[SatNews] Harris Corporation (NYSE:HRS) reported revenue in the fourth quarter of fiscal 2011 of $1.67 billion...

That's a 15 percent increase compared with the prior-year quarter.  GAAP net income in the fourth quarter of fiscal 2011 was $134 million, or $1.06 per diluted share, compared with $151 million, or $1.16 per diluted share, in the prior-year quarter.  Non-GAAP net income was $156 million, or $1.24 per diluted share, compared with $161 million, or $1.24 per diluted share, in the prior-year quarter.  Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $320 million compared with $300 million in the prior-year quarter.  Orders in the fourth quarter were $1.35 billion compared with $1.72 billion in the prior-year quarter.  Non-GAAP net income and adjusted EBITDA exclude acquisition-related costs in both quarters.  A reconciliation of GAAP to non-GAAP financial measures is provided in Tables 5 through 10, along with the accompanying notes.

“Harris fourth quarter results represented a solid finish to another strong year for the company,” said Howard L. Lance, chairman, president and chief executive officer.  “While large shipments of tactical radios for equipping MRAP vehicles in the prior year continued to create tough year-over-year comparisons, the company still achieved 4 percent organic revenue growth driven by 11 percent growth in Government Communications Systems and 7 percent organic growth in the new Integrated Network Solutions segment.  Also, adjusted EBITDA showed strong growth, increasing 7 percent compared with the prior year and 9 percent on a sequential basis.  The company achieved these results even while continuing to invest in new market initiatives.” To read the entire Harris financial report, access this direct infolink.