Lam Research (LRCX) 8-K Results of Operations and Financial Condition

Exhibit 99.1

FOR IMMEDIATE RELEASE

Lam Research Corporation Contact:

Julie Cimino, Investor Relations, phone: 510/572-1615, e-mail: julie.cimino@lamresearch.com

Lam Research Corporation Announces Earnings for the Quarter Ended
March 25, 2007

FREMONT, Calif., April 12, 2007 —Lam Research Corporation (NASDAQ: LRCX) highlights for the March 2007 quarter were:

• Revenue:	$	650.3	million
• Operating Margin:		29.1	%
• Net Income:	$	164.7	million
• Diluted EPS:	$	1.15

Lam Research Corporation today announced earnings for the quarter ended March 25, 2007. Revenue for the period was $650.3 million and net income was $164.7 million, or $1.15 per diluted share, compared to revenue of $633.4 million and net income of $167.3 million, or $1.15 per diluted share for the December 2006 quarter.

Gross margin of $326.2 million for the March 2007 quarter met expectations at 50.2 percent compared to gross margin of $322.9 million, or 51.0 percent, for the December 2006 quarter. Operating expenses increased as planned during the quarter to $137.3 million compared to operating expenses of $128.4 million for the December 2006 quarter, including increased equity-based compensation expense as well as salary and benefits costs supporting the Company’s new product development and market share growth objectives.

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Lam Announces Earnings for the March 2007 Quarter Page 2 of 6

The geographic distribution of shipments and revenue during the March 2007 quarter is shown in the following table:

Region	Shipments			Revenue
North America		13	%		16	%
Europe		8	%		7	%
Japan		11	%		12	%
Korea		36	%		28	%
Asia Pacific		32	%		37	%

Cash and cash equivalents, short-term investments and restricted cash and investments balances were $1.5 billion at the end of March, and cash flows provided by operating activities were $151.4 million during the quarter. The Company repurchased approximately $239 million of its common stock during the quarter. Condensed Consolidated Statements of Cash Flows are included at the end of this press release. Deferred revenue and deferred profit balances were $277.0 million and $166.1 million, respectively. At the end of the period, the anticipated future revenue value of orders shipped to Japanese customers that are not recorded as deferred revenue was approximately $49 million.

“Lam Research delivered excellent operational and financial results in the March quarter,” said Steve Newberry, Lam Research’s president and chief executive officer.

“The company continues to leverage successfully both our etch market share gains and the efficiencies inherent in our business model. During the quarter we made significant progress in advancing our new product growth initiative, including product releases achieved for our 2300^® Bevel Clean system, our 2300 Motif™ patterning system, and our Deep Silicon Etch MEMS offering. These accomplishments combined with the anticipated successful execution of our wet clean product roadmap will position Lam to serve a larger segment of the wafer fab equipment market that is benefiting from a favorable secular demand outlook for advanced integrated circuits,” Newberry concluded.

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Lam Announces Earnings for the March 2007 Quarter Page 3 of 6

Statements made in this press release which are not statements 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, but are not limited, to the future revenue value of orders shipped to Japanese customers, the continuation of our etch market share gains and efficiencies in our business model and our ability to leverage those gains and efficiencies successfully, the success of our wet clean product, and our future ability to serve a larger market segment. Some factors that may affect these forward-looking statements include: changing business conditions in the semiconductor industry and the overall economy and the efficacy of our plans for reacting to those changes, changing customer demands, success of our competitors’ strategies including their development of new technologies, and the technical challenges presented by our new products. These forward-looking statements are based on current expectations and are subject to uncertainties and changes in condition, significance, value and effect as well as other risks detailed in documents filed with the Securities and Exchange Commission, including specifically the report on Form 10-K for the year ended June 25, 2006, and Form 10-Q for the quarter ended December 24, 2006, which could cause actual results to vary from expectations. The Company undertakes no obligation to update the information or statements made in this press release.

Lam Research Corporation is a major provider of wafer fabrication equipment and services to the world’s semiconductor industry. Lam’s common stock trades on The NASDAQ Global Select Market^SM under the symbol LRCX. Lam is a NASDAQ-100^® company. The Company’s World Wide Web address is http://www.lamresearch.com.

Consolidated Financial Tables Follow

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Lam Announces Earnings for the March 2007 Quarter Page 4 of 6

LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data and percentages)

	Three Months Ended									Nine Months Ended
	March 25,			December 24,			March 26,			March 25,			March 26,
	2007			2006			2006			2007			2006
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
Total revenue	$	650,270		$	633,400		$	437,423		$	1,888,057		$	1,116,575
Cost of goods sold		324,025			310,484			217,769			925,732			563,332
Gross margin		326,245			322,916			219,654			962,325			553,243
Gross margin as a percent of revenue		50.2	%		51.0	%		50.2	%		51.0	%		49.5	%
Research and development		75,064			69,060			61,083			205,747			168,067
Selling, general and administrative		62,208			59,351			48,303			178,267			138,317
Total operating expenses		137,272			128,411			109,386			384,014			306,384
Operating income		188,973			194,505			110,268			578,311			246,859
Operating margin as a percent of revenue		29.1	%		30.7	%		25.2	%		30.6	%		22.1	%
Other income, net		14,751			13,092			7,828			58,191			25,624
Income before income taxes		203,724			207,597			118,096			636,502			272,483
Income tax expense		38,983			40,271			31,759			120,917			58,877
Net income	$	164,741		$	167,326		$	86,337		$	515,585		$	213,606
Net income per share:
Basic	$	1.17		$	1.18		$	0.62		$	3.64		$	1.55
Diluted	$	1.15		$	1.15		$	0.60		$	3.57		$	1.49
Number of shares used in per share calculations:
Basic		140,423			142,306			140,122			141,516			137,703
Diluted		143,052			145,346			144,846			144,378			143,298

Lam Announces Earnings for the March 2007 Quarter Page 5 of 6

LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

	March 25,		December 24,		June 25,
	2007		2006		2006
	(unaudited)		(unaudited)		(1)
Assets:
Cash and cash equivalents	$	494,807	$	629,117	$	910,815
Short-term investments		638,878		574,845		139,524
Accounts receivable, net		461,365		456,427		407,347
Inventories		228,435		212,299		168,714
Other current assets		120,883		83,968		79,969
Total current assets		1,944,368		1,956,656		1,706,369
Property and equipment, net		107,388		97,034		49,893
Restricted cash and investments		360,038		415,038		470,038
Goodwill		55,892		55,892		—
Intangible assets, net		61,615		64,641		—
Other assets		80,569		90,445		87,044
Total assets	$	2,609,870	$	2,679,706	$	2,313,344
Liabilities and stockholders’ equity:
Current liabilities	$	642,871	$	638,363	$	566,226
Long-term debt	$	250,000	$	300,000	$	350,000
Other long-term liabilities		821		833		969
Stockholders’ equity		1,716,178		1,740,510		1,396,149
Total liabilities and stockholders’ equity	$	2,609,870	$	2,679,706	$	2,313,344

(1) Derived from audited financial statements.

Lam Announces Earnings for the March 2007 Quarter Page 6 of 6

LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

	Three Months Ended									Nine Months Ended
	March 25,			December 24,			March 26,			March 25,			March 26,
	2007			2006			2006			2007			2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	164,741		$	167,326		$	86,337		$	515,585		$	213,606
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		11,890			8,760			5,208			27,177			16,235
Deferred income taxes		(5,122	)		7,424			17,935			8,721			32,662
Equity-based compensation		10,873			6,664			6,029			23,788			17,319
Income tax benefit on equity-based compensation plans		27,577			20,367			—			49,816			—
Excess tax benefit on equity-based compensation plans		(19,191	)		(14,086	)		—			(34,541	)		—
Other, net		1,159			(1,551	)		(864	)		28			1,087
Change in working capital accounts		(40,526	)		(32,866	)		(5,010	)		(60,508	)		(12,488	)
Net cash provided by operating activities		151,401			162,038			109,635			530,066			268,421
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets		(18,777	)		(13,966	)		(6,447	)		(45,663	)		(16,141	)
Acquisition of Bullen Ultrasonics, Inc. assets		—			(177,108	)		—			(177,108	)		—
Transfer of restricted cash and investments		55,000			55,000			—			110,000			—
Net sales (purchases) of available-for-sale securities		(63,149	)		(340,774	)		26,703			(494,846	)		92,492
Net cash (used for) provided by investing activities		(26,926	)		(476,848	)		20,256			(607,617	)		76,351
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and capital lease		(50,048	)		(50,028	)		(67	)		(100,120	)		(67	)
Excess tax benefit on equity-based compensation plans		19,191			14,086			—			34,541			—
Treasury stock purchases		(239,012	)		(75,285	)		(73,602	)		(315,345	)		(214,209	)
Reissuances of treasury stock		5,298			—			4,515			11,288			9,652
Proceeds from issuance of common stock		5,892			22,662			61,602			30,293			135,702
Net cash used for financing activities		(258,679	)		(88,565	)		(7,552	)		(339,343	)		(68,922	)
Effect of exchange rate changes on cash		(106	)		1,144			1,724			886			(255	)
Net (decrease) increase in cash and cash equivalents		(134,310	)		(402,231	)		124,063			(416,008	)		275,595
Cash and cash equivalents at beginning of period		629,117			1,031,348			633,782			910,815			482,250
Cash and cash equivalents at end of period	$	494,807		$	629,117		$	757,845		$	494,807		$	757,845