Summary
L3Harris Technologies, Inc. (formerly Harris Corporation) is reporting a significant strategic shift in its business portfolio through this 8-K filing. The company has approved plans to exit its cyber integrated solutions (CIS) operation, which provided remote cloud hosting, and divest its Broadcast Communications business. Both of these operations are now being reported as discontinued operations, starting with the company's third and fourth fiscal quarters of 2012, respectively. This move signals a focus on core business areas and a streamlining of operations to potentially enhance profitability and simplify the company's structure for investors. The filing also highlights the furnishing of unaudited pro forma historical results of operations data. This data, included as Exhibit 99.1, is presented for comparative purposes and reflects the impact of these divestitures on past financial performance. Investors should pay close attention to these pro forma results to understand the underlying performance trends of the continuing business segments and to assess the financial implications of these strategic decisions.
Key Highlights
- 1Harris Corporation is exiting its cyber integrated solutions (CIS) business, a provider of remote cloud hosting services.
- 2The company is also planning to divest its Broadcast Communications business.
- 3Both CIS and Broadcast Communications will be reported as discontinued operations, impacting financial reporting from Q3 and Q4 fiscal year 2012 respectively.
- 4Unaudited pro forma historical results of operations data for multiple periods are being furnished to show the impact of these divestitures.
- 5The company is clarifying that information furnished under Item 2.02 and 7.01 is not deemed 'filed' for liability purposes.
- 6The filing references previous 8-K filings from February 27, 2012, and May 1, 2012, for related information on these divestitures.