Lam Research Corp. (BB-/Negative/--) announced that sales in the March 2002 quarter declined 37% sequentially, to $164 million and that the company had a $15 million net loss from operations. In the year-earlier quarter, sales were $465 million, and net income was $65 million. Standard&Poor's said that the results would have no effect on its rating or outlook on Lam Research. Order levels rose 34% in the March 31 fiscal third quarter. The company has good liquidity, with ample cash balances of $830 million at March 31 to meet the potential redemption of a $310 million debt issue in September. Fremont, Calif.-based Lam Research has a second-tier position in the highly stressed semiconductor capital goods industry. The company
