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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): August 31, 1998
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 West 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 August 31, 1998, Harris Corporation announced that its
Board of Directors has authorized the Company to repurchase up to 1,000,000
shares of its Common Stock periodically in the open-market. The Company also
announced that the Board authorized an increase in the quarterly dividend to
$.24 from $.22, resulting in an annual indicated dividend rate of $.96 up from
$.88. A copy of the press release is filed herewith as Exhibit 99 and is
incorporated herein by reference.
Item 6. Not Applicable.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
The following document is filed as an Exhibit to this Report:
99. Press Release, dated August 31, 1998, announcing the
stock repurchase program and increased dividend rate.
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/ B. R. ROUB
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Name: B. R. Roub
Title: Senior Vice President & Chief Financial Officer
Date: August 31, 1998
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EXHIBIT INDEX
Exhibit No.
Under Reg.
S-K, Item 601 Description
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99 Press Release, dated August 31, 1998,
announcing the stock repurchase program and
increased dividend rate.
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EXHIBIT 99
PRESS RELEASE
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HARRIS CORPORATION INCREASES DIVIDEND 9 PERCENT;
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ANNOUNCES PLANS TO REPURCHASE SHARES
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MELBOURNE, FL, August 31, 1998 - The Board of Directors of Harris
Corporation has declared a 9 percent increase in the quarterly dividend and
authorized the repurchase of up to 1 million shares of the company's common
stock.
The dividend increase - the sixth in the past six years - brings the
quarterly dividend to 24 cents per share from 22 cents, and raises the indicated
annual rate to 96 cents per share, compared with 88 cents. The first dividend at
the higher rate will be payable September 23, 1998 to shareholders of record on
September 14, 1998. The company has an unbroken record of dividend payments for
more than 50 years.
The Board also authorized the company to repurchase up to 1 million
shares of the company's common stock periodically in the open market. The
repurchase is to satisfy anticipated requirements for the stock-based components
of the employee retirement and incentive programs, and for other corporate
purposes.
Harris Corporation, with worldwide sales of $3.9 billion, is an
international communications and electronics company that provides a wide
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range of products and services, such as wireless and personal communications,
digital television (including HDTV), health care information, automotive
electronics, transportation, business information, defense communications and
information, and Lanier office products.
