Harris Corporation (NYSE:HRS) reported the following fiscal figures: “GAAP income from continuing operations for the fourth quarter of fiscal 2010 of $151 million, or $1.16 per diluted share, compared with a loss of $84 million, or $.63 per diluted share, in the prior-year quarter. Non-GAAP income from continuing operations in the fourth quarter of fiscal 2010 was $161 million, or $1.24 per diluted share, compared with $120 million, or $.90 per diluted share, in the prior-year quarter. Non-GAAP income excludes acquisition-related costs in both quarters as well as pre-tax charges of $256 million for a non-cash impairment of goodwill and intangible assets in the Broadcast Communications segment in the prior-year fourth quarter. Revenue for the fourth quarter of fiscal 2010 was $1.46 billion, compared with $1.29 billion for the fourth quarter of fiscal 2009. Orders in the fourth quarter were $1.72 billion, compared with $1.29 billion in the prior-year quarter. A reconciliation of GAAP to non-GAAP financial measures is provided in Tables 5 through 8, along with the accompanying notes.”
“Harris achieved another quarter of strong results with orders, revenue and income all significantly higher than in the prior year, driven primarily by continuing strong demand and excellent operating performance in RF Communications, ” said Howard L. Lance, chairman, president and chief executive officer. “Harris fourth quarter orders were significantly higher than revenue, thus adding to an already strong backlog as we enter fiscal 2011. In Tactical Radio Communications, backlog increased to a record $1.24 billion driven by strength in both U.S. and international markets.”
