Harris Corp. Responds to Cancellation of Comanche Program
February 23 2004 - 5:26PM
PR Newswire (US)
Harris Corp. Responds to Cancellation of Comanche Program
MELBOURNE, Fla., Feb. 23 /PRNewswire-FirstCall/ -- Harris
Corporation today responded to the cancellation of the Army's
RAH-66 Comanche helicopter program. The company's annual revenue
run-rate associated with the Comanche program is approximately
$20-25 million. For fiscal year 2004, most of the revenue has
already occurred. Harris annual revenue exceeds $2 billion, and
current backlog in the company's Government Communications
SystemsDivision is $3.7 billion. The company said that all
employees associated with the cancelled program, primarily in Palm
Bay and Malabar, Florida, would be absorbed into other government
programs. Harris currently has more than 200 active government
programs and over 400 job openings, for which it is actively
recruiting. During the past six months, Harris has been hiring
approximately 50 employees per month for positions primarily in
Brevard County, Florida. Harris total employment in Brevard is
approximately 6,000. "We were involved on the Comanche program for
over 20 years and believe it would have provided an outstanding
capability for the U.S. warfighter," said Bob Henry, Corporate
Senior Vice President and President of Harris' Government
Communications Systems Division. "We are disappointed in the
program's cancellation. Long term, we will continue to maintain a
diverse portfolio of programs across the DoD, Civil, Homeland
Security and Intelligence agencies. This strategy has been one
ofthe drivers for growth in Harris' Government Communications
Systems Division over the past five years and it will continue to
be into the future." Through its Government Communications Systems
business, Harris has been providing avionics equipment forthe
Comanche program, including cockpit displays, display generator
module sets, memory storage units, and fiber optic interface
modules. Harris Corporation is an international communications
equipment and systems company focused on providing assured
communications(TM) solutions for government and commercial
customers in more than 150 countries. The company's five operating
divisions serve markets for government communications, tactical
radio, broadcast, microwave, and network support. Additional
information about Harris Corporation is available at
http://www.harris.com/. Forward-Looking Statement This press
release contains 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. The company cautions investors that any
forward-lookingstatements 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. Statements about the expected value of
the program to Harris are forward-looking and involve risks and
uncertainties. Other factors that may impact the company's results
and forward-looking statement may be 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. DATASOURCE:
Harris Corporation CONTACT: Tom Hausman, Harris Corporation,
+1-321-727-9131, or Web site: http://www.harris.com/
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