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HARRIS EARNINGS UP 49 PERCENT IN THIRD QUARTER

 MELBOURNE, Fla., April 20, 1993 /PRNewswire/ -- Harris Corporation (NYSE: HRS) reported that net income for the third quarter ended March 26 increased 49 percent to $27.5 million or 70 cents per share, compared with $18.4 million or 47 cents per share in the third quarter of last year. Last year's quarter included an extraordinary after-tax charge of $3.0 million or 8 cents per share related to the early redemption of debentures.
 Sales for the quarter were $744.2 million versus $734.6 million last year. Total orders also increased over the previous year and exceeded shipments.
 John T. Hartley, Harris chairman and chief executive, said the company's Semiconductor Sector continues to be profitable, posting a major upswing in earnings from the loss reported in the year-ago quarter on slightly lower sales. "This was the fourth quarter in a row of increased Semiconductor earnings," he said.
 Lanier Worldwide reported higher earnings on increased sales. Hartley said that, while Lanier's European operations showed a loss for the quarter as a result of continuing recessionary conditions, earnings in the United States and the rest of the world were up strongly.
 Hartley said that, as expected, the Electronic Systems Sector posted lower earnings and a modest decline in sales. The sector's profit margin has been running at a lower rate than last year due to a different mix of contracts and lower computer sales. The Communications Sector reported a strong increase in sales, but earnings grew at a somewhat slower rate as a result of lower margins, primarily in the sector's broadcast-products business.
 For the nine months, the company reported net income of $73.6 million or $1.87 per share, compared with $50.4 million or $1.29 per share the previous year. Sales were $2,240.6 million, compared with $2,176.2 million last year.
 In his outlook for the current quarter, Hartley said, "We anticipate improved earnings in the Semiconductor and Electronic Systems sectors, and continuing good performance in the Communications Sector. Although we remain concerned that depressed market conditions in Europe will continue to impact Lanier's earnings, we expect that earnings for the company as a whole will match or exceed last year's strong fourth- quarter earnings from continuing operations. Results for the full year are, therefore, expected to show a significant increase over fiscal 1992."
 Looking to the next fiscal year, Hartley said, "We believe we're well positioned for another year of significantly increased earnings in fiscal 1994, assuming some improvement in European economies."
 HARRIS CORPORATION
 FY'93 Third Quarter Summary
 Condensed Consolidated Statement of Income
 (In thousands except per share amounts)
 Quarter Ended Three Quarters Ended
 Mar. 26 Mar. 27 Mar. 26 Mar. 27
 1993 1992 1993 1992
 Revenue
 Revenue from sales,
 rentals and
 services $744,223 $734,611 $2,240,631 $2,176,229
 Interest 8,589 9,241 25,405 29,332
 752,812 743,852 2,266,036 2,205,561
 Costs and Expenses
 Cost of sales, rentals
 and services 501,111 495,854 1,515,679 1,493,124
 Engineering,
 selling and
 administrative
 expenses 197,375 204,709 594,429 586,163
 Interest 15,235 15,819 45,390 50,416
 Other - net (3,830) (3,199) (4,456) (491)
 Income before income
 taxes and
 extraordinary
 item 42,921 30,669 114,994 76,349
 Income taxes 15,452 9,204 41,398 22,903
 Income before
 extraordinary
 item 27,469 21,465 73,596 53,446
 Extraordinary loss
 from early retirement
 of debt - net of income
 taxes --- (3,020) --- (3,020)
 Net income $ 27,469 $ 18,445 $ 73,596 $ 50,426
 Net income (loss) per
 share
 Before extraordinary
 item $.70 $.55 $1.87 $1.37
 Extraordinary loss --- (.08) --- (.08)
 $.70 $.47 $1.87 $1.29
 Cash dividends
 paid per share $.26 $.26 $.78 $.78
 Average shares
 outstanding 39,484 39,118 39,403 39,031
 HARRIS CORPORATION
 FY'93 Third Quarter Summary


Condensed Consolidated Balance Sheet (In thousands)
 Mar. 26 Mar. 27
 1993 1992
 Assets
 Cash and short-term securities $ 75,365 $ 55,243
 Trade receivables 581,067 616,414
 Unbilled costs and
 accrued earnings 315,131 278,510
 Inventories 452,355 456,899
 Deferred income taxes 67,686 81,566
 Plant and equipment - net 559,673 578,171
 Non-current notes
 receivable - net 143,004 134,938
 Intangibles resulting
 from acquisitions 163,825 146,903
 Other assets 103,769 103,948
 $2,461,875 $2,452,592
 Liabilities and Shareholders' Equity
 Short-term debt $ 59,155 $ 50,018
 Trade payables and
 accrued expenses 430,142 480,077
 Advance payments and
 unearned income 161,910 170,217
 Income taxes 48,402 31,002
 Current portion of
 long-term debt 1,328 4,679
 Non-current deferred
 income taxes 39,241 37,016
 592
 -0- 4/20/93
 /CONTACT: Jim Burke, director of media relations of Harris Corporation, 4 Corporation, 4


AW-JB -- FL013 -- 8118 04/20/93 13:25 EDT
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