HARRIS CORPORATION (NYSE:HRS) Files An 8-K Results of Operations and Financial ConditionItem 2.02 Results of Operations and Financial Condition.
Item 2.02 RegulationFD 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 Exhibit99.1, is being furnished to Item 2.02 and 7.01 of Form 8-K and shall not be deemed to be “filed” for purposes of Section18 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 Exhibit99.1, 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 1, 2017, 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 fiscal2017 and full fiscal year 2017 and its guidance ranges regarding expected income from continuing operations per diluted share for fiscal 2018, expected revenue for fiscal 2018 and expected free cash flow for fiscal 2018. The full text of the press release and related financial tables is furnished herewith as Exhibit99.1 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 2017, the fourth quarter of fiscal 2016, the full year fiscal 2017 and the full year fiscal 2016, in each case excluding acquisition-related and other items; (ii) net cash provided by operating activities and free cash flow for fiscal 2017, excluding the voluntary pension contribution in the fourth quarter of fiscal 2017, and in the case of free cash flow, also excluding cash flow for net capital expenditures; (iii) free cash flow as a percentage of income from continuing operations, excluding acquisition-related and other items; (iv) revenue for fiscal 2016 on an organic basis, excluding revenue attributable to the Aerostructures business divested in the fourth quarter of fiscal 2016; (v) operating income for the fourth quarter of fiscal 2016 for the Communication Systems and Electronic Systems segments, in each case excluding restructuring and other charges; and (vi) expected free cash flow for fiscal 2018, excluding cash flow for net capital expenditures. 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"). The non-GAAP financial measures identified in the first sentence of this paragraph 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 and income from continuing operations per diluted share, operating cash flow, revenue, 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 2.02 Financial Statements and Exhibits.
(d)Exhibits.
The following exhibit is furnished herewith:
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99.1 |
Press Release, issued by Harris Corporation on August 1, 2017 (furnished to Item 2.02 and Item 2.02). |
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.
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HARRIS CORPORATION |
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By: |
/s/ Rahul Ghai |
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Name: |
Rahul Ghai |
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Title: |
Senior Vice President and Chief Financial Officer |
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Date: August1, 2017 |
EXHIBIT INDEX
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Exhibit No.UnderReg.S-K, Item601 |
Description |
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99.1 |
Press Release, issued by Harris Corporation on August 1, 2017 (furnished HARRIS CORP /DE/ ExhibitEX-99.1 2 exhibit9916302017.htm EXHIBIT 99.1 Exhibit Exhibit 99.1FOR IMMEDIATE RELEASEContact Information: Anurag MaheshwariJim BurkeInvestor RelationsMedia RelationsHarris CorporationHarris [email protected]@harris.com321-727-9383321-727-9131Harris Corporation Reports Solid Fiscal 2017 Fourth Quarter and Full Fiscal Year Results as It Looks to Return to Growth in Fiscal 2018•4Q17 EPS from continuing operations $1.35 GAAP,…To view the full exhibit click |
