The press release detailing our financial results was distributed over the wire services shortly after 1 p.m. this afternoon and is available on our website at

Today's call contains certain forward-looking statements including those related to our expectations for the global macroeconomic environment of market size; wafer fab equipment spending; market share changes; consumer demand, customer spending and behavior and the factors that will influence those expectations as well as our spending projections; our investment plans; our business strategies; our aspirations of the benefits with our merger with Novellus; our intentions for research and development activities, our contemplated tax rate and our forecast of market shares, shipments, revenues, expenses, margins operating profits, share repurchase activities, earnings per share and cash generation on both a GAAP and a non-GAAP basis, as well as other statements of the company's expectations, beliefs and plans.

There are important factors that could cause actual results to differ materially from those described in these forward-looking statements, and a list of these factors can be found in the slide package accompanying this conference call and on our most recent Form 10-K filed with the Securities and Exchange Commission.

All forward-looking statements are based on current information and the company assumes no obligation to update any of them. This call is scheduled to last until 3:00 p.m. and we ask that you please limit questions to one per firm with a brief follow-up. With that, I'll turn the call over to you, Ernie.

Ernest E. Maddock

Thank you, Shanye, and good afternoon, everyone. The June quarter marks an important milestone in the history of Lam Research. As you know on June 4, we successfully completed the acquisition of Novellus Systems. Our combined financial results, which are reflected in the press release issued earlier today, include only 20 days of Novellus activity. With that in mind, I'd like to begin my remarks today by reviewing Lam's standalone performance for the June quarter as it relates to the guidance we've provided on our April call.

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