Exhibit 99.1

FOR IMMEDIATE RELEASE

Lam Research Corporation Contact:
Kathleen Bela, Investor Relations, phone: 510/572-4566, e-mail: kathleen.bela@lamrc.com

Lam Research Corporation Announces Earnings for the Quarter Ended December 28, 2003

FREMONT, Calif., January 21, 2004—Lam Research Corporation (Nasdaq: LRCX) today announced earnings for the quarter ended December 28, 2003. Revenue for the period was $191.5 million, and net income was $6.4 million, or $0.05 per diluted share, compared to revenue of $183.7 million and net income of $4.8 million, or $0.04 per diluted share, for the September 2003 quarter. Gross margin and operating expenses for the December 2003 quarter were $87.2 million and $79.2 million, respectively.

The Company believes the presentation of ongoing results, which excludes certain special items, is useful for analyzing the business because it enables comparisons for ongoing operations by removing the effects of expense recognition connected with its outsourcing strategy and consolidation. Tables that provide reconciliations of ongoing results to results under U.S. Generally Accepted Accounting Principles (GAAP) are included.

Ongoing net income for the December 2003 quarter was $10.0 million, or $0.07 per diluted share, versus ongoing net income of $5.4 million, or $0.04 per diluted share for the previous quarter. Ongoing gross margin for the December 2003 quarter was $86.1 million, or 45 percent of revenue, representing a sequential improvement of 2.4 percentage points. Improved utilization of factory resources and assets was the major contributor to the stronger gross margin performance.

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Lam Announces Earnings for the December 2003 Quarter Page 2 of 6

New orders of approximately $271 million grew 28% over the prior quarter, accelerating the positive momentum started early in the calendar year and yielding an ending backlog of $375 million. The geographic distribution of new orders as well as revenue is shown in the following table:

Region	New Orders			Revenue
North America		9	%		20	%
Europe		20	%		17	%
Japan		20	%		12	%
Asia Pacific		51	%		51	%

Total cash (cash equivalents, short-term investments, and restricted cash) increased by $61.5 million to $704.5 million at the end of the December quarter. Focus on efficient use of working capital, including accounts receivable and inventory, supplemented the $31 million received from the exercise of employee stock options. Deferred revenue and profit were $47.6 million and $29.0 million, respectively at quarter end.

“I am pleased with the results for the December quarter,” stated James W. Bagley, Lam’s chairman and chief executive officer. “The Company’s performance during the quarter reflects the inherent benefits of our new business model, and underscores the strength in our market position. New orders were higher than previously expected, and the business environment continues to be robust for Lam. Clearly, industry fundamentals have improved, and we are pleased that our flagship product set, the 2300^TM Etch Series, is the first choice for many of the world’s largest semiconductor makers,” Bagley concluded.

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 benefits of the Company’s business model, future market conditions (including the strength of the Company’s market position, the business environment and industry fundamentals), and the prospective momentum of orders for Lam’s equipment.

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Lam Announces Earnings for the December 2003 Quarter Page 3 of 6

Such 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 reports on Form 10-K for the year ended June 29, 2003, and the Form 10-Q for the quarter ended September 28, 2003, 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 leading supplier of wafer processing equipment and services to the worldwide semiconductor manufacturing industry. The Company’s common stock trades on the Nasdaq National Market under the symbol “LRCX.” Lam’s World Wide Web address is http://www.lamrc.com.

Consolidated Financial Tables to Follow

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Lam Announces Earnings for the December 2003 Quarter Page 4 of 6

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

	Three Months Ended
	December 28,			September 28,
	2003			2003
U.S. GAAP net income	$	6,391		$	4,786
Pre-tax restructuring recoveries - cost of goods sold		(1,079	)		(250	)
Pre-tax net restructuring charges - operating expenses		5,948			1,062
Tax benefit on net restructuring charges		(1,217	)		(203	)
Ongoing net income	$	10,043		$	5,395
Ongoing net income per diluted share	$	0.07		$	0.04
Number of shares used for diluted per share calculation		139,658			134,886
Income tax rate		25	%		25	%

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

	Three Months Ended
	December 28,			September 28,
	2003			2003
U.S. GAAP gross margin	$	87,215		$	78,518
Restructuring recoveries - cost of goods sold		(1,079	)		(250	)
Ongoing gross margin	$	86,136		$	78,268
U.S. GAAP operating expenses	$	79,167		$	73,581
Net restructuring charges - operating expenses		(5,948	)		(1,062	)
Ongoing operating expenses	$	73,219		$	72,519
Ongoing operating income	$	12,917		$	5,749

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Lam Announces Earnings for the December 2003 Quarter Page 5 of 6

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 29,			December 28,			December 29,
			2003			2003			2002			2003			2002
Total revenue			$	191,508		$	183,738		$	184,569		$	375,246		$	382,089
	Cost of goods sold			105,372			105,470			112,380			210,842			230,906
	Cost of goods sold - restructuring recoveries			(1,079	)		(250	)		(301	)		(1,329	)		(301	)
		Total cost of goods sold		104,293			105,220			112,079			209,513			230,605
		Gross margin		87,215			78,518			72,490			165,733			151,484
		Gross margin as a percent of revenue		45.5	%		42.7	%		39.3	%		44.2	%		39.6	%
	Research and development			39,078			38,526			39,739			77,604			81,121
	Selling, general and administrative			34,141			33,993			31,715			68,134			65,074
	Restructuring charges, net			5,948			1,062			2,053			7,010			2,053
		Total operating expenses		79,167			73,581			73,507			152,748			148,248
		Operating income (loss)		8,048			4,937			(1,017	)		12,985			3,236
Other income (expense):
		Loss on equity derivative contracts in Company stock		—			—			—			—			(16,407	)
		Other income, net		473			1,444			2,989			1,917			2,327
Income (loss) before income taxes				8,521			6,381			1,972			14,902			(10,844	)
Income tax expense				2,130			1,595			493			3,725			1,391
Net income (loss)			$	6,391		$	4,786		$	1,479		$	11,177		$	(12,235	)
Net income (loss) per share:
		Basic	$	0.05		$	0.04		$	0.01		$	0.09		$	(0.10	)
		Diluted (1)	$	0.05		$	0.04		$	0.01		$	0.08		$	(0.10	)
Number of shares used in per share calculations:
		Basic		131,020			128,351			125,411			129,688			126,171
		Diluted (1)		139,658			134,886			128,537			137,502			126,171

(1)  For the three and six-month periods ended December 28, 2003, and the three-month period ended September 28, 2003, diluted net income per share includes the assumed exercise of employee stock options and outstanding warrant, but excludes the assumed conversion of the convertible subordinated 4% notes because the effect would have been antidilutive. For the three-month period ended December 29, 2002, diluted net income per share includes the assumed exercise of employee stock options, but excludes the assumed exercise of the outstanding warrant and conversion of the convertible subordinated 4% notes because the effect would have been antidilutive. Outstanding options, warrant, and convertible subordinated 4% and 5% notes for the six-month period ended December 29, 2002, are excluded from the computations of diluted net loss per share because the effects would have been antidilutive due to the net loss for the period.

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Lam Announces Earnings for the December 2003 Quarter Page 6 of 6

LAM RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

		December 28,		September 28,		June 29,
		2003		2003		2003
		(unaudited)		(unaudited)		(1)
Assets:
Cash, cash equivalents and short-term investments		$	586,009	$	524,472	$	507,413
Accounts receivable, net			114,811		113,975		107,602
Inventories			98,836		102,274		112,016
Other current assets			142,817		151,331		145,745
	Total current assets		942,473		892,052		872,776
Property and equipment, net			40,067		43,371		48,771
Restricted cash			118,468		118,468		118,468
Other assets			146,896		152,211		158,260
	Total assets	$	1,247,904	$	1,206,102	$	1,198,275
Liabilities and stockholders’ equity:
Other current liabilities		$	209,093	$	203,680	$	216,982
	Total current liabilities		209,093		203,680		216,982
Long-term debt and other liabilities			322,555		325,239		332,209
Stockholders’ equity			716,256		677,183		649,084
	Total liabilities and stockholders’ equity	$	1,247,904	$	1,206,102	$	1,198,275

(1)  Derived from audited financial statements