What is the primary purpose of this 8-K filing?

The primary purpose of this 8-K filing is to announce Harris Corporation's financial results for its second quarter of fiscal year 2011 and to reiterate its guidance for the full fiscal year. It also provides context on how the company is presenting its financial performance, including the use of non-GAAP measures.

Why is Harris Corporation using non-GAAP financial measures?

Harris Corporation is using non-GAAP financial measures to provide investors with a more insightful view of its operational performance and to enhance their ability to analyze trends. These measures exclude certain acquisition-related costs and expenses, allowing for a comparison of results that is less impacted by integration activities from recent acquisitions.

What acquisitions are having their costs excluded from the non-GAAP measures?

The costs excluded from the non-GAAP measures relate to the acquisitions of the Tyco Electronics Wireless Systems business, CapRock Communications, Crucial Security, Inc., the Air Traffic Control business unit of SolaCom Technologies Inc., Patriot Technologies, LLC, and SignaCert, Inc.

How should investors interpret the non-GAAP financial information?

Investors should view the non-GAAP financial measures in conjunction with, and not as a replacement for, the company's GAAP-based financial results. While non-GAAP measures aim to provide a clearer operational picture, GAAP figures represent the comprehensive, standardized accounting of the company's financial condition and performance.

LHX 8-K: Earnings & Results & Regulation FD

Summary

This 8-K filing by Harris Corporation on January 26, 2011, announces the company's financial results for its second quarter of fiscal year 2011 and reiterates its full-year guidance. The report focuses on providing investors with an updated view of the company's operational performance and financial outlook. Notably, the filing emphasizes the use of non-GAAP financial measures to offer a clearer understanding of ongoing business trends, particularly excluding the impacts of recent acquisitions and associated costs. Investors should pay close attention to the company's reiteration of its fiscal 2011 guidance for net income per diluted share and revenue, as this provides insight into management's expectations for the remainder of the fiscal year. The discussion of non-GAAP measures, while requiring careful consideration alongside GAAP figures, aims to present a more consistent view of operational performance, stripping out the effects of integration costs related to several strategic acquisitions made in the recent past.

Key Highlights

1Harris Corporation released its second-quarter fiscal 2011 results on January 26, 2011.
2The company reiterated its full-year guidance for fiscal 2011, including expected net income per diluted share and revenue.
3The filing utilizes non-GAAP financial measures to provide a clearer view of operational performance.
4Non-GAAP measures exclude costs and expenses related to several recent acquisitions, including Tyco Electronics Wireless Systems, CapRock Communications, Crucial Security, SolaCom ATC, Patriot Technologies, and SignaCert.
5Organic revenue growth for Q2 fiscal 2011 is presented, adjusted for the impact of acquisitions of CapRock, Patriot, and SignaCert.
6The report emphasizes that non-GAAP measures should be considered alongside, not as a substitute for, GAAP financial measures.
7Exhibit 99.1 contains the full press release and related financial tables.

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Financial Results (Jan 26, 2011)

Summary

Key Highlights

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