Excerpt from the Harris Corp quarterly financial results...
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Harris Stratex Networks, Inc.
Revenue for the Harris Stratex Networks segment was $178 million in the third quarter, an increase of 21 percent compared to the prior-year quarter on a pro forma, non-GAAP basis (as if the former Harris Microwave Communications segment and Stratex Networks had been combined since the beginning of fiscal year 2007). Non-GAAP operating income in the third quarter was $11 million, excluding integration costs associated with the Harris Stratex Networks combination, compared with non-GAAP operating income of $4 million in the prior-year quarter. Segment operating income on a GAAP basis was $9 million, compared to $141 million in the prior-year quarter, which included a significant gain associated with the business combination, net of transaction- related costs.
North American revenue increased a strong 16 percent to $57 million in the third quarter compared to the prior-year quarter. Sales continue to be fueled by leased line substitution, foot-print expansion, grant money that is being made available to state, local and federal agencies, and right-of-way users responding to an increased demand for bandwidth expansion and some re-allocation to 1.7 / 2.7 GHz frequencies. International revenue increased 27 percent to $117 million in the third quarter. Growth was led by a 49 percent year-over-year increase in Africa, reflecting a rebound in capital investment following a series of mobile operator consolidations. Revenue growth was also strong in Europe, the Middle East and Russia.
During the quarter, Harald J. Braun was appointed president and chief executive officer of Harris Stratex Networks, succeeding Guy M. Campbell, who had previously announced his retirement. An industry veteran, Braun previously served as president and CEO of Siemens Networks LLC and was most recently senior executive in Nokia Siemens Networks North America.
Harris Stratex Networks (Nasdaq: HSTX - News) management will host a conference call and webcast (www.harrisstratex.com) today at 5:30 p.m., Eastern Time, to discuss financial results for their fiscal year third quarter.
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