Summary
L3Harris Technologies (LHX) filed an 8-K on May 5, 2009, primarily to disclose its third-quarter fiscal year 2009 results and provide updated financial guidance for both fiscal year 2009 and initial guidance for fiscal year 2010. The report highlights the company's financial performance and outlook, with a significant focus on non-GAAP financial measures. These non-GAAP figures exclude items such as the Harris Stratex Networks segment (treated as discontinued operations) and costs associated with recent acquisitions (Multimax, Zandar Technologies, Tyco Electronics Wireless Systems, and Crucial Security).
Key Highlights
- 1Disclosure of third-quarter fiscal year 2009 financial results and condition.
- 2Updated earnings and revenue guidance for the full fiscal year 2009.
- 3Initial earnings and revenue guidance for fiscal year 2010.
- 4Significant use of non-GAAP financial measures, excluding discontinued operations and acquisition-related costs.
- 5Management believes non-GAAP measures provide useful insights into operating performance and trends.
- 6Reconciliation of non-GAAP to GAAP measures is provided in the referenced press release.
Frequently Asked Questions
The main purpose of this 8-K filing is to publicly announce L3Harris Technologies' (Harris Corporation at the time) third-quarter fiscal year 2009 financial results and to provide updated financial guidance for the remainder of fiscal year 2009 and initial guidance for fiscal year 2010.
Non-GAAP financial measures are financial performance indicators that exclude or include amounts different from the most directly comparable measures calculated under Generally Accepted Accounting Principles (GAAP). L3Harris is using them to provide investors with a clearer view of underlying operational performance by excluding items like discontinued segments (Harris Stratex Networks) and specific acquisition-related costs. Management believes these measures enhance the ability to analyze trends and understand performance.
This 8-K filing itself does not contain detailed financial statements but rather refers to an attached press release (Exhibit 99.1) which includes the press release, related financial tables, and reconciliations of non-GAAP to GAAP financial measures. Investors should refer to Exhibit 99.1 for the detailed financial information and analysis.
The non-GAAP financial measures exclude certain costs and expenses associated with the acquisitions of Multimax Incorporated, Zandar Technologies plc, the Tyco Electronics Wireless Systems business, and Crucial Security, Inc.