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Satnews Daily
October 25th, 2010

Harris... Financially Speaking...


[SatNews] Harris Corporation (NYSE:HRS) reported revenue for the first quarter of fiscal 2011 of $1.41 billion, a 17 percent increase compared with $1.20 billion in the prior-year quarter. Organic revenue growth was 10 percent after adjusting for acquisitions. GAAP net income for the first quarter of fiscal 2011 was $164 million, or $1.27 per diluted share, compared with $105 million, or $.79 per diluted share, in the prior-year quarter. Non-GAAP net income in the first quarter of fiscal 2011 was $165 million, or $1.28 per diluted share, a 56 percent increase compared with the prior-year quarter of $109 million, or $.82 per diluted share. Non-GAAP net income excludes acquisition-related costs in both quarters. Orders in the first quarter were $1.30 billion, compared with $1.50 billion in the prior-year quarter. A reconciliation of GAAP to non-GAAP financial measures is provided in Tables 5 through 8, along with the accompanying notes. To read the entire financial report, access this direct link.