8-KEarnings & ResultsRegulation FDExhibits & Filings

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Financial Results (Aug 12, 2009)

Filed August 12, 2009For Securities:LHX

Summary

L3Harris Technologies, Inc. (formerly Harris Corporation) filed an 8-K on August 12, 2009, to furnish a press release announcing its fourth quarter and full fiscal year 2009 results. The filing also included updated guidance for fiscal year 2010. Notably, the company is presenting and discussing several non-GAAP financial measures. These measures exclude items such as goodwill and intangible asset impairment charges, costs associated with cost-reduction actions, and certain expenses related to recent acquisitions (Tyco Electronics Wireless Systems, Crucial Security, Multimax, Zandar, and SolaCom ATC). Management believes these non-GAAP measures provide a clearer view of ongoing operational performance and trends, aiding investor understanding beyond standard GAAP reporting. Investors should pay close attention to the company's presentation of these non-GAAP figures, as they are being used by management for performance analysis and forecasting. The press release, attached as Exhibit 99.1, reconciles these non-GAAP measures to their closest GAAP equivalents. The company also disclosed segment-specific performance, including operating income/margin in RF Communications and Government Communications Systems, and an operating loss in Broadcast Communications for the fourth quarter of fiscal 2009. The inclusion of order data, also presented on a non-GAAP basis, offers insight into future revenue potential.

Key Highlights

  • 1Harris Corporation (now L3Harris Technologies) released its Q4 and Full Fiscal Year 2009 financial results on August 12, 2009.
  • 2The company provided updated earnings and revenue guidance for Fiscal Year 2010.
  • 3The filing emphasizes the use of non-GAAP financial measures to present operating results, excluding specific charges and acquisition-related costs.
  • 4Key non-GAAP measures discussed include income from continuing operations, diluted EPS, and segment operating income/margins.
  • 5The company detailed segment performance, including operating income for RF Communications and Government Communications Systems, and an operating loss for Broadcast Communications in Q4 FY09.
  • 6Order trends for Q4 FY09 were also presented, excluding certain acquisition impacts.
  • 7Management asserts that non-GAAP measures enhance investor understanding of business trends and performance, separate from unusual or acquisition-related impacts.

Frequently Asked Questions

The primary purpose of this 8-K filing is to publicly release Harris Corporation's (now L3Harris Technologies) financial results for its fourth quarter and full fiscal year 2009, along with its financial guidance for fiscal year 2010. It also serves to disclose the use of non-GAAP financial measures in its reporting.

Harris Corporation is using non-GAAP financial measures because management believes they provide a more insightful view of the company's ongoing operational performance and trends. These measures exclude the impact of specific items like goodwill impairment, cost-reduction actions, and certain acquisition-related expenses, which can distort period-over-period comparisons when viewed solely under GAAP.

The non-GAAP adjustments are related to the impact of several acquisitions, including the Tyco Electronics Wireless Systems business (Wireless Systems), Crucial Security, Inc. (CSI), Multimax Incorporated (Multimax), Zandar Technologies plc (Zandar), and the ATC business unit of SolaCom Technologies Inc. (SolaCom ATC).

The press release, furnished as Exhibit 99.1 to this 8-K filing, contains the necessary reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Investors are encouraged to review this reconciliation for a complete understanding of the financial reporting.