Harris Corporation Reports Fiscal 2015 Third Quarter Results In Line With Preliminary Third Quarter Estimates

For additional information, contact Harris Corporation at webmaster@harris.com.

 
Table 1
HARRIS CORPORATION
FY '15 Third Quarter Summary
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
       
Quarter Ended Three Quarters Ended
April 3, March 28, April 3, March 28,
2015 2014 2015 2014
 
(In millions, except per share amounts)
Revenue from product sales and services $ 1,186.6 $ 1,267.5 $ 3,548.3 $ 3,682.6
 
Cost of product sales and services (753.4 ) (841.0 ) (2,323.8 ) (2,410.9 )
Engineering, selling and administrative expenses (220.8 ) (203.2 ) (603.5 ) (615.7 )
Non-operating income 0.3 0.2 0.5 4.7
Interest income 0.3 0.7 1.7 2.0
Interest expense   (34.0 )     (23.2 )     (79.5 )     (70.6 )
 
Income from continuing operations before income taxes 179.0 201.0 543.7 592.1
Income taxes   (53.4 )     (63.9 )     (153.5 )     (190.5 )
Income from continuing operations 125.6 137.1 390.2 401.6
Discontinued operations, net of income taxes       4.1           1.4  
Net income 125.6 141.2 390.2 403.0
Noncontrolling interests, net of income taxes   0.1       0.2       0.1       0.4  
Net income attributable to Harris Corporation $ 125.7   $ 141.4   $ 390.3   $ 403.4  
 
Net income per common share attributable to
Harris Corporation common shareholders
Basic
Continuing operations $ 1.21 $ 1.28 $ 3.73 $ 3.75
Discontinued operations     0.04       0.02  
$ 1.21   $ 1.32   $ 3.73   $ 3.77  
 
Diluted
Continuing operations $ 1.20 $ 1.27 $ 3.69 $ 3.72
Discontinued operations     0.04       0.01  
$ 1.20   $ 1.31   $ 3.69   $ 3.73  
 
Cash dividends paid per common share $ 0.47 $ 0.42 $ 1.41 $ 1.26
 
Basic weighted average common shares outstanding 103.7 106.2 104.1 106.3
Diluted weighted average common shares outstanding 104.8 107.4 105.2 107.4
 
 
Table 2
HARRIS CORPORATION
FY '15 Third Quarter Summary
BUSINESS SEGMENT INFORMATION
(Unaudited)
       
Quarter Ended Three Quarters Ended
April 3, March 28, April 3, March 28,
2015 2014 2015 2014
 
(In millions)
Revenue
RF Communications $ 450.8 $ 457.2 $ 1,270.1 $ 1,334.8
Government Communications Systems 455.1 476.6 1,370.1 1,321.2
Integrated Network Solutions 298.8 348.0 964.1 1,089.5
Corporate eliminations   (18.1 )   (14.3 )   (56.0 )   (62.9 )
$ 1,186.6   $ 1,267.5   $ 3,548.3   $ 3,682.6  
Income From Continuing Operations Before Income Taxes
Segment Operating Income:
RF Communications $ 151.0 $ 143.7 $ 392.5 $ 421.0
Government Communications Systems 74.6 77.4 226.1 207.9
Integrated Network Solutions 11.8 21.4 63.4 83.8
Unallocated corporate expense (23.3 ) (17.0 ) (54.0 ) (47.4 )
Corporate eliminations (1.7 ) (2.2 ) (7.0 ) (9.3 )
Non-operating income 0.3 0.2 0.5 4.7
Net interest expense   (33.7 )   (22.5 )   (77.8 )   (68.6 )
$ 179.0   $ 201.0   $ 543.7   $ 592.1  
 
 
Table 3
HARRIS CORPORATION
FY '15 Third Quarter Summary
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
   
Three Quarters Ended
April 3, March 28,
2015 2014
(In millions)
Operating Activities
Net income $ 390.2 $ 403.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 163.9 148.6
Share-based compensation 26.0 28.5
Non-current deferred income taxes 20.0 29.8
Gain on sale of discontinued operations (1.4 )
(Increase) decrease in:
Accounts receivable (86.6 ) (75.8 )
Inventories (17.0 ) (5.3 )
Increase (decrease) in:
Accounts payable and accrued expenses (111.1 ) (46.2 )
Advance payments and unearned income (24.9 ) (9.7 )
Income taxes 25.7 (10.8 )
Other   9.0     (6.7 )
Net cash provided by operating activities   395.2     454.0  
 
Investing Activities
Cash paid for intangible assets (3.3 )
Additions of property, plant and equipment (102.3 ) (139.7 )
Proceeds from sale of Cyber Integration Center   7.0     27.0  
Net cash used in investing activities   (95.3 )   (116.0 )
 
Financing Activities
Proceeds from borrowings 14.3 5.6
Repayments of borrowings (46.7 ) (82.4 )
Proceeds from exercises of employee stock options 34.3 133.9
Repurchases of common stock (164.8 ) (222.1 )
Cash dividends (148.7 ) (135.5 )
Other financing activities   (24.3 )  
Net cash used in financing activities   (335.9 )   (300.5 )
 
Effect of exchange rate changes on cash and cash equivalents   (37.3 )   (8.9 )
 
Net increase (decrease) in cash and cash equivalents (73.3 ) 28.6
 
Cash and cash equivalents, beginning of year   561.0     321.0  
 
Cash and cash equivalents, end of quarter $ 487.7   $ 349.6  
 
 
Table 4
HARRIS CORPORATION
FY '15 Third Quarter Summary
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
   
April 3, June 27,
2015 2014
 
(In millions)
Assets
 
Cash and cash equivalents $ 487.7 $ 561.0
Receivables 652.7 566.1
Inventories 635.7 618.7
Income taxes receivable 15.4 28.1
Current deferred income taxes 116.8 112.2
Other current assets 113.8 105.2
Property, plant and equipment 705.5 728.1
Goodwill 1,665.0 1,711.2
Intangible assets 207.2 257.5
Non-current deferred income taxes 71.2 87.3
Other non-current assets   163.5   155.8
$ 4,834.5 $ 4,931.2
Liabilities and Equity
 
Short-term debt $ 27.3 $ 58.3
Accounts payable 279.6 324.3
Compensation and benefits 178.4 212.8
Other accrued items 301.8 249.8
Advance payments and unearned income 241.0 265.9
Income taxes payable 19.4
Current deferred income taxes 0.1 2.1
Current portion of long-term debt 1.4
Long-term debt 1,575.8 1,575.8
Long-term contract liability 74.0 83.8
Other long-term liabilities 296.7 331.6
Equity   1,840.4   1,825.4
$ 4,834.5 $ 4,931.2
 

HARRIS CORPORATION

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