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Revenue, operating income decline at RF Communications

Rochester Business Journal
July 30, 2013

Harris Corp.’s RF Communications division in Rochester posted a drop in fourth-quarter sales as revenue in both its segments declined.

Revenue was $501 million, down from $584 million a year ago. Tactical Communications revenue was $336 million, down 18 percent; Public Safety revenue was $165 million, down 6 percent.

Operating income for the segment, on generally accepted accounting principles basis, was $176 million. Non-GAAP operating income was $185 million. Operating income was $196 million in the prior year.

Orders totaled $646 million—$498 million in Tactical Communications and $148 million in Public Safety. At the end of the fourth quarter, backlog was $743 million in Tactical Communications and $598 million in Public Safety.

For fiscal 2013, RF Communications reported sales of some $1.85 billion, down from $2.14 billion the previous year. Income from continuing operations was $576.9 million, down from $703.7 million.

The financial results were included in Florida-based Harris’ earnings release Tuesday.

Harris reported fourth-quarter sales of $1.36 billion, down from sales of $1.44 billion.

Income from continuing operations, on a GAAP basis, was $71 million, or 65 cents a diluted share, compared with $137 million, or $1.20 a diluted share, the prior year. Non-GAAP income from continuing operations was $154 million, or $1.41 a diluted share, compared with $162 million, or $1.42 a diluted share.

For fiscal 2013, revenue was $5.11 billion compared with $5.45 billion in the prior year. GAAP income from continuing operations was $466 million, or $4.16 a diluted share, compared with $559 million, or $4.80 a diluted share, in the prior year. Non-GAAP income from continuing operations was $549 million, or $4.90 a diluted share, compared with $605 million, or $5.20 a diluted share, in the prior year.

The company expects income from continuing operations in fiscal 2014 of $4.65 to $4.85 a diluted share. Revenue is expected to be roughly 1 to 3 percent lower than fiscal 2013 results.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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