This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Harris Corporation Reports Fiscal 2013 Second Quarter Results

During the quarter, Harris was awarded a 5-year, $85 million, sole-source, Indefinite Delivery Indefinite Quantity (IDIQ) contract from the U.S. Air Force and received $33 million in initial delivery orders for Falcon III ® wideband radios to be deployed as the next-generation platform for voice and data communications. Harris received from a nation in Asia a $36 million order, and following the close of the quarter, an additional $6 million for an end-to-end integrated tactical information system incorporating Falcon III radios to form the long distance communications backbone. Harris received $33 million in orders from a NATO country, including an initial $11 million order for Falcon III Secure Personal Radios and a $22 million order for Falcon III handheld radios.

Harris was also awarded two significant contracts for P25 land mobile radio systems, a $31 million contract from the Republic of Trinidad and Tobago and a $16 million contract for the city of Montréal's vast public transportation network.

Integrated Network Solutions

Revenue in the second quarter for the Integrated Network Solutions segment was $396 million, a 3 percent increase compared with $385 million in the prior year. Solid growth in CapRock Communications and Healthcare Solutions was partially offset by a decline in IT Services revenue, primarily from the loss of the Patriot program. Operating income for the segment was $32 million compared with $20 million in the prior year. Non-GAAP operating income in the prior year was $29 million.

Orders for CapRock Communications increased 21 percent while Healthcare Solutions orders more than doubled in the second quarter compared with the prior year. CapRock Communications received $84 million in orders under the Defense Information Systems Agency (DISA) contract to provide end-to-end managed terrestrial network services. Harris was also awarded a contract extension from Royal Caribbean Cruises as well as contracts from Baker Hughes, Anadarko, and a country in Europe totaling $35 million for satellite communications solutions.

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs