Lam Research Corp. (LRCX, Financial) filed Quarterly Report for the period ended 2010-03-28.
Lam Research Corp. has a market cap of $5.1 billion; its shares were traded at around $39.9 with a P/E ratio of 40.3 and P/S ratio of 4.6. 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, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC.
Our cash and cash equivalents, short-term investments, and restricted cash and investments balances totaled approximately $844 million as of March 28, 2010 compared to $831 million as of December 27, 2009. We generated approximately $109 million in net cash provided by operating activities during the March 2010 quarter. We used that cash to repurchase shares for approximately $69 million, to repay $18 million of outstanding loan amounts, and to purchase $11 million of capital. Employee headcount increased to approximately 3,100 as of March 28, 2010, from approximately 3,000 in the December 2009 quarter.
The increase in SG&A expenses for the March 2010 quarter compared to the March 2009 quarter was driven by an increase of approximately $12 million in variable and other compensation items, which was partially offset by a $7 million accounts receivable reserve recorded in the March 2009 quarter related to specific distressed customers The decrease in SG&A expenses for the nine months ended March 28, 2010 compared to the same period in the prior year was driven by reductions of approximately $4 million in salaries and benefits due to lower headcount levels, $9 million related to lower depreciation, rent and utilities, $7 million due to an accounts receivable reserve recorded for specific distressed customers in the March 2009 quarter, and a $3 million decrease in outside service expenses. These decreases were partially offset by an increase of approximately $16 million in variable compensation.
Read the The complete Report
Lam Research Corp. has a market cap of $5.1 billion; its shares were traded at around $39.9 with a P/E ratio of 40.3 and P/S ratio of 4.6. 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, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
Operating expenses in the March 2010 quarter increased $12 million as compared to the quarter ended December 27, 2009. Operating expenses during the December 2009 quarter included a reversal of accrued liabilities in operating expenses associated with final settlement of 409A matters from the 2007 voluntary independent stock option review of $16 million and restructuring and asset impairments of $6 million. No 409A adjustments or restructuring charges were recorded in the March 2010 quarter. The remaining increase of approximately $2 million during the March 2010 quarter was primarily due to higher variable compensation expense associated with our improved revenue and profitability.Our cash and cash equivalents, short-term investments, and restricted cash and investments balances totaled approximately $844 million as of March 28, 2010 compared to $831 million as of December 27, 2009. We generated approximately $109 million in net cash provided by operating activities during the March 2010 quarter. We used that cash to repurchase shares for approximately $69 million, to repay $18 million of outstanding loan amounts, and to purchase $11 million of capital. Employee headcount increased to approximately 3,100 as of March 28, 2010, from approximately 3,000 in the December 2009 quarter.
The increase in SG&A expenses for the March 2010 quarter compared to the March 2009 quarter was driven by an increase of approximately $12 million in variable and other compensation items, which was partially offset by a $7 million accounts receivable reserve recorded in the March 2009 quarter related to specific distressed customers The decrease in SG&A expenses for the nine months ended March 28, 2010 compared to the same period in the prior year was driven by reductions of approximately $4 million in salaries and benefits due to lower headcount levels, $9 million related to lower depreciation, rent and utilities, $7 million due to an accounts receivable reserve recorded for specific distressed customers in the March 2009 quarter, and a $3 million decrease in outside service expenses. These decreases were partially offset by an increase of approximately $16 million in variable compensation.
Read the The complete Report
