June 2009 -- The quarter ended March 29, 2009, was an ugly one for Lam Research Corp., which reported a net loss of $198.4 million, or $1.58 per diluted share, on revenue of $174.4 million. This follows a net loss of $24.2 million on revenue of $283.4 million for the December 2008 quarter, and net income of $86.3 million on revenue of $618.8 million in the same quarter a year ago.
Shipments for the March 2009 quarter were $159 million compared with $226 million in the December 2008 quarter, the wafer fabrication equipment maker said in its March 2009 earnings release.
Due to a variety of factors that include the poor economy, Lam Research concluded that the fair value of its Clean Product Group has dropped below its carrying value, the March 2009 release noted. As a result, the company recorded a non-cash goodwill impairment charge of approximately $89.1 million during the quarter.
"Our focus remains on investing in strategic opportunities while aggressively managing the cost structure and cash expenditures of the company," said Steve Newberry, Lam president and CEO.
