Harris Corporation reported that third quarter fiscal 2003 revenue climbed 12 percent to $538.9 million, compared to $483.3 million in the third quarter of the prior year. Net income was $22.6 million compared to $22.5 million in the prior-year quarter. During the quarter, Harris won contracts for its industry-leading Falcon II radios from Tunisia, Romania, Macedonia, Uzbekistan and the UK Ministry of Defense.
Although net income was flat, more of the income was generated by the operating divisions and less from non-operating income. Non-operating income was $4.8 million less in the quarter compared to the prior year. Earnings per share were $.34.
"The Government Communications Systems and the RF Communications businesses are delivering very strong revenue and operating performance, allowing Harris to report solid results in a very difficult economic climate," said Howard L. Lance, president and chief executive officer.
Harris Corporation is an international communications technology company focused on providing product, system and service solutions for government and commercial customers. The company's five operating divisions serve markets for government communications, tactical radio, broadcast, microwave, and network support systems. — (menareport.com)
© 2003 Mena Report (www.menareport.com )