Harris Broadcast Posts Loss, Revenue Decline in Second Quarter - Radio World

Harris Broadcast Posts Loss, Revenue Decline in Second Quarter

But it notes a rebound in orders compared to three months ago
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Harris said broadcast revenue in its second quarter fell from the same period a year ago to $117 million, down from $163 million. The company posted an operating loss of $5 million in broadcasting in the quarter, compared to operating income of $12 million a year ago.

However, Harris stated, broadcast orders in the second quarter were “significantly higher” than the first quarter, $139 million compared to $124 million, which it says “was an encouraging sign that the market has begun to improve.”

Among notable contracts in the quarter, it said it deployed several Full-Motion Video Asset Management Engine solutions for government applications. These systems, developed for the military, have applications in other markets, it said. Harris also won sales involving two large sports arenas and projects in support of broadcasters covering the upcoming Olympics.

Radio broadcasting is part of the Harris broadcast segment, though the company does not break out its radio manufacturing numbers publicly.

Parent Harris Corp. described overall second quarter earnings as strong. Revenue for the quarter was $1.22 billion, down from $1.33 billion a year earlier. It reported GAAP income from continuing operations for the quarter of $140 million, or $1.06 per diluted share, compared with $141 million, or $1.06 per diluted share, a year ago. Orders in the second quarter were $1.4 billion, compared with $1 billion a year ago.

Chairman Howard L. Lance stated: "The company's strong orders in both the first and second quarters are expected to drive double-digit, year-over-year revenue growth in the third and fourth quarters. As a result, we have increased our fiscal 2010 guidance for revenue and earnings."

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