Harris Corporation Reports Preliminary Fiscal 2013 Third Quarter Results and Revises Fiscal 2013 Guidance Announces Restructuring Actions MELBOURNE, Florida, April 11, 2013 Harris Corporation (NYSE:HRS) today announced preliminary financial results for the third quarter that were weaker than expected and reduced its fiscal year 2013 guidance primarily due to delays in tactical radio procurements resulting from government budget uncertainty and the increased likelihood that key international tactical radio orders will be awarded later in the year than previously expected or pushed into early next fiscal year. Additionally, operating performance in the Integrated Network Solutions segment was weaker than expected as a result of a delayed software release in Healthcare Solutions and slower revenue growth in CapRock Communications. Third quarter fiscal 2013 income from continuing operations is expected to be approximately $1.12 per diluted share. Revenue in the third quarter of fiscal 2013 is expected to be approximately $1.20 billion. The tax rate is expected to be about 27 percent for the third quarter and about 31 percent for the fiscal year. Fiscal 2013 guidance for income from continuing operations has been reduced from a previous range of $5.00 to $5.20 per diluted share to a range of $4.60 to $4.70, excluding charges related to restructuring and other actions ($3.95 to $4.33 per diluted share on a GAAP basis). Revenue is now expected to decline 6 to 7 percent compared to the prior year. A reconciliation of GAAP to non-GAAP financial measures is provided in the table. Operating under a continuing resolution followed by sequestration and the related indecision surrounding how sequestration budget cuts will be implemented has delayed U.S. Government procurement decisions and reduced spending, said William M. Brown, president and chief executive officer. The uncertainty is unprecedented, and the political budgetary process is progressing slowly. As a result, we are not anticipating a return to typical procurement processes before the end of our fiscal year. To align resources with the current business outlook, the company expects to implement company-wide restructuring and other actions primarily in the fourth quarter, including workforce reductions, facility consolidation, and prepayment of debt, resulting in pre-tax charges in the range of $65 to $115 million and generating net annualized cost savings of approximately $40 to $50 million. These cost actions, in addition to our ongoing focus on operational excellence and reducing discretionary spending, show our determination to adapt to the challenging fiscal environment while continuing to invest in R&D and strategic growth initiatives, said Brown. The delayed international tactical radio orders continue to be solid opportunities in our pipeline, and we remain keenly focused on integrating and improving execution in Healthcare Solutions and CapRock Communications. We strongly believe that the technology, innovation and affordable solutions that Harris brings to the marketplace are well-aligned with our customers priorities and are at the core of what will continue to make Harris a success. Harris Corporation will host a conference call on Tuesday, April 30, 2013, at 8:30 Eastern Time (ET) to discuss its third quarter fiscal 2013 financial results. The company will issue a press release reporting its third quarter results at approximately 6:30 a.m. ET on April 30. The dial-in numbers for the teleconference are (877) 474-9504 (U.S.) and (857) 244-7557 (International), using participant code 46595003. Please allow at least 10 minutes before the scheduled start time to connect to the teleconference. Participants are encouraged to listen via webcast, which will be broadcast live at www.harris.com/conference-call. A recording of the call will be available on the Harris website beginning at 12 p.m. ET on April 30. About Harris Corporation
Harris is an international communications and information technology company serving government and commercial markets in more than 125 countries. Headquartered in Melbourne, Florida, the company has approximately $5.5 billion of annual revenue and about 15,000 employees including 6,000 engineers and scientists. Harris is dedicated to developing best-in-class assured communications products, systems, and services. Additional information about Harris Corporation is available at harris.com. # # # Non-GAAP Financial Measures
This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the SEC, including the revised guidance range for expected income from continuing operations per diluted share for fiscal 2013, excluding estimated charges related to restructuring and other actions expected to be implemented primarily in the fourth quarter of fiscal 2013. A non-GAAP financial measure is generally defined as a numerical measure of a companys historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (GAAP). The revised guidance range for expected income from continuing operations per diluted share for fiscal 2013, excluding estimated charges related to restructuring and other actions expected to be implemented primarily in the fourth quarter of fiscal 2013 is a financial measure that is not defined by GAAP and should be viewed in addition to, and not in lieu of income from continuing operations per diluted share and other financial measures on a GAAP basis. Harris management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-
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Harris Corporation Reports Preliminary Fiscal 2013 Third Quarter Results and Revises Fiscal 2013 Guidance Announces Restructuring Actions MELBOURNE, Florida, April 11, 2013 Harris Corporation (NYSE:HRS) today announced preliminary financial results for the third quarter that were weaker than expected and reduced its fiscal year 2013 guidance primarily due to delays in tactical radio procurements resulting from government budget uncertainty and the increased likelihood that key international tactical radio orders will be awarded later in the year than previously expected or pushed into early next fiscal year. Additionally, operating performance in the Integrated Network Solutions segment was weaker than expected as a result of a delayed software release in Healthcare Solutions and slower revenue growth in CapRock Communications. Third quarter fiscal 2013 income from continuing operations is expected to be approximately $1.12 per diluted share. Revenue in the third quarter of fiscal 2013 is expected to be approximately $1.20 billion. The tax rate is expected to be about 27 percent for the third quarter and about 31 percent for the fiscal year. Fiscal 2013 guidance for income from continuing operations has been reduced from a previous range of $5.00 to $5.20 per diluted share to a range of $4.60 to $4.70, excluding charges related to restructuring and other actions ($3.95 to $4.33 per diluted share on a GAAP basis). Revenue is now expected to decline 6 to 7 percent compared to the prior year. A reconciliation of GAAP to non-GAAP financial measures is provided in the table. Operating under a continuing resolution followed by sequestration and the related indecision surrounding how sequestration budget cuts will be implemented has delayed U.S. Government procurement decisions and reduced spending, said William M. Brown, president and chief executive officer. The uncertainty is unprecedented, and the political budgetary process is progressing slowly. As a result, we are not anticipating a return to typical procurement processes before the end of our fiscal year. To align resources with the current business outlook, the company expects to implement company-wide restructuring and other actions primarily in the fourth quarter, including workforce reductions, facility consolidation, and prepayment of debt, resulting in pre-tax charges in the range of $65 to $115 million and generating net annualized cost savings of approximately $40 to $50 million. These cost actions, in addition to our ongoing focus on operational excellence and reducing discretionary spending, show our determination to adapt to the challenging fiscal environment while continuing to invest in R&D and strategic growth initiatives, said Brown. The delayed international tactical radio orders continue to be solid opportunities in our pipeline, and we remain keenly focused on integrating and improving execution in Healthcare Solutions and CapRock Communications. We strongly believe that the technology, innovation and affordable solutions that Harris brings to the marketplace are well-aligned with our customers priorities and are at the core of what will continue to make Harris a success. Harris Corporation will host a conference call on Tuesday, April 30, 2013, at 8:30 Eastern Time (ET) to discuss its third quarter fiscal 2013 financial results. The company will issue a press release reporting its third quarter results at approximately 6:30 a.m. ET on April 30. The dial-in numbers for the teleconference are (877) 474-9504 (U.S.) and (857) 244-7557 (International), using participant code 46595003. Please allow at least 10 minutes before the scheduled start time to connect to the teleconference. Participants are encouraged to listen via webcast, which will be broadcast live at www.harris.com/conference-call. A recording of the call will be available on the Harris website beginning at 12 p.m. ET on April 30. About Harris Corporation
