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Technology Stocks : Aviat Networks -- Ignore unavailable to you. Want to Upgrade?

To: The Ox who wrote (245)	2/4/2009 4:39:44 PM
From: The Ox	Respond to of 312

From HRS release: Harris Stratex Networks, Inc. Harris Stratex Networks revenue for the second quarter was $191 million, an increase of 5 percent compared to $181 million in the prior-year quarter. The segment reported an operating loss of $292 million in the quarter as a result of a non-cash pre-tax charge of $301 million associated with the impairment of goodwill and other intangible assets, as discussed above. Excluding the charge, non-GAAP operating income was $10 million. At the time of the combination that formed Harris Stratex Networks on January 26, 2007, Harris agreed to certain limitations on changes in its majority ownership prior to January 26, 2009. Harris announced on December 8, 2008, that it is evaluating strategic alternatives and expects to make an announcement during the third quarter related to its future ownership in Harris Stratex Networks. Outlook Harris has updated its fiscal 2009 guidance for revenue and GAAP earnings per share to reflect the expected disposition of Harris Stratex Networks prior to the end of the fiscal year and the exclusion of the business from continuing operations in fiscal 2009. Previous GAAP earnings guidance for fiscal 2009 was $4.05 to $4.15 per diluted share, including the expected results of Harris Stratex Networks. The updated guidance of $3.93 to $4.03 per diluted share in GAAP earnings from continuing operations excludes Harris Stratex Networks. Updated fiscal 2009 earnings guidance for continuing operations represents a year-over-year increase of 17 to 20 percent, compared to non-GAAP earnings from continuing operations in fiscal 2008 of $3.36 per diluted share. Revenue from continuing operations in fiscal 2009 is expected to increase by 8 to 9 percent compared to fiscal 2008. A reconciliation of GAAP to non-GAAP financial measures is provided in Table 7, along with the accompanying notes.