8-KOther Events

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report (Sep 14, 2000)

Filed September 14, 2000For Securities:LHX

Summary

L3Harris Technologies, Inc. (formerly Harris Corporation) announced the acquisition of Wavtrace, Inc. on August 31, 2000. Wavtrace is a developer of broadband wireless access systems. Harris previously held a 20% stake in Wavtrace and acquired the remaining 80% for approximately $134 million, which included assumed debt and stock options. This acquisition is expected to strengthen L3Harris's position in the wireless telecommunications market by integrating Wavtrace's technology. The company also reported on its stock repurchase program, indicating that approximately 10.7 million shares were repurchased during fiscal year 2000, and an additional 500,000 shares were repurchased year-to-date in fiscal year 2001, with approximately 68.5 million shares outstanding as of September 13, 2000.

Key Highlights

  • 1Harris Corporation acquired Wavtrace, Inc. for approximately $134 million.
  • 2Wavtrace Inc. specializes in broadband wireless access systems.
  • 3Harris Corporation previously owned 20% of Wavtrace, Inc.
  • 4The acquisition is expected to enhance Harris Corporation's presence in the wireless telecommunications market.
  • 5Harris Corporation repurchased approximately 10.7 million shares in FY2000 and 500,000 shares year-to-date in FY2001.
  • 6Approximately 68.5 million shares of Harris Corporation common stock were outstanding as of September 13, 2000.
  • 7The financial statements of Wavtrace, Inc. for the years ended December 31, 1999 and 1998, and interim periods, are included as part of the filing.

Frequently Asked Questions

This 8-K filing reports on the acquisition of Wavtrace, Inc. by Harris Corporation (now L3Harris Technologies, Inc.) and provides related financial information, including the financial statements of the acquired company.

Wavtrace, Inc. is a developer, manufacturer, and marketer of short-haul, point-to-multipoint, millimeter-wave radio systems for the worldwide wireless telecommunications market, providing broadband wireless access to the Internet and other data, voice, and video services.

The acquisition cost L3Harris approximately $134 million. The filing includes pro forma financial information that combines Harris and Wavtrace, showing a pro forma net loss of approximately $13.7 million for the fiscal year ended June 30, 2000, reflecting the integration of Wavtrace's operations and a significant write-off for purchased in-process research and development ($73.5 million).

As of September 13, 2000, L3Harris had repurchased approximately 10.7 million shares in fiscal year 2000 and an additional 500,000 shares year-to-date in fiscal year 2001. The company continually evaluates repurchases based on market conditions and available cash. Approximately 68.5 million shares were outstanding at that time.