Harris Corporation Increases Quarterly Dividend 33 Percent to 20 Cents Per Share
MELBOURNE, Florida - The Board of Directors of Harris Corporation (NYSE:HRS), an international communications and information technology company, has increased the quarterly cash dividend to 20 cents per share, compared to the previous quarterly dividend of 15 cents per share. This dividend is payable September 17, 2008, to shareholders of record September 4, 2008. The annual dividend rate will increase from 60 cents per share to 80 cents per share, consistent with the company’s long-term target of sustained dividend payouts in the range of 20 percent of net income.
“We are very pleased to announce this substantial annual increase in our quarterly dividend,” said Howard L. Lance, chairman, president, and CEO. “We reported excellent financial results for fiscal year 2008, with strong earnings and cash flow. Our track record of improving financial performance over the past five years has allowed Harris to provide consistent annual dividend increases. New orders and a robust pipeline of opportunities in the markets we serve are giving us confidence that fiscal 2009 will be another year of strong financial performance. This dividend increase further demonstrates the company’s ongoing commitment to increasing shareholder value.”
This press release contains forward-looking statements that reflect management’s current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about our outlook are forward-looking and involve risks and uncertainties. Other factors that may impact the company’s results and forward-looking statement may be disclosed in the company’s filings with the SEC. Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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