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Harris Management Discusses Q4 2012 Results - Earnings Call Transcript

For the full fiscal year 2012, orders were $5.48 billion, up 8%, and revenue was $5.45 billion, up 1% over the prior year. Although non-GAAP income from continuing operations was down 5%, non-GAAP earnings per share increased 4% to $5.20. Overall, company results for the fourth quarter and full year demonstrate that our strategy for creating value in a tough government spending environment is working, successfully execute in our core businesses and in our growth initiatives, drive operational excellence to lower costs across the company, generate higher free cash flow and return capital to shareholders through share repurchases and dividends.

I'll turn it over to Gary to comment on segment results and guidance outlook, and then I'll come back with a few comments before we open the call to questions.

Gary L. McArthur

Thank you, Bill. And good morning.

Moving to segment results on Slide 5. Revenue for RF Communications was $584 million compared to $628 million in the prior year. Tactical Communications revenue was $409 million, declining 13%. In Public Safety and Professional Communications, revenue growth was excellent, increasing 12% to $175 million. Operating performance for the segment was very good, with operating income increasing in spite of lower revenue. Lower manufacturing costs and operating expenses resulted in a higher operating margin of 33.5%, up from 30.4% in the prior year.

Read the rest of this transcript for free on seekingalpha.com

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