harris corporation
harris corporation harris corporation
“Our operating segments are focused on an expanded set of global vertical markets where Harris technologies can provide compelling, value-added solutions – defense and homeland security, national intelligence, civilian government, international government systems, public safety, energy, maritime, new media and healthcare.” howard l. lance 4 • Expanding our Healthcare Solutions portfolio by acquiring Carefx Corporation, a leading provider of interoperability workflow solutions for government and commercial healthcare providers. • Leveraging approximately $1 billion in government and company-funded research activities to develop new technologies and introduce new products and services in each of the company’s segments. We will continue to use acquisitions, investments in new technology and other internal initiatives to expand our addressable markets and drive future growth. share repurchase and dividend increase On August 2, 2011, the company announced a new $1 billion share repurchase authorization and its plans to repurchase up to $500 million in shares by the end of calendar 2011. The Board also increased the quarterly cash dividend rate by 12 percent, from 25 cents per share to 28 cents per share, raising the annualized cash dividend rate to $1.12 per share. It marked the company’s tenth consecutive annual dividend increase. Both of these actions reflect our continuing commitment to create shareholder value, confidence in our financial strength, and positive long-term outlook. corporate citizenship Last year also exemplified Harris’ commitment to being a trusted citizen in the communities where we have operations and in the world at large. We contributed millions of dollars to community organizations and nonprofits, while our employees volunteered more than 52,000 hours of their time to various charities and educational initiatives. The largest portion of our contributions remains focused on higher education, targeted to the science, math and engineering programs that are so critical to developing the technology workforce of tomorrow. ceo succession plan On a personal note, I announced in May that I will be retiring in fiscal 2012. We have accomplished a tremendous amount since I joined Harris in January 2003, and I am very proud of our entire team. We continue to post solid financial results and are well positioned across our diversified served markets with strong customer relationships, leading technologies and deep management talent. With Harris on a strong footing, I believe that this is the right time for me to move on to the next chapter of my life. I am confident the Board will select a world-class leader to continue to grow the company and build on the strong base we have in place today. Sincerely, howard l. lance Chairman, President and Chief Executive Officer August 26, 2011 * Amounts used in this Annual Report that are considered non-GAAP financial measures are defined and reconciled to the most directly comparable GAAP financial measures on page 9 of this Annual Report. GAAP refers to U.S. generally accepted accounting principles.
fiscal 2011 highlights 7.19.10 $97 million federal aviation administration award continues company’s legacy as leading provider of trusted weather products. 7.20.10 $130 million ground antenna system award from national oceanic and atmospheric administration to enable weather data processing 40 times faster than today. 7.30.10 harris completes acquisition of caprock communications, leader in providing managed satellite services for energy, maritime and government markets. 9.30.10 innovation award presented by wall street journal for connect open-source software that enables quick and secure exchange of patient information. 10.18.10 $276 million contract awarded by government of canada for cf-18 avionics optimized 2011 weapon system support program. 1.4.11 potential $100 million contract as the radio system and service provider for state of oregon. 1.6.11 potential $475 million contract to provide tactical and land mobile radios to interna- tional partners of united states. 1.13.11 $300 million contract from international customer to provide military radios and other equipment as part of tactical communications modernization program. 2.23.11 harris partners with digital display networks to design and deploy one of largest digital out-of-home advertising networks — 7-eleven® tv. 3.4.11 $293 million contract to design and deploy alberta, canada’s first responders radio communications system. 3.10.11 harris acquires infrastructure assets from core180, expanding company’s terrestrial networking capabilities. 4.4.11 harris completes acquisition of carefx corporation, leading provider of interoperability workflow solutions for commercial and government healthcare markets. 4.5.11 harris completes acquisition of schlumberger global connectivity services business, leading provider of satellite services in the international energy market. 5.27.11 harris opens cyber integration center, offering advanced security, trust and perfor- mance for government and commercial cloud computing applications. 6.29.11 potential $57 million contract from federal aviation administration for alaska flight services system. 5
- Page 1 and 2: harris corporation 2011 annual repo
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- Page 21 and 22: performance-driven business model,
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- Page 25 and 26: including risks relating to our U.S
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- Page 31 and 32: in fiscal 2011, $721 million in fis
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fiscal 2011 highlights<br />
7.19.10 $97 million federal aviation administration award continues company’s legacy as leading<br />
provider of trusted weather products.<br />
7.20.10 $130 million ground antenna system award from national oceanic and atmospheric<br />
administration to enable weather data processing 40 times faster than today.<br />
7.30.10 <strong>harris</strong> completes acquisition of caprock communications, leader in providing managed<br />
satellite services for energy, maritime and government markets.<br />
9.30.10 innovation award presented by wall street journal for connect open-source software<br />
that enables quick and secure exchange of patient information.<br />
10.18.10 $276 million contract awarded by government of canada for cf-18 avionics optimized<br />
2011<br />
weapon system support program.<br />
1.4.11 potential $100 million contract as the radio system and service provider for state<br />
of oregon.<br />
1.6.11 potential $475 million contract to provide tactical and land mobile radios to interna-<br />
tional partners of united states.<br />
1.13.11 $300 million contract from international customer to provide military radios and other<br />
equipment as part of tactical communications modernization program.<br />
2.23.11 <strong>harris</strong> partners with digital display networks to design and deploy one of largest<br />
digital out-of-home advertising networks — 7-eleven® tv.<br />
3.4.11 $293 million contract to design and deploy alberta, canada’s first responders radio<br />
communications system.<br />
3.10.11 <strong>harris</strong> acquires infrastructure assets from core180, expanding company’s terrestrial<br />
networking capabilities.<br />
4.4.11 <strong>harris</strong> completes acquisition of carefx <strong>corporation</strong>, leading provider of interoperability<br />
workflow solutions for commercial and government healthcare markets.<br />
4.5.11 <strong>harris</strong> completes acquisition of schlumberger global connectivity services business,<br />
leading provider of satellite services in the international energy market.<br />
5.27.11 <strong>harris</strong> opens cyber integration center, offering advanced security, trust and perfor-<br />
mance for government and commercial cloud computing applications.<br />
6.29.11 potential $57 million contract from federal aviation administration for alaska flight<br />
services system.<br />
5
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