Summary
L3Harris Technologies (formerly Harris Corporation) announced a change in its segment reporting structure effective May 28, 2004, following the divestiture of its telecom tools, test sets, and test systems product line to a Danaher Corporation subsidiary. This change eliminates the 'Network Support' segment as a standalone reportable segment. The Harris NetBossTM network operations software business, previously part of Network Support, will now be consolidated into the 'Microwave Communications' reporting segment. This move is intended to streamline reporting and better reflect the company's operational focus post-divestiture. Furthermore, the divested telecom tools, test sets, and test systems product line will be presented as a 'discontinued operation' in the company's financial statements. This reclassification requires Harris to restate prior financial periods to align with the new segment structure and to properly account for the discontinued operations. Investors should note that revised financial statements, including condensed consolidated statements of income and business segment information for fiscal 2003, fiscal 2003 quarters, and the first three quarters of fiscal 2004, have been filed as an exhibit to this report (Exhibit 99.1) to reflect these changes.
Key Highlights
- 1Harris Corporation has divested its telecom tools, test sets, and test systems product line to a subsidiary of Danaher Corporation.
- 2The company has revised its segment reporting structure, eliminating the 'Network Support' segment.
- 3The Harris NetBossTM network operations software business will be integrated into the 'Microwave Communications' reporting segment.
- 4The divested product line will be reported as a discontinued operation.
- 5Prior period financial statements (FY2003 and Q1-Q3 FY2004) are being restated to reflect the new segment structure and discontinued operations.
- 6Revised condensed consolidated statements of income and business segment information are filed as Exhibit 99.1.