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HARRIS EARNINGS UP 32 PERCENT IN SECOND QUARTER

 MELBOURNE, Fla., Jan. 19 /PRNewswire/ -- Harris Corporation (NYSE: HRS) reported that net income for the second quarter ended Dec. 25 rose 32 percent to $25.4 million or 64 cents per share, compared with $19.2 million or 49 cents per share in the second quarter of last year. Sales increased to $768.8 million from $755.7 million last year. Total orders also increased over the previous year and exceeded shipments.
 Reporting on the company's four business sectors, John T. Hartley, Harris chairman and chief executive, said the Semiconductor Sector was profitable, posting a substantial improvement in earnings on slightly higher sales. "Semiconductor earnings rebounded strongly from the major loss in last year's quarter and showed an increase over the first quarter of this year," he said.
 Hartley said the Electronic Systems Sector's earnings were significantly lower on level sales, reflecting tighter profit margins, lower computer sales, and costs associated with the previously announced realignment of its government automatic-test-equipment and support- systems business.
 The Communications Sector reported marginally higher sales but earnings were down due primarily to slower sales of broadcast products. Lanier Worldwide posted increased sales while earnings were somewhat lower for the quarter. A strong increase in earnings in the U.S. and the rest of the world was offset by the effect of currency fluctuations and recessionary conditions in Europe.
 Net income for the six months was $46.1 million or $1.17 per share, compared with $32.0 million or 82 cents per share the previous year. Sales for the six months were $1,496.4 million, compared with $1,441.6 million last year.
 Looking to the remainder of the fiscal year, Hartley said, "We are very encouraged by the earnings improvement in the Semiconductor Sector and we expect this business to continue to gather strength. We also look for margin improvements in the Electronic Systems Sector and increased earnings in the Communications Sector in the second half of the year. Lanier Worldwide has been very successful in the United States and rest-of-the-world markets, and we hope to see near-term improvement in European operations. In summary, we continue to anticipate a significant increase in earnings for the company as a whole in fiscal 1993."
 HARRIS CORPORATION
 FY'93 Second Quarter Summary
 Condensed Consolidated Statement of Income
 (In thousands except per share amounts)
 Quarter Ended Two Quarters Ended
 Dec. 25 Dec. 27 Dec. 25 Dec. 27
 1992 1991 1992 1991
 Revenue
 Revenue from
 sales, rentals
 and services $768,783 $755,718 $1,496,408 $1,441,618
 Interest 8,664 7,795 16,816 20,091
 777,447 763,513 1,513,224 1,461,709
 Costs and Expenses
 Cost of sales,
 rentals
 and services 519,280 523,197 1,014,568 997,270
 Engineering,
 selling and
 administrative
 expenses 202,389 194,374 397,054 381,454
 Interest 15,312 16,863 30,155 34,597
 Other - net 306 1,626 (626) 2,708
 Income before
 income taxes 40,160 27,453 72,073 45,680
 Income taxes 14,775 8,230 25,946 13,699
 Net income $ 25,385 $ 19,223 $ 46,127 $ 31,981
 Net income
 per share $.64 $.49 $1.17 $.82
 Cash dividends
 paid per
 common share $.26 $.26 $.52 $.52
 Average shares
 outstanding 39,398 39,069 39,363 38,991
 HARRIS CORPORATION
 FY'93 Second Quarter Summary
 Condensed Consolidated Balance Sheet
 (In thousands)
 Dec. 25 Dec. 27
 1992 1991
 Assets
 Cash and short-term securities $ 45,990 $ 46,490
 Trade receivables 593,521 618,055
 Unbilled costs and accrued earnings 307,453 275,458
 Inventories 439,400 429,114
 Deferred income taxes 70,611 71,180
 Plant and equipment - net 564,272 592,058
 Non-current notes receivable - net 141,466 132,248
 Intangibles resulting
 from acquisitions 166,232 148,372
 Other assets 103,240 104,426
 $2,432,185 $2,417,401
 Liabilities and Shareholders' Equity
 Short-term debt $ 50,187 $ 86,285
 Trade payables and accrued expenses 427,681 498,107
 Advance payments and
 unearned income 165,052 163,361
 Income taxes 46,762 18,922
 Current portion of long-term debt 1,488 5,972
 Non-current deferred income taxes 38,526 40,014
 Long-term debt 612,447 559,647
 Shareholders' equity 1,090,042 1,045,093
 $2,432,185 $2,417,401
 -0- 1/19/93
 /CONTACT: Jim Burke, director of media relations, Harris Corporation, at 407-727-9126/
 (HRS)


CO: Harris Corporation ST: Florida IN: CPR SU: ERN

JB-JJ -- FL011 -- 6377 01/19/93 13:03 EST
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Date:Jan 19, 1993
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