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HARRIS IMPROVES 50% IN FIRST QUARTER

17 Apr 02. Harris Corporation (NYSE:HRS – news) today reported fiscal 2002 third quarter net income of $22.5m, or $.34 per share. Fiscal 2001 third quarter net income was $15.0m, or $.23 per share, before goodwill amortization. The 50 percent increase in earnings resulted from solid growth in revenue and income in the company’s government, tactical radio, and broadcast businesses. The company reported total revenues for the third quarter of $483.3 million,(2001:$479.3m).

Harris’ RF Communications business reported another record quarter due to the worldwide success of its FalconĀ® II family of secure tactical radios, which has become a standard in many countries. Sales in the business increased 17 percent in the quarter and orders increased 50 percent. In the quarter, RF Communications won a $17 million contract from the U.S. Special Operations Command for high frequency (HF) radios from its Falcon II family of tactical radios. Other recent orders include a $21 million contract from the Uzbekistan Ministry of Defence and a $13 million contract from the Lithuanian Ministry of Defence.

Through the first three quarters of the fiscal year, the business has posted orders of more than $50 million from Partnership for Peace countries. Media reports from Afghanistan have included praise for the versatile Harris AN/PRC-117F multiband radio, which has been used widely by allied forces.

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