L3HARRIS TECHNOLOGIES, INC. /DE/ Annual Report, Year Ended Jun 27, 2003

L3Harris Technologies, Inc. (formerly Harris Corporation) reported revenues of $2.09 billion for the fiscal year ended June 27, 2003, a 11.6% increase from the previous year. However, net income decreased to $59.5 million from $82.6 million in fiscal 2002, resulting in diluted earnings per share of $0.90, down from $1.25. The decline in profitability was attributed to several factors, including lower gross margins in certain segments due to inventory write-downs and product mix shifts, increased operating losses in the Microwave Communications and Network Support segments, and higher headquarters expenses, partially offset by strong performance in the Government Communications Systems and RF Communications segments. The company's performance was significantly influenced by the ongoing "War on Terrorism" and homeland security initiatives, which drove demand for its Government Communications Systems and RF Communications products. The telecommunications and broadcast equipment industries, however, faced continued challenges, impacting the Microwave Communications, Network Support, and Broadcast Communications segments. Despite the overall decrease in net income, the company's revenue growth and strong backlog in key defense-related segments indicate resilience, supported by significant government contract wins.