Lam Research Corporation Provides Business Update for the Fiscal Quarter ending March 29, 2020
March 17 2020 - 6:27AM
March 17, 2020 - Lam Research Corporation (Nasdaq: LRCX) (the
"Company," "Lam," "Lam Research") is providing the following
business update.
On March 16, 2020, multiple bay area counties in California
issued a “shelter-in-place” order, which requires the Company to
temporarily stop on-site work at its Fremont and Livermore
locations for three weeks effective March 17, 2020. Additionally,
Lam has supply chain activities in Malaysia, and on March 16, 2020,
the Malaysian government issued an order to close certain business
activities from March 18 through March 31, 2020. The implementation
of these orders prevents the Company from manufacturing products at
its Livermore and Fremont, California facilities and receiving
required parts from key suppliers. These government directives may
impact our ability to meet our March quarter financial guidance.
The March 2020 quarter financial guidance we provided on January
29, 2020 reflected the best information available as of that time,
but due to the disruptions and uncertainties resulting from these
recent actions, the Company is withdrawing its prior financial
guidance for the fiscal quarter ending March 29, 2020.
As we closely monitor the impact of the COVID-19 virus, our top
priority remains the health and safety of our employees and
partners. The situation is evolving, and we will provide more
information during our next earnings call.
About Lam Research
Lam Research Corporation is a global supplier of innovative
wafer fabrication equipment and services to the semiconductor
industry. As a trusted, collaborative partner to the world’s
leading semiconductor companies, we combine superior systems
engineering capability, technology leadership, and unwavering
commitment to customer success to accelerate innovation through
enhanced device performance. In fact, today, nearly every advanced
chip is built with Lam technology. Lam Research (Nasdaq: LRCX) is a
FORTUNE 500® company headquartered in Fremont, Calif., with
operations around the globe. Learn more at www.lamresearch.com.
(LRCX-F)
Caution Regarding Forward-Looking
Statements
Statements made in this press release that are not of historical
fact are forward-looking statements and are subject to the safe
harbor provisions created by the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements relate to, but
are not limited to: our financial guidance for the March quarter;
and our ability to procure parts, manufacture products, or ship
products to customers. Some factors that may affect these
forward-looking statements include: public health requirements in
response to the outbreak of COVID-19 and impact thereof on our
business and operations is evolving and beyond our control; changes
to business, political and/or regulatory conditions affecting the
consumer electronics industry, the semiconductor industry and the
overall global economy; the actions of our customers and
competitors may be inconsistent with our expectations; as well as
the other risks and uncertainties that are described in the
documents filed or furnished by us with the Securities and Exchange
Commission, including specifically the Risk Factors described in
our annual report on Form 10-K for the fiscal year ended June 30,
2019 and our quarterly reports on Form 10-Q for the fiscal quarters
ended September 29, 2019 and December 29, 2019. These uncertainties
and changes could materially affect the forward-looking statements
and cause actual results to vary from expectations in a material
way. The Company undertakes no obligation to update the information
or statements made in this release.
Doug Bettinger, Executive Vice President, Chief Financial
Officer
Phone number: 510-572-1615Email:
investor.relations@lamresearch.com
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