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EX-99.1 - EX-99.1 - L3HARRIS TECHNOLOGIES, INC. /DE/d15198dex991.htm

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 7, 2015

 

 

HARRIS CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-3863   34-0276860

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

1025 West NASA Blvd., Melbourne, Florida   32919
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (321) 727-9100

No change

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

The information contained in this Current Report on Form 8-K that is furnished under this Item 2.02 and 7.01, including the accompanying Exhibit 99.1, is being furnished pursuant to Item 2.02 and 7.01 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. The information contained in this Current Report on Form 8-K that is furnished under this Item 2.02 and 7.01, including the accompanying Exhibit 99.1, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

On August 7, 2015, Harris Corporation (“Harris”) issued a press release announcing, among other things, its results of operations and financial condition as of and for its fourth quarter of fiscal 2015 and full fiscal year 2015, its guidance range regarding expected net income per diluted share for fiscal 2016 and its guidance range regarding expected revenue for fiscal 2016. The full text of the press release and related financial tables is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Non-GAAP Financial Measures

The press release includes a discussion of non-GAAP financial measures, including (i) income from continuing operations and income from continuing operations per diluted share for the fourth quarter of fiscal 2015 and for fiscal 2015, in each case excluding acquisition-related costs and charges for restructuring and other items; (ii) free cash flow for the fourth quarter of fiscal 2015 and the fourth quarter of fiscal 2014 and for fiscal 2015, and for the Exelis segment for the June month of the fourth quarter of fiscal 2015, in each case excluding cash flow for net capital expenditures; (iii) operating income for the RF Communications segment for the fourth quarter of fiscal 2015, exluding restructuring charges; (iv) operating income for the Integrated Network Solutions segment for the fourth quarter of fiscal 2015, excluding charges for restructuring and other items; and (v) the guidance range for expected net income per diluted share for fiscal 2016, excluding estimated integration and other acquisition-related charges. A “non-GAAP financial measure” is generally defined as a numerical measure of a company’s historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (“GAAP”). Income from continuing operations and income from continuing operations per diluted share for the fourth quarter of fiscal 2015 and for fiscal 2015, in each case excluding acquisition-related costs and charges for restructuring and other items; free cash flow for the fourth quarter of fiscal 2015 and the fourth quarter of fiscal 2014 and for fiscal 2015, and for the Exelis segment for the June month of the fourth quarter of fiscal 2015, in each case excluding cash flow for net capital expenditures; operating income for the RF Communications segment for the fourth quarter of fiscal 2015, excluding restructuring charges; operating income for the Integrated Network Solutions segment for the fourth quarter of fiscal 2015, excluding charges for restructuring and other items; and the guidance range for expected net income per diluted share for fiscal 2016, excluding estimated integration and other acquisition-related charges, are financial measures that are not defined by GAAP and should be viewed in addition to, and not in lieu of, income from continuing operations, income from continuing operations per diluted share, net cash provided by operating activities, segment operating income and other financial measures on a GAAP basis. Harris has included in its press release a reconciliation of non-GAAP financial measures disclosed in the press release to the most directly comparable GAAP financial measure.

Harris management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate positive or negative impact on results in any particular period. Harris management also believes that these non-GAAP financial measures enhance the ability of investors to analyze trends in Harris’ business and to understand Harris’ performance. In addition, Harris may utilize non-GAAP financial measures as guides in forecasting, budgeting and long-term planning processes and to measure operating performance for some management compensation purposes. Please refer to Harris’ financial statements and accompanying footnotes for additional information and for a presentation of results in accordance with GAAP. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures prepared in accordance with GAAP.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit is furnished herewith:

 

99.1    Press Release, issued by Harris Corporation on August 7, 2015 (furnished pursuant to Item 2.02 and Item 7.01).


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

HARRIS CORPORATION

By:  

/s/ Miguel A. Lopez

 

Miguel A. Lopez

 

Senior Vice President and Chief Financial Officer

Date: August 7, 2015


EXHIBIT INDEX

 

Exhibit No.
Under Regulation S-K,
Item 601

  

Description

99.1    Press Release, issued by Harris Corporation on August 7, 2015 (furnished pursuant to Item 2.02 and Item 7.01).