Harris Broadcast Revenue Off 3 Percent
April 30, 2004
Government business continued to be strong for big Harris Corp. in the third quarter. Sales for its broadcasting arm, however, were off 3 percent compared to the same quarter a year ago.
The parent company said overall net income in its fiscal third quarter increased 57 percent and revenue increased 23 percent, "primarily as a result of continuing strong performance in the company's two government businesses." Revenue in the quarter was $664.2 million; net income was $35.5 million, or 53 cents per diluted share.
CEO Howard Lance said Harris continues to be "very focused" on profitability improvement in the Broadcast and Microwave businesses and is "taking additional actions in the fourth quarter that will lower product costs and reduce expenses."
He said the Broadcast segment, which includes broadcast radio and TV products, "achieved sequential revenue improvement as well as strong order growth."
The Broadcast segment reported revenue of $73.3 million in the quarter, a 3 percent decline; operating income was $500,000 compared to $2.5 million a year ago. The company recently announced the departure of the head of that division, Bruce Allan, and is looking for a replacement.
The company cited lower sales in digital TV transmission gear and international radio transmission equipment for the continued decline in sales.