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Harris Announces Financial Results (7/31/12)
Harris reported revenue in the fourth quarter of fiscal 2012 of $1.44 billion compared with $1.52 billion in the prior-year quarter. GAAP income from continuing operations was $137 million compared with $134 million in the prior year.

As previously announced, the company approved a plan during the quarter to divest Broadcast Communications, now reported as discontinued operations. Orders in the fourth quarter were $1.48 billion compared with $1.21 billion in the prior year.

“Harris fourth quarter results represented a solid finish to fiscal 2012,” said William M. Brown, president and CEO. “Both income and earnings per share from continuing operations increased compared with the prior year, driven by operating improvement in all three segments and from a lower share count. Cash flow was particularly strong in the fourth quarter, contributing to excellent full-year results.”

Revenue in the fourth quarter for the RF Communications segment was $584 million compared with $628 million in the prior year. Tactical Communications revenue was $409 million, a decline of 13 percent compared with the prior year. Public Safety and Professional Communications revenue was $175 million, an increase of 12 percent compared with the prior year.

Operating income for the RF Communications segment was $196 million compared with $191 million in the prior year. Operating margin was 33.5 percent compared with 30.4 percent in the prior year, improving as a result of lower manufacturing costs and operating expenses.

Orders for the segment totaled $529 million, including $356 million in Tactical Communications and $173 million in Public Safety and Professional Communications. Harris said it was awarded a contract with a potential value of $109 million under which the firm received a $32 million initial order from the San Francisco Municipal Transportation Authority to deploy a communications network to increase operational efficiencies, improve safety and provide interoperability with public-safety agencies.

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