Harris Corporation (NYSE: HRS) reported GAAP net income for the third quarter of fiscal 2009 of $114 million, or $.86 per diluted share, compared with GAAP net income of $108 million, or $.78 per diluted share, in the prior-year quarter.

Revenue for the third quarter of fiscal 2009 was $1.36 billion, compared with $1.33 billion for the prior-year quarter. Excluding the results of Harris Stratex Networks, Inc., net income was $136 million, or $1.02 per diluted share, for the third quarter of fiscal 2009, compared with net income of $106 million, or $.78 per diluted share, in the prior-year quarter. Revenue on the same basis increased 5 percent to $1.21 billion in the third quarter, compared with $1.15 billion for the prior-year quarter. Orders were $1.0 billion for the third quarter, declining 27 percent compared with $1.4 billion in the prior-year quarter, primarily as a result of significantly lower Department of Defense (DoD) orders in the RF Communications segment and the impact of the weak global economy on the Broadcast Communications segment. Harris announced on March 31, 2009, that its Board of Directors approved the spin-off to its shareholders of all the shares of Harris Stratex Networks owned by Harris, and that the distribution will take place in the form of a taxable pro rata dividend of Harris Stratex Networks shares payable on May 27, 2009. To read the entire report, select this direct link.