Revenue at the Harris Broadcast division in the company’s fiscal first quarter was $119 million, down about 25% from the same period a year ago and about 8% off the most recent calendar quarter.
“Continued weakness in the first quarter was expected and reflects the global economy and delayed capital spending by broadcast and media customers, as well as seasonally slow spending, primarily in Europe and the Middle East,” it stated. The company said first quarter broadcast orders were $124 million. It posted operating income in the quarter of about $300,000, “achieved on substantially lower revenue as a result of significant cost-reduction actions implemented during fiscal 2009.”
Harris does not separate out results from its radio businesses specifically.
Among recent notable contracts, it listed transmitters for the rollout of DTV networks in Rwanda and Mexico; Harris One solutions for Meredith Corp.’s central-casting hub in Phoenix and the Home Shopping Channel in South Korea; and multiple orders for China Central Television.
“Also during the quarter, Harris was awarded a contract from Lockheed Martin to provide systems for the U.S. Joint Forces Command, which will use highly advanced broadcast technologies to help collect, manage, process, exploit and disseminate full-motion video,” it stated. “The system provides increased visibility into the vast amounts of real-time and archived video that is collected from manned and unmanned aircraft and ground-based sensors.”
The parent company, Harris Corp., announced revenue in the first quarter of $1.2 billion, compared with $1.17 billion a year ago. Net income in the quarter was $105 million, or $.79 per diluted share. The company said overall it exceeded expectations for new orders, revenue and earnings thanks to strength in its RF Communications and Government Communications Systems segments.