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KLA-Tencor™ Reports Fiscal 2011 Second Quarter Results

MILPITAS, Calif. Jan. 27, 2011 KLA-Tencor Corporation December 31, 2010 $185 million $1.09 $766 million

Rick Wallace

GAAP Results

Q2 FY 2011

Q1 FY 2011

Q2 FY 2010

Revenues

$ 766 million

$ 682 million

$ 440 million

Net Income

$ 185 million

$ 154 million

$ 22 million

Earnings per Diluted Share

$ 1.09

$ 0.91

$ 0.13

Non-GAAP Results

Q2 FY 2011

Q1 FY 2011

Q2 FY 2010

Net Income

$ 187 million

$ 169 million

$ 49 million

Earnings per Diluted Share

$ 1.10

$ 0.99

$ 0.28

A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements that are part of this release. Non-GAAP results include the impact of stock-based compensation, but exclude the impact of acquisitions, restatement and restructuring related items, and certain discrete tax items.

2:00 p.m. Pacific Standard Time www.kla-tencor.com

Forward-Looking Statements:

March 31, 2011 June 30, 2010

About KLA-Tencor:

Milpitas, California www.kla-tencor.com

Use of Non-GAAP Financial Information

The non-GAAP and supplemental information provided in this press release is a supplement to, and not a substitute for, KLA-Tencor’s financial results presented in accordance with United States GAAP.

To supplement KLA-Tencor’s condensed consolidated financial statements presented in accordance with GAAP, the company provides certain non-GAAP financial information, which is adjusted from results based on GAAP to exclude certain costs and expenses, as well as other supplemental information. The non-GAAP and supplemental information is provided to enhance the user’s overall understanding of KLA-Tencor’s operating performance and its prospects in the future. Specifically, KLA-Tencor believes that the non-GAAP information provides useful measures to both management and investors regarding financial and business trends relating to KLA-Tencor’s financial performance by excluding certain costs and expenses that the company believes are not indicative of its core operating results. The non-GAAP information is among the budgeting and planning tools that management uses for future forecasting. However, because there are no standardized or generally accepted definitions for most non-GAAP financial metrics, definitions of non-GAAP financial metrics (for example, determining which costs and expenses to exclude when calculating such a metric) are inherently subject to significant discretion.  As a result, non-GAAP financial metrics may be defined very differently from company to company, or even from period to period within the same company, which can potentially limit the usefulness of such information to an investor. The presentation of non-GAAP and supplemental information is not meant to be considered in isolation or as a substitute for results prepared and presented in accordance with United States GAAP.

KLA-Tencor Corporation

Condensed Consolidated Unaudited Balance Sheets

(In thousands)

December 31, 2010

June 30, 2010

ASSETS

Cash and marketable securities

$

1,636,400

$

1,534,044

Accounts receivable, net

531,453

440,125

Inventories, net

504,697

401,730

Other current assets

453,761

459,566

Land, property and equipment, net

249,468

236,752

Goodwill

328,147

328,006

Purchased intangibles, net

101,900

117,336

Other non-current assets

362,635

389,497

Total assets

$

4,168,461

$

3,907,056

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

123,166

$

107,938

Deferred system profit

241,494

204,764

Unearned revenue

33,193

37,026

Other current liabilities

396,084

422,059

Total current liabilities

793,937

771,787

Non-current liabilities:

Income tax payable

62,329

53,492

Unearned revenue

28,383

20,354

Other non-current liabilities

71,560

69,065

Long-term debt

746,018

745,747

Total liabilities

1,702,227

1,660,445

Stockholders’ equity:

Common stock and capital in excess of par value

972,870

921,460

Retained earnings

1,506,747

1,356,454

Accumulated other comprehensive income (loss)

(13,383)

(31,303)

Total stockholders’ equity

2,466,234

2,246,611

Total liabilities and stockholders’ equity

$

4,168,461

$

3,907,056

KLA-Tencor Corporation

Condensed Consolidated Unaudited Statements of Operations

Three months ended

Six months ended

(In thousands, except per share data)

December 31, 2010

December 31, 2009

December 31, 2010

December 31, 2009

Revenues:

Product

$

627,857

$

314,946

$

1,178,466

$

544,197

Service

138,470

125,409

270,203

238,845

Total revenues

766,327

440,355

1,448,669

783,042

Costs and operating expenses:

Costs of revenues

311,398

207,286

575,367

379,178

Engineering, research and development

94,897

83,301

189,617

161,510

Selling, general and administrative

91,166

102,673

179,203

180,309

Total costs and operating expenses

497,461

393,260

944,187

720,997

Income from operations

268,866

47,095

504,482

62,045

Interest income and other, net

(17,675)

(9,079)

(29,979)

(1,237)

Income before income taxes

251,191

38,016

474,503

60,808

Provision for income taxes

65,699

16,222

134,815

18,609

Net income

$

185,492

$

21,794

$

339,688

$

42,199

Net income per share:

Basic

$

1.11

$

0.13

$

2.03

$

0.25

Diluted

$

1.09

$

0.13

$

2.00

$

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