Posts Tagged ‘Madison Square Garden’

Harris Broadcast Communications Profitable in Q3 as Revenue Increases Nine Percent

broadcast industry technology trends, Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
May 03 2011

Harris Corporation announced its results for the third quarter of its fiscal year.

On an overall basis, the company’s revenue was $1.41Bn, an increase of 6% versus the same period a year ago.  However the company’s profit fell by almost 16%.

Harris Corporation’s full results are covered elsewhere.  This post looks specifically at the results of the company’s broadcast communications business.

This is the first quarter since Harris strategically realigned its business segments, and rolled the broadcast communications business into a newly created “Integrated Network Solutions” (ISN) business unit.

Now that Harris broadcast communications business is part of ISN, its performance in the sector is somewhat more opaque than in the past, with only top level numbers disclosed by the company.

Broadcast Communications revenue was $134.1m, an increase of 9% versus the same period a year ago, (when the company posted an operating loss of $5m on revenue of $123m), and an increase of 3% versus the previous quarter.

On the company’s conference call with equity analysts, Harris Corporation CEO Howard Lance called the performance of the broadcast business a “significant year-over-year improvement.” Lance went on to say that the Harris broadcast business turned a profit during the quarter and was still on track to achieve break even performance for the full year.

In guidance issued last quarter, Lance said that the Harris expects its broadcast division to break-even on full year revenue in region of $520m – $540m, a 7-11% revenue increase versus the actual results during the previous fiscal year.

Harris broadcast received several major orders during the quarter, including a $9m contract from a central-Asian broadcaster, and a digital-out-of-home / IPTV deal with Madison Square Garden in New York that will commence this summer and be completed in time for the 2013-13 season. The company also received orders during the quarter from Gray Television, Cox Broadcasting and CBS.

The Harris broadcast business accounted for 29% of the ISN division’s $463m revenue. The ISN business unit’s revenue increased 23% year-over-year, however most of this growth came via acquisition.  On an organic basis, ISN revenue was flat year-over-year.
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Related Content:

Harris Press Release: Harris Corporation Reports Fiscal 2011 Third Quarter Results

Transcript of Harris Q3 conference call with equity analysts

Harris Says Broadcast Communications Business Improved Significantly in Q2

Harris Corporation Strategically Realigns Business Segments; Broadcast Communications Rolled into
New “Integrated Network Solutions” Unit

Harris Broadcast Business Making a Comeback Thanks to Improved Market Condition and New Opportunities in Digital-Out-of-Home

Harris Q3 2010 Results for Broadcast Communications Division

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