Exhibit 99.1

FOR IMMEDIATE RELEASE

Lam Research Corporation Contact:

Carol Raeburn, Senior Director, Investor Relations, phone: 510/572-4450, e-mail:
carol.raeburn@lamresearch.com

Lam Research Corporation Announces Financial Results for the Quarter Ended December 28, 2008

FREMONT, Calif., January 28, 2009 —Lam Research Corporation (NASDAQ: LRCX) highlights for the December 2008 quarter were:

(in thousands, except per share data and percentages)
• Revenue:						$	283,409
• Operating Margin:		U.S. GAAP:					-13.2	%		Ongoing:					-6.1	%
• Net Loss:		U.S. GAAP:				$	(24,172	)		Ongoing:				$	(11,748	)
• Diluted EPS:		U.S. GAAP:				$	(0.19	)		Ongoing:				$	(0.09	)

Lam Research Corporation today announced financial results for the quarter ended December 28, 2008. Revenue for the period was $283.4 million, gross margin was $101.4 million and net loss was $(24.2) million, or $(0.19) per diluted share, compared to revenue of $440.4 million, gross margin of $183.1 million and net income of $8.9 million, or $0.07 per diluted share, for the September 2008 quarter. Shipments for the December 2008 quarter were $226 million compared to $345 million during the September 2008 quarter.

The Company’s ongoing results for the December 2008 quarter exclude certain costs for restructuring activities and asset impairments designed to better align the Company’s cost structure with its business opportunities in consideration of market and economic uncertainties, a net tax benefit related to the renewal of the research and development tax credit, net tax expense on resolution of certain tax items, one-time costs associated with the restructuring of an employee benefit plan, exchange rate loss associated with the Company’s accelerated tax planning strategy, and interest on the tax liability associated with the outcome of the Company’s previously disclosed voluntary internal stock option review. The Company’s September 2008 quarter excluded certain costs for restructuring activities and asset impairments related to the integration of SEZ, net tax expense on accelerated tax planning strategy, and interest on the tax liability associated with the outcome of the Company’s previously disclosed voluntary internal stock option review. Management uses the presentation of ongoing gross margin, ongoing operating income, ongoing net income, and ongoing diluted earnings per share to evaluate the Company’s operating and financial results. The Company believes the presentation of ongoing results is useful to investors for analyzing ongoing business trends and comparing performance to prior periods, and enhances the investor’s ability to view the Company’s results from management’s perspective. A table presenting a reconciliation of ongoing results to results under U.S. GAAP is included at the end of this press release and on the Company’s web site.

Ongoing net loss was $(11.7) million, or $(0.09) per diluted share in the December 2008 quarter compared to ongoing net income of $32.6 million, or $0.26 per diluted share, for the September 2008 quarter. Ongoing gross margin for the December 2008 quarter was $109.1 million or 38.5%, compared to ongoing gross margin of $186.2 million, or 42.3%, for the September 2008 quarter. The sequential decline in gross margin was primarily due to reduced manufacturing and field utilization levels and product mix challenges resulting from the reduced business activity. Ongoing operating expenses for the December 2008 quarter decreased to $126.5 million compared with the September 2008 quarter of $149.9 million. This decrease was driven by a reduction in employee variable compensation expenses, a reduction in deferred compensation liabilities due to recent stock market declines, and the partial quarter impact of the Company’s December quarter restructuring activities.

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Lam Announces Financial Results for the December 2008 Quarter

The geographic distribution of shipments and revenue during the December 2008 quarter is shown in the following table:

Region		Shipments				Revenue
North America			17	%			15	%
Europe			12	%			10	%
Japan			22	%			28	%
Korea			17	%			22	%
Asia Pacific			32	%			25	%

Cash and cash equivalents, short-term investments and restricted cash and investments balances were $1.1 billion at the end of the December 2008 quarter, compared to $1.2 billion at the end of the September 2008 quarter. Cash flows from operating activities were approximately $(39.0) million during the December quarter. Deferred revenue and deferred profit balances at the end of the December 2008 quarter were $68.4 million and $54.2 million, respectively. At the end of the December 2008 quarter, the anticipated future revenue value of orders shipped to Japanese customers that was not recorded as deferred revenue was approximately $8.6 million.

“The global semiconductor industry has entered one of the most difficult periods in its history, one that is presenting severe challenges to our customers and thus severely limiting investment in wafer fab equipment,” said Steve Newberry, Lam’s president and chief executive officer. “While this environment will persist near-term, we remain optimistic about our long-term technology roadmap in etch, clean and other new markets. During the pause in customer spending we are strategically targeting our capital resources to new penetration opportunities, qualifying our next-generation tools and delivering cost-effective technology solutions aimed at reducing our customers’ production costs. Our objective through these actions is to deliver superior value to our customers and emerge from this period of reduced spending well positioned to deliver strong financial and operational performance,” Newberry concluded.

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Lam Announces Financial Results for the December 2008 Quarter

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 our ability to align our cost structure with our business oportunities, our future plans, areas of focus, and technology roadmap, our expectations for our ability to deliver long term strong financial and operational performance, our belief that our efforts will help us emerge from the current environment in a strong position to enable future revenue and profit growth, and our ability to succeed in delivering cost effective technology solutions to our customers. Some factors that may affect these forward-looking statements include: difficult business conditions in the semiconductor industry and the overall economy and the efficacy of our plans for reacting to those conditions, factors that tend to make our quarterly results more volatile (such as exchange rate fluctuations), changing customer demands, and the challenges presented by our new products and the integration of acquired businesses and technologies into our existing business. 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 29, 2008, and Form 10-Q for the quarter ended September 28, 2008, 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. For more information, visit www.lamresearch.com.

Consolidated Financial Tables Follow
###

Page 4 of 7

Lam Announces Financial Results for the December 2008 Quarter

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

		Three Months Ended												Six Months Ended
		December 28,				September 28,				December 23,				December 28,				December 23,
		2008				2008				2007				2008				2007
Total revenue		$	283,409			$	440,361			$	610,320			$	723,770			$	1,294,941
Cost of goods sold			174,329				254,203				302,659				428,532				643,393
Cost of goods sold — restructuring and asset impairments			7,728				3,048				—				10,776				—
Total cost of goods sold			182,057				257,251				302,659				439,308				643,393
Gross margin			101,352				183,110				307,661				284,462				651,548
Gross margin as a percent of revenue			35.8	%			41.6	%			50.4	%			39.3	%			50.3	%
Research and development			68,781				81,563				80,243				150,344				156,531
Selling, general and administrative			59,842				69,060				66,084				128,902				135,797
Restructuring and asset impairments			10,121				15,968				—				26,089				—
Total operating expenses			138,744				166,591				146,327				305,335				292,328
Operating income (loss)			(37,392	)			16,519				161,334				(20,873	)			359,220
Operating margin as a percent of revenue			-13.2	%			3.8	%			26.4	%			-2.9	%			27.7	%
Other income (expense), net			(7,233	)			9,017				(37	)			1,784				7,596
Income (loss) before income taxes			(44,625	)			25,536				161,297				(19,089	)			366,816
Income tax expense (benefit)			(20,453	)			16,663				46,238				(3,790	)			103,169
Net income (loss)		$	(24,172	)		$	8,873			$	115,059			$	(15,299	)		$	263,647
Net income (loss) per share:
Basic net income (loss) per share		$	(0.19	)		$	0.07			$	0.92			$	(0.12	)		$	2.12
Diluted net income (loss) per share		$	(0.19	)		$	0.07			$	0.91			$	(0.12	)		$	2.08
Number of shares used in per share calculations:
Basic			125,084				125,527				124,685				125,266				124,370
Diluted			125,084				126,819				126,653				125,266				126,523

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Lam Announces Financial Results for the December 2008 Quarter

LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

		December 28,				September 28,				June 29,
		2008				2008				2008
		(unaudited)				(unaudited)				(1)
ASSETS
Cash and cash equivalents		$	652,913			$	745,432			$	732,537
Short-term investments			297,399				313,803				326,199
Accounts receivable, net			290,565				311,633				412,356
Inventories			269,959				272,215				282,218
Deferred income taxes			93,002				95,186				96,748
Other current assets			56,648				69,983				67,649
Total current assets			1,660,486				1,808,252				1,917,707
Property and equipment, net			233,250				230,377				235,735
Restricted cash and investments			168,405				156,148				146,072
Deferred income taxes			25,836				33,762				19,793
Goodwill and intangible assets			371,987				374,538				403,187
Other assets			78,457				81,493				84,261
Total assets		$	2,538,421			$	2,684,570			$	2,806,755
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities		$	446,412			$	533,722			$	637,679
Long-term debt and capital leases		$	257,135			$	269,256			$	276,121
Income taxes payable			92,382				94,184				85,611
Other long-term liabilities			21,300				21,875				23,400
Minority interests			—				4,789				5,347
Stockholders’ equity			1,721,192				1,760,744				1,778,597
Total liabilities and stockholders’ equity		$	2,538,421			$	2,684,570			$	2,806,755

1 Derived from audited financial statements

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Lam Announces Financial Results for the December 2008 Quarter

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

		Three Months Ended												Six Months Ended
		December 28,				September 28,				December 23,				December 28,				December 23,
		2008				2008				2007				2008				2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$	(24,172	)		$	8,873			$	115,059			$	(15,299	)		$	263,647
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization			17,177				17,896				11,324				35,073				22,563
Deferred income taxes			10,110				(12,407	)			776				(2,297	)			(10,014	)
Equity-based compensation expense			14,049				15,408				9,813				29,457				20,615
Income tax benefit on equity-based compensation plans			(7,045	)			5,039				21,277				(2,006	)			57,177
Excess tax benefit on equity-based compensation plans			3,752				(4,269	)			(16,488	)			(517	)			(37,639	)
Restructuring and asset impairments			17,849				19,016				—				36,865				—
Other, net			3,200				2,665				9,939				5,865				11,316
Changes in operating asset accounts			(73,909	)			(9,089	)			(130,260	)			(82,998	)			(83,778	)
Net cash provided by (used for) operating activities			(38,989	)			43,132				21,440				4,143				243,887
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets			(12,417	)			(15,151	)			(24,417	)			(27,568	)			(38,561	)
Acquisitions of businesses, net of cash acquired			(8,763	)			(2,427	)			—				(11,190	)			—
Net sales (purchases) of available-for-sale securities			39,767				6,980				(15,900	)			46,747				(31,885	)
Purchase of call option			—				—				(10,279	)			—				(10,279	)
Purchases of other investments			—				—				(4,560	)			—				(4,560	)
Other			(2,000	)			—				(2,248	)			(2,000	)			(2,248	)
Transfer of restricted cash and investments			(32,178	)			(16,128	)			(1,074	)			(48,306	)			(1,074	)
Net cash used for investing activities			(15,591	)			(26,726	)			(58,478	)			(42,317	)			(88,607	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt and capital lease obligations			(13,060	)			(2,390	)			(51	)			(15,450	)			(100	)
Net proceeds from issuance of long-term debt			515				127				—				642				—
Excess tax benefit on equity-based compensation plans			(3,752	)			4,269				16,488				517				37,639
Treasury stock purchases			(24,448	)			(2,755	)			(761	)			(27,203	)			(10,225	)
Reissuances of treasury stock			—				7,584				—				7,584				7,301
Proceeds from issuance of common stock			1,294				3,150				3,398				4,444				10,106
Net cash provided by (used for) financing activities			(39,451	)			9,985				19,074				(29,466	)			44,721
Effect of exchange rate changes on cash			1,512				(13,496	)			851				(11,984	)			2,087
Net increase (decrease) in cash and cash equivalents			(92,519	)			12,895				(17,113	)			(79,624	)			202,088
Cash and cash equivalents at beginning of period			745,432				732,537				793,168				732,537				573,967
Cash and cash equivalents at end of period		$	652,913			$	745,432			$	776,055			$	652,913			$	776,055

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Lam Announces Financial Results for the December 2008 Quarter

Reconciliation of U.S. GAAP Net Income (Loss) to Ongoing Net Income (Loss)
(in thousands, except per share data and percentages)

		Three Months Ended				Three Months Ended
		December 28,				September 28,
		2008				2008
U.S. GAAP net income (loss)		$	(24,172	)		$	8,873
Pre-tax non-ongoing items:
Restructuring and asset impairments — cost of goods sold			7,728				3,048
Restructuring and asset impairments — operating expenses			10,121				15,968
Restructuring of employee benefit plan — operating expenses			1,300				—
Voluntary internal stock option review — operating expenses			843				761
Exchange rate loss associated with accelerated tax planning strategy — other income (expense), net			7,569				—
Net tax benefit on non-ongoing items			(7,375	)			(5,325	)
Net tax benefit on renewal of r&d tax credit			(5,751	)			—
Net tax expense on resolution of certain tax matters			1,396				—
Net tax expense (benefit) on accelerated tax planning strategy			(3,407	)			9,310
Ongoing net income (loss)		$	(11,748	)		$	32,635
Ongoing net income (loss) per diluted share		$	(0.09	)		$	0.26
Number of shares used for diluted per share calculation			125,084				126,819
U.S. GAAP income tax rate			45.8	%			65.3	%
Ongoing income tax rate			31.2	%			28.0	%

Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and Operating Income (Loss) to Ongoing Gross Margin, Operating
Expenses and Operating Income (Loss)
(in thousands, except percentages)

		Three Months Ended				Three Months Ended
		December 28,				September 28,
		2008				2008
U.S. GAAP gross margin		$	101,352			$	183,110
Pre-tax non-ongoing items:
Restructuring and asset impairments — cost of goods sold			7,728				3,048
Ongoing gross margin		$	109,080			$	186,158
U.S. GAAP gross margin as a percent of revenue			35.8	%			41.6	%
Ongoing gross margin as a percent of revenue			38.5	%			42.3	%
U.S. GAAP operating expenses		$	138,744			$	166,591
Pre-tax non-ongoing items:
Restructuring and asset impairments — operating expenses			(10,121	)			(15,968	)
Restructuring of employee benefit plan — operating expenses			(1,300	)			—
Voluntary internal stock option review — operating expenses			(843	)			(761	)
Ongoing operating expenses		$	126,480			$	149,862
Ongoing operating income (loss)		$	(17,400	)		$	36,296
Ongoing operating income (loss) as a percent of revenue			-6.1	%			8.2	%