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Harris Revenues Drop

MELBOURNE, FLA.: Harris Corp. reported revenues of $1.44 billion for the three months ending June 29, 2012, also the end of the company’s fiscal year. The figure compares to $1.52 billion for the prior-year quarter. Full fiscal year revenues were $5.45 billion versus $5.42 billion. Net income was $128.5 million, or $1.13 a share, compared to $133 million, or $1.06 a share last year.

The company’s broadcast division was put up for sale in May of this year, and reported as a discontinued operation with a F4Q12 loss of $7.6 million net of taxes, compared to a $100,000 loss a year earlier. The full year loss net of income taxes was $528.1 million, versus $11.6 million for F2011. Harris took a $407 million non-cash, write-down on the broadcast business in F3Q12, driving the full-year loss.

Harris stopped breaking out broadcast revenue in March of 2011, when the division was rolled into a new segment called “Integrated Network Solutions.” It also included Harris IT Services, Harris CapRock Communications, Healthcare Solutions and Cyber Integrated Solutions. INS reported revenues of $526 million for the second fiscal quarter of 2012; and $500 million for F3Q12—offset by the write-down. INS revenues for F4Q12 were $379 million, down 10 percent from a year earlier. Operating income was $6 million versus $4 million.

Stand-alone broadcast revenues were last reported in August of 2011, when revenues for that full fiscal year came in at $553.8 million for the division.
~ Deborah D. McAdams