Harris Corporation Reports Fiscal 2015 Fourth Quarter Results

For additional information, contact Harris Corporation at webmaster@harris.com.

 
Table 1
HARRIS CORPORATION
FY '15 Fourth Quarter Summary
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
                   
Quarter Ended   Fiscal Year Ended
July 3, June 27, July 3, June 27,
2015   2014   2015   2014  
 
(In millions, except per share amounts)
Revenue from product sales and services $ 1,534.9 $ 1,329.4 $ 5,083.2 $ 5,012.0
 
Cost of product sales and services (1,038.2 ) (899.6 ) (3,362.0 ) (3,310.5 )
Engineering, selling and administrative expenses (405.1 ) (203.9 ) (1,008.6 ) (819.6 )
Non-operating income (loss) (108.6 ) (0.4 ) (108.1 ) 4.3
Interest income 0.6 0.8 2.3 2.8
Interest expense   (50.4 )     (23.0 )   (129.9 )   (93.6 )
 
Income (loss) from continuing operations before income taxes (66.8 ) 203.3 476.9 795.4
Income taxes   10.7     (65.7 )   (142.8 )   (256.2 )
Income (loss) from continuing operations (56.1 ) 137.6 334.1 539.2
Discontinued operations, net of income taxes       (6.4 )     (5.0 )
Net income (loss) (56.1 ) 131.2 334.1 534.2
Noncontrolling interests, net of income taxes   (0.1 )     0.2       0.6  
Net income (loss) attributable to Harris Corporation $ (56.2 ) $ 131.4   $ 334.1   $ 534.8  
 
Net income (loss) per common share attributable to
Harris Corporation common shareholders
Basic
Continuing operations $ (0.51 ) $ 1.30 $ 3.15 $ 5.05
Discontinued operations     (0.07 )     (0.05 )
$ (0.51 ) $ 1.23   $ 3.15   $ 5.00  
 
Diluted
Continuing operations $ (0.51 ) $ 1.28 $ 3.11 $ 5.00
Discontinued operations     (0.06 )     (0.05 )
$ (0.51 ) $ 1.22   $ 3.11   $ 4.95  

 

Cash dividends paid per common share $ 0.47 $ 0.42 $ 1.88 $ 1.68
 
Basic weighted average common shares outstanding 110.3 105.7 105.7 106.1
Diluted weighted average common shares outstanding 110.3 107.0 106.8 107.3
 
Table 2
HARRIS CORPORATION
FY '15 Fourth Quarter Summary
BUSINESS SEGMENT INFORMATION
(Unaudited)
                   
Quarter Ended   Fiscal Year Ended
July 3, June 27, July 3, June 27,
2015   2014   2015   2014  
 
(In millions)
Revenue
RF Communications $ 504.7 $ 493.2 $ 1,774.8 $ 1,828.0
Government Communications Systems 484.7 480.0 1,854.8 1,801.2
Integrated Network Solutions 288.7 373.4 1,252.8 1,462.9
Exelis 279.7

279.7
Corporate eliminations   (22.9 )   (17.2 )   (78.9 )   (80.1 )
$ 1,534.9   $ 1,329.4   $ 5,083.2   $ 5,012.0  
Income (Loss) From Continuing Operations Before Income Taxes
Segment Operating Income (Loss):
RF Communications $ 156.6 $ 140.5 $ 549.1 $ 561.5
Government Communications Systems 66.2 69.0 292.3 276.9
Integrated Network Solutions (21.3 ) 32.6 42.1 116.4
Exelis 37.0 37.0
Unallocated corporate expense (145.0 ) (12.8 ) (199.0 ) (60.2 )
Corporate eliminations (1.9 ) (3.4 ) (8.9 ) (12.7 )
Non-operating income (loss) (108.6 ) (0.4 ) (108.1 ) 4.3
Net interest expense   (49.8 )   (22.2 )   (127.6 )   (90.8 )
$ (66.8 ) $ 203.3   $ 476.9   $ 795.4  
 
Table 3
HARRIS CORPORATION
FY '15 Fourth Quarter Summary
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
             
Fiscal Year Ended
July 3, June 27,
2015   2014  
(In millions)
Operating Activities
Net income $ 334.1 $ 534.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 244.3 204.3
Share-based compensation 37.2 35.4
Gain on sale of business (9.3 )
Impairment of assets 46.1
Loss on prepayment of long-term debt 118.2
(Increase) decrease in:
Accounts receivable 7.8 115.8
Inventories (5.0 ) 50.1
Increase (decrease) in:
Accounts payable and accrued expenses 34.5 (50.0 )
Advance payments and unearned income (48.1 ) (42.0 )
Other   94.2     1.4  
Net cash provided by operating activities   854.0     849.2  
 
Investing Activities
Net cash paid for acquired businesses (3,186.1 )
Cash paid for intangible assets (3.3 )
Additions of property, plant and equipment (148.4 ) (209.3 )
Proceeds from sale of property, plant and equipment 7.0 8.0
Proceeds from sale of business 43.0
Proceeds from sale of discontinued operations     42.0  
Net cash used in investing activities   (3,284.5 )   (162.6 )
 
Financing Activities
Proceeds from borrowings, net of issuance costs 3,683.2 34.2
Repayments of borrowings (954.1 ) (133.9 )
Proceeds from exercises of employee stock options 46.6 141.3
Repurchases of common stock (165.6 ) (309.4 )
Cash dividends (197.9 ) (180.3 )
Other financing activities   (39.3 )
Net cash provided by (used in) financing activities   2,372.9   (448.1 )
 
Effect of exchange rate changes on cash and cash equivalents   (22.3 )   1.5  
 
Net increase (decrease) in cash and cash equivalents (79.9 ) 240.0
 
Cash and cash equivalents, beginning of year   561.0     321.0  
 
Cash and cash equivalents, end of year $ 481.1   $ 561.0  
 
Table 4
HARRIS CORPORATION
FY '15 Fourth Quarter Summary
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
         
July 3, June 27,
2015 2014
 
(In millions)
Assets
 
Cash and cash equivalents $ 481.1 $ 561.0
Receivables 1,139.4 566.1
Inventories 1,044.0 618.7
Property, plant and equipment 1,165.1 728.1
Goodwill 6,348.0 1,711.2
Intangible assets 1,775.2 257.5
Other assets   1,176.1   476.7
$ 13,128.9 $ 4,919.3
Liabilities and Equity
 
Accounts payable 581.2 324.3
Compensation and benefits 512.2 212.8
Advance payments and unearned income 433.1 265.9
Defined benefit plans (A) 1,943.4 32.9
Debt, net (A) 5,216.1 1,623.6
Other liabilities 1,040.9 634.4
Equity   3,402.0   1,825.4
$ 13,128.9 $ 4,919.3
 
(A)Certain prior-year amounts have been reclassified to conform to current-year classifications.
 

HARRIS CORPORATION

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