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Harris Corporation Reports Stronger Second Quarter Results Driven by Strength in RF Communications and Improved Performance in Broadcast Communications

MELBOURNE, Fla. Jan. 26, 2011 $1.44 billion $1.22 billion $151 million $1.18 $140 million $1.06 $0.05 $155 million $1.20 $142 million $1.07 $1.41 billion $1.42 billion

Howard L. Lance assured communications

“Fiscal 2011 is shaping up to be another strong year for revenue and earnings growth, even in the face of the U.S. Government’s continuing budget resolution and challenging state and local budget environments.  We are continuing to invest in attractive growth markets for the longer term, including energy, cyber, healthcare and international.  We expect fiscal 2012 to benefit from these investments along with an improving economy.”

RF Communications

$391 million $300 million $91 million $1.52 billion $1.06 billion $457 million

$300 million $100 million

$545 million $463 million $426 million $119 million Pakistan Australia Iraq

$189 million $169 million $171 million

$100 million $300 million $9 million Brazil $8 million Mexico

$35.5 million $16 million $10.5 million

$15 million Monterey County, California $7 million Dayton Power $100 million

Government Communications Systems

$776 million $647 million $81 million $87 million $86 million $88 million

July 2010

$273 million Canada $80 million $42 million $19 million $80 million

Broadcast Communications

$134 million $139 million $135 million $130 million $117 million $122 million

$1 million $5 million $1 million $5 million

$4 million $4 million $3.4 million Argentina

Earnings Guidance

$4.80 to $4.90 $4.73 to $4.83 $5.9 to $6.0 billion

January 26 4:30 p.m. Eastern Time www.harris.com/conference-call 7 p.m. ET January 26

About Harris Corporation

Melbourne, Florida $5 billion assured communications www.harris.com

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the SEC, including organic revenue growth for the second quarter of fiscal 2011, adjusting for the impact of acquisitions; income and income per diluted share for the second quarter of fiscal 2011 and the second quarter of fiscal 2010, in each case excluding charges for acquisition-related costs; operating income for the RF Communications segment for the second quarter of fiscal 2010, excluding acquisition-related costs; operating income and margins for the Government Communications Systems segment, excluding acquisition-related costs; and fiscal 2011 guidance for income per diluted share, excluding acquisition-related costs.  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.  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 a guide in its forecasting, budgeting, and long-term planning process 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.

Attachments: Financial Statements (8 tables).

Forward-Looking Statements

the United States

Table 1

HARRIS CORPORATION

FY ’11 Second Quarter Summary

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(Unaudited)

Quarter Ended

Two Quarters Ended

December 31,

January 1,

December 31,

January 1,

2010 

2010 

2010 

2010 

(In millions, except per share amounts)

Revenue from product sales and services

$

1,438.5

$

1,217.7

$

2,843.9

$

2,420.7

Cost of product sales and services

(940.5)

(778.6)

(1,821.6)

(1,590.7)

Engineering, selling and administrative expenses

(255.2)

(215.7)

(510.4)

(427.8)

Non-operating loss

(0.9)

(0.3)

(1.3)

(0.5)

Interest income

0.4

0.3

1.0

0.7

Interest expense

(20.4)

(18.2)

(38.2)

(36.4)

Income before income taxes

221.9

205.2

473.4

366.0

Income taxes

(70.8)

(65.7)

(158.4)

(122.0)

Net income

$

151.1

$

139.5

$

315.0

$

244.0

Net income per common share

Basic

$

1.19

$

1.07

$

2.46

$

1.86

Diluted

$

1.18

$

1.06

$

2.44

$

1.84

Cash dividends paid per common share

$

0.25

$

0.22

$

0.50

$

0.44

Basic weighted average shares outstanding

125.9

129.8

126.3

130.3

Diluted weighted average shares outstanding

126.8

130.8

127.3

131.1

Table 2

HARRIS CORPORATION

FY ’11 Second Quarter Summary

BUSINESS SEGMENT INFORMATION

(Unaudited)

Quarter Ended

Two Quarters Ended

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