Harris Corporation Announces $1B Share Repurchase Program; Increases Dividend by 12% to $0.28

The Harris

Board of Directors approved a new $1 billion share repurchase authorization. This new program replaces the existing program, which had an unused authorization of approximately $200 million. The company expects to repurchase up to $500 million in shares under this authorization by the end of calendar year 2011. In addition, the Board increased the quarterly cash dividend rate by 12 percent from 25 cents per share to 28 cents per share and declared a dividend of 28 cents per share payable September 16, 2011 to shareholders of record September 7, 2011. The annualized cash dividend rate is now $1.12 per share.