Harris will host a conference call today, Tuesday, May 5, 2015 at 8:30 Eastern Time (ET) to discuss its third quarter fiscal 2015 financial results. The dial-in numbers for the teleconference are (877) 303-9481 (U.S.) and (760) 666-3582 (International), using participant code 32693125. Please allow at least 10 minutes before the scheduled start time to connect to the teleconference. Participants are encouraged to listen via webcast and view management’s supporting slide presentation at www.harris.com/webcast/quarterly/2015Q3. A recording of the call will be available on the Harris website beginning at approximately 12 p.m. ET on May 5.
About Harris Corporation
Harris is an international communications and information technology company serving government and commercial markets in more than 125 countries. Headquartered in Melbourne, Florida, the company has approximately $5 billion of annual revenue and about 13,000 employees — including 6,000 engineers and scientists. Harris is dedicated to developing best-in-class assured communications® products, systems and services. Additional information about Harris Corporation is available at harris.com.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission (“SEC”), including income from continuing operations and income from continuing operations per diluted share for the third quarter of fiscal 2015, in each case excluding acquisition-related costs; free cash flow for the third quarter of fiscal 2015 and the third quarter of fiscal 2014, which excludes cash flow for capital expenditures; and the guidance range for expected income from continuing operations per diluted share for fiscal 2015, excluding impacts from the pending acquisition of Exelis. A “non-GAAP financial measure” is generally defined as a numerical measure of a company’s historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (“GAAP”). Harris management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Harris management also believes that these non-GAAP financial measures enhance the ability of investors to analyze Harris business trends and to understand Harris performance. In addition, Harris may utilize non-GAAP financial measures as guides in forecasting, budgeting and long-term planning processes and to measure operating performance for some management compensation purposes. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP.
Forward-Looking Statements
Statements in this press release that are not historical facts are
forward-looking statements that reflect management's current
expectations, assumptions and estimates of future performance and
economic conditions. Such statements are made in reliance upon the safe
harbor provisions of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements in this release include but are not limited to: statements
regarding expectations for solid results for fiscal 2015; statements
relating to expected timing and completion of the pending acquisition of
Exelis; earnings and revenue guidance for fiscal 2015; the range of
expected acquisition-related costs for fiscal 2015; potential contract
opportunities and awards; the potential value of contract awards; and
other statements regarding outlook or that are not historical facts. The
company cautions investors that any forward-looking statements are
subject to risks and uncertainties that may cause actual results and
future trends to differ materially from those matters expressed in or
implied by such forward-looking statements. The company's consolidated
results, future trends and forward-looking statements could be affected
by many factors, risks and uncertainties, including but not limited to:
the actual timing of completion (if any) of the pending acquisition of
Exelis and the actual amount and timing of associated
acquisition-related costs; the loss of the company’s relationship with
the U.S. Government or a change or reduction in U.S. Government funding;
potential changes in U.S. Government or customer priorities and
requirements (including potential deferrals of awards, terminations,
reductions of expenditures, changes to respond to the priorities of
Congress and the Administration, budgetary constraints, debt ceiling
implications, sequestration and cost-cutting initiatives); the potential
impact of a security breach, through cyber attack or otherwise, or other
significant disruptions of the company’s IT networks and systems or
those the company operates for customers; risks inherent with large
long-term fixed-price contracts, particularly the ability to contain
cost overruns; financial and government and regulatory risks relating to
international sales and operations; the continued effects of the general
weakness in the global economy and U.S. Government’s budget deficits and
national debt and sequestration; the company’s ability to continue to
develop new products that achieve market acceptance; the consequences of
future geo-political events; strategic acquisitions and the risks and
uncertainties related thereto, including the company’s ability to manage
and integrate acquired businesses; performance of the company’s
subcontractors and suppliers; potential claims that the company is
infringing the intellectual property rights of third parties; the
successful resolution of patent infringement claims and the ultimate
outcome of other contingencies, litigation and legal matters; risks
inherent in developing new technologies; changes in the company’s
effective tax rate; the potential impact of natural disasters or other
disruptions on the company’s operations; the potential impact of changes
in the regulatory framework that applies to, or of satellite bandwidth
constraints on, the company’s managed satellite and terrestrial
communications solutions; changes in future business or other market
conditions that could cause business investments and/or recorded
goodwill or other long-term assets to become impaired; the occurrence of
any event, change or other circumstances that could give rise to the
termination of the merger agreement with Exelis; the possibility that
Exelis shareholders may not approve the merger agreement; the risk that
the parties may not be able to obtain the necessary regulatory approvals
or to satisfy any of the other conditions to the proposed transaction in
a timely manner or at all; risks related to disruption of management
time from ongoing business operations due to the proposed transaction;
the risk that the company may fail to realize the benefits expected from
the proposed transaction; the risk that any announcements relating to
the proposed transaction could have adverse effects on the market price
of the company’s common stock, and the risk that the proposed
transaction and its announcement could have an adverse effect on the
ability of the company and Exelis to retain customers and retain and
hire key personnel and maintain relationships with their suppliers and
customers, including the U.S. Government, and on their operating results
and businesses generally. Further information relating to factors that
may impact the company's results and forward-looking statements are
disclosed in the company's filings with the SEC. The forward-looking
statements contained in this release are made as of the date of this
release, and the company disclaims any intention or obligation, other
than imposed by law, to update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise.
