Posts Tagged ‘JP Morgan Chase’

Harris Announces Q4 and Full Year 2012 Results – Says Sale of Broadcast Business is On Track to Close by End of Year

Broadcast technology vendor financials, Broadcast Vendor M&A | Posted by Joe Zaller
Aug 02 2012

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.

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Related Content:

Press Release: Harris Corporation Reports Solid Fiscal 2012 Fourth Quarter Results

Harris Fiscal Q4 2012 Analyst Presentation

Harris Fiscal Q4 2012 Conference Call Transcript

Guest Post: Investment Banker Perspective on Sale of Harris Broadcast

Analyzing the Sale of the Harris Broadcast Division

Statement From Harris Broadcast CEO on Divestiture of Harris Broadcast Communications Division

Harris Corporation To Divest Broadcast Business

Harris Q3 FY 2012 10-Q Filing – details write-down of broadcast division

Harris 8-K Filing – Restates Fiscal 2011-12 Revenue on Pro Forma Basis (Without Broadcast and Cyber Integrated Solutions)

TVNewsCheck Article: Tech’s Big Question: What’s Next For Harris?

Quincy Herald-Whig ArticleProspective buyers seek information on Harris broadcast; business as usual in Quincy

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