Harris Corporation Reports Fiscal 2015 Fourth Quarter Results

FY '15 Fourth Quarter Summary
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE

To supplement our condensed consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), we provide additional measures of income (loss) from continuing operations attributable to Harris Corporation, income (loss) from continuing operations per diluted common share attributable to Harris Corporation common shareholders, segment operating income (loss) and net cash provided by operating activities, adjusted to exclude certain costs, charges, expenses and losses. Harris management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Harris management also believes that these non-GAAP financial measures enhance the ability of investors to analyze Harris’ business trends and to understand Harris’ performance. In addition, Harris may utilize non-GAAP financial measures as guides in its forecasting, budgeting, and long-term planning processes and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP follows:

Table 5
HARRIS CORPORATION
FY '15 Fourth Quarter Summary
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Income (Loss) from Continuing Operations Attributable to Harris Corporation and Income (Loss)
from Continuing Operations per Diluted Common Share Attributable to Harris Corporation Common Shareholders

(Unaudited)
                       
Quarter Ended Fiscal Year Ended
July 3, 2015 July 3, 2015
As Diluted As Diluted
Reported EPS Reported EPS
 
(In millions, except per share amounts)

GAAP income (loss) from continuing operations attributable to Harris Corporation and related diluted earnings per share

$ (56.2 ) $ (0.51 ) $ 334.1 $ 3.11
Non-GAAP adjustments:
Costs related to our acquisition of Exelis Inc. (A) 262.7 281.5
Charges for restructuring and other items   31.7     31.7  
Total pre-tax adjustments 294.4 313.2
Income taxes on above adjustments   (90.1 )   (95.9 )
Total adjustments after-tax   204.3     1.83     217.3     2.03
Non-GAAP income from continuing operations attributable to
Harris Corporation and related diluted earnings per share $ 148.1   $ 1.32   $ 551.4   $ 5.14
 
(A)Adjustment includes transaction, financing, integration and other costs.
 
Table 6
HARRIS CORPORATION
FY '15 Fourth Quarter Summary
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Free Cash Flow
(Unaudited)
             
Quarter Ended Fiscal Year Ended
July 3, June 27, July 3,
2015   2014   2015  
 
(In millions)
Harris Corporation
Net cash provided by operating activities $ 458.8 $ 395.2 $ 854.0
Less net capital expenditures (A)   (46.1 )   (61.6 )   (141.4 )
Free cash flow $ 412.7   $ 333.6   $ 712.6  
 
Exelis
Net cash provided by operating activities $ 82.8 $ $ 82.8
Less capital expenditures   (4.0 )     (4.0 )
Free cash flow $ 78.8   $ $ 78.8  
 
 
(A)Reflects additions of property, plant and equipment, net of proceeds from the sale of property, plant and equipment.
   
Table 7
HARRIS CORPORATION
FY '15 Fourth Quarter Summary
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Segment Operating Income
(Unaudited)
               
Quarter Ended
July 3, 2015
As Reported Adjustment Non-GAAP
 
(In millions)
Segment Operating Income (Loss)
RF Communications (A) $ 156.6 $ 2.8 $ 159.4
 
Integrated Network Solutions (B) (21.3 ) 37.1 15.8
 
(A)Adjustment for restructuring charges.
(B)Adjustment for charges related to restructuring and other items.
 
Table 8
HARRIS CORPORATION
FY '15 Fourth Quarter Summary
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Reconciliation of Guidance for FY '16 Net Income per Diluted Share Attributable to
Harris Corporation Common Shareholders to FY '16 Non-GAAP Net Income
per Diluted Share Attributable to Harris Corporation Common Shareholders

(Unaudited)
   
 
  2016
(Guidance)
GAAP net income per diluted share attributable to Harris Corporation
common shareholders $5.25 to $5.45
Estimated integration and other Exelis Inc. acquisition-related charges $.35
Non-GAAP net income per diluted share attributable to Harris Corporation
common shareholders $5.60 to $5.80

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