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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest
event reported): February 28, 1997
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HARRIS CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-3863 34-0276860
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation) Identification No.)
1025 W. NASA Blvd., Melbourne, FL 32919
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (407) 727-9100
No Change
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(Former name or former address, if changed since last report.)
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Items 1-4. Not Applicable.
Item 5. Other Events.
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On February 28, 1997, Harris Corporation (the "Company")
announced that its Board of Directors formally rescinded its previously
announced stock repurchase plan as a result of 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 will be eligible to use the pooling-of-interest accounting
method when making acquisitions. A copy of the press release dated February 28,
1997, announcing the rescission is filed as an exhibit hereto.
Item 6. Not Applicable.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
99. Press Release, dated February 28, 1997.
Items 8-9. Not Applicable.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
HARRIS CORPORATION
By: /s/ Bryan R. Roub
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Name: Bryan R. Roub
Title: Senior Vice President &
Chief Financial Officer
Date: February 28, 1997
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EXHIBIT INDEX
Exhibit No.
Under Reg. Form 8-K
S-K, Item 601 Exhibit No. Description
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99 1 Press Release, dated February 28, 1997.
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EXHIBIT 1
[HARRIS LOGO] HARRIS NEWS
Harris Corporation CONTACT: Jim Burke
Melbourne, Florida 32919 Director
407-727-9100 Media Relations
407-727-9126
HARRIS DECLARES CORPORATION DIVIDEND;
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RESCINDS STOCK REPURCHASE PLAN
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MELBOURNE, Florida, February 28, 1997 -- The Board of Directors of
Harris Corporation today declared a quarterly dividend of 38 cents per share on
the common stock, payable March 19, 1997 to shareholders of record March 11,
1997.
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 protected]. Additional information on Harris is also available on the
Internet through our World Wide Web address: http://www.harris.com/
