Harris Corporation Provides Fiscal Year 2006 Guidance of $3.25 to $3.35 EPS in Advance of Its Annual Analyst Meeting
March 09 2005 - 4:01PM
PR Newswire (US)
Harris Corporation Provides Fiscal Year 2006 Guidance of $3.25 to
$3.35 EPS in Advance of Its Annual Analyst Meeting MELBOURNE, Fla.,
March 9 /PRNewswire-FirstCall/ -- Harris Corporation (NYSE:HRS)
today provided initial guidance for its fiscal year ending June 30,
2006, of $3.25 to $3.35 per diluted share. This guidance is on a
pre- stock-split basis. On February 25, 2005, Harris announced a
planned two-for- one stock split of the company's common stock.
Shareholders of record as of the close of business on March 14,
2005, will receive one additional share of Harris common stock for
each share of Harris common stock held on that date. "In fiscal
year 2006, we expect to achieve revenue growth for the company in a
range of 8-10 percent higher than fiscal year 2005," said Howard L.
Lance, chairman, president and chief executive officer of Harris.
"While pressure remains on federal budgets, we believe our
Government Communications Systems segment will continue to
outperform the market as investments in secure communications,
networks, intelligence gathering, and information processing remain
high priorities. In our RF Communications segment, the stellar
reputation of the Falcon(R) II tactical radio and a robust order
pipeline are expected to fuel strong growth. Revenue and
profitability improvements are expected to continue in our
Broadcast and Microwave businesses, which are benefiting from cost
reduction actions, some recovery in international markets, and new
product launches." Lance's comments were made in advance of the
company's annual analyst meeting being held in Melbourne on March
10 and 11, 2005. Presentations by Lance and Bryan R. Roub, chief
financial officer, will be available via webcast and a listen-only
conference call on March 10 beginning at 1:00 p.m. (ET). The
webcast will be broadcast live via the Internet at
http://www.harris.com/webcast . The dial-in number for the
conference call is 719-457-2649, access code 3479191. A replay of
the conference call is available at 719-457-0820, access code
3479191, from 5 p.m. March 10 (ET) through midnight (ET) on
Thursday, March 17. A replay of the webcast will be available on
the company's website. Harris Corporation is an international
communications technology company focused on providing assured
communications(TM) products, systems and services for government
and commercial customers. The company's operating divisions serve
markets for government communications, tactical radio, broadcast,
and microwave systems. Harris provides systems and service to
customers in more than 150 countries. Additional information about
Harris Corporation is available at http://www.harris.com/ .
Forward-Looking Statement Statements in this press release that are
not historical facts are forward-looking statements that reflect
management's current expectations, assumptions, and estimates of
future performance and economic conditions. Such statements are
made in reliance upon the safe harbor provisions of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements in this release
include but are not limited to: earnings per share guidance,
expectations for growth in fiscal 2006 in the RF Communications
segment and the two commercial segments, and expected contributions
from new products. The company cautions investors that any
forward-looking statements are subject to risks and uncertainties
that may cause actual results and future trends to differ
materially from those matters expressed in or implied by such
forward-looking statements. The company's consolidated results and
the forward-looking statements could be affected by many factors,
including but not limited to: our participation in markets that are
often subject to uncertain economic conditions, which makes it
difficult to estimate growth in our markets and, as a result,
future income and expenditures; our dependence on the U.S.
government for a significant portion of our revenues, as the loss
of this relationship or a shift in U.S. government funding could
have adverse consequences on our future business; potential changes
in U.S. government or customer priorities due to program reviews or
revisions to strategic objectives, including termination of or
potential failure to fund U.S. government contracts; risks inherent
with large long-term fixed price contracts, particularly the
ability to contain cost overruns; the performance of critical
subcontractors or suppliers; financial and government and
regulatory risks relating to international sales and operations,
including fluctuations in foreign currency exchange rates and the
effectiveness of our currency hedging program; our ability to
continue to develop new products that achieve market acceptance;
the consequences of future geo-political events, which may affect
adversely the markets in which we operate, our ability to insure
against risks, our operations or our profitability; strategic
acquisitions and the risks and uncertainties related thereto,
including our ability to manage and integrate acquired businesses;
potential claims that we are infringing the intellectual property
rights of third parties; the successful resolution of patent
infringement claims and the ultimate outcome of other
contingencies, litigation and legal matters; customer credit risk;
the fair values of our portfolio of passive investments, which
values are subject to significant price volatility or erosion;
risks inherent in developing new technologies; the potential impact
of hurricanes on our operations in Florida and the potential impact
of earthquakes on our operations in California; the ability to
recruit and retain qualified personnel; and general economic
conditions in the markets in which we operate. Further information
relating to factors that may impact the Company's results and
forward-looking statements are disclosed in the Company's filings
with the SEC. Harris disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
http://www.harris.com/webcastDATASOURCE: Harris Corporation
CONTACT: Media, Tom Hausman, +1-321-727-9131, or , or investors,
Pamela Padgett, +1-321-727-9383, or , both of Harris Corporation
Web site: http://www.harris.com/
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