Lam Research Corporation Enters into an Unsecured Credit Agreement
Mar 13 14
On March 12, 2014, Lam Research Corporation entered into an unsecured credit agreement (the Credit Agreement), with the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., as syndication agent, BNP Paribas, Barclays Bank PLC, Citibank, N.A. and Deutsche Bank Securities Inc., as co-documentation agents, and J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint book runners and joint lead arrangers. The Credit Agreement provides for a $300 million revolving unsecured credit facility. The facility provides for a sublimit for borrowing in certain foreign currencies, and a sublimit for the issuance of letters of credit on the company's or its subsidiaries' behalf. The facility provides for an expansion option that will allow the company to, subject to certain requirements, request an increase in the facility of up to an additional $200 million, for a potential total commitment of $500 million. The facility matures on March 12, 2019 (the Maturity Date). The proceeds of the loans may be used by the company for general corporate purposes. As of March 12, 2014, no amount was outstanding under this facility. The loans bear interest, at the company's option, at (x) a base rate determined in accordance with the Credit Agreement, plus a spread of 0.0% to 0.50%, or (y) a LIBOR rate plus a spread of 0.90% to 1.50%, in each case with such spread determined based on the rating of the company's non-credit enhanced, senior unsecured long-term debt. Principal, together with all accrued and unpaid interest, is due and payable on the Maturity Date. Additionally, the company has agreed to pay the lenders a commitment fee at a quarterly rate that varies depending on the company's rating.
Lam Research Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 29, 2013; Reports Impairment Charges for the Second Quarter Ended December 29, 2013; Provides Earnings Guidance for the Third Quarter Ended March 2014
Jan 29 14
Lam Research Corporation announced unaudited consolidated earnings results for the second quarter and six months ended December 29, 2013. For the quarter, revenue was $1,116,061,000, operating income was $164,474,000, income before income taxes was $160,637,000 and net income was $148,992,000 or $0.87 per diluted share against revenue of $860,886,000, operating income of $4,042,000, loss before income taxes of $9,348,000 and net income of $6,408,000 or $0.04 per diluted share for the same period a year ago. Net cash provided by operating activities was $129,023,000 and capital expenditures and intangible assets was $38,323,000 against net cash provided by operating activities of $193,226,000 and capital expenditures and intangible assets of $38,924,000 a year ago. On non-GAAP basis, operating income was $208,666,000 and net income was $188,745,000 or $1.10 per diluted share against operating income of $164,882,000 and net income of $139,227,000 or $0.81 per diluted share for the quarter ended September 29, 2013. Operational cash generation was impacted by growth in accounts receivable.
For the six months, revenue was $2,131,120,000, operating income was $269,882,000, income before income taxes was $251,783,000 and net income was $234,498,000 or $1.37 per diluted share against revenue of $1,767,774,000, operating income of $20,754,000, loss before income taxes of $2,574,000 and net income of $9,176,000 or $0.05 per diluted share for the same period a year ago. Net cash provided by operating activities was $180,948,000 and capital expenditures and intangible assets was $62,101,000 against net cash provided by operating activities of $442,488,000 and capital expenditures and intangible assets of $82,889,000 a year ago.
Impairment of long-lived asset was $628,000 for the quarter ended December 29, 2013.
For the March 2014 quarter, Lam is providing the following guidance on a non-GAAP basis: Shipments of approximately $1.250 billion plus or minus $30 million, reflecting continued strength in the memory segment and ongoing investments for 20-nanometer foundry capacity.; Revenue of approximately $1.215 billion plus or minus $30 million; Gross margin of approximately 45.0% plus or minus 1.0%; Operating margin as a percent of revenue of approximately 19.5% plus or minus 1.0%; Earnings per share of approximately $1.15 plus or minus $0.05, assuming a diluted share count of 173 million.
Lam Research Corporation Presents at The Goldman Sachs Technology and Internet Conference 2014, Feb-13-2014 09:00 AM
Jan 28 14
Lam Research Corporation Presents at The Goldman Sachs Technology and Internet Conference 2014, Feb-13-2014 09:00 AM. Venue: The Palace Hotel, 2 New Montgomery Street, San Francisco, CA 94105, United States. Speakers: Douglas R. Bettinger, Chief Financial Officer, Chief Accounting Officer and Executive Vice President.