineer	Engineering/Technical Executive
Jaime Sarmiento View Email	Software Engineer	Engineering/Technical Executive
Doug Schmidt View Email	Sap Project Manager	Engineering/Technical Executive
Alan Schoepp View Email	Director, It	Engineering/Technical Executive
Patty Schulze View Email	Engineer	Engineering/Technical Executive
Evelio Sevillano View Email	Technical Director	Engineering/Technical Executive
Andrew Siu View Email	Engineering Manager	Engineering/Technical Executive
John Strom View Email	Director of Software Products	Engineering/Technical Executive
Kevin Sung View Email	Engineering Director	Engineering/Technical Executive
Travis Throwell View Email	Security System Administrator	Engineering/Technical Executive
Arnold Tiongson View Email	System Administrator	Engineering/Technical Executive
Alex Tuchinsky	Electrical Engineer	Engineering/Technical Executive
Odette Turmel View Email	Process Engineer	Engineering/Technical Executive
Manuel Vega View Email	Packaging Engineer	Engineering/Technical Executive
Michael Vu View Email	Electl Engineer	Engineering/Technical Executive
Robert Wallach View Email	Engineer	Engineering/Technical Executive
Peter Wassei View Email	Engineer	Engineering/Technical Executive
Mike Weddle View Email	Engineer	Engineering/Technical Executive
Vernon Wong View Email	Mechnical Engineer Manager	Engineering/Technical Executive
Vincent Wong View Email	Senior Manager, Engineering	Engineering/Technical Executive
Jim Woodward View Email	Quality Engineer	Engineering/Technical Executive
Ying Wu View Email	Engineer	Engineering/Technical Executive
Shun Wu View Email	Senior Staff Engineer	Engineering/Technical Executive
Puneet Yadav View Email	Process Engineer	Engineering/Technical Executive
Takumi Yanagawa View Email	Process Engineer	Engineering/Technical Executive
Wendell Yee View Email	Senior Manager, Engineering	Engineering/Technical Executive
Gary Yee View Email	Staff Software Engineer	Engineering/Technical Executive
David Young View Email	Product Marketing Engineer Senior	Engineering/Technical Executive
Tao Zhang	Engineer	Engineering/Technical Executive
Catherine Zhou View Email	Process Engineer	Engineering/Technical Executive
Helen Zhu View Email	Senior Manager, Engineering	Engineering/Technical Executive
J Zhu View Email	Process Engineer	Engineering/Technical Executive
Paul Tamayo View Email	Telecommunication Analyst	Telecommunications Executive
Denise Bowerman View Email	Research Travel Department	Research & Development Executive
Christie Gemmet View Email	Research	Research & Development Executive
Belinda Nabarrete View Email	Manageing Director At Lam Research	Research & Development Executive
Stephen Bailey View Email	Design Manager	Product Management Executive
Ian Binding View Email	Director Product Manager	Product Management Executive
Joe Bruno View Email	Designer	Product Management Executive
Tony Gamez	Designer	Product Management Executive
Mike Ingamells View Email	Senior Product Manager	Product Management Executive
Mark Merrill View Email	Vice President of Marketing and Product Managment	Product Management Executive
Jay Minami View Email	Senior Manager, Product Marketing	Product Management Executive
Konstantin Smekalin View Email	Product Marketing Director	Product Management Executive
Judy Inagaki View Email	Business Development	Business Development Executive
Yasuhide Kaneoka View Email	Senior Director, Business Development (Japan)	Business Development Executive
Tze Chong View Email	Planner	Planning Executive
Stephanie Tole View Email	Production, Planning Manager	Planning Executive
Sarah A. O'Dowd View Email	Senior Vice President, Chief Legal Officer	Legal Executive
Ramon Dumancas View Email	Manager of Shipping and Receiving	Logistics Executive
Marie Good View Email	Traffic Manager	Logistics Executive
Cindy Traver View Email	Director Transportation	Logistics Executive
Anshul Agarwal View Email	Buyer	Merchandise Management Executive
Ikala Davenport View Email	Senior Buyer	Merchandise Management Executive
Judy Elrite View Email	Buyer Specialist, Cpsm, Cpm	Merchandise Management Executive
Melissa Noard View Email	Senior Buyer	Merchandise Management Executive
John Ryan View Email	Senior Buyer	Merchandise Management Executive
Maribel Valle View Email	Buyer Planner	Merchandise Management Executive
Teri Williams View Email	Facilities Manager	Facilities Executive
Pam Clifford View Email	Materials Project Spec Senior	Purchasing Executive
Greg Evans View Email	Director of Supply Chain	Purchasing Executive
John Haruff View Email	Supply Chain Manager	Purchasing Executive
Dwayne Jones View Email	Spare Parts Manager	Purchasing Executive
Doug Meakin View Email	Senior Director, Supply Chain Management	Purchasing Executive
Dave Robinson View Email	Director of Supply Chain	Purchasing Executive
Sonya Salviejo View Email	Purchasing Agent	Purchasing Executive
Patrick Sheehy View Email	Director, Supply Chain Business Management	Purchasing Executive
Ron D'Ercole View Email	Senior Director, Corporate Quality	Quality Executive
Michael Armer View Email	Enterprise Architecture	Other
Tom Baldi View Email	Spares Pricing Manager	Other
Damon Belanger View Email	Multimedia Specialist	Other
Jason Carrel View Email	Foreign Trade Manager	Other
Janet Cheng View Email	Head of Doc Control	Other
Brian Claes View Email	Manager	Other
Calum Cunningham View Email	Senior Director	Other
Glenn Davis	Senior Designer	Other
Jacqueline Fernstrom	Project Manager	Other
Rachael Gentile	Project Manager	Other
Mike Hill View Email	Senior Director of Learning and Development	Other
Mitsuko Huyn View Email	Pcb Designer	Other
Eller Juco View Email	Staff Ee	Other
Richard Kraynick View Email	Manager	Other
Karen Lewis View Email	Head, Blackberry Support	Other
Andrew Li View Email	Phd Candidate	Other
Oliver Linn View Email	Bus Sys M	Other
Sharon Ng View Email	Senior Section Manager	Other
Dinh Pham	Mech Designer	Other
Bryon Priore View Email	Program Manager	Other
Anthony Ricci View Email	Project Manager Feol and Al Beol Etch	Other
Arthur Sato View Email	Pro	Other
Rick Siciliano View Email	Senior Material Manager	Other
Cindy Swan View Email	Program Manager	Other
Cindy Swett View Email	Sap Implementation and Support	Other
Matt Tarasuk View Email	Senior Project Manager	Other
William Thie View Email	Manager	Other
Rick Tidwell View Email	Director of Field Service	Other
Jay Uglow View Email	Senior Director	Other
Harry Wong View Email	Manager	Other
Ally Zhou View Email	Project Manager	Other

Significant Developments

Lam Research Corp Issues Q2 2014 Guidance; EPS Guidance Above Analysts' Estimates

Oct 23, 2013

Lam Research Corp announced that for the second quarter of 2014, it expects revenue of approximately $1.1 billion plus or minus $30 and earnings per share (EPS) of approximately $1.02 plus or minus $0.05. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $1.096 million and EPS of $0.94 for the second quarter of 2014.

Lam Research Corp Issues Q1 2014 Guidance Below Analysts' Estimates

Jul 31, 2013

Lam Research Corp announced that for the first quarter of 2014, it expects revenue of approximately $1 billion plus or minus $30 million and earnings per share (EPS) of approximately $0.68 plus or minus $0.07. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $1.042 billion and EPS of $0.83 for the first quarter of 2014.

Lam Research Corp Issues Q4 2013 EPS Guidance Above Analysts' Estimates-Conference Call

Apr 24, 2013

Lam Research Corp announced that for the fourth quarter of 2013, it expects revenues of $975 million plus or minus $30 million and earnings per share (EPS) of $0.70 plus or minus $0.07. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $914 million and EPS of $0.61 for the fourth quarter of 2013.

Lam Research Corp Announces $250 Million Share Repurchase Program

Apr 24, 2013

Lam Research Corp announced that Board of Directors has authorized the repurchase of up to $250 million of the Company's common stock. The Company concluded its prior repurchase authorization in the amount of $1.6 billion, retiring approximately 44 million shares. Under the new program, repurchases of common stock may be made through both public market and private transactions, and may include the use of derivative contracts and structured share repurchase agreements. The share repurchase program may be suspended or discontinued at any time and does not have a set expiration.

Lam Research Corp Appoints Doug Bettinger as Chief Financial Officer

Feb 26, 2013

Lam Research Corp announced that effective March 11, Doug Bettinger will serve as executive vice president and chief financial officer, succeeding Ernie Maddock. Lam announced Mr. Maddock's planned departure from the Company in January. Mr. Maddock will assist Mr. Bettinger in the transition process through mid-April.

Lam Research Corp Issues Q3 2013 Guidance Below Analysts' Estimates-Conference Call

Jan 24, 2013

Lam Research Corp announced that for third quarter of 2013, it expects revenues of $830 million, plus or minus $30 million. Earnings per share of $0.35, plus or minus $0.07, based on a share count of approximately 170 million shares. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $867 million and EPS of $0.47 for third quarter of 2013.

Lam Research Corp Announces Planned Departure Of Chief Financial Officer

Jan 23, 2013

Lam Research Corp announced that after more than 15 years with Lam, Ernie Maddock, Chief Financial Officer, will be leaving the Company in mid-April. The Company has an active search for a successor and consistent with prior planned executive transitions at Lam, Maddock will remain Chief Financial Officer until a successor is in place and will remain available as necessary to ensure a smooth transition thereafter.

Axcelis Technologies Inc And Lam Research Corp Announces Strategic Collaboration Agreement On Ion Implant, Dry-Strip, And Etch

Dec 04, 2012

Axcelis Technologies Inc and Lam Research Corp., announced a strategic collaboration agreement focusing on the interrelationship between ion implantation, etch processes, and photoresist strip applications, including material modification implants and high-dose implant strip (HDIS). Separately, Axcelis decided that it will exit the dry-strip business and divest dry-strip intellectual property and technology, including the advanced non-oxidizing process technology of Integra product line, to Lam Research, allowing Axcelis to focus exclusively on the ion implant market. Axcelis will continue to ship 300 mm dry-strip products through August 2013, and support the Axcelis installed base indefinitely, including all existing parts and service contracts.

News

Lam Research (LRCX) Showing Bullish Technicals With Support At $52.49 Individual.com (95 Words)	05-Nov-2013
Volatility Index ventures to caution-zone territory MarketWatch (2037 Words)	05-Nov-2013
Highest Sales per Share in the Semiconductor Equipment Industry Detected in Shares of Lam Research (LRCX, CCMP, AMKR, KLAC, VECO) Individual.com (42 Words)	05-Nov-2013
US Patent Issued to Lam Research on Nov. 5 for "Showerhead electrode" (California Inventors) U.S. Fed News (172 Words)	05-Nov-2013
US Patent Issued to Lam Research on Nov. 5 for "Inorganic rapid alternating process for silicon etch" (American, Japanese Inventors) U.S. Fed News (245 Words)	05-Nov-2013
US Patent Issued to Lam Research on Nov. 5 for "Bevel edge plasma chamber with top and bottom edge electrodes" (California Inventors) U.S. Fed News (243 Words)	05-Nov-2013
US Patent Issued to Lam Research on Nov. 5 for "Multi-part electrode for a semiconductor processing plasma reactor and method of replacing a portion... U.S. Fed News (235 Words)	05-Nov-2013
US Patent Issued to Lam Research on Nov. 5 for "Apparatus and method for ultrasonic wet treatment of plate-like articles" (Austrian Inventors) U.S. Fed News (220 Words)	05-Nov-2013
Method and system for uniformly applying a multi-phase cleaning solution to a substrate U.S. Patents (166 Words)	04-Nov-2013
NI Technology Research Rolls Out Earnings Predictions for TriQuint Semiconductor, Lam Research, Teradyne, Avnet, and Benchmark Electronics Wireless News (565 Words)	03-Nov-2013
Stocks to Keep Your Eyes On: Fab Universal Corp (NYSEMKT:FU), Jive Software Inc (NASDAQ:JIVE), Lam Research Corporation (NASDAQ:LRCX), Intersil Corp (NASDAQ:ISIL) SBWire (592 Words)	02-Nov-2013

Annual Income Statement

	30-Jun-2013	24-Jun-2012	26-Jun-2011	27-Jun-2010	28-Jun-2009
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
UpdateType/Date	Updated Normal 30-Jun-2013	Updated Normal 24-Jun-2012	Reclassified Normal 24-Jun-2012	Reclassified Normal 24-Jun-2012	Updated Normal 28-Jun-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	3,598.9	2,665.2	3,237.7	2,133.8	1,115.9
Revenue	3,598.9	2,665.2	3,237.7	2,133.8	1,115.9
Total Revenue	3,598.9	2,665.2	3,237.7	2,133.8	1,115.9
Cost of Revenue	2,195.9	1,581.1	1,740.5	1,163.8	727.2
Cost of Revenue, Total	2,195.9	1,581.1	1,740.5	1,163.8	727.2
Gross Profit	1,403.1	1,084.1	1,497.2	969.9	388.7
Selling/General/Administrative Expense	599.5	400.1	308.1	240.9	233.1
Total Selling/General/Administrative Expenses	599.5	400.1	308.1	240.9	233.1
Research & Development	683.7	444.6	373.3	320.9	288.3
Purchased R&D Written-Off	-	-	-	-	0.0
Restructuring Charge	1.8	1.7	11.6	21.3	44.5
Litigation	-	-	-	-	4.6
Impairment-Assets Held for Use	-	-	-	-	96.3
Unusual Expense (Income)	1.8	1.7	11.6	21.3	145.4
Other Operating Expense	-	0.0	0.0	-38.6	3.2
Other Operating Expenses, Total	-	0.0	0.0	-38.6	3.2
Total Operating Expense	3,480.8	2,427.5	2,433.4	1,708.4	1,397.2
Operating Income	118.1	237.7	804.3	425.4	-281.2
Interest Expense - Non-Operating	-60.4	-39.0	-5.4	-1.0	-6.5
Interest Expense, Net Non-Operating	-60.4	-39.0	-5.4	-1.0	-6.5
Interest Income - Non-Operating	14.7	12.1	9.9	8.7	24.3
Investment Income - Non-Operating	-8.4	-0.4	-11.1	-0.1	0.9
Interest/Investment Income - Non-Operating	6.3	11.7	-1.2	8.6	25.2
Interest Income (Expense) - Net Non-Operating Total	-54.1	-27.2	-6.6	7.6	18.7
Other Non-Operating Income (Expense)	2.7	-6.1	3.2	-2.9	-0.6
Other, Net	2.7	-6.1	3.2	-2.9	-0.6
Income Before Tax	66.7	204.4	800.9	430.1	-263.1
Total Income Tax	-47.2	35.7	77.1	83.5	39.1
Income After Tax	113.9	168.7	723.7	346.7	-302.1
Net Income Before Extraord Items	113.9	168.7	723.7	346.7	-302.1
Net Income	113.9	168.7	723.7	346.7	-302.1
Income Available to Common Excl Extraord Items	113.9	168.7	723.7	346.7	-302.1
Income Available to Common Incl Extraord Items	113.9	168.7	723.7	346.7	-302.1
Basic/Primary Weighted Average Shares	168.9	124.2	123.5	126.9	125.6
Basic EPS Excl Extraord Items	0.67	1.36	5.86	2.73	-2.41
Basic/Primary EPS Incl Extraord Items	0.67	1.36	5.86	2.73	-2.41
Dilution Adjustment	-	-	-	-	0.0
Diluted Net Income	113.9	168.7	723.7	346.7	-302.1
Diluted Weighted Average Shares	173.4	125.2	125.0	128.1	125.6
Diluted EPS Excl Extraord Items	0.66	1.35	5.79	2.71	-2.41
Diluted EPS Incl Extraord Items	0.66	1.35	5.79	2.71	-2.41
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	60.4	39.0	5.4	1.0	6.5
Depreciation, Supplemental	304.1	73.9	53.8	47.5	48.4
Total Special Items	1.8	1.7	11.6	21.3	145.4
Normalized Income Before Tax	68.5	206.1	812.5	451.5	-117.7
Effect of Special Items on Income Taxes	0.6	0.3	1.1	4.1	50.9
Inc Tax Ex Impact of Sp Items	-46.6	36.0	78.2	87.6	90.0
Normalized Income After Tax	115.1	170.1	734.2	363.8	-207.6
Normalized Inc. Avail to Com.	115.1	170.1	734.2	363.8	-207.6
Basic Normalized EPS	0.68	1.37	5.94	2.87	-1.65
Diluted Normalized EPS	0.66	1.36	5.87	2.84	-1.65
Amort of Intangibles, Supplemental	-	26.9	21.0	23.9	24.0
Rental Expenses	14.0	11.0	9.0	6.0	9.0
Research & Development Exp, Supplemental	683.7	444.6	373.3	320.9	288.3
Normalized EBIT	119.9	239.5	815.9	446.7	-135.8
Normalized EBITDA	424.0	340.3	890.6	518.1	-63.4
Current Tax - Domestic	-1.1	5.0	55.1	38.2	-6.5
Current Tax - Foreign	20.6	33.9	22.6	22.8	15.0
Current Tax - Local	3.3	1.3	3.2	6.1	-0.5
Current Tax - Total	22.9	40.2	80.8	67.2	8.0
Deferred Tax - Domestic	-60.2	-1.0	-25.1	11.4	11.7
Deferred Tax - Foreign	-3.6	-3.8	-5.2	-0.1	11.3
Deferred Tax - Local	-6.4	0.3	26.6	5.0	8.0
Deferred Tax - Total	-70.1	-4.5	-3.7	16.3	31.0
Income Tax - Total	-47.2	35.7	77.1	83.5	39.1
Defined Contribution Expense - Domestic	8.7	5.8	5.1	4.3	20.9
Total Pension Expense	8.7	5.8	5.1	4.3	20.9

Annual Balance Sheet

Financials in: USD (mil)

	30-Jun-2013	24-Jun-2012	26-Jun-2011	27-Jun-2010	28-Jun-2009
UpdateType/Date	Updated Normal 30-Jun-2013	Updated Normal 24-Jun-2012	Restated Normal 24-Jun-2012	Reclassified Normal 26-Jun-2011	Restated Normal 27-Jun-2010
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	1,162.5	1,564.8	1,492.1	545.8	374.2
Short Term Investments	1,334.7	1,297.9	630.1	280.7	205.2
Cash and Short Term Investments	2,497.2	2,862.7	2,122.2	826.5	579.4
Accounts Receivable - Trade, Gross	608.1	771.1	595.3	510.5	264.3
Provision for Doubtful Accounts	-5.4	-5.2	-4.7	-10.6	-10.7
Trade Accounts Receivable - Net	602.6	765.8	590.6	499.9	253.6
Total Receivables, Net	602.6	765.8	590.6	499.9	253.6
Inventories - Finished Goods	145.3	172.0	114.6	91.8	52.5
Inventories - Work In Progress	101.5	118.6	69.0	67.1	35.5
Inventories - Raw Materials	312.5	342.3	213.0	159.6	145.4
Total Inventory	559.3	632.9	396.6	318.5	233.4
Prepaid Expenses	102.1	106.0	85.4	65.7	101.7
Deferred Income Tax - Current Asset	27.7	47.8	78.4	46.2	69.0
Other Current Assets	4.9	-	-	-	-
Other Current Assets, Total	32.6	47.8	78.4	46.2	69.0
Total Current Assets	3,793.8	4,415.1	3,273.3	1,756.7	1,237.1
Buildings	325.4	285.9	121.3	116.4	116.6
Land/Improvements	65.4	65.2	14.8	15.6	16.6
Machinery/Equipment	641.2	573.7	441.5	331.2	324.0
Other Property/Plant/Equipment	21.1	19.8	15.3	14.1	13.3
Property/Plant/Equipment - Gross	1,053.0	944.5	592.7	477.3	470.4
Accumulated Depreciation	-449.1	-359.9	-322.3	-277.0	-254.7
Property/Plant/Equipment - Net	603.9	584.6	270.5	200.3	215.7
Goodwill, Net	1,452.2	1,446.3	169.2	169.2	169.2
Intangibles - Gross	1,384.7	1,333.8	153.1	152.3	152.3
Accumulated Intangible Amortization	-310.3	-132.5	-105.6	-84.6	-60.7
Intangibles, Net	1,074.3	1,240.4	47.4	67.7	91.6
LT Investments - Other	98.1	-	-	-	-
Long Term Investments	98.1	-	-	-	-
Deferred Income Tax - Long Term Asset	-	0.0	3.9	26.2	17.0
Restricted Cash - Long Term	166.5	166.3	165.3	165.2	178.4
Other Long Term Assets	61.4	151.9	124.4	102.0	84.1
Other Long Term Assets, Total	227.9	318.2	293.5	293.5	279.6
Total Assets	7,250.3	8,004.7	4,053.9	2,487.4	1,993.2
Accounts Payable	200.3	258.8	163.5	121.1	49.6
Accrued Expenses	254.8	274.2	206.3	164.6	192.8
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	514.7	511.1	4.8	5.0	5.3
Customer Advances	225.0	164.8	153.7	123.2	45.8
Income Taxes Payable	39.4	24.7	51.2	54.9	32.0
Other Current Liabilities	170.3	193.3	101.3	89.9	56.6
Other Current liabilities, Total	434.8	382.8	306.1	268.0	134.3
Total Current Liabilities	1,404.5	1,426.9	680.8	558.7	382.1
Long Term Debt	964.3	952.1	738.5	17.6	40.9
Capital Lease Obligations	11.8	-	-	-	-
Total Long Term Debt	976.2	952.1	738.5	17.6	40.9
Total Debt	1,490.8	1,463.3	743.3	22.6	46.2
Other Long Term Liabilities	380.8	493.8	164.8	143.0	117.1
Other Liabilities, Total	380.8	493.8	164.8	143.0	117.1
Total Liabilities	2,761.4	2,872.9	1,584.0	719.3	540.1
Common Stock	0.2	0.2	0.1	0.1	0.1
Common Stock	0.2	0.2	0.1	0.1	0.1
Additional Paid-In Capital	5,084.5	4,943.5	1,531.5	1,452.9	1,377.2
Retained Earnings (Accumulated Deficit)	2,972.7	2,858.8	2,690.1	1,966.3	1,624.2
Treasury Stock - Common	-3,539.8	-2,636.9	-1,761.6	-1,581.4	-1,495.7
Unrealized Gain (Loss)	0.0	-0.3	0.7	1.2	-
Translation Adjustment	-17.2	-22.5	14.9	-65.8	-
Minimum Pension Liability Adjustment	-14.3	-10.8	-6.4	-5.2	-
Other Comprehensive Income	2.8	-0.2	0.6	0.0	-52.8
Other Equity, Total	-28.7	-33.5	9.0	-71.1	-52.8
Total Equity	4,488.9	5,131.8	2,469.8	1,768.1	1,453.1
Total Liabilities & Shareholders’ Equity	7,250.3	8,004.7	4,053.9	2,487.4	1,993.2
Shares Outstanding - Common Stock Primary Issue	162.9	186.7	123.6	125.9	126.5
Total Common Shares Outstanding	162.9	186.7	123.6	125.9	126.5
Treasury Shares - Common Stock Primary Issue	62.1	62.1	41.0	36.9	34.7
Employees	6,600	6,600	3,700	3,232	2,711
Number of Common Shareholders	487	458	339	358	371
Accumulated Intangible Amort, Suppl.	310.3	132.5	105.6	84.6	60.7
Deferred Revenue - Current	225.0	164.8	153.7	123.2	45.8
Total Long Term Debt, Supplemental	1,599.9	1,599.9	903.9	7.0	27.1
Long Term Debt Maturing within 1 Year	699.9	0.0	3.2	3.6	3.9
Long Term Debt Maturing in Year 2	0.0	0.0	0.7	2.8	11.0
Long Term Debt Maturing in Year 3	450.0	0.0	0.0	0.6	8.2
Long Term Debt Maturing in Year 4	0.0	450.0	0.0	0.0	4.0
Long Term Debt Maturing in Year 5	450.0	0.0	450.0	0.0	0.0
Long Term Debt Maturing in 2-3 Years	450.0	0.0	0.7	3.4	19.2
Long Term Debt Maturing in 4-5 Years	450.0	450.0	450.0	0.0	4.0
Long Term Debt Matur. in Year 6 & Beyond	0.0	1,149.9	450.0	0.0	0.0
Interest Costs	-0.5	-1.1	-1.3	-	-2.5
Total Capital Leases, Supplemental	13.5	14.1	17.0	-	19.1
Capital Lease Payments Due in Year 1	1.8	1.9	1.9	-	1.9
Capital Lease Payments Due in Year 2	1.8	1.6	1.9	-	1.9
Capital Lease Payments Due in Year 3	1.8	1.6	1.6	-	1.9
Capital Lease Payments Due in Year 4	8.5	2.1	1.6	-	1.9
Capital Lease Payments Due in Year 5	0.0	7.9	2.4	-	1.7
Capital Lease Payments Due in 2-3 Years	3.6	3.2	3.5	-	3.8
Capital Lease Payments Due in 4-5 Years	8.5	10.1	3.9	-	3.6
Cap. Lease Pymts. Due in Year 6 & Beyond	0.0	0.0	8.9	-	12.3
Total Operating Leases, Supplemental	158.6	50.2	34.0	171.1	186.2
Operating Lease Payments Due in Year 1	147.4	15.6	11.1	8.0	9.9
Operating Lease Payments Due in Year 2	5.7	12.5	9.2	5.1	6.8
Operating Lease Payments Due in Year 3	3.3	10.0	7.0	4.1	7.2
Operating Lease Payments Due in Year 4	1.1	5.9	4.2	2.9	8.4
Operating Lease Payments Due in Year 5	1.1	4.8	1.6	143.2	7.8
Operating Lease Pymts. Due in 2-3 Years	9.0	22.5	16.2	9.2	14.1
Operating Lease Pymts. Due in 4-5 Years	2.1	10.7	5.9	146.0	16.3
Oper. Lse. Pymts. Due in Year 6 & Beyond	0.0	1.4	0.8	7.9	145.9

Annual Cash Flows

Financials in: USD (mil)

	30-Jun-2013	24-Jun-2012	26-Jun-2011	27-Jun-2010	28-Jun-2009
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
UpdateType/Date	Updated Normal 30-Jun-2013	Updated Normal 24-Jun-2012	Updated Normal 26-Jun-2011	Updated Normal 27-Jun-2010	Updated Normal 28-Jun-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	113.9	168.7	723.7	346.7	-302.1
Depreciation	304.1	100.8	74.8	71.4	72.4
Depreciation/Depletion	304.1	100.8	74.8	71.4	72.4
Deferred Taxes	-70.2	42.4	-10.7	13.7	30.5
Unusual Items	5.5	2.6	11.6	24.8	161.8
Other Non-Cash Items	166.3	118.3	59.7	54.1	54.4
Non-Cash Items	171.9	120.9	71.3	78.8	216.1
Accounts Receivable	162.6	66.1	-89.7	-246.7	-
Inventories	76.4	74.0	-77.5	-79.7	-
Prepaid Expenses	2.9	43.2	-25.3	-23.6	-
Accounts Payable	-58.1	12.1	42.3	71.6	-
Accrued Expenses	-43.8	-120.0	138.1	41.1	-
Other Liabilities	60.2	-9.2	34.0	77.4	-
Other Assets & Liabilities, Net	-	-	-	-	-95.1
Changes in Working Capital	200.2	66.2	22.0	-159.9	-95.1
Cash from Operating Activities	719.9	499.0	881.0	350.7	-78.1
Purchase of Fixed Assets	-160.8	-107.3	-127.5	-35.6	-44.3
Capital Expenditures	-160.8	-107.3	-127.5	-35.6	-44.3
Acquisition of Business	-9.9	418.7	0.0	0.0	-19.5
Sale of Fixed Assets	0.7	2.7	1.5	0.0	-
Sale/Maturity of Investment	1,039.6	841.4	211.0	114.8	173.8
Purchase of Investments	-1,098.0	-894.2	-564.9	-194.9	-3.4
Other Investing Cash Flow	-10.2	8.4	0.0	12.4	-100.6
Other Investing Cash Flow Items, Total	-77.8	377.0	-352.4	-67.8	50.3
Cash from Investing Activities	-238.6	269.7	-479.9	-103.4	6.0
Other Financing Cash Flow	-0.5	57.9	-126.3	10.2	-6.3
Financing Cash Flow Items	-0.5	57.9	-126.3	10.2	-6.3
Sale/Issuance of Common	70.6	27.3	33.6	30.8	31.8
Repurchase/Retirement of Common	-955.7	-772.7	-211.3	-93.0	-30.9
Common Stock, Net	-885.0	-745.4	-177.7	-62.2	0.9
Warrants Converted	0.0	0.0	133.8	0.0	-
Issuance (Retirement) of Stock, Net	-885.0	-745.4	-43.9	-62.2	0.9
Long Term Debt Issued	0.0	0.0	882.8	0.3	0.6
Long Term Debt Reduction	-2.2	-5.3	-185.7	-21.0	-256.0
Long Term Debt, Net	-2.2	-5.3	697.2	-20.7	-255.4
Issuance (Retirement) of Debt, Net	-2.2	-5.3	697.2	-20.7	-255.4
Cash from Financing Activities	-887.8	-692.7	527.0	-72.7	-260.8
Foreign Exchange Effects	4.2	-3.4	18.3	-3.1	-25.4
Net Change in Cash	-402.3	72.6	946.4	171.6	-358.4
Net Cash - Beginning Balance	1,564.8	1,492.1	545.8	374.2	732.5
Net Cash - Ending Balance	1,162.5	1,564.8	1,492.1	545.8	374.2
Cash Interest Paid	26.6	8.2	0.2	0.9	7.8
Cash Taxes Paid	7.7	29.1	70.8	16.3	33.6

 Annual Income Statement

	30-Jun-2013	24-Jun-2012	26-Jun-2011	27-Jun-2010	28-Jun-2009
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
UpdateType/Date	Updated Normal 30-Jun-2013	Updated Normal 24-Jun-2012	Reclassified Normal 24-Jun-2012	Reclassified Normal 24-Jun-2012	Updated Normal 28-Jun-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Revenue	3,598.9	2,665.2	3,237.7	2,133.8	1,115.9
Total Revenue	3,598.9	2,665.2	3,237.7	2,133.8	1,115.9
Cost of goods sold	2,195.9	1,582.0	1,740.5	1,166.2	706.2
Cost of goods sold - restructuring	0.0	-0.9	0.0	3.4	21.0
Cost of goods sold - 409A expense	-	0.0	0.0	-5.8	0.0
Research and development	683.7	444.6	373.3	320.9	288.3
Selling, general and administrative	599.5	400.1	308.1	240.9	233.1
409A expense	-	0.0	0.0	-38.6	3.2
Goodwill impairment	-	-	-	-	96.3
Restructuring and impairments	1.8	1.7	11.6	21.3	44.5
In-process research and development	-	-	-	-	0.0
Legal judgment	-	-	-	-	4.6
Total Operating Expense	3,480.8	2,427.5	2,433.4	1,708.4	1,397.2
Interest Income	14.7	12.1	9.9	8.7	24.3
Foreign Exchange Contracts	0.0	-	-	-	-
Foreign Exchange Contracts	-1.6	-	-	-	-
Gains (losses) on deferred compensation	9.8	-0.9	5.7	-0.1	-
Interest Expense	-60.4	-39.0	-5.4	-1.0	-6.5
Foreign exchange gains (losses)	-6.8	-0.4	-11.1	-0.1	0.9
Other Other income (expense), net	-7.1	-	-	-	-
Other income (expense), net	-	-5.2	-2.5	-2.8	-0.6
Net Income Before Taxes	66.7	204.4	800.9	430.1	-263.1
Provision for Income Taxes	-47.2	35.7	77.1	83.5	39.1
Net Income After Taxes	113.9	168.7	723.7	346.7	-302.1
Net Income Before Extra. Items	113.9	168.7	723.7	346.7	-302.1
Net Income	113.9	168.7	723.7	346.7	-302.1
Income Available to Com Excl ExtraOrd	113.9	168.7	723.7	346.7	-302.1
Income Available to Com Incl ExtraOrd	113.9	168.7	723.7	346.7	-302.1
Basic Weighted Average Shares	168.9	124.2	123.5	126.9	125.6
Basic EPS Excluding ExtraOrdinary Items	0.67	1.36	5.86	2.73	-2.41
Basic EPS Including ExtraOrdinary Items	0.67	1.36	5.86	2.73	-2.41
Dilution Adjustment	-	-	-	-	0.0
Diluted Net Income	113.9	168.7	723.7	346.7	-302.1
Diluted Weighted Average Shares	173.4	125.2	125.0	128.1	125.6
Diluted EPS Excluding ExtraOrd Items	0.66	1.35	5.79	2.71	-2.41
Diluted EPS Including ExtraOrd Items	0.66	1.35	5.79	2.71	-2.41
DPS-Ordinary Shares	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	68.5	206.1	812.5	451.5	-117.7
Inc Tax Ex Impact of Sp Items	-46.6	36.0	78.2	87.6	90.0
Normalized Income After Taxes	115.1	170.1	734.2	363.8	-207.6
Normalized Inc. Avail to Com.	115.1	170.1	734.2	363.8	-207.6
Basic Normalized EPS	0.68	1.37	5.94	2.87	-1.65
Diluted Normalized EPS	0.66	1.36	5.87	2.84	-1.65
Research and development	683.7	444.6	373.3	320.9	288.3
Interest Expense	60.4	-	-	-	-
Interest Expense	-	39.0	5.4	1.0	6.5
Amort of Intangibles	-	26.9	21.0	23.9	24.0
Rental Expense	14.0	11.0	9.0	6.0	9.0
Depreciation	304.1	73.9	53.8	47.5	48.4
Current Tax- Federal	-1.1	5.0	55.1	38.2	-6.5
Current Tax- States	3.3	1.3	3.2	6.1	-0.5
Current Foreign Tax	20.6	33.9	22.6	22.8	15.0
Current Tax - Total	22.9	40.2	80.8	67.2	8.0
Deferred Tax-Federal	-60.2	-1.0	-25.1	11.4	11.7
Deferred Tax-States	-6.4	0.3	26.6	5.0	8.0
Deferred Tax-Foreign	-3.6	-3.8	-5.2	-0.1	11.3
Deferred Tax - Total	-70.1	-4.5	-3.7	16.3	31.0
Income Tax - Total	-47.2	35.7	77.1	83.5	39.1
401(k) Savings Plan	8.7	5.8	5.1	4.3	4.7
Profit Sharing Plan	-	-	-	-	16.2
Total Pension Expense	8.7	5.8	5.1	4.3	20.9

Annual Balance Sheet

Financials in: USD (mil)

	30-Jun-2013	24-Jun-2012	26-Jun-2011	27-Jun-2010	28-Jun-2009
UpdateType/Date	Updated Normal 30-Jun-2013	Updated Normal 24-Jun-2012	Restated Normal 24-Jun-2012	Reclassified Normal 26-Jun-2011	Restated Normal 27-Jun-2010
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash and cash equivalents	1,162.5	1,564.8	1,492.1	545.8	374.2
Short-term investments	1,334.7	1,297.9	630.1	280.7	205.2
Accounts Rcvbl.	608.1	771.1	595.3	510.5	264.3
Allowance for AR	-5.4	-5.2	-4.7	-10.6	-10.7
Raw materials	312.5	342.3	213.0	159.6	145.4
Work in process	101.5	118.6	69.0	67.1	35.5
Finished goods	145.3	172.0	114.6	91.8	52.5
Deferred income taxes	27.7	47.8	78.4	46.2	69.0
Others	102.1	-	-	-	-
Prepaid expenses and other current asset	-	106.0	85.4	65.7	101.7
Cur.Deriv. Fin. Ins.-Speculative/Trade	0.1	-	-	-	-
Cur.Derivative Fin. Instrument-Hedging	4.9	-	-	-	-
Total Current Assets	3,793.8	4,415.1	3,273.3	1,756.7	1,237.1
Manufacturing, Engineering & Off Equipme	521.0	-	-	-	-
Equipment	-	468.7	345.7	253.9	254.4
Computer	120.1	104.9	95.8	77.2	69.6
Land	65.4	65.2	14.8	15.6	16.6
Building	249.1	231.5	65.4	61.1	64.5
Lease Hold Improvements	76.2	54.3	55.8	55.3	52.1
Furniture & Fixtures	21.1	19.8	15.3	14.1	13.3
Depreciation	-449.1	-359.9	-322.3	-277.0	-254.7
Development rights, Gross	9.1	-	-	-	-
IP R&D, Gross	20.0	-	-	-	-
Customer relationships Gross	624.7	615.4	35.2	35.2	35.2
Existing technology Gross	653.6	642.3	61.9	61.6	61.6
Other intangible assets gross	35.2	30.9	20.7	20.3	35.2
Backlog Gross	10.0	10.0	-	-	-
Patents Gross	32.1	35.2	35.2	35.2	20.3
IP R&D	-	30.0	-	-	-
Development rights	-	9.1	-	-	-
Acc Amort Development rights	0.0	-	-	-	-
Acc Amort IP R&D	0.0	-	-	-	-
Acc Amort Existing technology	-139.9	-	-	-	-
Acc Amort Customer relationships	-103.5	-	-	-	-
Acc Amort Patents	-22.0	-	-	-	-
Acc Amort Backlog	-10.0	-	-	-	-
Acc Amort Other intangible assets	-34.9	-	-	-	-
Accumulated Amortization	-	-132.5	-105.6	-84.6	-60.7
Goodwill	1,452.2	1,446.3	169.2	169.2	169.2
Restricted cash and investments	166.5	166.3	165.3	165.2	178.4
Deferred income taxes	-	0.0	3.9	26.2	17.0
Other Assets	61.4	151.9	124.4	102.0	84.1
LT Investment (HFS / Held to Maturity)	98.1	-	-	-	-
Total Assets	7,250.3	8,004.7	4,053.9	2,487.4	1,993.2
Trade accounts payable	200.3	258.8	163.5	121.1	49.6
Accrued Compensation	254.8	274.2	206.3	164.6	192.8
Current Derivative Liabilities - Hedging	1.6	-	-	-	-
Current Derivative Liabilities -	0.0	-	-	-	-
Other Current liabilities	116.4	-	-	-	-
Warranty reserves	52.3	64.0	41.0	31.8	-
Income tax payable	39.4	24.7	51.2	54.9	32.0
Current portion of long-term debt and ca	514.7	511.1	4.8	5.0	5.3
Deferred profit	225.0	164.8	153.7	123.2	45.8
Current liabilities	-	129.3	60.3	58.2	56.6
Total Current Liabilities	1,404.5	1,426.9	680.8	558.7	382.1
LT Debt Excluding Capitalized Leases	777.4	-	-	-	-
Long-term debt and capital leases	-	761.8	738.5	17.6	40.9
Senior convertible notes	186.9	190.3	0.0	-	-
LT Finance Lease&Hire Purchase Agreement	11.8	-	-	-	-
Total Long Term Debt	976.2	952.1	738.5	17.6	40.9
Income taxes payable	246.5	274.2	113.6	110.5	103.0
Other long-term liabilities	134.3	219.6	51.2	32.5	14.1
Total Liabilities	2,761.4	2,872.9	1,584.0	719.3	540.1
Common Stock	0.2	0.2	0.1	0.1	0.1
Additional paid-in capital	5,084.5	4,943.5	1,531.5	1,452.9	1,377.2
Retained earnings	2,972.7	2,858.8	2,690.1	1,966.3	1,624.2
Treasury Stock	-3,539.8	-2,636.9	-1,761.6	-1,581.4	-1,495.7
Accumulated other comprehensive loss	-	-	-	-	-52.8
Accumulated foreign currency translation	-17.2	-22.5	14.9	-65.8	-
Accumulated unrealized gain (loss) on de	2.8	-0.2	0.6	0.0	-
Accumulated unrealized gain on financial	0.0	-0.3	0.7	1.2	-
Postretirement benefit plan adjustment	-14.3	-10.8	-6.4	-5.2	-
Total Equity	4,488.9	5,131.8	2,469.8	1,768.1	1,453.1
Total Liabilities & Shareholders' Equity	7,250.3	8,004.7	4,053.9	2,487.4	1,993.2
S/O-Ordinary Shares	162.9	186.7	123.6	125.9	126.5
Total Common Shares Outstanding	162.9	186.7	123.6	125.9	126.5
T/S-Ordinary Shares	62.1	62.1	41.0	36.9	34.7
Deferred Revenue - Current	225.0	164.8	153.7	123.2	45.8
Acc Amort Development rights	0.0	-	-	-	-
Acc Amort IP R&D	0.0	-	-	-	-
Acc Amort Existing technology	139.9	-	-	-	-
Acc Amort Customer relationships	103.5	-	-	-	-
Acc Amort Patents	22.0	-	-	-	-
Acc Amort Backlog	10.0	-	-	-	-
Acc Amort Other intangible assets	34.9	-	-	-	-
Accumulated Intangible Amortization	-	132.5	105.6	84.6	60.7
Full-Time Employees	6,600	6,600	3,700	3,232	2,711
Number of Common Shareholders	487	458	339	358	371
Long Term Debt Payable within 1 Year	699.9	0.0	3.2	3.6	3.9
Long Term Debt maturing within 2 Years	0.0	0.0	0.7	2.8	11.0
Long Term Debt maturing within 3 Years	450.0	0.0	0.0	0.6	8.2
Long Term Debt maturing within 4 Years	0.0	450.0	0.0	0.0	4.0
Long Term Debt maturing within 5 Years	450.0	0.0	450.0	0.0	0.0
Long Term Debt - Remaining Maturities	0.0	1,149.9	450.0	0.0	0.0
Total Long Term Debt, Supplemental	1,599.9	1,599.9	903.9	7.0	27.1
Capital Lease Payments Due within 1 Year	1.8	1.9	1.9	-	1.9
Capital Lease Payments Due within 2 Year	1.8	1.6	1.9	-	1.9
Capital Lease Payments Due within 3 Year	1.8	1.6	1.6	-	1.9
Capital Lease Payments Due within 4 Year	8.5	2.1	1.6	-	1.9
Capital Lease Payments Due within 5 Year	0.0	7.9	2.4	-	1.7
Capital Lease Payments Due Thereafter	0.0	0.0	8.9	-	12.3
Interest Costs	-0.5	-1.1	-1.3	-	-2.5
Total Capital Leases, Supplemental	13.5	14.1	17.0	-	19.1
Operating Lease Payable within 1 Year	147.4	15.6	11.1	8.0	9.9
Operating Lease Payment Due within 2 Yrs	5.7	12.5	9.2	5.1	6.8
Operating Lease Payment Due within 3 Yrs	3.3	10.0	7.0	4.1	7.2
Operating Lease Payment Due within 4 Yrs	1.1	5.9	4.2	2.9	8.4
Operating Lease Payment Due within 5 Yrs	1.1	4.8	1.6	143.2	7.8
Operating Leases - Remaining Maturities	0.0	1.4	0.8	7.9	145.9
Total Operating Leases, Supplemental	158.6	50.2	34.0	171.1	186.2

Annual Cash Flows

Financials in: USD (mil)

	30-Jun-2013	24-Jun-2012	26-Jun-2011	27-Jun-2010	28-Jun-2009
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
UpdateType/Date	Updated Normal 30-Jun-2013	Updated Normal 24-Jun-2012	Updated Normal 26-Jun-2011	Updated Normal 27-Jun-2010	Updated Normal 28-Jun-2009
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	113.9	168.7	723.7	346.7	-302.1
Depreciation	304.1	100.8	74.8	71.4	72.4
Goodwill impairment	-	-	-	-	96.3
Deferred income taxes	-70.2	42.4	-10.7	13.7	30.5
Restructuring, Net	1.8	0.9	11.6	24.8	65.5
Amortization of convertible note discoun	31.6	27.0	3.6	0.0	-
Impairment of investment	3.7	1.7	0.0	0.0	-
Equity-based compensation expense	99.3	81.6	53.0	50.5	53.0
Income tax benefit on equity-based compe	-0.5	1.5	28.8	10.6	-14.3
Excess tax benefit on equity-based compe	0.5	-2.7	-23.3	-10.2	6.3
Other, net	35.4	10.9	-2.3	3.2	9.4
Accounts receivable, net of allowance	162.6	66.1	-89.7	-246.7	-
Inventories	76.4	74.0	-77.5	-79.7	-
Prepaid expenses and other assets	2.9	43.2	-25.3	-23.6	-
Trade accounts payable	-58.1	12.1	42.3	71.6	-
Deferred Profit	60.2	-9.2	34.0	77.4	-
Accrued expenses and other liabilities	-43.8	-120.0	138.1	41.1	-
Changes in operating assets and liabilit	-	-	-	-	-95.1
Cash from Operating Activities	719.9	499.0	881.0	350.7	-78.1
Capital expenditures and intangible asse	-160.8	-107.3	-127.5	-35.6	-44.3
Cash acquired in (paid for) business acq	-9.9	418.7	0.0	0.0	-19.5
Purchases of available-for-sale securiti	-1,098.0	-883.4	-564.5	-192.8	-
Sales and maturities of available-for-sa	1,039.6	841.4	211.0	114.8	173.8
Purchase of Call Option	-	-	-	-	0.0
Proceeds from settlement of call option	-	-	-	-	0.0
Receipt of loan payments (loans made)	-10.0	8.4	0.0	-0.8	-
Purchase of equity method investment	0.0	-10.7	0.0	0.0	-
Purchase of other investments	-	0.0	-0.4	-2.2	-3.4
Proceeds from sale of assets	0.7	2.7	1.5	0.0	-
Transfer of restricted cash and investme	-0.2	0.0	0.0	13.2	-92.2
Other	-	-	0.0	-	-8.4
Cash from Investing Activities	-238.6	269.7	-479.9	-103.4	6.0
Principal payments on long-term debt and	-2.2	-5.3	-4.5	-21.0	-256.0
Proceeds from issuance of long-term	0.0	0.0	882.8	0.3	0.6
Proceeds from sale of warrants	0.0	0.0	133.8	0.0	-
Purchase of convertible note hedge	0.0	0.0	-181.1	0.0	-
Excess tax benefit on equity-based compe	-0.5	2.7	23.3	10.2	-6.3
Treasury stock purchases	-955.7	-772.7	-211.3	-93.0	-30.9
Net cash received in settlement of (paid	0.0	55.2	-149.6	0.0	-
Reissuances of treasury stock related to	31.3	25.5	21.2	17.5	19.8
Proceeds from issuance of common stock	39.4	1.8	12.4	13.4	12.0
Cash from Financing Activities	-887.8	-692.7	527.0	-72.7	-260.8
Foreign Exchange Effects	4.2	-3.4	18.3	-3.1	-25.4
Net Change in Cash	-402.3	72.6	946.4	171.6	-358.4
Net Cash - Beginning Balance	1,564.8	1,492.1	545.8	374.2	732.5
Net Cash - Ending Balance	1,162.5	1,564.8	1,492.1	545.8	374.2
Cash Interest Paid	26.6	8.2	0.2	0.9	7.8
Cash Taxes Paid	7.7	29.1	70.8	16.3	33.6

 Financial Health

Key Indicators USD (mil)
Â	Quarter Ending 30-Jun-2013	Quarter Ending Yr Ago	Annual Year End 30-Jun-2013	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue (?)	986.2	-	3,598.9	35.03%	19.03%	7.78%
Research & Development (?)	180.2	-	683.7	53.79%	28.68%	16.13%
Operating Income (?)	86.5	-	118.1	-50.33%	-34.77%	-25.35%
Income Available to Common Excl Extraord Items (?)	85.7	-	113.9	-32.51%	-31.00%	-23.66%
Basic EPS Excl Extraord Items (?)	0.53	-	0.67	-50.39%	-37.27%	-28.17%
Capital Expenditures (?)	160.8	49.89%	160.8	49.89%	65.32%	15.93%
Cash from Operating Activities (?)	719.9	44.27%	719.9	44.27%	27.09%	4.05%
Free Cash Flow (?)	559.1	42.73%	559.1	42.73%	21.06%	1.72%
Total Assets (?)	7,250.3	-9.42%	7,250.3	-9.42%	42.85%	20.90%
Total Liabilities (?)	2,761.4	-3.88%	2,761.4	-3.88%	56.59%	21.85%
Total Long Term Debt (?)	976.2	2.53%	976.2	2.53%	281.04%	28.70%
Employees (?)	-	-	6600	0.00%	26.87%	11.67%
Total Common Shares Outstanding (?)	162.9	-12.74%	162.9	-12.74%	8.95%	5.40%
Market Cap (?)	7,221.8	2.52%	7,221.8	2.52%	14.64%	9.80%

Key Ratios
Â	30-Jun-2013	24-Jun-2012	26-Jun-2011	27-Jun-2010	28-Jun-2009
Profitability
Gross Margin (?)	38.99%	40.68%	46.24%	45.46%	34.83%
Operating Margin (?)	3.28%	8.92%	24.84%	19.94%	-25.20%
Pretax Margin (?)	1.85%	7.67%	24.74%	20.16%	-23.58%
Net Profit Margin (?)	3.16%	6.33%	22.35%	16.25%	-27.08%
Financial Strength
Current Ratio (?)	2.70	3.09	4.81	3.14	3.24
Long Term Debt/Equity (?)	0.22	0.19	0.30	0.01	0.03
Total Debt/Equity (?)	0.33	0.29	0.30	0.01	0.03
Management Effectiveness
Return on Assets (?)	1.49%	2.80%	22.13%	15.47%	-12.59%
Return on Equity (?)	2.37%	4.44%	34.16%	21.52%	-18.70%
Efficiency
Receivables Turnover (?)	5.26	3.93	5.94	5.66	3.35
Inventory Turnover (?)	3.68	3.07	4.87	4.22	2.82
Asset Turnover (?)	0.47	0.44	0.99	0.95	0.47

Market Valuation USD (mil)
P/E (TTM) (?)	80.38	.	Enterprise Value (?)	7,722.3
Price/Sales (TTM) (?)	2.43	.	Enterprise Value/Revenue (TTM) (?)	2.15
Price/Book (MRQ) (?)	1.95	.	Enterprise Value/EBITDA (TTM) (?)	18.21
Market Cap as of 18-Oct-2013 (?)	8,728.7	.

 Ratio Comparisons

Traded: NASDAQ: LRCX	Financials in: USD (actual units)
Industry: Semiconductors	As of 18-Oct-2013
Sector: Technology

	Company	Industry	Sector	S&P 500
Valuation Ratios
P/E Excluding Extraordinary (TTM) (?)	80.38	19.99	22.09	19.68
P/E High Excluding Extraordinary - Last 5 Yrs (?)	67.53	36.86	42.91	32.79
P/E Low Excluding Extraordinary - Last 5 Yrs (?)	7.47	12.99	12.36	10.71
Beta (?)	1.27	1.28	1.19	1.00
Price/Revenue (TTM) (?)	2.43	3.44	4.07	2.57
Price/Book (MRQ) (?)	1.95	3.87	4.73	3.67
Price to Tangible Book (MRQ) (?)	4.45	4.36	6.85	5.21
Price to Cash Flow Per Share (TTM) (?)	20.88	15.83	17.48	14.22
Price to Free Cash Flow Per Share (TTM) (?)	15.61	26.54	23.00	26.26
Dividends
Dividend Yield (?)	-	2.44%	1.65%	2.26%
Dividend Per Share - 5 Yr Avg (?)	0.00	1.35	0.71	1.99
Dividend 5 Yr Growth (?)	-	21.22%	7.13%	0.08%
Payout Ratio (TTM) (?)	0.00%	18.90%	10.38%	25.98%
Growth Rates (%)
Revenue (MRQ) vs Qtr 1 Yr Ago (?)	32.95%	32.22%	28.50%	15.58%
Revenue (TTM) vs TTM 1 Yr Ago (?)	35.03%	40.54%	18.25%	17.69%
Revenue 5 Yr Growth (?)	7.78%	11.04%	16.94%	8.97%
EPS (MRQ) vs Qtr 1 Yr Ago (?)	279.66%	50.47%	41.24%	19.49%
EPS (TTM) vs TTM 1 Yr Ago (?)	-50.88%	130.87%	49.53%	32.55%
EPS 5 Yr Growth (?)	-28.33%	7.09%	20.44%	9.86%
Capital Spending 5 Yr Growth (?)	15.93%	-26.65%	9.78%	-2.04%
Financial Strength
Quick Ratio (MRQ) (?)	2.30	3.02	1.98	1.24
Current Ratio (MRQ) (?)	2.70	3.90	2.38	1.79
LT Debt/Equity (MRQ) (?)	0.22	0.19	0.31	0.64
Total Debt/Equity (MRQ) (?)	0.33	0.21	0.36	0.73
Interest Coverage (TTM) (?)	4.52	11.34	11.30	13.80
Profitability Ratios (%)
Gross Margin (TTM) (?)	41.54%	54.52%	55.32%	45.21%
Gross Margin - 5 Yr Avg (?)	41.90%	49.69%	53.24%	44.91%
EBITD Margin (TTM) (?)	15.27%	27.82%	25.78%	24.43%
EBITD Margin - 5 Yr Avg (?)	16.54%	18.02%	21.39%	22.84%
Operating Margin (TTM) (?)	3.28%	24.80%	22.29%	20.63%
Operating Margin - 5 Yr Avg (?)	10.23%	13.57%	17.62%	18.28%
Pretax Margin (TTM) (?)	1.85%	24.89%	22.54%	17.95%
Pretax Margin - 5 Yr Avg (?)	9.72%	14.88%	18.75%	17.10%
Net Profit Margin (TTM) (?)	3.16%	19.30%	17.35%	13.65%
Net Profit Margin - 5 Yr Avg (?)	8.24%	10.91%	12.72%	12.10%
Effective Tax Rate (TTM) (?)	-70.84%	21.71%	23.73%	28.45%
Effective Tax rate - 5 Yr Avg (?)	15.18%	23.58%	24.82%	29.92%
Management Effectiveness (%)
Return on Assets (TTM) (?)	1.49%	15.21%	12.89%	8.54%
Return on Assets - 5 Yr Avg (?)	4.87%	8.48%	10.70%	8.40%
Return on Investment (TTM) (?)	1.83%	15.22%	13.09%	7.90%
Return on Investment - 5 Yr Avg (?)	6.01%	8.60%	11.50%	8.27%
Return on Equity (TTM) (?)	2.37%	21.72%	25.23%	19.72%
Return on Equity - 5 Yr Avg (?)	7.53%	11.50%	21.05%	20.06%
Efficiency
Revenue/Employee (TTM) (?)	545,290.30	514,699.51	617,868.03	927,613.77
Net Income/Employee (TTM) (?)	17,254.39	106,063.20	132,630.14	116,121.92
Receivables Turnover (TTM) (?)	5.26	10.12	8.08	13.25
Inventory Turnover (TTM) (?)	3.53	5.67	19.61	14.53
Asset Turnover (TTM) (?)	0.47	0.82	0.75	0.93

 Annual Ratios

	30-Jun-2013	24-Jun-2012	26-Jun-2011	27-Jun-2010	28-Jun-2009
Financial Strength
Current Ratio (?)	2.70	3.09	4.81	3.14	3.24
Quick/Acid Test Ratio (?)	2.21	2.54	3.99	2.37	2.18
Working Capital (?)	2,389.4	2,988.2	2,592.5	1,198.0	855.1
Long Term Debt/Equity (?)	0.22	0.19	0.30	0.01	0.03
Total Debt/Equity (?)	0.33	0.29	0.30	0.01	0.03
Long Term Debt/Total Capital (?)	0.16	0.14	0.23	0.01	0.03
Total Debt/Total Capital (?)	0.25	0.22	0.23	0.01	0.03
Payout Ratio (?)	0.00%	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate (?)	-70.84%	17.46%	9.63%	19.41%	-
Total Capital (?)	5,979.7	6,595.0	3,213.1	1,790.7	1,499.3
Efficiency
Asset Turnover (?)	0.47	0.44	0.99	0.95	0.47
Inventory Turnover (?)	3.68	3.07	4.87	4.22	2.82
Days In Inventory (?)	99.08	118.82	74.98	86.54	129.40
Receivables Turnover (?)	5.26	3.93	5.94	5.66	3.35
Days Receivables Outstanding (?)	69.39	92.88	61.47	64.44	108.91
Revenue/Employee (?)	545,290	403,817	875,052	660,203	411,636
Operating Income/Employee (?)	17,890	36,020	217,374	131,624	-103,741
EBITDA/Employee (?)	63,968	51,297	237,579	153,716	-77,029
Profitability
Gross Margin (?)	38.99%	40.68%	46.24%	45.46%	34.83%
Operating Margin (?)	3.28%	8.92%	24.84%	19.94%	-25.20%
EBITDA Margin (?)	11.73%	12.70%	27.15%	23.28%	-18.71%
EBIT Margin (?)	3.28%	8.92%	24.84%	19.94%	-25.20%
Pretax Margin (?)	1.85%	7.67%	24.74%	20.16%	-23.58%
Net Profit Margin (?)	3.16%	6.33%	22.35%	16.25%	-27.08%
R&D Expense/Revenue (?)	19.00%	16.68%	11.53%	15.04%	25.83%
COGS/Revenue (?)	61.01%	59.32%	53.76%	54.54%	65.17%
SG&A Expense/Revenue (?)	16.66%	15.01%	9.52%	11.29%	20.88%
Management Effectiveness
Return on Assets (?)	1.49%	2.80%	22.13%	15.47%	-12.59%
Return on Equity (?)	2.37%	4.44%	34.16%	21.52%	-18.70%
Valuation
Free Cash Flow/Share (?)	3.43	2.10	6.10	2.50	-0.97
Operating Cash Flow/Share  (?)	4.42	2.67	7.13	2.78	-0.62

Current Market Multiples
Market Cap/Earnings (TTM) (?)	79.99
Market Cap/Equity (MRQ) (?)	1.94
Market Cap/Revenue (TTM) (?)	2.43
Market Cap/EBIT (TTM) (?)	35.55
Market Cap/EBITDA (TTM) (?)	15.88
Enterprise Value/Earnings (TTM) (?)	70.77
Enterprise Value/Equity (MRQ) (?)	1.72
Enterprise Value/Revenue (TTM) (?)	2.15
Enterprise Value/EBIT (TTM) (?)	31.45
Enterprise Value/EBITDA (TTM) (?)	14.05

Stock Report

Stock Snapshot

Traded: NASDAQ: LRCX

As of 18-Oct-2013    US Dollars

Recent Price	$53.85	EPS	$0.66
52 Week High	$54.30	Price/Sales	2.43
52 Week Low	$33.88	Price/Earnings	63.63
Avg. Volume (mil)	1.62	Price/Book	1.95
Market Value (mil)	$8,728.70	Beta	1.27

	Price % Change	Rel S&P 500%
4 Week	9.23%	7.07%
13 Week	6.44%	3.24%
52 Week	49.54%	24.93%
Year to Date	49.05%	21.85%

Stock History

Market Cap History
	30-Jun-13	% Chg	31-Mar-13	% Chg	23-Dec-12	% Chg	23-Sep-12	% Chg	24-Jun-12	% Chg
Total Common Shares Outstanding	163	0.7	162	-2.4	166	-5.4	175	-6.1	187	55.8
Market Cap	7,221.8	7.7	6,708.3	12.0	5,992.0	7.5	5,572.3	-20.9	7,044.4	31.8

Yearly Price History
	2013	% Chg	2012	% Chg	2011	% Chg	2010	% Chg	2009	% Chg
High Price	54.30	19.9	45.29	-23.4	59.10	11.7	52.91	32.9	39.80	-11.0
Low Price	36.84	18.2	31.17	-10.5	34.81	8.5	32.07	75.8	18.24	23.9
Year End Price	53.85	49.0	36.13	-2.4	37.02	-28.5	51.78	32.1	39.21	84.3

Monthly Price History
Price Ending Date	Open	High	Low	Close	Volume
18-Oct-13	51.33	54.30	49.93	53.85	23,025,073
30-Sep-13	47.30	52.31	46.44	51.20	37,401,950
30-Aug-13	49.84	51.00	46.20	46.67	31,283,417
31-Jul-13	44.59	50.96	44.11	49.22	42,145,291
28-Jun-13	47.50	49.13	43.35	44.34	41,618,463
31-May-13	45.95	48.37	45.44	46.78	38,052,546
30-Apr-13	41.34	46.72	39.94	46.22	55,902,614
28-Mar-13	42.09	43.92	40.44	41.46	45,286,371
28-Feb-13	41.38	43.38	40.74	42.30	40,629,974
31-Jan-13	37.02	42.24	36.84	41.14	53,850,981
31-Dec-12	35.28	37.18	34.70	36.13	50,718,007
30-Nov-12	35.49	38.14	33.88	35.12	59,398,226
31-Oct-12	31.79	36.72	31.33	35.40	86,493,727

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

NIS

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.