Summary
This 8-K Amendment filed by Lam Research Corporation (LRCX) provides updated estimates for restructuring charges related to a plan initiated on March 19, 2009. The company now expects to incur approximately $5.4 million in total charges during the quarter ended June 28, 2009. These charges are comprised of cash expenditures totaling $3.5 million, including $2.0 million for one-time termination benefits related to workforce reductions and $1.5 million for excess facilities. Additionally, non-cash charges of approximately $1.9 million are anticipated due to asset impairments. Investors should note that this filing serves to amend a prior report, offering more precise financial figures for the restructuring activities. The company acknowledges that these are forward-looking statements and are subject to various risks and uncertainties, including economic conditions and the successful implementation of the plan, which could materially affect actual results. The company has not undertaken an obligation to update these statements.
Key Highlights
- 1Lam Research Corporation (LRCX) is amending its previously filed Form 8-K regarding a restructuring plan.
- 2The company now estimates total restructuring charges of approximately $5.4 million for the quarter ended June 28, 2009.
- 3These charges include an estimated $2.0 million in cash for termination benefits related to workforce reductions.
- 4An additional $1.5 million in cash charges are expected for excess facilities.
- 5Non-cash charges for asset impairments are estimated to be approximately $1.9 million.
- 6The filing provides updated cost estimates for a restructuring plan that was initiated on March 19, 2009.
- 7The company includes a safe harbor statement, highlighting risks and uncertainties that could impact actual results.