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 MELBOURNE, Fla., Oct. 19 /PRNewswire/ -- Harris Corporation (NYSE: HRS) reported a 19 percent increase in net income from operations together with higher sales and record orders for the first quarter ended Sept. 30.
 Net income from operations was $24.7 million or 62 cents per share, compared with net income of $20.7 million or 53 cents a share in the year-earlier quarter. The company adopted the Statement of Financial Accounting Standards No. 106, "Employers' Accounting For Postretirement Benefits Other Than Pensions," in the first quarter, which resulted in a one-time, after-tax charge of $10.1 million or 25 cents per share. Net income for the quarter, after the charge, was $14.6 million or 37 cents per share.
 Sales were up in all four of the company's business sectors, totaling $769.1 million versus $727.6 million last year. New orders were a record for any quarter and exceeded shipments by a substantial margin. The strong order performance reflected increased bookings in all sectors, with the Electronic Systems and Communications sectors leading the way.
 Reporting on sector performance, John T. Hartley, Harris chairman and chief executive, said, "Harris Semiconductor earnings were up on slightly higher sales, and sector orders showed strong growth for the period."
 The Electronic Systems Sector posted a small increase in earnings on modestly higher sales. "The sector's very strong order performance gives us a great deal of confidence in this business' future earnings potential," Hartley continued.
 "The Communications Sector reported good growth in earnings and sales and a substantial increase in orders for the quarter, led by further expansion into overseas markets. Lanier Worldwide posted substantially higher earnings and increased sales and orders, reflecting strong growth in the United States and reduced losses in Europe," he said.
 Looking ahead, Hartley said, "We've made a good start to the new fiscal year, and we continue to expect a significant increase in earnings for the year as a whole."
 FY'94 First Quarter Summary
Condensed Consolidated Statement of Income Quarter Ended
 Sept. 30 Sept. 25
(In millions except per share amounts) 1993 1992
 Revenue from sales, rentals, and services $769.1 $727.6
 Interest 8.2 8.2
 777.3 735.8
 Costs and Expenses
 Cost of sales, rentals, and services 522.2 495.3
 Engineering, selling, and
 administrative expenses 203.9 194.7
 Interest 14.2 14.8
 Other - net (2.8) (0.9)
 Income before income taxes 39.8 31.9
 Income taxes 15.1 11.2
 ------ ------
 Income before cumulative effect of
 change in accounting principle 24.7 20.7
 Cumulative effect of change in
 accounting principle (10.1) ---
 Net income $ 14.6 $ 20.7
 Income per Share
 Income before cumulative effect of
 change in accounting principle $.62 $.53
 Cumulative effect of change in
 accounting principle (.25) ---
 Net income $.37 $.53
 Cash dividends paid per common share $.28 $.26
 Average shares outstanding 39,814 39,205
 Condensed Consolidated Balance Sheet
 Sept. 30 Sept. 25
 (In millions) 1993 1992
 Cash and cash equivalents $ 49.3 $ 50.4
 Trade receivables 603.1 608.1
 Unbilled costs and accrued earnings 335.0 303.3
 Inventories 473.1 445.1
 Deferred income taxes 84.7 75.0
 Plant and equipment - net 562.9 574.0
 Non-current notes receivable - net 156.4 136.0
 Intangibles resulting from acquisitions 160.9 147.3
 Other assets 99.1 100.3
 $2,524.5 $2,439.5
 Liabilities and Shareholders' Equity
 Short-term debt $ 92.1 $ 42.9
 Trade payables and accrued expenses 434.4 451.9
 Advance payments and unearned income 167.3 164.6
 Income taxes 59.2 42.6
 Current portion of long-term debt .4 1.2
 Non-current deferred income taxes 13.9 38.1
 Long-term debt 611.8 611.8
 Shareholders' equity 1,145.4 1,086.4
 $2,524.5 $2,439.5
 -0- 10/19/93
 /CONTACT: Jim Burke, director of media relations, of Harris Corporation, 407-727-9126/

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

AW -- FL011 -- 3881 10/19/93 10:50 EDT
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Publication:PR Newswire
Date:Oct 19, 1993

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