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Harris Broadcast Revenue Down 23% in Q4; Overall Revenue Up

Harris Broadcast Revenue Down 23% in Q4; Overall Revenue Up

Harris Corp. said its overall fourth quarter fiscal 2003 revenue climbed 17% to $579.7 million in the fourth quarter compared to the same period last year. It cited strong performance in its government segments.
The Broadcast Communications segment, however, reported revenue of $77.2 million in the quarter, compared to $100.1 million last year, a drop of 23%. It blamed most of the drop on a decline in DTV equipment sales and said new FCC deadlines for major-market stations should help future sales. The segment also includes the company’s radio broadcast operations.
“We are committed to improving operating margins at the current sales levels through ongoing cost focus,” stated Howard Lance, the company’s chairman/CEO said. “We continue to believe in the long-term potential of the telecom and broadcast markets. Operating income in each of our commercial businesses is expected to show noticeable improvement in fiscal 2004, as a result of the cumulative effects of cost-reduction actions at the divisions and at the corporate headquarters.”
The company said it hopes to save $25 million as a result of reducing overhead and division expenses. It has made labor cuts and scaled back facility costs as well as discontinuing some telecom products, among other changes.
Harris revenue for fiscal 2003 was $2.1 billion, vs. $1.9 billion for fiscal year 2002, an increase of 12 percent.

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