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RF Communications to cut up to 180 positions

Rochester Business Journal
April 12, 2013

Harris Corp.’s Rochester-based RF Communications will cut 150 to 180 positions in May as a result of a companywide workforce reduction announced Thursday.

Florida-based Harris released preliminary third-quarter financial results and revised full-year estimates that are lower than the firm expected and due largely to delays in radio orders from the U. S. government and the increased likelihood that key international tactical radio orders will be awarded later than expected.

Harris said Thursday it would also undergo a companywide restructuring largely in the fiscal fourth quarter, which would include workforce reductions, facility consolidation and prepayment of debt.

The measures are expected to generate savings of some $40 million to $50 million, Harris said.

RF Communications employs some 2,200 in the Rochester area.

“Operating under a continuing resolution followed by sequestration and the related indecision surrounding how sequestration budget cuts will be implemented has delayed U.S. government procurement decisions and reduced spending,” said William Brown, Harris president and CEO, in a statement. “The uncertainty is unprecedented, and the political budgetary process is progressing slowly. As a result, we are not anticipating a return to typical procurement processes before the end of our fiscal year.”

Based on its preliminary estimates, Harris expects to report third-quarter adjusted earnings of $1.12 a share on sales of $1.2 billion.

For the year, management expects its adjusted earnings to range from $4.60 to $4.70 a share, down from a previous forecast of $5 to $5.20 a share. Revenue is estimated to fall by 6 percent to 7 percent, down from a previous projected decrease of 2 percent to 4 percent.

The company is scheduled to release its financial results April 30.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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