|By Marketwired .||
|April 29, 2014 04:05 PM EDT||
FREMONT, CA -- (Marketwired) -- 04/29/14 -- Lam Research Corporation (NASDAQ: LRCX)
- Initiates quarterly dividend of $0.18 per share
- Announces $850 million share repurchase authorization
Lam Research Corporation (NASDAQ: LRCX) today announced that its Board of Directors has approved a $1.0 billion capital return program with the initiation of the company's first ever quarterly dividend and an $850 million share repurchase authorization with execution currently planned over the next two year timeframe.
The company plans to declare a quarterly dividend of $0.18 per share of common stock equivalent to an annual yield of approximately 1.27% based on the April 28, 2014 closing stock price of $56.52. On an annualized basis, this will return approximately $117 million to shareholders based on shares outstanding as of March 30, 2014. The first dividend payment has been declared and will be made on July 2, 2014 to holders of record on June 11, 2014. Future dividend payments are subject to review and approval by the Board.
Additionally, the company is authorized to repurchase up to $850 million of common stock, which includes approximately $49 million available under the company's prior authorization in the amount of $250 million. 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 Board's decision to support the $1 billion capital return program demonstrates their confidence in our financial growth and strong cash generation," stated Martin Anstice, president and chief executive officer of Lam Research. "The quarterly dividend augments our larger share repurchase program and demonstrates our ongoing commitment to return excess capital to our shareholders while enhancing value," Anstice concluded.
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 of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, but are not limited to, our plans execute a share repurchase authorization, our plans to declare dividends, our financial growth and cash generation, and our commitment to return excess capital to our shareholders while enhancing value. 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 pay dividends and make share repurchases, and other risks detailed in documents filed by us with the Securities and Exchange Commission, including specifically our report on Form 10-K for the year ended June 30, 2013 and Forms 10-Q for the three months ended September 29, 2013 and December 29, 2013. These uncertainties and changes could cause actual results to vary from expectations. 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, strip, and wafer cleaning 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, 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 an S&P 500® company whose common stock trades on the NASDAQ® Global Select Market under the symbol LRCX. For more information, please visit http://www.lamresearch.com.
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Ope...
Oct. 26, 2014 01:00 AM EDT Reads: 2,701
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an In...
Oct. 25, 2014 05:00 PM EDT Reads: 1,728
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud...
Oct. 25, 2014 11:45 AM EDT Reads: 1,852
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, will focus on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19...
Oct. 25, 2014 10:00 AM EDT Reads: 1,728
StackIQ offers a comprehensive software suite that automates the deployment, provisioning, and management of Big Infrastructure. With StackIQ’s software, you can spin up fully configured big data clusters, quickly and consistently — from bare-metal up to the applications layer — and manage them efficiently. Our software’s modular architecture allows customers to integrate nearly any application wi...
Oct. 25, 2014 10:00 AM EDT Reads: 1,789
As Platform as a Service (PaaS) matures as a category, developers should have the ability to use the programming language of their choice to build applications and have access to a wide array of services. Bluemix is IBM's open cloud development platform that enables users to easily build cloud-based, creative mobile and web applications without having to spend large amounts of time and resources o...
Oct. 25, 2014 08:00 AM EDT Reads: 1,796
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will nee...
Oct. 24, 2014 09:30 PM EDT Reads: 1,446
When you set off to build an app that will change the world, designing your system architecture to be reliable and scalable is important but the stark reality is that, for your MVP, you probably had a “need for speed” (of development). You didn’t know what all the axes were to scale your application, where your stress points would be, and what weird and wonderful ways your customers would use it d...
Oct. 24, 2014 09:00 PM EDT Reads: 1,272
Compute virtualization has been transformational, yet security policy implementation and enforcement has lagged behind in agility and automation. There are a number of key considerations when implementing policy in private and hybrid clouds. In his session at 15th Cloud Expo, Holland Barry, VP of Technology at Catbird, will discuss the impact of this new paradigm and what organizations can do to...
Oct. 24, 2014 07:00 PM EDT Reads: 1,548
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, ...
Oct. 23, 2014 11:30 PM EDT Reads: 1,741