Harris Q2 Revenues Up, Broadcast Division Flat
February 6, 2009 at 5:27 AM (PT)
HARRIS CORPORATION second fiscal quarter rose 16% to $1.52 billion, but the company' net income fell from $114.3 million to a loss of $38.6 million (83 to -29 cents/share), the result of taking a $182.5 million ($1.37/share) non-cash goodwill impairment charge. Without the charge, non-GAAP net income rose 24% to $1.08/share.
Revenue in the Broadcast Communications segment was flat at $163 million, with U.S> sales slowing significantly and expected to remain weak for the rest of the fiscal year.
"We are very pleased with the strong year-over-year organic revenue growth and operating performance in the second quarter," said Chairman, Pres./CEO HOWARD L. LANCE. "HARRIS has a solid financial position with strong operating cash flow, allowing us to continue to invest for future growth."