Harris Declares Corporation Dividend; Rescinds Stock Repurchase Plan
The Board of Directors has also decided to rescind the previously announced stock repurchase plan due to the Securities and Exchange Commission's interpretation of Staff Accounting Bulletin No. 96 (SAB 96). SAB 96 limits the circumstances under which companies having stock repurchase programs in place can employ the pooling-of-interest accounting method when making acquisitions. In 1995, Harris' Board of Directors authorized the repurchase of up to 1.5 million shares of the company's common stock. The company has acquired about 500,000 shares since that time.
Harris Corporation, with worldwide sales of more than $3.6 billion, is an international communications and electronics company that provides a wide range of products and services such as wireless and personal communications, digital television (HDTV), health care information, multi-media communications, automotive electronics, transportation, business information, defense communications and information, and Lanier Worldwide office products.
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Editor's Note: For further information, contact Jim Burke at 407/727-9126 or email@example.com. Additional information on Harris is also available on the Internet through our World Wide Web address: http://www.harris.com/