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|Contacts:||John Hertz||Robin Yim|
|Chief Financial Officer||Investor Relations|
|Novellus Systems, Inc.||Novellus Systems, Inc.|
|Phone: (408) 943-9700||Phone: (408) 943-9700|
FOR IMMEDIATE RELEASE
NOVELLUS SYSTEMS REPORTS FOURTH QUARTER AND YEAR END RESULTS
SAN JOSE, Calif., February 2, 2012Novellus Systems, Inc. (NASDAQ: NVLS) today reported operating results for its fourth quarter and year ended December 31, 2011. Net sales for the fourth quarter were $282.7 million, down $24.0 million or 7.8 percent from third quarter 2011 net sales of $306.7 million, and down $101.6 million or 26.4 percent from fourth quarter 2010 net sales of $384.4 million. Net income for the fourth quarter was $38.5 million, or $0.56 per diluted share, down $12.6 million from third quarter 2011 net income of $51.1 million, or $0.73 per diluted share, and down $43.0 million from fourth quarter 2010 net income of $81.5 million, or $0.89 per diluted share.
Net sales for fiscal year 2011 were $1.35 billion, unchanged from net sales for fiscal year 2010. Net income for the year was $250.7 million or $3.20 per diluted share compared with a net income of $262.3 million or $2.79 per diluted share for fiscal year 2010.
Bookings in the fourth quarter of 2011 were $286.9 million, up $60.0 million or 26.4 percent from third quarter 2011 bookings of $226.9 million. Fourth quarter shipments of $276.5 million were down $25.1 million or 8.3 percent from $301.6 million in the third quarter of 2011. (1)
Cash, cash equivalents, and short-term investments at the end of the fourth quarter were $918.7 million, an increase of $182.1 million or 24.7 percent from the third quarter 2011 ending balance of $736.6 million. Long-term investments and non-current restricted cash and cash equivalents at the end of the fourth quarter were $166.0 million, a decrease of $20.0 million or 10.8 percent from the third quarter 2011 ending balance of $186.0 million. There were no share repurchases during the fourth quarter of 2011. Cash flows from operations during the fourth quarter of 2011 were $84.7 million, down $15.0 million or 15.0 percent from $99.7 million in the third quarter of 2011, and down $3.7 million or 4.2 percent from $88.4 million in the fourth quarter of 2010.
Richard S. Hill, Chairman and Chief Executive Officer, said Despite the slowdown in the second half of 2011 we turned in solid performance for the year. Our intense focus on developing the right products at the right time has allowed us to continue to improve operating leverage and we believe positions us for the next wave of technology transitions in the semiconductor industry. As we previously announced, Novellus and Lam Research are combining companies, creating a semiconductor equipment company that is expected to lead the development of next-generation semiconductor manufacturing technology. We are very excited about this unique opportunity to join two outstanding organizations into one transformative company.
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This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the proposed merger, Lam Research Corporation (Lam Research) has filed with the SEC a registration statement on Form S-4 (File No. 333-179267) that includes a preliminary joint proxy statement of Lam Research and Novellus Systems, Inc. (Novellus or Novellus Systems) that also constitutes a preliminary prospectus of Lam Research. Lam Research and Novellus Systems will furnish the definitive version of the joint proxy statement/prospectus and other relevant documents to their respective security holders in connection with the proposed merger of Lam Research and Novellus Systems. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, WE URGE SECURITY HOLDERS AND INVESTORS TO READ THE JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT LAM RESEARCH AND NOVELLUS SYSTEMS AND THE PROPOSED MERGER. The proposals for the merger will be made solely through the definitive version of the joint proxy statement/prospectus. In addition, a copy of the joint proxy statement/prospectus may be obtained free of charge from Lam Research Corporation, Investor Relations, 4650 Cushing Parkway, Fremont, CA 94538-6401, or from Novellus Systems, Investor Relations, 4000 North First Street, San Jose, CA 95134. Security holders will be able to obtain, free of charge, copies of the joint proxy statement/prospectus and S-4 Registration Statement and any other documents filed by Lam Research or Novellus Systems with the SEC in connection with the proposed merger at the SECs website at http://www.sec.gov, and at the companies websites at www.LamResearch.com and www.Novellus.com, respectively.
The following information was filed by Novellus Systems Inc on Thursday, February 2, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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