Financially Speaking… Harris Corporation…

Harris Corporation [NYSE: HRS] reported revenue for its Q3 of fiscal year 2008 of $1.33 billion, an increase of 24 percent compared to $1.07 billion in the prior-year quarter. Organic revenue increased 15 percent, excluding the impact of prior-year acquisitions. Net income for the third quarter of fiscal year 2008 was $108 million, or $.78 per diluted share. Net income in the prior-year quarter, which included a significant gain associated with the Harris Stratex Networks combination, was $215 million, or $1.52 per diluted share. Non-GAAP net income, excluding acquisition-related costs and gains, was $110 million, or $.81 per diluted share, in the third quarter of fiscal year 2008, compared to $101 million, or $.72 per diluted share, in the prior-year quarter. Third quarter fiscal year 2008 earnings were adversely impacted by a previously announced charge of $47 million for cost overruns on several commercial satellite reflector programs. Also, as previously announced, third quarter earnings benefited from a low effective tax rate. Read the full release here…—Melbourne, Florida