What is the key financial guidance update provided by Harris Corporation?

Harris Corporation is reconfirming its earnings per share (EPS) guidance for fiscal year 2005 and increasing its EPS guidance for fiscal year 2006. This suggests stability in the current fiscal year and an improved outlook for the next.

Why is Harris Corporation using non-GAAP financial measures in this report?

The company is using non-GAAP measures, specifically excluding certain costs associated with the Encoda Systems Holdings, Inc. acquisition, to provide investors with a clearer understanding of its core operating performance. These excluded costs include write-offs of in-process R&D and impairment losses on capitalized software, which are considered one-time or disproportionately impacting events.

What are the benefits of these non-GAAP financial measures for investors?

Harris believes these non-GAAP measures help investors analyze trends in the business more effectively and understand performance separate from significant acquisition-related charges. This allows for a better comparison of operating results across different periods.

Where can I find the detailed reconciliation of GAAP and non-GAAP measures?

The filing states that a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure is included in the press release (Exhibit 99.1) furnished with this Form 8-K. Investors should refer to that document for complete details.

LHX 8-K: Regulation FD — Jun 10, 2005

Summary

This Form 8-K filing from Harris Corporation, dated June 9, 2005, announces an updated earnings per share (EPS) guidance. The company is reconfirming its EPS forecast for fiscal year 2005, indicating confidence in its near-term performance. More notably, Harris is increasing its EPS guidance for fiscal year 2006, suggesting positive future outlook and expected growth. The filing also highlights the company's use of non-GAAP financial measures, specifically excluding costs related to the acquisition of Encoda Systems Holdings, Inc. Harris explains that these non-GAAP measures, such as income from continuing operations per diluted share excluding certain acquisition-related costs, are intended to provide investors with a clearer view of underlying operational performance by isolating the impact of significant one-time events. The company believes these adjusted metrics aid in understanding business trends and overall performance.

Key Highlights

1Harris Corporation reconfirms its earnings per share (EPS) guidance for fiscal year 2005.
2The company is increasing its EPS guidance for fiscal year 2006, indicating a positive future outlook.
3The update was provided via a press release issued on June 9, 2005.
4The filing utilizes non-GAAP financial measures to present a view of performance excluding specific acquisition-related costs.
5Costs excluded from non-GAAP measures relate to the acquisition of Encoda Systems Holdings, Inc., including R&D write-offs and software impairment losses.
6Harris believes non-GAAP measures offer useful insights into period-over-period operating results and business trends.

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Regulation FD Disclosure (Jun 10, 2005)

Summary

Key Highlights

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