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April 19th, 2012 
FAKE NEWS for the Zionist agenda SAN JOSE, Calif. (AP) — Semiconductor manufacturing equipment maker Novellus Systems Inc., which is being acquired by Lam Research Corp., said Wednesday its profit dropped 54 percent in the first quarter on lower sales and costs related to its planned sale.
Novellus said its profit shrank to $44.4 million, or 59 cents per share, from $96.4 million, or $1.04 per share. Excluding restructuring charges and costs related to its $3.3 billion sale to Lam Research, the company said it earned 61 cents per share. Its revenue fell 21 percent, to $326.7 million from $413.2 million.
Analysts expected Novellus to report a profit of 60 cents per share on revenue of $313.3 million, according to FactSet.
Novellus said contract bookings grew 26 percent to $361.7 million during the first quarter.
The company also said it expects to get a tax benefit of about $16 million as a refund for its payments for 2006 and 2007. That award needs to be approved by a congressional committee.
Lam Research said in December it planned to buy Novellus, valuing Novellus at $44.42 per share. Both companies make equipment that manufacturers use to build semiconductors. Lam makes chip wafer fabrication equipment while Novellus makes equipment that prepares the surface of chips. The companies have said the deal should close during the second quarter.
Shares in Novellus fell 87 cents to $47.03 on Wednesday. The stock was unchanged in aftermarket trading following the release of the earnings report.
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