Lam Research Corporation reported unaudited consolidated earnings results for the second quarter and six months ended December 25, 2011. For the quarter, the company reported revenue was $583.981 million compared to $870.714 million for the same period last year. Operating income was $47.546 million compared to $241.104 million for the same period last year. Income before income taxes was $39.761 million compared to $242.142 million for the same period last year. Net income was $33.212 million or $0.27 per diluted share compared to $221.856 million or $1.78 per diluted share for the same period last year. Net cash provided by operating activities was $169.016 million compared to $185.583 million for the same period last year. Capital expenditures and intangible assets was $26.682 million compared to $38.025 million for the same period last year. Non-GAAP net income was $41.0 million, or $0.34 per diluted share, in the December 2011 quarter compared to non-GAAP net income of $78.3 million, or $0.63 per diluted share, for the September 2011 quarter. Non-GAAP operating income was $54 million versus $101 million in the September quarter. For the six months, the company reported revenue was $1,264.417 million compared to $1,676.588 million for the same period last year. Operating income was $146.945 million compared to $465.098 million for the same period last year. Income before income taxes was $127.087 million compared to $465.157 million for the same period last year. Net income was $105.05 million or $0.86 per diluted share compared to $415.58 million or $3.32 per diluted share for the same period last year. Net cash provided by operating activities was $255.916 million compared to $441.327 million for the same period last year. Capital expenditures and intangible assets was $42.414 million compared to $57.155 million for the same period last year. The company provided earnings guidance for the quarter ended March 2012 and tax rate guidance for the fiscal year 2012. The outlook for the March 2012 quarter is: shipments of $700 million, plus or minus $25 million; revenues of $640 million, plus or minus $20 million; gross margin at 41%, plus or minus 1%; operating profit at 10.5%, plus or minus 1% and earnings per share of $0.44, plus or minus $0.05. The company expects an overall fiscal year 2012 non-GAAP tax rate in the high-teens to low-20% range.