Harris Corporation (NYSE:HRS) reported revenue in the first
quarter of fiscal 2012 of $1.46 billion compared with $1.41 billion
in the prior-year quarter. GAAP net income in the first quarter of
fiscal 2012 was $122 million, or $1.01 per diluted share, compared
with $164 million, or $1.27 per diluted share, in the prior-year
quarter. Non-GAAP net income was $129 million, or $1.06 per diluted
share, compared with $165 million, or $1.28 per diluted share, in
the prior-year quarter. Revenue and earnings in the prior-year
quarter benefited from $235 million in expedited shipments of
tactical radios to equip MRAP vehicles. Non-GAAP net income
excludes acquisition-related costs in both quarters. A
reconciliation of GAAP to non-GAAP financial measures is provided
in Tables 5 through 8, along with the accompanying notes.
Orders in the first quarter were $1.62 billion, a 23 percent
increase compared with $1.32 billion in the prior-year quarter and
a sequential 20 percent increase compared with $1.35 billion in the
fourth quarter of fiscal 2011.
“Harris began fiscal 2012 with significantly higher orders,
showing both strong year-over-year and sequential growth,” said
Howard L. Lance, chairman, president and chief executive officer.
“Orders in the first quarter also exceeded revenue, resulting in a
greater than one book-to-bill for the company. RF Communications
won several key U.S. and international pursuits, driving a
book-to-bill of greater than one in Tactical Communications and
further solidifying Harris as the world leader in tactical wideband
networking.
“Integrated Network Solutions was awarded significant new
contracts during the quarter, including several multi-year awards
in Healthcare Solutions for U.S. government agencies. In Government
Communications Systems, we continued to benefit from the pick-up in
classified program wins that began in the previous quarter.”
During the first quarter of fiscal 2012, Harris repurchased $400
million in shares under the company’s new $1 billion share
repurchase authorization approved by the Board of Directors earlier
in the quarter. Approximately 10.6 million shares were repurchased,
representing an 8.6 percent reduction in the shares
outstanding.
RF Communications
Revenue for the RF Communications segment in the first quarter
was $497 million compared with $567 million in the prior year.
Revenue included $373 million in Tactical Communications and $124
million in Public Safety and Professional Communications. The
prior-year first quarter revenue benefited from $235 million in
expedited shipments of tactical radios to equip MRAP vehicles.
International revenue in Tactical Communications increased
significantly driven by major deliveries to Australia, Kenya, and
countries in North Africa and Central Asia. Tactical Communications
revenue in the U.S. market, excluding shipments for MRAP vehicles,
also increased significantly as a result of continuing Falcon III®
adoption in support of the transition to wideband networking.
Operating income for the RF Communications segment was $154
million in the first quarter compared with $229 million in the
prior-year quarter, which benefited significantly from the
expedited shipments of tactical radios to equip MRAP vehicles and
the related favorable product mix.
First quarter orders for the RF Communications segment totaled
$514 million, including $398 million in Tactical Communications and
$116 million in Public Safety and Professional Communications. At
the end of the first quarter, total segment backlog was $1.5
billion, including $796 million in Tactical Communications and $712
million in Public Safety and Professional Communications. The
book-to-bill in Tactical Communications was greater than one.
Tactical Communications orders in the U.S. market included $66
million for Falcon III AN/PRC-117G radios to provide wideband
networking capability for the first eight Brigade Combat Teams
under the U.S. Army’s Brigade Combat Modernization Program, $29
million from the U.S. Air Force to provide Falcon III AN/PRC-117G
radios for networked-enabled missions such as fire coordination and
precision air support, $20 million for Falcon III AN/PRC-117G
radios and vehicular amplifier adapters to equip MRAP vehicles for
the U.S. Army and U.S. Marine Corps, and orders of $16 million and
$15 million from the U.S. Department of Defense for Falcon III
AN/PRC-117G radios. Harris also received a $22 million order from
the U.S. Department of Defense for Falcon II® high-frequency
vehicular radios.
Tactical Communications orders in the international market
included two orders totaling $52 million from a country in
Southeast Asia for Integrated Command and Control Systems with
Falcon III and Falcon II tactical radios, a $38 million Indefinite
Delivery/Indefinite Quantity (IDIQ) contract with an $8 million
initial delivery order to supply military communications and field
support services to international partners in the Caribbean and
South America, $5 million from Poland for Falcon III AN/PRC-117G
wideband networking radios, $5 million from the Republic of Georgia
for Falcon II radios, and $4 million from Kuwait for Falcon II
radios.
Public Safety and Professional Communications orders included
$16 million from a large electric utility company to provide
advanced OpenSky® data and voice communications systems, $7 million
from channel partner Dailey Wells Communications for a P25 system
and radios for Bexar County, Texas, and $4 million from Mobile
County, Alabama for a P25 system.
Integrated Network Solutions
Revenue for the Integrated Network Solutions segment was $554
million in the first quarter, an increase of 26 percent compared
with $442 million in the prior year. Revenue increased primarily as
a result of the April 4, 2011 acquisition of Schlumberger’s Global
Connectivity Services business and the July 30, 2010 acquisition of
CapRock Communications. Adjusting for the impact of acquisitions,
revenue increased 5 percent in the quarter compared with the prior
year.
Operating income for the Integrated Network Solutions segment
was $9 million in the first quarter compared with $27 million in
the prior year. Non-GAAP operating income, excluding
acquisition-related costs, was $19 million in the first quarter
compared with $29 million in the prior year, decreasing primarily
as a result of losses in the company’s new cyber and commercial
healthcare initiatives.
New contract awards in the quarter in the Integrated Network
Solutions segment included a five-year, $55 million task order
under the Enhance the Veteran Experience and Access to HealthCare
(EVEAH) blanket purchase agreement to integrate and deploy a
Surgical Quality Workflow Management (SQWM) tool to support
Veterans Integrated Service Networks and VA Hospitals; a five-year,
$37 million task order from the National Cancer Institute (NCI)
under the CIO-SP2 contract vehicle to provide clinical data
management and quality assurance and control; a five-year, $25
million contract from the Air Force Space Command Space and Missile
Systems Center under the U.S. General Services Administration’s
Alliant contract vehicle to sustain the ground system for the
Defense Meteorological Satellites Program; and a five-year, $9
million contract from Farstad Shipping to deliver turnkey satellite
communications to a fleet of 53 offshore supply vessels operating
in the North Sea, Brazil, Australia and Indian Pacific regions.
Government Communications Systems
First quarter revenue for the Government Communications Systems
segment was $444 million, a 5 percent increase compared with $424
million in the prior year. Operating income was $63 million in the
first quarter compared with $45 million in the prior year.
Operating margin was a strong 14.2 percent in the quarter driven by
excellent program performance and a more favorable mix of products
such as commercial satellite reflectors, classified products, and
Highband Networking RadiosTM.
Year-over-year revenue increased from the Geostationary
Operational Environmental Satellite – Series R (GOES-R) Ground and
Antenna Segment weather programs for the National Oceanic and
Atmospheric Administration (NOAA), the Modernization of Enterprise
Terminals (MET) program for the U.S. Army, various classified
programs, wireless and geospatial products, Highband Networking
Radios for the U.S. Army, and commercial satellite reflectors. As
expected, revenue declined from two completed programs, the Field
Data Collection Automation (FDCA) program for the 2010 U.S. Census
and the FAA’s microwave network build-out.
Major awards during the quarter in the Government Communications
Systems segment included a ten-year contract, with a potential
value of $85 million, from the FAA to upgrade the Alaska Satellite
Telecommunications Infrastructure (ASTI) communications network; a
five-year, $51 million delivery order for the U.S. Army’s MET
program for advanced satellite terminals that provide the worldwide
backbone for high-priority military communications; and five large
awards from classified customers totaling $125 million.
Earnings Guidance
The company reiterated its previous guidance for non-GAAP net
income for fiscal 2012 in the range of $5.10 to $5.30 per diluted
share ($4.92 to $5.12 per diluted share on a GAAP basis). Fiscal
2012 non-GAAP earnings guidance excludes acquisition-related costs.
Fiscal 2012 revenue is still expected to be in the range of $6.15
to $6.30 billion, which represents a year-over-year increase of
about 4 to 6 percent compared with fiscal 2011.
Harris will host a conference call today, October 26, at 4:30
p.m. Eastern Time (ET) to discuss its first quarter fiscal 2012
financial results. The dial-in numbers for the teleconference are
(866) 578-5747 (U.S.) and (617) 213-8054 (International), using
participant code 81450899. Please allow at least 10 minutes prior
to the scheduled start time to connect to the teleconference.
Participants may listen to the call and view management’s
supporting slide presentation at www.harris.com/conference-call. A
recording of the call will be available on the Harris website
beginning at 7 p.m. ET on October 26.
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 $6 billion of annual revenue and more
than 16,000 employees — including about 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 net
income and net income per diluted share for the first quarter of
fiscal 2012 and the first quarter of fiscal 2011, in each case
excluding charges for acquisition-related costs; revenue growth for
the Integrated Network Solutions segment for the first quarter of
fiscal 2012 compared with the first quarter of fiscal 2011,
adjusting for the impact of acquisitions; operating income for the
Integrated Network Solutions segment for the first quarter of
fiscal 2012 and the first quarter of fiscal 2011, in each case
excluding charges for acquisition-related costs; and guidance for
fiscal 2012 net income per diluted share, excluding charges for
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 2012;
potential contract opportunities and awards; 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 and
requirements (including potential deferrals of awards,
terminations, reductions of expenditures, changes to respond to the
priorities of Congress and the Administration, budgetary
constraints, debt ceiling implications, and cost-cutting
initiatives); risks inherent with large long-term fixed-price
contracts, particularly the ability to contain cost overruns; the
potential impact of a security breach, through cyber attack or
otherwise, or other significant disruptions of our IT networks and
systems or those we operate for customers; financial and government
and regulatory risks relating to international sales and
operations; the continued effects of the general downturn in the
global economy and U.S. government’s budget deficits and national
debt; 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; risks inherent in
developing new technologies; changes in our effective tax rate; the
potential impact of natural disasters or other disruptions on our
operations; the potential impact of changes in the regulatory
framework that applies to, or of satellite bandwidth constraints
on, our managed satellite and terrestrial communications solutions;
and changes in future business conditions that could cause business
investments and/or recorded goodwill to become impaired. 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.
For additional information, contact Harris Corporation at
webmaster@harris.com.
Table 1 HARRIS CORPORATION FY '12 First
Quarter Summary CONDENSED CONSOLIDATED STATEMENT OF
INCOME (Unaudited) Quarter Ended
September 30, October 1, 2011
2010 (In millions, except per share amounts) Revenue
from product sales and services $ 1,460.3 $ 1,405.4 Cost of
product sales and services (966.7 ) (881.1 ) Engineering, selling
and administrative expenses (290.9 ) (255.2 ) Non-operating income
(loss) 0.7 (0.4 ) Interest income 0.9 0.6 Interest expense
(28.0 ) (17.8 ) Income before income taxes
176.3 251.5 Income taxes (55.2 ) (87.6 ) Net
income 121.1 163.9 Noncontrolling interests, net of income taxes
0.5 ― Net income attributable to
Harris Corporation $ 121.6 $ 163.9
Net
income per common share attributable to Harris Corporation
common shareholders Basic $ 1.01 $ 1.28 Diluted $ 1.01 $ 1.27
Cash dividends paid per common share $ 0.28 $ 0.25
Basic weighted average common shares outstanding 118.8 126.8
Diluted weighted average common shares outstanding 119.4 127.7
Table 2 HARRIS CORPORATION FY '12
First Quarter Summary BUSINESS SEGMENT INFORMATION
(Unaudited) Quarter Ended September
30, October 1, 2011 2010 (In
millions) Revenue RF Communications $ 497.1 $ 566.5
Integrated Network Solutions 554.2 441.6 Government Communications
Systems 443.7 424.1 Corporate eliminations (34.7 )
(26.8 ) $ 1,460.3 $ 1,405.4
Income Before Income
Taxes Segment Operating Income: RF Communications $ 154.0 $
228.5 Integrated Network Solutions 9.2 26.6 Government
Communications Systems 63.1 44.6 Unallocated corporate expense
(18.6 ) (25.7 ) Corporate eliminations (5.0 ) (4.9 ) Non-operating
income (loss) 0.7 (0.4 ) Net interest expense (27.1 )
(17.2 ) $ 176.3 $ 251.5
Table 3
HARRIS CORPORATION FY '12 First Quarter Summary
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) Quarter Ended September
30, October 1, 2011 2010 (In
millions) Operating Activities Net income $ 121.1 $
163.9 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 63.3 46.8
Share-based compensation 9.3 16.0 Non-current deferred income taxes
(0.2 ) 1.3 (Increase) decrease in: Accounts and notes receivable
(83.9 ) 68.2 Inventories 32.2 (20.3 ) Increase (decrease) in:
Accounts payable and accrued expenses (119.4 ) (55.9 ) Advance
payments and unearned income (3.8 ) 11.7 Income taxes 61.0 76.7
Other (0.9 ) (13.5 ) Net cash provided by operating
activities 78.7 294.9
Investing Activities Net cash paid for acquired businesses ―
(518.0 ) Cash paid for cost-method investment ― (10.0 ) Additions
of property, plant and equipment (77.4 ) (37.1 ) Additions of
capitalized software (4.5 ) (4.3 ) Net cash used in
investing activities (81.9 ) (569.4 )
Financing Activities Proceeds from borrowings 380.5 244.1
Repayments of borrowings (0.4 ) ― Proceeds from exercises of
employee stock options 2.9 2.6 Repurchases of common stock (406.2 )
(55.5 ) Cash dividends (32.6 ) (32.2 ) Net cash
provided by (used in) financing activities (55.8 )
159.0 Effect of exchange rate changes on cash and
cash equivalents (2.5 ) 1.7
Net
decrease in cash and cash equivalents (61.5 ) (113.8 )
Cash and cash equivalents, beginning of year 366.9
455.2
Cash and cash equivalents, end
of quarter $ 305.4 $ 341.4
Table
4 HARRIS CORPORATION FY '12 First Quarter Summary
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
September 30, July 1, 2011
2011 (In millions) Assets Cash and cash
equivalents $ 305.4 $ 366.9 Receivables 920.7 836.5 Inventories
690.5 720.8 Income taxes receivable 16.2 57.3 Current deferred
income taxes 163.9 171.0 Other current assets 85.5 64.3 Property,
plant and equipment 906.0 872.8 Goodwill 2,363.3 2,381.4 Intangible
assets 477.7 502.4 Non-current deferred income taxes 30.0 5.7 Other
non-current assets 171.8 193.7 $ 6,131.0 $ 6,172.8
Liabilities and Equity Short-term debt $ 561.0 $
180.0 Accounts payable 409.1 450.8 Compensation and benefits 179.7
266.2 Other accrued items 322.9 295.8 Advance payments and unearned
income 228.9 232.8 Income taxes payable 19.7 ― Current portion of
long-term debt 4.4 4.9 Non-current deferred income taxes 23.1 ―
Long-term debt 1,886.8 1,887.2 Long-term contract liability 118.9
120.9 Other long-term liabilities 207.5 222.2 Equity 2,169.0
2,512.0 $ 6,131.0 $ 6,172.8
HARRIS CORPORATION
FY '12 First 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; cost of product sales and services; engineering,
selling and administrative expenses; income before income taxes;
income taxes; net income; net income attributable to Harris
Corporation; and net income per diluted common share attributable
to Harris Corporation common shareholders, 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 '12 First
Quarter Summary RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES Condensed Consolidated Statement of Income
(Unaudited)
Quarter Ended Quarter Ended September 30, 2011
October 1, 2010 As Reported Adjustment
Non-GAAP As Reported Adjustment
Non-GAAP (In millions, except per share amounts)
Revenue from product sales and services $ 1,460.3 $ ― $ 1,460.3 $
1,405.4 $ ― $ 1,405.4 Cost of product sales and services
(966.7 ) ― (966.7 ) (881.1 ) ― (881.1 ) Engineering, selling and
administrative expenses (A) (290.9 ) 9.6 (281.3 ) (255.2 ) 2.0
(253.2 ) Non-operating income (loss) 0.7 ― 0.7 (0.4 ) ― (0.4 )
Interest income 0.9 ― 0.9 0.6 ― 0.6 Interest expense (28.0 )
― (28.0 ) (17.8 )
― (17.8 ) Income before income taxes
176.3 9.6 185.9 251.5 2.0 253.5 Income taxes (B) (55.2 )
(2.6 ) (57.8 ) (87.6 )
(0.5 ) (88.1 ) Net income 121.1 7.0 128.1 163.9 1.5
165.4 Noncontrolling interests, net of income taxes 0.5
― 0.5 ― ―
― Net income attributable to Harris
Corporation $ 121.6 $ 7.0 $ 128.6 $ 163.9
$ 1.5 $ 165.4 Net income per diluted
common share attributable to Harris Corporation common shareholders
$ 1.01 $ 0.05 $ 1.06 $ 1.27 $ 0.01 $ 1.28
Table
6 HARRIS CORPORATION FY '12 First Quarter Summary
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Business
Segment Information (Unaudited)
Quarter Ended Quarter Ended
September 30, 2011 October 1, 2010 As Reported
Adjustment Non-GAAP As Reported
Adjustment Non-GAAP (In millions)
Revenue RF Communications $ 497.1 $ ― $ 497.1 $ 566.5 $ ― $
566.5 Integrated Network Solutions 554.2 ― 554.2 441.6 ― 441.6
Government Communications Systems 443.7 ― 443.7 424.1 ― 424.1
Corporate eliminations (34.7 ) ― (34.7 )
(26.8 ) ― (26.8 ) $ 1,460.3 $ ― $
1,460.3 $ 1,405.4 $ ― $ 1,405.4
Income
Before Income Taxes Segment Operating Income: RF Communications
$ 154.0 $ ― $ 154.0 $ 228.5 $ ― $ 228.5 Integrated Network
Solutions (C) 9.2 9.6 18.8 26.6 2.0 28.6 Government Communications
Systems 63.1 ― 63.1 44.6 ― 44.6 Unallocated corporate expense (18.6
) ― (18.6 ) (25.7 ) ― (25.7 ) Corporate eliminations (5.0 ) ― (5.0
) (4.9 ) ― (4.9 ) Non-operating income (loss) 0.7 ― 0.7 (0.4 ) ―
(0.4 ) Net interest expense (27.1 ) ― (27.1 )
(17.2 ) ― (17.2 ) $ 176.3 $ 9.6 $ 185.9
$ 251.5 $ 2.0 $ 253.5
Table
7 HARRIS CORPORATION FY '12 First Quarter Summary
Reconciliation of FY '12 GAAP Net Income per Diluted Share
Guidance to FY '11 GAAP Net Income per Diluted Share and FY
'12 Non-GAAP Net Income per Diluted Share Guidance
(Unaudited) Fiscal Year 2011
2012 (Actual) (Guidance) GAAP net income per
diluted common share $4.60 $4.92 to $5.12 Charges associated with
acquisitions (D) .29 .18 Non-GAAP net income per diluted common
share $4.89 $5.10 to $5.30
Table 8 HARRIS
CORPORATION FY '12 First Quarter Summary FY '12 First
Quarter Year-Over-Year Organic Revenue Growth Calculations
(Unaudited) Quarter Ended
September 30, October 1, Percent 2011
2010 Change (In millions) Integrated
Network Solutions Segment GAAP revenue $ 554.2 $ 441.6 25.5%
Impact of acquisitions (E) 84.6 Organic
revenue $ 554.2 $ 526.2 5.3%
HARRIS CORPORATION
FY '12 First Quarter Summary
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES
(Unaudited)
Notes to tables 5 through 8:
Note A – Adjustments to engineering, selling and
administrative expenses for the quarter ended September 30, 2011
are due to integration and other costs associated with our
acquisitions of CapRock Communications (“CapRock”), the Global
Connectivity Services business of the Schlumberger group
(“Schlumberger GCS”), the terrestrial network infrastructure assets
of the government business of Core180, Inc. (the “Core180
Infrastructure”) ($7.3 million collectively) and Carefx Corporation
(“Carefx”) ($2.3 million). Adjustments to engineering, selling and
administrative expenses for the quarter ended October 1, 2010 are
due to integration and other costs associated with our acquisition
of CapRock ($2.0 million).
Note B – Adjustments to our income taxes are based on the
applicable tax rate in the jurisdiction to which the item
applies.
Note C – Adjustments to our Integrated Network Solutions
segment operating income for the quarter ended September 30, 2011
are due to integration and other costs associated with our
acquisitions of CapRock, Schlumberger GCS, the Core180
Infrastructure ($7.3 million collectively) and Carefx ($2.3
million). Adjustments to our Integrated Network Solutions segment
operating income for the quarter ended October 1, 2010 are due to
integration and other costs associated with our acquisition of
CapRock ($2.0 million).
Note D – Adjustments are for pre-tax charges of $46.6
million ($.29 per diluted share) for fiscal 2011 and estimated
pre-tax charges of $29 million ($.18 per diluted share) for fiscal
2012 related to integration and other costs associated with our
acquisitions of CapRock, Schlumberger GCS, the Core180
Infrastructure and Carefx.
Note E – Adjustments relate to the revenue of CapRock,
Schlumberger GCS and Carefx for the quarter ended October 1,
2010.
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