MELBOURNE, Fla., Aug. 3 /PRNewswire-FirstCall/ -- Harris
Corporation (NYSE: HRS) reported GAAP income from continuing
operations for the fourth quarter of fiscal 2010 of $151 million, or $1.16 per diluted share, compared with a loss of
$84 million, or $.63 per diluted share, in the prior-year
quarter. Non-GAAP income from continuing operations in the
fourth quarter of fiscal 2010 was $161
million, or $1.24 per diluted
share, compared with $120 million, or
$.90 per diluted share, in the
prior-year quarter. Non-GAAP income excludes
acquisition-related costs in both quarters as well as pre-tax
charges of $256 million for a
non-cash impairment of goodwill and intangible assets in the
Broadcast Communications segment in the prior-year fourth quarter.
Revenue for the fourth quarter of fiscal 2010 was
$1.46 billion, compared with
$1.29 billion for the fourth quarter
of fiscal 2009. Orders in the fourth quarter were
$1.72 billion, compared with
$1.29 billion in the prior-year
quarter. A reconciliation of GAAP to non-GAAP financial
measures is provided in Tables 5 through 8, along with the
accompanying notes.
"Harris achieved another quarter of strong results with orders,
revenue and income all significantly higher than in the prior year,
driven primarily by continuing strong demand and excellent
operating performance in RF Communications," said Howard L. Lance, chairman, president and chief
executive officer. Harris fourth quarter orders were
significantly higher than revenue, thus adding to an already strong
backlog as we enter fiscal 2011. In Tactical Radio
Communications, backlog increased to a record $1.24 billion driven by strength in both U.S. and
international markets.
"As previously announced, Harris completed the acquisition of
CapRock Communications, a global provider of mission-critical
managed satellite communications solutions for the government,
energy and maritime markets. With this acquisition we further
increased the breadth of our assured
communications® capabilities, entered new vertical
markets, and increased our international presence." The
acquisition is expected to be slightly accretive to Harris earnings
in fiscal 2011, excluding acquisition-related costs, and a more
significant contributor to earnings in fiscal 2012.
Results for Full Fiscal Year
GAAP income from continuing operations in fiscal 2010 was
$562 million, or $4.28 per diluted share, compared with the prior
year of $312 million, or $2.33 per diluted share. Non-GAAP income
from continuing operations in fiscal 2010 was $582 million, or $4.43 per diluted share, compared with the prior
year of $516 million, or $3.85 per diluted share. Non-GAAP income
excludes acquisition-related costs in both fiscal years as well as
pre-tax charges of $256 million for a
non-cash impairment of goodwill and intangible assets in the
Broadcast Communications segment in the prior year. Revenue
in fiscal 2010 was $5.21 billion
compared with $5.01 billion in the
prior year.
The company generated strong cash flow from operations of
$803 million in fiscal 2010, which
was significantly higher compared with the prior year of
$667 million.
RF Communications
Fourth quarter orders for the RF Communications segment totaled
$890 million, including $711 million in Tactical Radio Communications and
$179 million in Public Safety and
Professional Communications. At the end of the fourth
quarter, total backlog for the RF Communications segment was
$1.76 billion, including $1.24 billion in Tactical Radio Communications
and $527 million in Public Safety and
Professional Communications.
Revenue for RF Communications in the fourth quarter was
$630 million, compared with
$468 million in the prior-year
quarter. Revenue included $486
million in Tactical Radio Communications and $144 million in Public Safety and Professional
Communications. Organic growth for the segment was 22
percent.
Operating income for RF Communications was $220 million in the fourth quarter, compared with
$134 million in the prior-year
quarter. Non-GAAP operating income, which excludes
acquisition-related costs, was $227
million, compared with $144
million in the prior-year quarter. Non-GAAP operating
margin was very strong at 36.0 percent due to favorable product mix
and operational efficiencies.
New orders for Tactical Radio Communications systems in the
fourth quarter were driven by several factors, including continued
customer adoption of next-generation Falcon III® radios,
equipping the military's MRAP and M-ATVs (Mine Resistant Ambush
Protected All-Terrain Vehicles) with Falcon II® and
Falcon III radios, and strengthening international demand.
Major Falcon III radio wins in
the U.S. market included a $24
million order from the U.S. Air Force for Falcon III
AN/PRC-152(C) multiband handheld radios; orders from the U.S.
Department of Defense of $20 million
and $11 million for Falcon III
AN/PRC-117G multiband manpack radio systems and $17 million for Falcon III AN/PRC-152(C) handheld
radios; an $11 million order from the
U.S. Marine Corps to upgrade existing Falcon III AN/VRC-110
multiband, multimode vehicular tactical radio systems from 20-watt
to 50-watt systems; and orders of $13
million and $27 million for
Falcon III AN/PRC-152(C) multiband handheld radio systems in
vehicular adapters to equip the military's MRAP vehicle program.
Other significant U.S. orders in the fourth quarter included a
$139 million order to provide
additional Falcon II AN/VRC-104 high-frequency (HF) tactical radio
systems for the MRAP vehicle program and also a $101 million order for Falcon II AN/PRC-117F
multiband vehicular radios to equip the next phase of M-ATV
purchases and to retrofit other existing MRAP vehicles.
Growing demand in the international market was a key driver in
the quarter of higher than expected orders and backlog for tactical
radios. International wins in the quarter also included
several Falcon III awards. Harris received orders totaling
$99 million from a customer in
Asia for the next phase of a
comprehensive, multi-level C4I system of Falcon II HF radios and
Falcon III radios, including RF-7800S secure personal radios,
RF-7800M multiband networking radios, and RF-7800W high-capacity
line-of-sight radios; a $30 million
order from a customer in the Middle
East for Falcon II HF radio systems; an $11 million order from a customer in Central Asia for Falcon II and Falcon III
radios to support its role as a Partnership for Peace nation; and
orders totaling $26 million from two
NATO countries for Falcon III AN/PRC-152(C) handheld radios.
In the Public Safety and Professional Communications business,
Harris received a $30 million order
to deploy a P25 trunked emergency radio communications system to
support up to 25,000 public service and public safety users in
Monroe County, New York.
Other major orders included $23
million for an OpenSky® communications system
from an energy company in the southwest U.S.; $9 million from Franklin County, North Carolina for a P25
radio communications system; and $5
million from the New York
State Police for Unity™ XG-100P multiband radios.
Government Communications Systems
Fourth quarter revenue for the Government Communications Systems
segment was $707 million, compared
with $704 million in the prior-year
quarter. Operating income was $74
million in the fourth quarter, compared with $77 million in the prior-year quarter.
Non-GAAP operating income, which excludes acquisition-related
costs, was $78 million in the fourth
quarter, and was unchanged from the prior-year quarter.
Non-GAAP operating margin was a strong 11.0 percent in the
fourth quarter.
Revenue increased for the Geostationary Operational
Environmental Satellite – Series R Ground Segment (GOES-R GS)
weather program for the National Oceanic and Atmospheric
Administration (NOAA), the Modernization of Enterprise Terminals
(MET) program for the U.S. Army, the Joint Strike Fighter program
for the Department of Defense, and the IT services relocation
program for the U.S. Southern Command (USSOUTHCOM). As
expected, revenue from the Field Data Collection Automation (FDCA)
program for the U.S. Census Bureau's 2010 census declined
$50 million compared with the
prior-year quarter as the program nears completion. Revenue
also benefited from recent acquisitions related to new growth
initiatives, primarily in Healthcare Solutions.
In the fourth quarter, Harris was awarded a six-year,
$97 million contract with the Federal
Aviation Administration for the Weather and Radar Maintenance and
Sustainment Services II program. The scope includes software
maintenance releases, depot support, on-site field support, and
engineering services at 22 operational FAA facilities in the U.S.
Harris also was awarded in the quarter a 30-month,
$25 million contract to modernize and
support high-bandwidth network cabling at Air National Guard (ANG)
sites nationwide; a $55 million
contract for advanced satellite terminals under the U.S. Army's MET
program; and a $25 million contract
from a national intelligence customer.
Following the close of the quarter, Harris was awarded a
10-year, $130 million contract to
supply antennas and control systems for NOAA's Geostationary
Operational Environmental Satellite Series-R (GOES-R) program.
The antennas will provide communications links for command,
telemetry and sensor data, as well as the communications link to
direct data users. The new antennas will operate with
next-generation GOES-R satellites and will be compatible with
existing GOES-N through GOES-P satellites.
Broadcast Communications
Orders in the Broadcast Communications segment were $111 million in the fourth quarter and were
weaker compared with the prior-year quarter of $127 million. Revenue in the fourth quarter
was $128 million compared with the
prior-year quarter of $130 million.
Operating loss in the fourth quarter was $21 million and included $7 million in charges related to cost-reduction
actions and $6 million in inventory
write-downs associated with weaker demand. Operating results
reflected continuing market weakness in the traditional U.S.
broadcast market as well as increased investment to address new
media and international growth opportunities. Additional
cost-reduction actions are planned for fiscal 2011 and are expected
to result in additional charges of about $7
million.
Orders in the fourth quarter included $9
million for turnkey, high-power AM radio transmitter systems
for the Pakistan Broadcasting Corporation funded through USAID;
$4 million for the Korean
Broadcasting System for high-powered AM radio transmitters;
$3 million for Viditec S.A. in
Argentina to begin to deploy the
country's first digital terrestrial transmission system; and
$3 million for TCN Channel Nine PTY
LTD. in Australia to continue to
build out the company's playout and news centers.
Earnings Guidance
Due to the acquisition of CapRock Communications, the company
increased its guidance for non-GAAP income from continuing
operations for fiscal 2011 to a range of $4.60 to $4.70 per diluted share ($4.55 to $4.65 per diluted share on a GAAP
basis), representing a year-over-year increase of 4 to 6 percent.
This compares with a previous range of $4.55 to $4.65 per diluted share ($4.55 to $4.65 per diluted share on a GAAP
basis). Fiscal 2011 non-GAAP earnings guidance excludes
acquisition-related costs.
Fiscal 2011 revenue is now expected to be in a range of
$5.9 to $6.0 billion, representing a
year-over-year increase of 13 to 15 percent compared with the prior
year. This compares with a previous range of $5.5 to $5.6 billion.
Harris will host a conference call today, August 3, at 4:30 p.m.
Eastern Time (ET) to discuss its fourth quarter fiscal 2010
financial results. The dial-in numbers for the teleconference
are (800) 299-0148 (U.S.) and (617) 801-9711 (International), using
participant code 93828851. Please allow at least 10 minutes
prior to 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 replay
of the teleconference will be available beginning at 7:30 p.m. ET on August
3, and will run until midnight
ET on Tuesday, August 10.
To access the replay, please call (888) 286-8010 (U.S.) or
(617) 801-6888 (International), access code 90846456. A
recording of the call also will be available on the Harris website
beginning at 7 p.m. ET on
August 3.
About Harris Corporation
Harris is an international communications and information
technology company serving government and commercial markets in
more than 150 countries. Headquartered in Melbourne, Florida, the company has
approximately $5 billion of annual
revenue and more than 15,000 employees — including nearly 7,000
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 www.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 income
from continuing operations and income from continuing operations
per diluted share for the fourth quarter of fiscal 2010 and for
fiscal 2010, in each case excluding charges for acquisition-related
costs; income from continuing operations and income from continuing
operations per diluted share for the fourth quarter of fiscal 2009
and for fiscal 2009, in each case excluding charges for
acquisition-related costs and for impairment of goodwill and
intangible assets in the Broadcast Communications segment;
operating income and margins for the RF Communications and the
Government Communications Systems segments, excluding
acquisition-related costs; organic revenue growth for the RF
Communications segment for the fourth quarter of fiscal 2010
compared with the fourth quarter of fiscal 2009, adjusting for the
impact of the acquisition of the Tyco Electronics Wireless Systems
business acquired during the fourth quarter of fiscal 2009; and
fiscal 2011 guidance for income from continuing operations per
diluted share and the percentage increase of fiscal 2011 guidance
for income from continuing operations per diluted share over fiscal
2010 non-GAAP income from continuing operations per diluted share,
in each case excluding acquisition-related costs. 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-period operating results separate and apart from items
that may, or could, have a disproportionately positive or negative
impact on results in any particular period. Management also
believes that these non-GAAP financial measures enhance the ability
of investors to analyze Harris business trends and to understand
Harris performance. In addition, Harris may utilize non-GAAP
financial measures as a guide in its forecasting, budgeting, and
long-term planning process and to measure operating performance for
some management compensation purposes. Any analysis of
non-GAAP financial measures should be used only in conjunction with
results presented in accordance with GAAP.
Forward-Looking Statements
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 and revenue guidance for fiscal 2011; the
potential value of contract awards; and statements regarding
outlook, including expected revenue and orders. 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: the loss of
our relationship with the U.S. government or a shift in U.S.
government funding; potential changes in U.S. government or
customer priorities; risks inherent with large long-term
fixed-price contracts, particularly the ability to contain cost
overruns; financial and government and regulatory risks relating to
international sales and operations; our ability to continue to
develop new products that achieve market acceptance; the
consequences of future geo-political events; strategic acquisitions
and the risks and uncertainties related thereto, including our
ability to manage and integrate acquired businesses; performance of
our subcontractors and suppliers; 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; risks inherent in developing new
technologies; changes in our effective tax rate; the potential
impact of natural disasters or other disruptions on our operations;
changes in future business conditions that could cause business
investments and/or recorded goodwill to become impaired; and the
recession in the United States and
general downturn in the global economy. 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. The forward-looking statements contained in
this release are made as of the date of this release, and the
company disclaims any intention or obligation, other than imposed
by law, to update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise.
Table 1
HARRIS
CORPORATION
FY '10 Fourth Quarter
Summary
CONDENSED
CONSOLIDATED STATEMENT OF
INCOME
(Unaudited)
|
|
|
Quarter Ended
|
|
Fiscal Year Ended
|
|
|
July 2,
|
|
July 3,
|
|
July 2,
|
|
July 3,
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
(In millions, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from product sales
and services
|
$
|
1,455.9
|
|
$
|
1,294.1
|
|
$
|
5,206.1
|
|
$
|
5,005.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product sales
and services
|
|
(923.7)
|
|
|
(889.7)
|
|
|
(3,334.4)
|
|
|
(3,420.2)
|
|
Engineering,
selling and administrative expenses
|
|
(286.1)
|
|
|
(221.5
|
|
|
(958.9)
|
|
|
(791.3)
|
|
Impairment
of goodwill and other long-lived assets
|
|
---
|
|
|
(255.5
|
|
|
---
|
|
|
(255.5)
|
|
Non-operating loss
|
|
(0.9)
|
|
|
(0.9)
|
|
|
(1.9)
|
|
|
(3.1)
|
|
Interest income
|
|
0.4
|
|
|
0.6
|
|
|
1.5
|
|
|
3.2
|
|
Interest expense
|
|
(17.6)
|
|
|
(14.0)
|
|
|
(72.1)
|
|
|
(52.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from continuing operations before
income taxes
|
|
228.0
|
|
|
(86.9)
|
|
|
840.3
|
|
|
485.3
|
|
Income taxes
|
|
(76.6)
|
|
|
3.4
|
|
|
(278.7)
|
|
|
(172.9)
|
|
Income (loss) from
continuing operations
|
|
151.4
|
|
|
(83.5
|
|
|
561.6
|
|
|
312.4
|
|
Discontinued
operations, net of income taxes
|
|
---
|
|
|
(72.9)
|
|
|
---
|
|
|
(274.5)
|
|
Net income (loss)
|
$
|
151.4
|
|
$
|
(156.4)
|
|
$
|
561.6
|
|
$
|
37.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to Harris Corporation common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic *
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
$
|
1.17
|
|
$
|
(.63)
|
|
$
|
4.31
|
|
$
|
2.35
|
|
Discontinued
operations
|
|
---
|
|
|
(.55)
|
|
|
---
|
|
|
(2.07)
|
|
|
$
|
1.17
|
|
$
|
(1.18)
|
|
$
|
4.31
|
|
$
|
.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted *
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
$
|
1.16
|
|
$
|
(.63)
|
|
$
|
4.28
|
|
$
|
2.33
|
|
Discontinued
operations
|
|
---
|
|
|
(.55)
|
|
|
---
|
|
|
(2.05)
|
|
|
$
|
1.16
|
|
$
|
(1.18)
|
|
$
|
4.28
|
|
$
|
.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid per common
share
|
$
|
.22
|
|
$
|
.20
|
|
$
|
.88
|
|
$
|
.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares
outstanding
|
|
127.6
|
|
|
131.4
|
|
|
129.0
|
|
|
132.3
|
|
Diluted weighted average shares
outstanding
|
|
128.7
|
|
|
131.4
|
|
|
130.0
|
|
|
133.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 2
HARRIS
CORPORATION
FY '10 Fourth Quarter
Summary
BUSINESS SEGMENT
INFORMATION
(Unaudited)
|
|
|
Quarter Ended
|
|
Fiscal Year Ended
|
|
|
July 2,
|
|
July 3,
|
|
July 2,
|
|
July 3,
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
(In millions)
|
|
Revenue
|
|
|
|
RF
Communications
|
$
|
629.9
|
|
$
|
468.1
|
|
$
|
2,067.2
|
|
$
|
1,760.6
|
|
Government
Communications Systems
|
|
707.3
|
|
|
703.8
|
|
|
2,688.0
|
|
|
2,709.6
|
|
Broadcast
Communications
|
|
127.7
|
|
|
130.2
|
|
|
486.2
|
|
|
583.6
|
|
Corporate
eliminations
|
|
(9.0)
|
|
|
(8.0)
|
|
|
(35.3)
|
|
|
(48.8)
|
|
|
$
|
1,455.9
|
|
$
|
1,294.1
|
|
$
|
5,206.1
|
|
$
|
5,005.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Continuing
Operations Before Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating Income
(Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
RF Communications
|
$
|
220.1
|
|
$
|
134.0
|
|
$
|
707.4
|
|
$
|
571.5
|
|
Government Communications
Systems
|
|
73.9
|
|
|
77.4
|
|
|
337.0
|
|
|
302.8
|
|
Broadcast
Communications
|
|
(21.1)
|
|
|
(257.2)
|
|
|
(30.8)
|
|
|
(238.0)
|
|
Unallocated corporate
expense
|
|
(23.4)
|
|
|
(24.6)
|
|
|
(90.4)
|
|
|
(81.4)
|
|
Corporate
eliminations
|
|
(3.4)
|
|
|
(2.2)
|
|
|
(10.4)
|
|
|
(16.9)
|
|
Non-operating
loss
|
|
(0.9)
|
|
|
(0.9)
|
|
|
(1.9)
|
|
|
(3.1)
|
|
Net interest
expense
|
|
(17.2)
|
|
|
(13.4)
|
|
|
(70.6)
|
|
|
(49.6)
|
|
|
$
|
228.0
|
|
$
|
(86.9)
|
|
$
|
840.3
|
|
$
|
485.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 3
HARRIS
CORPORATION
FY '10 Fourth Quarter
Summary
CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS
(Unaudited)
|
|
|
Fiscal Year Ended
|
|
|
July 2,
|
|
July 3,
|
|
|
2010
|
|
2009
|
|
|
(In millions)
|
|
Operating
Activities
|
|
|
|
|
|
|
|
Net income
|
$
|
561.6
|
|
$
|
37.9
|
|
|
Adjustments
to reconcile net income to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
165.7
|
|
|
177.7
|
|
|
|
|
Purchased in-process research
and development write-off
|
|
---
|
|
|
7.0
|
|
|
|
|
Share-based
compensation
|
|
35.3
|
|
|
41.9
|
|
|
|
|
Non-current deferred income
taxes
|
|
(6.5)
|
|
|
(47.2)
|
|
|
|
|
Impairment of securities
available-for-sale
|
|
---
|
|
|
7.6
|
|
|
|
|
Impairment of goodwill and other
long-lived assets
|
|
---
|
|
|
556.5
|
|
|
|
|
Noncontrolling interest in
discontinued operations, net of income taxes
|
|
---
|
|
|
(162.5)
|
|
|
|
|
Loss on disposition of
discontinued operations
|
|
---
|
|
|
62.6
|
|
|
|
(Increase) decrease
in:
|
|
|
|
|
|
|
|
|
|
Accounts and notes
receivable
|
|
40.0
|
|
|
32.7
|
|
|
|
|
Inventories
|
|
(13.9)
|
|
|
(68.3)
|
|
|
|
Increase (decrease)
in:
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued
expenses
|
|
(51.8)
|
|
|
72.1
|
|
|
|
|
Advance payments and unearned
income
|
|
53.0
|
|
|
(17.2)
|
|
|
|
|
Income taxes
|
|
0.8
|
|
|
(41.3)
|
|
|
|
Other
|
|
18.5
|
|
|
7.3
|
|
Net cash provided by operating
activities
|
|
802.7
|
|
|
666.8
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
|
Cash paid for acquired
businesses
|
|
(52.1)
|
|
|
(745.3)
|
|
|
Additions of property, plant and
equipment
|
|
(189.9)
|
|
|
(108.9)
|
|
|
Additions of capitalized
software
|
|
(8.1)
|
|
|
(12.9)
|
|
|
Cash paid for short-term
investments available-for-sale
|
|
---
|
|
|
(1.2)
|
|
|
Proceeds from the sale of
short-term investments available-for-sale
|
|
---
|
|
|
3.7
|
|
Net cash used in investing
activities
|
|
(250.1)
|
|
|
(864.6)
|
|
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
|
|
|
Proceeds from
borrowings
|
|
---
|
|
|
531.8
|
|
|
Repayment of
borrowings
|
|
(76.8)
|
|
|
(81.4)
|
|
|
Proceeds from exercise of
employee stock options
|
|
18.9
|
|
|
5.6
|
|
|
Repurchases of common
stock
|
|
(208.0)
|
|
|
(132.3)
|
|
|
Cash dividends
|
|
(115.0)
|
|
|
(106.6)
|
|
|
Cash
decrease related to spin-off of Harris Stratex Networks,
Inc.
|
|
---
|
|
|
(100.0)
|
|
Net cash provided by (used in)
financing activities
|
|
(380.9)
|
|
|
117.1
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes
on cash and cash equivalents
|
|
2.3
|
|
|
(8.1)
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash
and cash equivalents
|
|
174.0
|
|
|
(88.8)
|
|
|
|
|
|
|
|
|
Cash and cash equivalents,
beginning of year
|
|
281.2
|
|
|
370.0
|
|
Cash and cash equivalents, end
of year
|
$
|
455.2
|
|
$
|
281.2
|
|
|
|
|
|
|
|
|
Supplemental disclosure of
noncash investing and financing activities:
|
|
|
|
|
|
|
Distribution
of Harris Stratex Networks, Inc. common stock owned by Harris
Corporation to Harris Corporation shareholders
|
$
|
---
|
|
$
|
173.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4
HARRIS
CORPORATION
FY '10 Fourth Quarter
Summary
CONDENSED CONSOLIDATED BALANCE
SHEET
(Unaudited)
|
|
|
|
|
|
|
|
July 2,
|
|
July 3,
|
|
|
2010
|
|
2009
|
|
|
(In millions)
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
$ 455.2
|
|
$ 281.2
|
|
Receivables
|
736.0
|
|
770.8
|
|
Inventories
|
615.3
|
|
607.2
|
|
Income taxes
receivable
|
6.4
|
|
21.0
|
|
Current deferred income
taxes
|
145.3
|
|
117.2
|
|
Other current assets
|
37.5
|
|
62.0
|
|
Property, plant and
equipment
|
609.7
|
|
543.2
|
|
Goodwill
|
1,576.2
|
|
1,507.1
|
|
Intangible assets
|
297.8
|
|
335.6
|
|
Non-current deferred income
taxes
|
107.7
|
|
85.3
|
|
Other non-current
assets
|
147.6
|
|
134.5
|
|
|
$4,734.7
|
|
$4,465.1
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Short-term debt
|
$ 30.0
|
|
$ 105.7
|
|
Accounts payable
|
329.4
|
|
368.0
|
|
Compensation and
benefits
|
239.7
|
|
224.9
|
|
Other accrued items
|
267.5
|
|
288.7
|
|
Advance payments and unearned
income
|
175.6
|
|
121.7
|
|
Current portion of long-term
debt
|
0.7
|
|
0.7
|
|
Long-term debt
|
1,176.6
|
|
1,177.3
|
|
Long-term contract
liability
|
132.4
|
|
145.6
|
|
Other long-term
liabilities
|
192.7
|
|
163.4
|
|
Equity
|
2,190.1
|
|
1,869.1
|
|
|
$4,734.7
|
|
$4,465.1
|
|
|
|
|
|
|
|
|
|
|
|
|
HARRIS
CORPORATION
FY '10 Fourth
Quarter Summary
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES AND REGULATION G DISCLOSURE
|
|
|
|
To supplement our condensed
consolidated financial statements presented in accordance with U.S.
generally accepted accounting principles (GAAP), we provide
additional measures of segments' operating income (loss); cost of
product sales and services; engineering, selling and administrative
expenses; income (loss) from continuing operations before income
taxes; income taxes; income (loss) from continuing operations; and
income (loss) from continuing operations per diluted share adjusted
to exclude certain costs, charges, expenses and losses. 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-period operating results separate and apart from items
that may, or could, have a disproportionately positive or negative
impact on results in any particular period. Harris management also
believes that these non-GAAP financial measures enhance the ability
of investors to analyze Harris' business trends and to understand
Harris' performance. In addition, Harris may utilize non-GAAP
financial measures as a guide in its forecasting, budgeting, and
long-term planning process and to measure operating performance for
some management compensation purposes. Any analysis of non-GAAP
financial measures should be used only in conjunction with results
presented in accordance with GAAP. A reconciliation of these
non-GAAP financial measures with the most directly comparable
financial measures calculated in accordance with GAAP
follows:
|
|
|
Table 5
HARRIS
CORPORATION
FY '10 Fourth Quarter
Summary
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
Condensed Consolidated Statement
of Income
(Unaudited)
|
|
|
Quarter Ended
July 2, 2010
|
|
Quarter Ended
July 3, 2009
|
|
|
As Reported
|
|
Adjustment
|
|
Non-GAAP
|
|
As Reported
|
|
Adjustment
|
|
Non-GAAP
|
|
|
(In millions, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from product sales
and services
|
$
|
1,455.9
|
|
$
|
---
|
|
$
|
1,455.9
|
|
$
|
1,294.1
|
|
$
|
---
|
|
$
|
1,294.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product sales
and services (A)
|
|
(923.7)
|
|
|
0.7
|
|
|
(923.0)
|
|
|
(889.7)
|
|
|
1.2
|
|
|
(888.5)
|
|
Engineering, selling and
administrative expenses (B)
|
|
(286.1)
|
|
|
9.4
|
|
|
(276.7)
|
|
|
(221.5)
|
|
|
8.9
|
|
|
(212.6)
|
|
Impairment of goodwill and other
long-lived assets (C)
|
|
---
|
|
|
---
|
|
|
---
|
|
|
(255.5)
|
|
|
255.5
|
|
|
---
|
|
Non-operating loss
|
|
(0.9)
|
|
|
---
|
|
|
(0.9)
|
|
|
(0.9)
|
|
|
---
|
|
|
(0.9)
|
|
Interest income
|
|
0.4
|
|
|
---
|
|
|
0.4
|
|
|
0.6
|
|
|
---
|
|
|
0.6
|
|
Interest expense
|
|
(17.6)
|
|
|
---
|
|
|
(17.6)
|
|
|
(14.0)
|
|
|
---
|
|
|
(14.0)
|
|
Income (loss) from continuing
operations before income taxes
|
|
228.0
|
|
|
10.1
|
|
|
238.1
|
|
|
(86.9)
|
|
|
265.6
|
|
|
178.7
|
|
Income taxes (D)
|
|
(76.6)
|
|
|
(0.3)
|
|
|
(76.9)
|
|
|
3.4
|
|
|
(62.5)
|
|
|
(59.1)
|
|
Income (loss) from
continuing operations
|
$
|
151.4
|
|
$
|
9.8
|
|
$
|
161.2
|
|
$
|
(83.5)
|
|
$
|
203.1
|
|
$
|
119.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations per diluted common share *
|
$
|
1.16
|
|
$
|
.08
|
|
$
|
1.24
|
|
$
|
(.63)
|
|
$
|
1.53
|
|
$
|
.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended
July 2, 2010
|
|
Fiscal Year Ended
July 3, 2009
|
|
|
As Reported
|
|
Adjustment
|
|
Non-GAAP
|
|
As Reported
|
|
Adjustment
|
|
Non-GAAP
|
|
|
(In millions, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from product sales
and services
|
$
|
5,206.1
|
|
$
|
---
|
|
$
|
5,206.1
|
|
$
|
5,005.0
|
|
$
|
---
|
|
$
|
5,005.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product sales
and services (A)
|
|
(3,334.4)
|
|
|
5.7
|
|
|
(3,328.7)
|
|
|
(3,420.2)
|
|
|
1.2
|
|
|
(3,419.0)
|
|
Engineering, selling and
administrative expenses (B)
|
|
(958.9)
|
|
|
20.4
|
|
|
(938.5)
|
|
|
(791.3)
|
|
|
8.9
|
|
|
(782.4)
|
|
Impairment of goodwill and other
long-lived assets (C)
|
|
---
|
|
|
---
|
|
|
---
|
|
|
(255.5)
|
|
|
255.5
|
|
|
---
|
|
Non-operating loss
|
|
(1.9)
|
|
|
---
|
|
|
(1.9)
|
|
|
(3.1)
|
|
|
---
|
|
|
(3.1)
|
|
Interest income
|
|
1.5
|
|
|
---
|
|
|
1.5
|
|
|
3.2
|
|
|
---
|
|
|
3.2
|
|
Interest expense
|
|
(72.1)
|
|
|
---
|
|
|
(72.1)
|
|
|
(52.8)
|
|
|
---
|
|
|
(52.8)
|
|
Income from continuing
operations before income taxes
|
|
840.3
|
|
|
26.1
|
|
|
866.4
|
|
|
485.3
|
|
|
265.6
|
|
|
750.9
|
|
Income taxes (D)
|
|
(278.7)
|
|
|
(6.2)
|
|
|
(284.9)
|
|
|
(172.9)
|
|
|
(62.5)
|
|
|
(235.4)
|
|
Income from continuing
operations
|
$
|
561.6
|
|
$
|
19.9
|
|
$
|
581.5
|
|
$
|
312.4
|
|
$
|
203.1
|
|
$
|
515.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations per diluted common share *
|
$
|
4.28
|
|
$
|
.15
|
|
$
|
4.43
|
|
$
|
2.33
|
|
$
|
1.52
|
|
$
|
3.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 6
HARRIS
CORPORATION
FY '10 Fourth Quarter
Summary
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
Business Segment
Information
(Unaudited)
|
|
|
Quarter Ended
July 2, 2010
|
|
Quarter Ended
July 3, 2009
|
|
|
As Reported
|
|
Adjustment
|
|
Non-GAAP
|
|
As Reported
|
|
Adjustment
|
|
Non-GAAP
|
|
|
(In millions)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RF Communications
|
$
|
629.9
|
|
$
|
---
|
|
$
|
629.9
|
|
|
$
|
468.1
|
|
$
|
---
|
|
$
|
468.1
|
|
Government Communications
Systems
|
|
707.3
|
|
|
---
|
|
|
707.3
|
|
|
|
703.8
|
|
|
---
|
|
|
703.8
|
|
Broadcast
Communications
|
|
127.7
|
|
|
---
|
|
|
127.7
|
|
|
|
130.2
|
|
|
---
|
|
|
130.2
|
|
Corporate
eliminations
|
|
(9.0)
|
|
|
---
|
|
|
(9.0)
|
|
|
|
(8.0)
|
|
|
---
|
|
|
(8.0)
|
|
|
$
|
1,455.9
|
|
$
|
---
|
|
$
|
1,455.9
|
|
|
$
|
1,294.1
|
|
$
|
---
|
|
$
|
1,294.1
|
|
Income (Loss) From Continuing
Operations Before Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating Income
(Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RF Communications (E)
|
$
|
220.1
|
|
$
|
6.4
|
|
$
|
226.5
|
|
|
$
|
134.0
|
|
$
|
9.5
|
|
$
|
143.5
|
|
Government Communications
Systems (F)
|
|
73.9
|
|
|
3.7
|
|
|
77.6
|
|
|
|
77.4
|
|
|
0.6
|
|
|
78.0
|
|
Broadcast Communications
(C)
|
|
(21.1)
|
|
|
---
|
|
|
(21.1)
|
|
|
|
(257.2)
|
|
|
255.5
|
|
|
(1.7)
|
|
Unallocated corporate
expense
|
|
(23.4)
|
|
|
---
|
|
|
(23.4)
|
|
|
|
(24.6)
|
|
|
---
|
|
|
(24.6)
|
|
Corporate
eliminations
|
|
(3.4)
|
|
|
---
|
|
|
(3.4)
|
|
|
|
(2.2)
|
|
|
---
|
|
|
(2.2)
|
|
Non-operating loss
|
|
(0.9)
|
|
|
---
|
|
|
(0.9)
|
|
|
|
(0.9)
|
|
|
---
|
|
|
(0.9)
|
|
Net interest expense
|
|
(17.2)
|
|
|
---
|
|
|
(17.2)
|
|
|
|
(13.4)
|
|
|
---
|
|
|
(13.4)
|
|
|
$
|
228.0
|
|
$
|
10.1
|
|
$
|
238.1
|
|
|
$
|
(86.9)
|
|
$
|
265.6
|
|
$
|
178.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended
July 2, 2010
|
|
Fiscal Year Ended
July 3, 2009
|
|
|
As Reported
|
|
Adjustment
|
|
Non-GAAP
|
|
As Reported
|
|
Adjustment
|
|
Non-GAAP
|
|
|
(In millions)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RF Communications
|
$
|
2,067.2
|
|
$
|
---
|
|
$
|
2,067.2
|
|
|
$
|
1,760.6
|
|
$
|
---
|
|
$
|
1,760.6
|
|
Government Communications
Systems
|
|
2,688.0
|
|
|
---
|
|
|
2,688.0
|
|
|
|
2,709.6)
|
|
|
---
|
|
|
2,709.6
|
|
Broadcast
Communications
|
|
486.2
|
|
|
---
|
|
|
486.2
|
|
|
|
583.6
|
|
|
---
|
|
|
583.6
|
|
Corporate
eliminations
|
|
(35.3)
|
|
|
---
|
|
|
(35.3)
|
|
|
|
(48.8)
|
|
|
---
|
|
|
(48.8)
|
|
|
$
|
5,206.1
|
|
$
|
---
|
|
$
|
5,206.1
|
|
|
$
|
5,005.0
|
|
$
|
---
|
|
$
|
5,005.0
|
|
Income From Continuing
Operations Before Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Operating Income
(Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RF Communications (E)
|
$
|
707.4
|
|
$
|
19.3
|
|
$
|
726.7
|
|
|
$
|
571.5
|
|
$
|
9.5
|
|
$
|
581.0
|
|
Government Communications
Systems (F)
|
|
337.0
|
|
|
6.8
|
|
|
343.8
|
|
|
|
302.8
|
|
|
0.6
|
|
|
303.4
|
|
Broadcast Communications
(C)
|
|
(30.8)
|
|
|
---
|
|
|
(30.8)
|
|
|
|
(238.0)
|
|
|
255.5
|
|
|
17.5
|
|
Unallocated corporate
expense
|
|
(90.4)
|
|
|
---
|
|
|
(90.4)
|
|
|
|
(81.4)
|
|
|
---
|
|
|
(81.4)
|
|
Corporate
eliminations
|
|
(10.4)
|
|
|
---
|
|
|
(10.4)
|
|
|
|
(16.9)
|
|
|
---
|
|
|
(16.9)
|
|
Non-operating loss
|
|
(1.9)
|
|
|
---
|
|
|
(1.9)
|
|
|
|
(3.1)
|
|
|
---
|
|
|
(3.1)
|
|
Net interest expense
|
|
(70.6)
|
|
|
---
|
|
|
(70.6)
|
|
|
|
(49.6)
|
|
|
---
|
|
|
(49.6)
|
|
|
$
|
840.3
|
|
$
|
26.1
|
|
$
|
866.4
|
|
|
$
|
485.3
|
|
$
|
265.6
|
|
$
|
750.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 7
HARRIS
CORPORATION
FY '10 Fourth Quarter
Summary
Reconciliation of FY '11 GAAP
Income from Continuing Operations per Diluted Share
Guidance to FY '10 GAAP Income from Continuing
Operations per Diluted Share and
FY '11 Non-GAAP Income from Continuing Operations per Diluted Share
Guidance
(Unaudited)
|
|
|
|
Fiscal Year 2010
(Actual)
|
|
Fiscal Year 2011
(Guidance)
|
|
Percent Change
|
|
|
|
|
|
|
|
|
|
GAAP income from continuing
operations per diluted share
|
|
$4.28
|
|
$4.55 to $4.65
|
|
6% to 9%
|
|
Charges
associated with the acquisition of Tyco Electronics
Wireless Systems (G)
|
|
$0.11
|
|
$---
|
|
|
|
Charges
associated with the acquisitions of Crucial Security, Inc., the ATC
Business Unit of SolaCom Technologies Inc., Patriot Technologies,
LLC and SignaCert, Inc. (H)
|
|
$0.02
|
|
$---
|
|
|
|
Charges
associated with the acquisition of CapRock
Communications (I)
|
|
$0.02
|
|
$0.05
|
|
|
|
Non-GAAP income from
continuing operations per diluted share
|
|
$4.43
|
|
$4.60 to $4.70
|
|
4% to 6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 8
HARRIS
CORPORATION
FY '10 Fourth Quarter
Summary
RF Communications Segment
Organic Revenue Growth Calculation
|
|
|
|
Quarter Ended
|
|
|
|
|
|
July 2, 2010
|
|
July 3, 2009
|
|
Percent Change
|
|
|
|
|
|
|
|
|
|
GAAP Revenue
|
|
$ 629.9
|
|
$ 468.1
|
|
34.6%
|
|
Impact of
acquiring Tyco Electronics Wireless Systems
(J)
|
|
----
|
|
47.2
|
|
|
|
Organic
Revenue
|
|
$ 629.9
|
|
$ 515.3
|
|
22.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HARRIS
CORPORATION
FY '10 Fourth
Quarter Summary
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(Unaudited)
|
|
Notes to tables 5 through
8:
|
|
|
|
Note A –
Adjustments to cost of product sales and services for the quarter
ended July 2, 2010 are due to integration costs associated with our
acquisition of the Tyco Electronics Wireless Systems business
("Wireless Systems") from Tyco Electronics Ltd. ($0.7 million).
Adjustments to cost of product sales and services for the fiscal
year ended July 2, 2010 are due to integration costs and the impact
of a step up in inventory associated with our acquisition of
Wireless Systems ($5.7 million). Adjustments to cost of product
sales and services for the quarter and fiscal year ended July 3,
2009 are due to the impact of a step up in inventory associated
with our acquisition of Wireless Systems ($1.2 million).
|
|
|
|
Note B –
Adjustments to engineering, selling and administrative
expenses for the quarter ended July 2, 2010 are due to integration
and other costs associated with our acquisitions of Wireless
Systems ($5.7 million), Crucial Security, Inc. ("Crucial") ($0.1
million), the ATC Business Unit of SolaCom Technologies Inc.
("SolaCom ATC") ($0.1 million), Patriot Technologies, LLC
("Patriot") ($0.6 million), SignaCert, Inc. ("SignaCert") ($0.3
million) and CapRock Communications ("CapRock") ($2.6 million).
Adjustments to engineering, selling and administrative expenses for
the fiscal year ended July 2, 2010 are due to integration and other
costs associated with our acquisitions of Wireless Systems ($13.6
million), Crucial ($1.5 million), SolaCom ATC ($0.9 million),
Patriot ($1.5 million), SignaCert ($0.3 million) and CapRock ($2.6
million). Adjustments to engineering, selling and administrative
expenses for the quarter and fiscal year ended July 3, 2009 are due
to integration costs and a write-off of in-process research and
development associated with our acquisition of Wireless Systems
($8.3 million) and integration costs associated with our
acquisition of Crucial ($0.6 million).
|
|
|
|
Note C – Adjustment
for impairment of goodwill and other long-lived assets in our
Broadcast Communications segment ($255.5 million).
|
|
|
|
Note D –
Adjustments to our income taxes are primarily based on the tax rate
and characterization of tax treatment on the tax return in the
jurisdiction to which the item applies.
|
|
|
|
Note E –
Adjustments to our RF Communications segment operating income for
the quarter ended July 2, 2010 are due to integration costs
associated with our acquisition of Wireless Systems ($6.4 million).
Adjustments to our RF Communications segment operating income for
the fiscal year ended July 2, 2010 are due to integration costs and
the impact of a step up in inventory associated with our
acquisition of Wireless Systems ($19.3 million). Adjustments to our
RF Communications segment operating income for the quarter and
fiscal year ended July 3, 2009 are due to the impact of a step up
in inventory, integration costs and a write-off of in-process
research and development associated with our acquisition of
Wireless Systems ($9.5 million).
|
|
|
|
Note F –
Adjustments to our Government Communications Systems segment
operating income for the quarter ended July 2, 2010 are due to
integration and other costs associated with our acquisitions of
Crucial ($0.1 million), SolaCom ATC ($0.1 million), Patriot ($0.6
million), SignaCert ($0.3 million) and CapRock ($2.6 million).
Adjustments to our Government Communications Systems segment
operating income for the fiscal year ended July 2, 2010 are due to
integration and other costs associated with our acquisitions of
Crucial ($1.5 million), SolaCom ATC ($0.9 million), Patriot ($1.5
million), SignaCert ($0.3 million) and CapRock ($2.6 million).
Adjustments to our Government Communications Systems segment
operating income for the quarter and fiscal year ended July 3, 2009
are due to integration costs associated with our acquisition of
Crucial ($0.6 million).
|
|
|
|
Note G – Adjustment
for pre-tax charges of $19.3 million ($.11 per diluted share) for
fiscal 2010 related to integration and other costs associated with
our acquisition of Wireless Systems.
|
|
|
|
Note H – Adjustment
for pre-tax charges of $4.2 million ($.02 per diluted share) for
fiscal 2010 related to integration and other costs associated with
our acquisitions of Crucial, SolaCom ATC, Patriot and
SignaCert.
|
|
|
|
Note I –
Adjustment for pre-tax charges
of $2.6 million ($.02 per diluted share) for fiscal 2010 and
estimated pre-tax charges of $10.0 million ($.05 per diluted share)
for fiscal 2011 related to integration and other costs associated
with our acquisition of CapRock.
|
|
|
|
Note J – Adjustment
related to the revenue of Wireless Systems for the quarter ended
July 3, 2009.
|
|
|
|
* Impact of Adopting Newly
Issued Earnings per Share Accounting Standard
|
|
We have retrospectively applied
the provisions of a newly issued accounting standard requiring that
unvested share-based payment awards that contain rights to receive
nonforfeitable dividends or dividend equivalents (whether paid or
unpaid) be treated as participating securities and that such awards
be included in the calculations of income per basic and diluted
share using the two-class method. The application of the two-class
method decreased GAAP diluted earnings per share by $.01 and $.02
for the quarter ended July 2, 2010 and fiscal year ended July 2,
2010, respectively, and decreased non-GAAP diluted earnings per
share by $.02 for the fiscal year ended July 2, 2010. There was no
impact to non-GAAP diluted earnings per share for the fourth
quarter of fiscal 2010.
|
|
|
|
There was no impact to GAAP
diluted earnings per share for the first and second quarters of
fiscal 2010 and there was a $.01 decrease in GAAP diluted earnings
per share for the third quarter of fiscal 2010 from the application
of the two-class method. There was a decrease in non-GAAP diluted
earnings per share by $.01 in each of the first three quarters of
fiscal 2010 from the application of the two-class
method.
|
|
|
|
|
SOURCE Harris Corporation
Copyright g. 3 PR Newswire