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Harris Corporation Reports Fiscal 2012 Third Quarter Results

Harris Corporation (NYSE:HRS) reported revenue in the third quarter of fiscal 2012 of $1.48 billion compared with $1.41 billion in the prior-year quarter. GAAP loss from continuing operations in the third quarter was $255 million, or $2.27 per diluted share. GAAP income from continuing operations in the prior year was $142 million, or $1.11 per diluted share. In connection with the process of evaluating strategic alternatives for Broadcast Communications, the company recorded in the third quarter a non-cash charge of $407 million after-tax, or $3.62 per diluted share, to write down a significant portion of the goodwill and other long-lived assets in Broadcast Communications, resulting in the GAAP loss from continuing operations. Following the close of the quarter, the company approved a plan to divest Broadcast Communications. As a result, current and prior period financial results for Broadcast Communications will be reported as discontinued operations beginning with the fourth quarter of fiscal 2012.

Non-GAAP income from continuing operations in the third quarter was $159 million, or $1.39 per diluted share, compared with $151 million, or $1.18 per diluted share, in the prior year. Non-GAAP income from continuing operations excludes acquisition-related costs in both quarters, as well as the non-cash charge recorded in the third quarter related to Broadcast Communications. A reconciliation of GAAP to non-GAAP financial measures is provided in Tables 5 through 8, along with accompanying notes. Orders in the third quarter were $1.60 billion compared with $1.54 billion in the prior-year quarter.

“Orders, revenue, and non-GAAP earnings per share from continuing operations were all higher compared to the prior year,” said William M. Brown, president and chief executive officer. “The company continues to generate strong cash flow, and as a result, in the third quarter we increased the dividend by 18 percent and the target payout ratio from 20 to 25 percent.”

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