">>" and "<<" are binary bit shift operators.
"4" in decimal is equal to "0100" in binary, and "4>>3" shifts "0100" three bits to the right.
The result of the operation is "0001" in binary ("1" in decimal).
It's useful for compressing data; you can store two 16 -bit numbers in a single integer by doing something like:
integer=number1 OR (number2<<16)
And then extract them by doing:
number1=integer AND &HFFFF
number2=(integer>>16) AND &HFFFF