Harris Announces Completion of the Orkand Corporation Acquisition
July 06 2004 - 11:00AM
PR Newswire (US)
Harris Announces Completion of the Orkand Corporation Acquisition
MELBOURNE, Florida, July 6 /PRNewswire-FirstCall/ -- Harris
Corporation (NYSE:HRS) today announced that it has completed the
previously announced acquisition of Orkand Corporation for
approximately $66 million in cash, subject to post-closing
adjustments. Orkand had approximately $80 million in revenue for
the 12 months ended in March 2004, and is expected to be
immediately accretive to Harris fiscal 2005 earnings. Orkand is a
privately held, leading provider of technical services and
information technology for U.S. government agencies. Customers
include the Department of State, Department of Labor, Department of
the Interior, Department of Health and Human Services, Department
of Energy, and the U.S. Postal Service. "Orkand adds significant
scale to our mission-critical services business and adds several
new key customers," said Howard L. Lance, chairman, president and
chief executive officer of Harris Corporation. "Additionally, we
gain added insight into further business development opportunities
with these customers. We can offer them our expertise in designing,
integrating, and managing secure communication networks and complex
databases, just like we do for the Federal Aviation Administration,
the U.S. Census Bureau, and other government customers." Dr. Donald
S. Orkand, outgoing president and founder of the Orkand
Corporation, stated, "This is a superb strategic move for the
Orkand Corporation. The combination of Orkand and Harris
considerably expands the array of solutions offered to customers
and provides enhanced opportunities for our employees." 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 the expected impact of the acquisition on our fiscal
2005 earnings. 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. 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. DATASOURCE: Harris
Corporation CONTACT: Media, Tom Hausman, +1-321-727-9131, or , or
Investor Relations, Pamela Padgett, +1-321-727-9383, or , both of
Harris Corporation Web site: http://www.harris.com/
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