Harris Corporation Reports Fiscal 2013 Third Quarter Results MELBOURNE, Florida, April 30, 2013 Harris Corporation (NYSE:HRS) reported revenue in the third quarter of fiscal 2013 of $1.20 billion compared with $1.37 billion in the prior year. GAAP income from continuing operations was $125 million, or $1.12 per diluted share, compared with $155 million, or $1.38 per diluted share. Non-GAAP income from continuing operations in the prior year was $163 million, or $1.42 per diluted share. Fiscal 2012 non-GAAP amounts exclude acquisition-related costs, and a reconciliation of GAAP to non-GAAP financial measures is provided in the tables. Orders in the third quarter were $1.13 billion compared with $1.48 billion in the prior year. The company generated strong free cash flow of $185 million in the third quarter compared with $152 million in the prior year. Third quarter results were in line with our preliminary release issued April 11 and weaker than previously expected primarily due to U.S. and international tactical radio procurement delays, said William M. Brown, president and chief executive officer. U.S. Government funding constraints resulting from the continuing resolution were magnified when sequestration was triggered. Additionally, in the international market several key tactical radio orders have been pushed to later in the year or early next fiscal year. We recently announced company-wide restructuring actions that are expected to generate net annualized cost savings of approximately $40 to $50 million. These cost savings, combined with benefits from our ongoing focus on operational excellence and reduced discretionary spending, will allow us to be successful in a challenging government market environment while continuing to invest in R&D and fund strategic growth initiatives. RF Communications
Revenue in the third quarter for the RF Communications segment was $418 million compared with $538 million in the prior year. Tactical Communications revenue was $276 million, declining 31 percent, and Public Safety revenue was $142 million, increasing 2 percent. Operating income for the RF Communications segment was $116 million compared with $182 million in the prior year. Operating margin was 27.8 percent compared with 33.8 percent in the prior year, and reflects lower volume in Tactical Communications. Orders for the segment totaled $486 million, including $297 million in Tactical Communications and $189 million in Public Safety. Book-to-bill was 1.16 for the segment. At the end of the third quarter, backlog was $582 million in Tactical Communications and $619 million in Public Safety. During the quarter, Harris was awarded a $500 million increase in the ceiling value of its Indefinite Delivery Indefinite Quantity (IDIQ) contract with the U.S. Army Communications-Electronics Command (CECOM), which supports international sales of military and land mobile radio systems under the U.S. Governments Foreign Military Sales program. Harris received a variety of Falcon III wideband vehicular, manpack and handheld radio orders, including $26 million from the U.S. Marine Corps and $19 million from the U.S. Navy. Harris also received a $10 million order from the U.S. Department of Defense for a new ISR device that combines wideband tactical communications and signals intelligence. Significant international orders included $40 million from the Royal Brunei Armed Forces for Falcon III VHF Combat Net and wideband manpack radios; $29 million from a country in Asia for Falcon III wideband manpack radios; $23 million from Australia for software upgrades; and $14 million from a country in Africa. Public Safety orders in the quarter included $42 million from Chester County, Pennsylvania, and $19 million from Spotsylvania County, Virginia, to deploy P25 emergency communication systems; $23 million from the Commonwealth of Pennsylvania for a 2-year maintenance agreement extension to support the statewide radio system and manage the network operations center; and a $6 million order under a newly awarded $17 million contract from the U.S. Marine Corps to deploy a P25 system for the Marine Corps Installations East region that will also provide interoperability with civilian agencies. Integrated Network Solutions
Revenue in the third quarter for the Integrated Network Solutions segment was $365 million, a 6 percent decrease compared with $388 million in the prior year as growth in CapRock Communications and Healthcare Solutions was more than offset by a decline in IT Services. Operating income for the segment was $30 million compared with $22 million in the prior year. Non-GAAP operating income in the prior year was $33 million. CapRock Communications orders in the quarter included $24 million from several U.S. Government customers under the Defense Information Systems Agency (DISA) Future Commercial Satellite Communications Services Acquisition (FCSA) program and a $17 million follow-on order from CSnet International, Inc. for the operation and maintenance of a buoy-based subsea ocean observatory in the Mediterranean Sea. Harris also received in IT Services a $24 million follow-on order from the Canadian Department of National Defense for the CF-18 Avionics Optimized Weapons System Support program for the CF-18 Hornet fleet, and in Healthcare Solutions an award of a 4-year contract with a potential value of $38 million from the U.S. Department of Veterans Affairs to supply enterprise data warehouse services. Government Communications Systems
Revenue in the third quarter for the Government Communications Systems segment was $442 million, a 6 percent decrease compared with $471 million in the prior year primarily due to lower revenue from Department of Defense customers. Operating income was $67 million compared with $64 million in the prior year. Operating margin was exceptional at 1
Most recent headlines
04/08/2024
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet, a leading technology and service provider for media-rich organizations, a...
06/05/2024
OAKVILLE, Ontario As part of Emergency Preparedness Week, Alert Ready, Canadas national public alerting system, will be distributing a test alert to Canadians i...
06/05/2024
NEW ROCHELLE, N.Y. Horowitz Research has released a new study on the viewing and media habits of U.S. Hispanic/Latine audiences that shows a dramatic decline in...
06/05/2024
RE:Vision Effects Autograph 2024.4 released! 50% Off Through May 9th
Brie Clayton May 6, 2024
0 Comments
New game-changing motion graphics & VFX featu...
06/05/2024
NBC has renewed Night Court for a third season. The courtroom comedy was on the network from 1984 to 1992, and NBC rebooted it in early 2023....
06/05/2024
ABC has revealed its summer schedule. The Bachelorette gets going Monday, July 8, with Jenn Tran the star in season 21. Celebrity Family Feud starts up Tuesday,...
06/05/2024
It's almost go-time for the Holly Springs Salamanders! The season opener is ...
06/05/2024
Actress Matseliso Mohale has joined Muvhango'Talented actress Matseliso Mohale has joined SABC2's soapie Muvhango' as Vhangani's lover and a c...
06/05/2024
Tonight on Smoke and Mirrors: Leroy refuses to give up fighting to bury MthethoDon't miss Monday, 6 May's riveting episode of South African soapie Smoke...
06/05/2024
Intrinsic, a software and AI robotics company at Alphabet, has integrated NVIDIA AI and Isaac platform technologies to advance the complex field of autonomous r...
06/05/2024
Cybersecurity experts at the RSA Conference this week will be on the hunt for ways to secure their operations in the era of generative AI.
They'll find man...
06/05/2024
1) What is the rationale of the transaction? What is the benefit for SES shareholders?
This combination creates a stronger and more competitive multi-orbit ope...
05/05/2024
A special evening performance by multiplatinum singer Becky G will provide a memorable conclusion to TeievisaUnivision's Casa Cultura upfront event on May 1...
05/05/2024
Giant media buyer Publicis is telling network sales executives that it does not think Nielsen's new panel-plus-big-data currency is ready for this upfront....
05/05/2024
WASHINGTON Glenn Kirschner, legal analyst at NBC News, blasted the media for referring to the New York trial of former President Donald Trump as a hush-money ...
05/05/2024
Catchy Comedy's weekend marathon sees The Beverly Hillbillies on the weekend of May 4-5. The event kicks off Saturday, May 4 at 11 a.m. ET, and runs through...
05/05/2024
NBC Sports has the 150th Kentucky Derby Saturday, May 4. The coverage begins at 2:30 p.m. ET on NBC and Peacock and the feature race at Churchill Downs in Louis...
04/05/2024
NEW YORK As the Asian Pacific American Heritage Month kicks off in May, Nielsen has released an extensive new report diving into their media habits with data sh...
04/05/2024
PHILADELPHIA As National Military Appreciation Month gets underway, Comcast has announced several new initiatives to help veterans, service members, and their f...
04/05/2024
WASHINGTON, D.C. Federal Communications Commission chairwoman Jessica Rosenworcel has announced a tentative agenda for the May Open Commission Meeting scheduled...
04/05/2024
The Broadband Forum has announced major enhancements to key 5G convergence standards that the group said will help advance next-generation applications, improve...
04/05/2024
Spotify Wrapped Campaign Spot Graded With DaVinci Resolve Studio
Brie Clayton May 3, 2024
0 Comments
Blackmagic Design today announced that Colorist M...
04/05/2024
Three Boston Conservatory at Berklee Alums Nominated for Tony Awards An additional eight alums and two current students performed in nominated productions.
...
04/05/2024
New faces and new storylines': What to expect on Izingane ZeS'thembu...
03/05/2024
An innovative learning tool to help media and civil society better understand ho...
03/05/2024
PARK CITY, UTAH - JANUARY 21: (L-R) Actors K stutis Cic nas and Greta Grinevi i t , Director Marija Kavtaradze and Producer Marija Razgute attend the 2023 Sunda...
03/05/2024
If you aren't familiar with Danny Ocean's music, it's only a matter ...
03/05/2024
Spotify has an unwavering commitment to supporting emerging artists across all genres, to helping them launch and thrive in their careers, and to connecting the...
03/05/2024
Como uno de los sonidos de mayor expansi n en el mundo, la M sica Mexicana va m ...
03/05/2024
As one of the fastest-growing sounds worldwide, M sica Mexicana is more than jus...
03/05/2024
NEW YORK FuboTV reported that it lost 110,000 subs in Q1 2024 but it exceeded its guidance for the quarter with double digit year-over-year increases across key...
03/05/2024
Only 3 Weeks Left To Enter The Creative Industries Most Award
Brie Clayton May 3, 2024
0 Comments
Creativepool is giving a last call to the creative i...
03/05/2024
WePlay Studios Transforms the Future of Live Event Storytelling with AJA Gear
Brie Clayton May 3, 2024
0 Comments
By 2032, the esports market is expec...
03/05/2024
WASHINGTON Shannon Bream, Fox News Sunday anchor and chief legal correspondent, sat for a keynote chat at The Business of TV News, with Tom Umstead, senior co...
03/05/2024
WASHINGTON Asked how important is local news, Martha Raddatz, who has covered foreign conflicts for decades and moderated presidential debates for ABC News, s...
03/05/2024
Sony Pictures and Apollo Global Management have made a $26 billion cash offer fo...
03/05/2024
CBS announced its 2024-2025 primetime schedule, which features the new dramas NCIS: Origins, Matlock and Watson, and new comedies Poppa's House and Georgie ...
03/05/2024
Sports-focused streaming service Fubo said it reduced its red ink in the first quarter, despite losing 110,000 subscribers since the end of the year....
03/05/2024
Walmart is reportedly about to release a new 4K streaming box/smart speaker hybrid device for Google TV that could retail for as low as $50, according to a repo...
03/05/2024
Enhancements to its Delivery Workspace solution provide increased content delivery robustness and security
By Matthew Corrigan
Published: May 3, 2024
Enha...
03/05/2024
According to reports, if the bid is successful, Sony would be the significant majority shareholder of the new private company
By Jenny Priestley
Published: M...
03/05/2024
Located in Manchesters Spinningfields district, the course aims to equip students with the skills, knowledge and industry insight for a career in the creative s...
03/05/2024
Lightbridge has created a new Cine Reflect Lighting System kit, dedicated to enabling artistic lighting with consideration of today's productivity practical...
03/05/2024
Broadcast media systems integrator BeckTV and Lawo worked together on a large-scale AES67 build of radio control rooms at KPBS, San Diego's NPR and PBS memb...
03/05/2024
Raleigh, NC, April 12, 2024 SmallHD announces PageOS 6, a powerful software update free for owners of SmallHD monitors, featuring increased functionality, exp...
03/05/2024
SmallHD announces the Quantum 32 a new 31.5 OLED monitor designed to provide reference HDR/SDR images for post-production final color grading, as well as cri...
03/05/2024
By 2032, the esports market is expected to grow to $9.29 billion, bolstered by a global player count and fan following that both continue to climb. The 2023 Lea...
03/05/2024
Amagi, the global leader in cloud-based SaaS technology for broadcast and connected TV (CTV), today announced that the 11th edition of the Amagi Global FAST Rep...
Harris Corporation Reports Fiscal 2013 Third Quarter Results MELBOURNE, Florida, April 30, 2013 Harris Corporation (NYSE:HRS) reported revenue in the third quarter of fiscal 2013 of $1.20 billion compared with $1.37 billion in the prior year. GAAP income from continuing operations was $125 million, or $1.12 per diluted share, compared with $155 million, or $1.38 per diluted share. Non-GAAP income from continuing operations in the prior year was $163 million, or $1.42 per diluted share. Fiscal 2012 non-GAAP amounts exclude acquisition-related costs, and a reconciliation of GAAP to non-GAAP financial measures is provided in the tables. Orders in the third quarter were $1.13 billion compared with $1.48 billion in the prior year. The company generated strong free cash flow of $185 million in the third quarter compared with $152 million in the prior year. Third quarter results were in line with our preliminary release issued April 11 and weaker than previously expected primarily due to U.S. and international tactical radio procurement delays, said William M. Brown, president and chief executive officer. U.S. Government funding constraints resulting from the continuing resolution were magnified when sequestration was triggered. Additionally, in the international market several key tactical radio orders have been pushed to later in the year or early next fiscal year. We recently announced company-wide restructuring actions that are expected to generate net annualized cost savings of approximately $40 to $50 million. These cost savings, combined with benefits from our ongoing focus on operational excellence and reduced discretionary spending, will allow us to be successful in a challenging government market environment while continuing to invest in R&D and fund strategic growth initiatives. RF Communications
