Lam Research Corporation Announces $1.3 Billion Capital Return Program
November 18 2016 - 1:00PM
Lam Research Corporation (Nasdaq:LRCX) today announced that its
Board of Directors has approved a $1 billion share repurchase
authorization, with execution planned over the next 12 to 18
months; and a 50% increase of the company’s quarterly dividend.
On an annualized basis, the quarterly dividend of $0.45 per
share of common stock will return approximately $291 million to
stockholders based on shares outstanding as of September 25,
2016. The increased dividend payment has been declared and
will be made on January 4, 2017 to holders of record on December
14, 2016. Future dividend payments are subject to review and
approval by the Board.
Additionally, the company is authorized to repurchase up to $1
billion of common stock; this authorization supersedes the
remaining balances from any prior authorizations. Repurchases
may be made through both public market and private transactions,
and may include the use of derivative contracts and structured
share repurchase agreements. The share repurchase program may
be suspended or discontinued at any time and does not have a set
expiration.
"Our expanded, $1.3 billion capital return program is strong
validation of the Board’s confidence in our financial performance
and strong cash generation capability," stated Martin Anstice,
president and chief executive officer of Lam Research. "As we
execute on the outstanding business opportunities in front of us,
we remain committed to augmenting returns to stockholders through
the combination of opportunistic share repurchases and a bias
towards growing our dividend over time.”
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 plans and commitment to execute a capital
return program, including the share repurchase program, quarterly
dividends, and annualized return; and our financial performance,
cash generation capability and business opportunities. These
forward-looking statements are based on current expectations and
are subject to uncertainties and changes in condition,
significance, value and effect, our continued financial health and
ability to make share repurchases and pay dividends, 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 26,
2016, and Form 10-Q for the quarter ended September 25, 2016. 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
press release.
About Lam Research:
Lam Research Corp. (Nasdaq:LRCX) is a trusted global supplier of
innovative wafer fabrication equipment and services to the
semiconductor industry. Lam's broad portfolio of
market-leading deposition, etch, and clean solutions helps
customers achieve success on the wafer by enabling device features
that are 1,000 times smaller than a grain of sand, resulting in
smaller, faster, more powerful, and more power-efficient
chips. Through collaboration, continuous innovation, and
delivering on commitments, Lam is transforming atomic-scale
engineering and enabling its customers to shape the future of
technology. Based in Fremont, Calif., Lam Research is a
Nasdaq-100 Index® and S&P 500® company whose common stock
trades on the Nasdaq Global Select MarketSM under the symbol LRCX.
For more information, please visit http://www.lamresearch.com.
(LRCX-F)
Company Contacts:
Satya Kumar
Investor Relations
(510) 572 – 1615
Email: investor.relations@lamresearch.com
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