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 June 28, 2009

FREMONT, Calif., July 29, 2009 —Lam Research Corporation (NASDAQ: LRCX) highlights for the June 2009 quarter were:

		(in thousands, except per share data and percentages)
—		Revenue:				$	217,764
—		Operating Margin:		U.S. GAAP:			-29.9	%		Ongoing:			-21.4	%
—		Net Loss:		U.S. GAAP:		$	(88,490	)		Ongoing:		$	(57,005	)
—		Diluted EPS:		U.S. GAAP:		$	(0.70	)		Ongoing:		$	(0.45	)

Lam Research Corporation today announced financial results for the quarter ended June 28, 2009. Revenue for the period was $217.8 million, gross margin was $67.8 million and net loss was $(88.5) million, or $(0.70) per diluted share, compared to revenue of $174.4 million, gross margin of $36.5 million and net loss of $(198.4) million, or $(1.58) per diluted share, for the March 2009 quarter. Shipments for the June 2009 quarter were $246 million compared to $159 million during the March 2009 quarter.

The Company’s ongoing results for the June 2009 quarter exclude certain costs for previously announced restructuring activities and asset impairments, a legal judgment, a non-cash goodwill impairment charge, certain one-time contract termination costs, a net tax expense for valuation allowance, net tax expense on resolution of certain tax matters, and interest and legal fees related to Internal Revenue Code Section 409A tax expenses. The Company’s ongoing results for the March 2009 quarter excluded certain costs for previously announced restructuring activities and asset impairments, a non-cash goodwill impairment charge, a net tax expense for a change in state tax law, a net tax expense and an exchange rate gain associated with the Company’s accelerated tax planning strategy, an investment impairment, and interest on Internal Revenue Code Section 409A tax expenses. Management uses the presentation of ongoing gross margin, ongoing operating expenses, ongoing operating loss, ongoing operating margin, ongoing net loss, and ongoing net loss per diluted 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 $(57.0) million, or $(0.45) per diluted share in the June 2009 quarter compared to ongoing net loss of $(89.8) million, or $(0.71) per diluted share, for the March 2009 quarter. Ongoing gross margin for the June 2009 quarter was $67.8 million or 31.1%, compared to ongoing gross margin of $46.7 million, or 26.8%, for the March 2009 quarter. The sequential increase in gross margin was primarily due to improved factory and field utilization due to increased business volume. Ongoing operating expenses for the June 2009 quarter decreased to $114.3 million compared with the March 2009 quarter of $128.9 million. This decrease was driven by a full quarter savings in employee-related expenses and other cost reduction measures that were a part of the March 2009 quarter restructuring. In addition, in the March 2009 quarter, the Company recorded accounts receivable reserves for specific distressed customers that did not recur in the June 2009 quarter.

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Lam Announces Financial Results for the June 2009 Quarter

The geographic distribution of shipments and revenue during the June 2009 quarter is shown in the following table:

Region		Shipments			Revenue
North America		16	%		18	%
Europe		8	%		10	%
Japan		17	%		17	%
Korea		16	%		14	%
Taiwan		30	%		29	%
Asia Pacific		13	%		12	%

Cash and cash equivalents, short-term investments and restricted cash and investments balances were $757.8 million at the end of the June 2009 quarter, compared to $806.4 million at the end of the March 2009 quarter. Cash flows from operating activities were approximately $(58.1) million during the June 2009 quarter. Deferred revenue and deferred profit balances at the end of the June 2009 quarter were $64.7 million and $45.8 million, respectively. Our deferred revenue balance does not include shipments to Japanese customers, to whom title does not transfer until customer acceptance. Shipments to Japanese customers are classified as inventory at cost until the time of acceptance. The anticipated future revenue from shipments to Japanese customers was approximately $13 million as of June 28, 2009.

“Relative to the March quarter, business conditions improved in the June quarter, contributing to Lam’s ability to show improved financial results for the quarter. Shipments and revenues increased as a result of customer investments to add wafer starts at the leading edge in both foundry and memory, as well as higher fab utilization contributing to improvement in the customer service business,” said Steve Newberry, Lam’s president and chief executive officer. “While we are encouraged that our customers have increased spending on equipment, we plan to maintain our focus on cash management while continuing our strategic investments in leading-edge solutions for our customers’ current and next-generation wafer fabrication needs,” Newberry concluded.

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Lam Announces Financial Results for the June 2009 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 the anticipated revenue from shipments to Japanese customers, the potential uses of our cash and other assets, our business focus on minimizing cash expenditures and making strategic investments in providing leading-edge solutions, and our projections for future business conditions. 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, changing customer demands, the actions of our competitors, and the challenges presented by the development and marketing of our new products. 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 the reports on Form 10-Q for the quarters ended September 28, 2008, December 28, 2008, and March 29, 2009, 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

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Lam Announces Financial Results for the June 2009 Quarter

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data and percentages)

		Three Months Ended												Twelve Months Ended
		June 28, 2009				March 29, 2009				June 29, 2008				June 28, 2009				June 29, 2008
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(1)
Total revenue		$	217,764			$	174,412			$	566,160			$	1,115,946			$	2,474,911
Cost of goods sold			150,007				127,680				318,900				706,219				1,282,494
Cost of goods sold - restructuring and asset impairments			—				10,217				12,610				20,993				12,610
Cost of goods sold - 409A expense			—				—				—				—				6,401
Total cost of goods sold			150,007				137,897				331,510				727,212				1,301,505
Gross margin			67,757				36,515				234,650				388,734				1,173,406
Gross margin as a percent of revenue			31.1	%			20.9	%			41.4	%			34.8	%			47.4	%
Research and development			67,491				70,434				86,652				288,269				323,759
Selling, general and administrative			47,248				58,515				76,994				233,061				287,282
Goodwill impairment			7,179				89,076				—				96,255				—
Restructuring and asset impairments			5,396				13,028				6,366				44,513				6,366
409A expense			982				646				710				3,232				44,494
Legal judgment			4,647				—				—				4,647				—
In-process research and development			—				—				—				—				2,074
Total operating expenses			132,943				231,699				170,722				669,977				663,975
Operating income (loss)			(65,186	)			(195,184	)			63,928				(281,243	)			509,431
Operating margin as a percent of revenue			-29.9	%			-111.9	%			11.3	%			-25.2	%			20.6	%
Other income, net			2,869				13,497				10,344				18,150				67,545
Income (loss) before income taxes			(62,317	)			(181,687	)			74,272				(263,093	)			576,976
Income tax expense			26,173				16,672				2,094				39,055				137,627
Net income (loss)		$	(88,490	)		$	(198,359	)		$	72,178			$	(302,148	)		$	439,349
Net income (loss) per share:
Basic net income (loss) per share		$	(0.70	)		$	(1.58	)		$	0.58			$	(2.41	)		$	3.52
Diluted net income (loss) per share		$	(0.70	)		$	(1.58	)		$	0.57			$	(2.41	)		$	3.47
Number of shares used in per share calculations:
Basic			126,273				125,566				125,046				125,595				124,647
Diluted			126,273				125,566				126,657				125,595				126,504

1 Derived from audited financial statements

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Lam Announces Financial Results for the June 2009 Quarter

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

		June 28, 2009			March 29, 2009			June 29, 2008
		(unaudited)			(unaudited)			(1)
ASSETS
Cash and cash equivalents		$	374,167		$	374,648		$	732,537
Short-term investments			205,221			248,500			326,199
Accounts receivable, net			253,585			196,842			412,356
Inventories			233,410			260,667			282,218
Deferred income taxes			69,043			90,541			96,748
Other current assets			60,401			82,273			67,649
Total current assets			1,195,827			1,253,471			1,917,707
Property and equipment, net			215,666			225,864			235,735
Restricted cash and investments			178,439			183,277			146,072
Deferred income taxes			17,007			15,281			19,793
Goodwill and intangible assets			260,787			268,249			403,187
Other assets			84,145			87,340			84,261
Total assets		$	1,951,871		$	2,033,482		$	2,806,755
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities		$	340,763		$	369,998		$	637,679
Long-term debt and capital leases		$	40,886		$	40,708		$	276,503
Income taxes payable			102,999			99,807			85,611
Other long-term liabilities			14,134			19,711			23,018
Minority interests			—			—			5,347
Stockholders’ equity			1,453,089			1,503,258			1,778,597
Total liabilities and stockholders’ equity		$	1,951,871		$	2,033,482		$	2,806,755

1 Derived from audited financial statements

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Lam Announces Financial Results for the June 2009 Quarter

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

		Three Months Ended												Twelve Months Ended
		June 28, 2009				March 29, 2009				June 29, 2008				June 28, 2009				June 29, 2008
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(1)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$	(88,490	)		$	(198,359	)		$	72,178			$	(302,148	)		$	439,349
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization			17,694				19,650				19,227				72,417				54,704
Deferred income taxes			19,913				12,929				(4,652	)			30,545				(26,661	)
Equity-based compensation expense			13,358				10,227				11,629				53,042				42,516
Income tax benefit on equity-based compensation plans			(1,173	)			(11,115	)			26,815				(14,294	)			83,472
Excess tax benefit on equity-based compensation plans			(237	)			7,027				(21,666	)			6,273				(58,904	)
Net gain on settlement of call option			—				—				399				—				(33,839	)
Goodwill impairment			7,179				89,076				—				96,255				—
Restructuring and asset impairments			5,396				23,245				18,976				65,506				18,976
Other, net			2,535				953				(996	)			9,353				(3,319	)
Changes in operating asset accounts			(34,295	)			22,215				78,537				(95,078	)			74,025
Net cash provided by (used for) operating activities			(58,120	)			(24,152	)			200,447				(78,129	)			590,319
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures and intangible assets			(5,848	)			(10,866	)			(18,951	)			(44,282	)			(76,803	)
Acquisitions of businesses, net of cash acquired			—				(11,706	)			(6,918	)			(19,457	)			(482,574	)
Net sales (purchases) of available-for-sale securities			93,056				33,961				(32,494	)			173,764				18,822
Purchase of call option			—				—				—				—				(13,506	)
Proceeds from settlement of call option			—				—				383				—				47,345
Purchase of other investments			—				—				—				(3,439	)			(4,560	)
Transfer of restricted cash and investments			(44,458	)			558				17,233				(92,206	)			15,471
Other			2,000				(8,375	)			—				(8,375	)			—
Net cash provided by (used for) investing activities			44,750				3,572				(40,747	)			6,005				(495,805	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt and capital lease obligations			(911	)			(239,703	)			(1,500	)			(256,047	)			(251,714	)
Net proceeds from issuance of long-term debt			—				—				1,915				625				251,915
Excess tax benefit on equity-based compensation plans			237				(7,027	)			21,666				(6,273	)			58,904
Treasury stock purchases			(3,197	)			(546	)			(3,590	)			(30,946	)			(14,552	)
Reissuances of treasury stock			6,271				5,942				1,262				19,797				8,563
Proceeds from issuance of common stock			6,287				1,283				2,588				12,014				12,694
Net cash provided by (used for) financing activities			8,687				(240,051	)			22,341				(260,830	)			65,810
Effect of exchange rate changes on cash			4,202				(17,634	)			(1,857	)			(25,416	)			(1,754	)
Net increase (decrease) in cash and cash equivalents			(481	)			(278,265	)			180,184				(358,370	)			158,570
Cash and cash equivalents at beginning of period			374,648				652,913				552,353				732,537				573,967
Cash and cash equivalents at end of period		$	374,167			$	374,648			$	732,537			$	374,167			$	732,537

(1) Derived from audited financial statements

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Lam Announces Financial Results for the June 2009 Quarter

Reconciliation of U.S. GAAP Net Loss to Ongoing Net Loss

(in thousands, except per share data and percentages)

		Three Months Ended				Three Months Ended
		June 28, 2009				March 29, 2009
U.S. GAAP net loss		$	(88,490	)		$	(198,359	)
Pre-tax non-ongoing items:
Goodwill impairment - operating expenses			7,179				89,076
Legal judgment - operating expenses			4,647				—
Restructuring and asset impairments - cost of goods sold			—				10,217
Restructuring and asset impairments - operating expenses			5,396				13,028
409A expense - operating expenses			982				646
One-time contract termination costs - operating expenses			413				—
Impairment of investment - other income, net			—				1,543
Exchange rate gain associated with accelerated tax planning strategy - other income, net			—				(6,674	)
Net tax benefit on non-ongoing items			(4,556	)			(5,506	)
Net tax expense on resolution of certain tax matters			3,637				—
Net tax expense for valuation allowance			13,787				—
Net tax expense on change in state tax law			—				5,244
Net tax expense on accelerated tax planning strategy			—				1,014
Ongoing net loss		$	(57,005	)		$	(89,771	)
Ongoing net loss per diluted share		$	(0.45	)		$	(0.71	)
Number of shares used for diluted per share calculation			126,273				125,566
Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and Operating Loss to Ongoing Gross Margin, Operating Expenses and Operating Loss
(in thousands, except percentages)
		Three Months Ended				Three Months Ended
		June 28, 2009				March 29, 2009
U.S. GAAP gross margin		$	67,757			$	36,515
Pre-tax non-ongoing items:
Pre-tax restructuring and asset impairments - cost of goods sold			—			$	10,217
Ongoing gross margin		$	67,757			$	46,732
U.S. GAAP gross margin as a percent of revenue			31.1	%			20.9	%
Ongoing gross margin as a percent of revenue			31.1	%			26.8	%
U.S. GAAP operating expenses		$	132,943			$	231,699
Pre-tax non-ongoing items:
Goodwill impairment - operating expenses			(7,179	)			(89,076	)
Legal judgment - operating expenses			(4,647	)			—
Restructuring and asset impairments - operating expenses			(5,396	)			(13,028	)
One-time contract termination costs - operating expenses			(413	)			—
409A expense - operating expenses			(982	)			(646	)
Ongoing operating expenses		$	114,326			$	128,949
Ongoing operating loss		$	(46,569	)		$	(82,217	)
Ongoing operating margin as a percent of revenue			-21.4	%			-47.1	%

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