10-KPeriod: FY2009

L3HARRIS TECHNOLOGIES, INC. /DE/ Annual Report, Year Ended Jul 3, 2009

Filed August 31, 2009For Securities:LHX

Summary

L3Harris Technologies, Inc. (formerly Harris Corporation) reported strong revenue growth for the fiscal year ended July 3, 2009, driven by its RF Communications and Government Communications Systems segments. Despite an overall revenue increase of 8.9% to $5.0 billion, net income from continuing operations saw a significant decline of 31.1% to $312.4 million, primarily due to a substantial $196.7 million after-tax impairment charge in the Broadcast Communications segment. The company also incurred charges related to cost-reduction actions across the business. Strategic acquisitions in Wireless Systems, Crucial Security, Inc. (CSI), and SolaCom ATC bolstered capabilities, particularly in RF Communications and Government Communications Systems. The company maintained a robust liquidity position and increased its quarterly dividend, signaling confidence in its future performance despite challenging economic conditions.

Financial Highlights

32 data points
Beta

Revenue

$5.00B

0.3% Gross Margin

Net Income

$37.90M

0.0% Net Margin

EPS (Diluted)

$0.28

Cash & Equivalents

$352.70M

Free Cash Flow

$557.90M

Financial Statements
Beta
Revenue$5.00B
Cost of Revenue$3.42B
Gross Profit$1.58B
Operating Expenses$791.30M
Operating Income$312.40M
Interest Expense$52.80M
Net Income$37.90M
EPS (Basic)$0.28
EPS (Diluted)$0.28
Shares Outstanding (Basic)133.60M
Shares Outstanding (Diluted)133.00M

Key Highlights

  • 1Revenue increased by 8.9% to $5.0 billion for fiscal year 2009.
  • 2Net income from continuing operations decreased by 31.1% to $312.4 million, largely due to a significant goodwill and long-lived asset impairment charge of $196.7 million (after-tax) in the Broadcast Communications segment.
  • 3The RF Communications segment experienced strong revenue growth (16.8%) driven by international demand and the acquisition of Wireless Systems.
  • 4The Government Communications Systems segment saw revenue grow by 9.3%, with contributions from programs like FDCA and classified intelligence initiatives.
  • 5Harris made strategic acquisitions, including Wireless Systems, CSI, and SolaCom ATC, to enhance its product portfolios and market reach.
  • 6The company increased its quarterly dividend by 10% to $0.22 per share, marking its eighth consecutive annual increase.
  • 7Net cash provided by operating activities improved by 20.1% to $666.8 million.

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