To: J Fieb who wrote (36885 ) 10/23/1998 6:24:00 PM From: John Rieman Respond to of 50808
Harris claims 60% market share for Nov. 1 DTV launch.................semibiznews.com A service of Semiconductor Business News, CMP Media Inc. Story posted 7 a.m. EDT/4 a.m. PDT, 10/22/98 Harris sees lower sales and earnings for first quarter MELBOURNE, Fla. -- Harris Corp.here reported lower sales and earnings for the first quarter, caused in large part by the soft conditions in its semiconductor and communications markets. Orders for the quarter exceeded sales and were higher than the same period last year. Sales for the quarter were $888 million versus $980 million last year. Net income for the quarter was $42.0 million, or $0.53 per share, before a one-time $13.6 million after-tax provision for a patent litigation judgment. Net income including the charge was $28.4 million, or $0.36 per share. The weakness in Harris' semiconductor and communications offset gains of 11% in the Lanier communications group. The Semiconductor Sector reported sales of $143 million, with net income of $9.1 million for the quarter. Industry-wide pricing pressures and soft demand for commodity-type semiconductors contributed heavily to the sector's sales decline, the company said. The Communications Sector reported sales of $203 million, as weakness in the international economy reduced demand and dampened pricing for some of the sector's key products. Net income was $7.2 million, before the one-time provision for a patent litigation judgment. The sector has positioned itself well as the early conversion to digital television (DTV) gets underway, capturing more than 60% of the new digital television transmitters scheduled to begin broadcasting Nov. 1.