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Harris 2Q Revenue Increases 21%; GAAP Net Income Rises to $94-M |
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MELBOURNE, Fla., Feb. 1, 2006/Satnews Daily/ ― Harris Corporation (NYSE:HRS) has reported that revenue for the second quarter of fiscal year 2007 increased 21 percent to $1.016 billion, compared to $842 million in the prior-year quarter. Revenue was up 7 percent compared to a strong first quarter.
Harris said GAAP net income increased to $94.0 million or $.67 per diluted share. Non-GAAP net income, excluding charges, was $95.4 million, or $.68 per diluted share, representing a 32 percent increase compared to non-GAAP income of $72.5 million, or $.52 per diluted share, in the prior-year quarter.
Howard L. Lance, chairman, president, and chief executive officer, said results in the RF Communications segment continued to benefit from robust demand for our Falcon(R) II and Falcon(R) III tactical radio systems from both domestic and international customers. He added the Government Communications Systems and Microwave Communications segments also delivered strong growth in revenue and solid operating performance.
“Last week we completed the planned combination of our Microwave Communications Division with Stratex Networks, creating an exciting new company and enhancing Harris shareholder value. Harris Stratex Networks (NASDAQ:HSTX) , with latest 12 months revenue of approximately $650 million, is now the largest independent global provider of wireless transmission network solutions,” Lance said. Harris owns 56 percent of the new company.
The combination resulted in a gain to Harris, which will be recorded in the third quarter, estimated at $.92 per diluted share. Excluding this one-time gain and anticipated integration and acquisition costs estimated at $.16 per diluted share, the combination is expected to be neutral to Harris Corporation earnings per share in fiscal year 2007 and accretive by approximately $.07 per diluted share in fiscal year 2008.
Harris said revenue in the Government Communications Systems segment increased 9 percent to $484 million in the second quarter and was higher in all business areas. Operating income was $55.8 million, and operating margin was 11.5 percent, reflecting continuing excellent program performance.
Revenue in the RF Communications segment was $286 million in the second quarter, a 58 percent increase compared to the year-ago quarter, and an 8 percent sequential increase compared to the first quarter. Operating income for the segment rose 56 percent to $95.7 million.
Revenue in the Microwave Communications segment increased 14 percent to $101 million in the second quarter and orders once again exceeded sales. Operating income in the quarter was $8.1 million.
Revenue in the Broadcast Communications segment was $155 million in the second quarter, up 14 percent compared to the prior-year quarter.
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