Harris Corporation announced that its revenue for the fourth quarter of its fiscal 2012 was $1.44 billion compared with $1.52 billion in the prior-year quarter.
Revenue from the company’s broadcast division (BCD), which is now classified as a discontinued operation, was not disclosed.
Harris Corporation announced its intention to divest its broadcast division in May 2012, saying that BCD was no longer considered a core asset to the defense contractor’s overall business. An analysis of the sale of the Harris broadcast business showed that the company has approximately 1,700 employees and had revenue of approximately $375m through the third quarter of FY 2012, essentially flat with the previous year.
The only mention of the ongoing sale process sale of Harris Broadcast was on the company’s earnings conference call, when Harris CEO William Brown said the following in response to a question from JP Morgan Chase analyst Joseph Nadol “We’ve just initiated the process. We’re out in the marketplace with offering materials. The response so far has been very, very good. We expect bids in the next few weeks and we’ll expect to conclude a transaction by the end of the year as — end of the calendar year, as we’ve said last time, and we’re on track for that.”
It is believed that Harris has retained Morgan Stanley to assist with the sale of the company’s broadcast division, and that the company is holding preliminary discussions with a variety of interested parties.
Press Release: Harris Corporation Reports Solid Fiscal 2012 Fourth Quarter Results
Harris Q3 FY 2012 10-Q Filing – details write-down of broadcast division
TVNewsCheck Article: Tech’s Big Question: What’s Next For Harris?
© Devoncroft Partners. All Rights Reserved.