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Business Description
Lam Research Corporation designs, manufactures, markets and services semiconductor processing equipment used in the fabrication of integrated circuits (ICs) for the worldwide semiconductor industry. Semiconductor wafers are subjected to a complex series of process steps that result in the simultaneous creation of many individual ICs. The Company's etch and chemical mechanical planarization (CMP) products selectively remove portions of various films from the wafer to create semiconductors. Lam Research leverages its expertise in these areas to also develop intellectual property for integrated processing solutions. Etch processes, which are repeated numerous times during the wafer fabrication cycle, are required to manufacture every type of semiconductor device produced.

Financial Information
For the three months ended 9/26/04, revenues totaled $419.5 million, up from $183.7. Net income totaled $89.8 million, up from $4.8 million. Revenues reflect increased demand, shorter system installation cycles and faster customer acceptances. Net income reflects the absence of a $1.1 million restructuring costs.