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Harris Sees Broadcast Revenue Bump Up

The segment, continuing effort to cut costs, posts an operating loss

Broadcast revenue was up a bit at Harris in its first fiscal quarter.

The company said it brought in $122 million, $3 million more than compared to the same period a year ago. Orders improved from $124 million to $135 million.

The broadcast segment posted an operating loss in the quarter of $9 million including $1 million in charges related to cost-reduction actions.

Harris expects cost-reduction actions in fiscal 2011 to result in total charges of about $5 million for the year.

“While results continued to reflect market weakness in the traditional U.S. broadcast market and increased investment to address new media and international growth opportunities,” the company stated, “the 1.1 book-to-bill ratio and year-over-year orders and revenue growth are encouraging signs for the Broadcast Communications segment.”

Parent Harris Corp. reported revenue for the first quarter of fiscal 2011 of $1.41 billion, up 17% from a year earlier. Organic revenue growth was 10% after adjusting for acquisitions.

The company also upped its forecast for net income for the year and said its 2011 revenue is expected to be at the high end of its range of $5.9 to $6.0 billion.