LAM Research (NASDAQ:LRCX) has released a partial earnings release, but due to its ongoing options review it is only showing earnings. Revenue for the period was $684.6 million, compared to estimates of just under $676 million in revenue and compared to $678.5 million for the June 2007 quarter.
No formal guidance was offered. Shipments for the September 2007 quarter were approximately $621 million compared to June 2007 quarter shipments of approximately $694 million. The revenue numbers were acceptable, but the lower shipments may be a slight issue for some. Preliminary gross margin was $343.9 million, or 50.2% of revenue and preliminary operating income was $197.9 million, or 28.9% of revenue for the September 2007 quarter.
Cash and cash equivalents, short-term investments and restricted cash and investments balances were $1.3 billion at the end of September. Total shares outstanding as of September 23, 2007 were 124,499,377. At the end of the period, deferred revenue was $225.6 million and the anticipated future revenue value of orders shipped to Japanese customers that are not recorded as deferred revenue was approximately $62 million.
Shares of LRCX closed up 2.3% at $55.01 in normal trading, but are trading lower by about 1% at $54.50 in after-hours trading. Until (or IF) guidance is given the jury is going to be out on this one.
Jon C. Ogg
October 10, 2007