Lam Research Corp. (LRCX, Financial) filed Quarterly Report for the period ended 2009-12-27.
Lam Research Corp. has a market cap of $4.1 billion; its shares were traded at around $32.25 with and P/S ratio of 3.6. Lam Research Corp. had an annual average earning growth of 49.3% over the past 5 years.LRCX is in the portfolios of Arnold Schneider of Schneider Capital Management, Richard Pzena of Pzena Investment Management LLC, John Buckingham of Al Frank Asset Management, Inc., Chuck Royce of ROYCE & ASSOCIATES, Charles Brandes of Brandes Investment, Manning & Napier Advisors, Inc.
Our cash and cash equivalents, short-term investments, and restricted cash and investments balances totaled approximately $831 million as of December 27, 2009 compared to $761 million as of September 27, 2009. Net cash provided by operating activities was approximately $73 million during the December 2009 quarter compared to approximately $3 million during the September 2009 quarter and net cash used for operating activities of approximately $39 million during the December 2008 quarter. Total capital expenditures were $7 million for the December 2009 quarter. Employee headcount rose slightly to approximately 3,000 as of December 27, 2009, from 2,930 in the September 2009 quarter.
The increase in R&D expenses for the three months ended December 27, 2009 compared to the same period in the prior year was mainly due to higher variable compensation of $6 million and $2 million of added supplies spending. The increase in R&D expenses for the six months ended December 27, 2009 compared to the same period in 2008 was due to higher variable compensation of $7 million, offset by $1 million of lower salaries related to the salary reduction in place in the September 2009 quarter, lower headcount, and reduced outside services spending of $2 million.
The increase in SG&A expenses for the December 2009 quarter compared to the December 2008 quarter was driven by approximately a $9 million increase in variable compensation, which was partially offset by a $2 million decline in rent and utilities mainly due to lower interest rates on certain leases, a $2 million decrease in outside services, and $1 million in lower depreciation and amortization expense. The decrease in SG&A expenses for the six months ended December 27, 2009 compared to the same period in the prior year was driven by reductions of approximately $6 million related to the salary reductions in place in the September 2009 quarter and lower headcount, $3 million in rent and utilities mainly due to lower interest rates on certain leases, $8 million in outside services, and $2 million in reduced depreciation and amortization, offset by an increase of approximately $7 million in variable compensation..
We recorded net restructuring charges and asset impairments during the three months ended December 28, 2008 of approximately $17.8 million, consisting of severance and benefits for involuntarily terminated employees of $16.4 million, $0.8 million related to asset impairments, and $0.6 million related to excess facilities. Of the total $17.8 million in charges, $7.7 million was recorded in cost of goods sold and $10.1 million was recorded in operating expenses in our condensed consolidated statement of operations for the three months ended December 28, 2008.
We recorded net restructuring charges and asset impairments during the six months ended December 28, 2008 of approximately $36.9 million, consisting of severance and benefits for involuntarily terminated employees of $28.9 million, asset impairments of $7.4 million, and $0.6 million related to excess facilities. Of the total $36.9 million in charges, $10.8 million was recorded in cost of goods sold and $26.1 million was recorded in operating expenses in our condensed consolidated statement of operations for the six months ended December 28, 2008.
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Lam Research Corp. has a market cap of $4.1 billion; its shares were traded at around $32.25 with and P/S ratio of 3.6. Lam Research Corp. had an annual average earning growth of 49.3% over the past 5 years.LRCX is in the portfolios of Arnold Schneider of Schneider Capital Management, Richard Pzena of Pzena Investment Management LLC, John Buckingham of Al Frank Asset Management, Inc., Chuck Royce of ROYCE & ASSOCIATES, Charles Brandes of Brandes Investment, Manning & Napier Advisors, Inc.
Highlight of Business Operations:
Operating expenses in the December 2009 quarter increased $24 million sequentially primarily due to the previously planned restoration of employee salaries and benefits, as well as higher variable compensation expense associated with our improved revenue and profitability. In addition, we expensed the cost of materials for new product introductions associated with market opportunities arising from the improved business outlook. We recorded a reversal of accrued liabilities in operating expenses associated with final settlement of 409A matters from the 2007 options review of $16 million in the December 2009 quarter and $18 million in the September 2009 quarter. Additionally, we recorded restructuring and asset impairments of $6 million in the December 2009 quarter and $2 million in the September 2009 quarter, mainly related to charges for facilities the Company ceased to use.Our cash and cash equivalents, short-term investments, and restricted cash and investments balances totaled approximately $831 million as of December 27, 2009 compared to $761 million as of September 27, 2009. Net cash provided by operating activities was approximately $73 million during the December 2009 quarter compared to approximately $3 million during the September 2009 quarter and net cash used for operating activities of approximately $39 million during the December 2008 quarter. Total capital expenditures were $7 million for the December 2009 quarter. Employee headcount rose slightly to approximately 3,000 as of December 27, 2009, from 2,930 in the September 2009 quarter.
The increase in R&D expenses for the three months ended December 27, 2009 compared to the same period in the prior year was mainly due to higher variable compensation of $6 million and $2 million of added supplies spending. The increase in R&D expenses for the six months ended December 27, 2009 compared to the same period in 2008 was due to higher variable compensation of $7 million, offset by $1 million of lower salaries related to the salary reduction in place in the September 2009 quarter, lower headcount, and reduced outside services spending of $2 million.
The increase in SG&A expenses for the December 2009 quarter compared to the December 2008 quarter was driven by approximately a $9 million increase in variable compensation, which was partially offset by a $2 million decline in rent and utilities mainly due to lower interest rates on certain leases, a $2 million decrease in outside services, and $1 million in lower depreciation and amortization expense. The decrease in SG&A expenses for the six months ended December 27, 2009 compared to the same period in the prior year was driven by reductions of approximately $6 million related to the salary reductions in place in the September 2009 quarter and lower headcount, $3 million in rent and utilities mainly due to lower interest rates on certain leases, $8 million in outside services, and $2 million in reduced depreciation and amortization, offset by an increase of approximately $7 million in variable compensation..
We recorded net restructuring charges and asset impairments during the three months ended December 28, 2008 of approximately $17.8 million, consisting of severance and benefits for involuntarily terminated employees of $16.4 million, $0.8 million related to asset impairments, and $0.6 million related to excess facilities. Of the total $17.8 million in charges, $7.7 million was recorded in cost of goods sold and $10.1 million was recorded in operating expenses in our condensed consolidated statement of operations for the three months ended December 28, 2008.
We recorded net restructuring charges and asset impairments during the six months ended December 28, 2008 of approximately $36.9 million, consisting of severance and benefits for involuntarily terminated employees of $28.9 million, asset impairments of $7.4 million, and $0.6 million related to excess facilities. Of the total $36.9 million in charges, $10.8 million was recorded in cost of goods sold and $26.1 million was recorded in operating expenses in our condensed consolidated statement of operations for the six months ended December 28, 2008.
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