-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VTJJ9vsbktW4KvmynOUZ4EMvdOSPhptKAg92Hc2j/ybB0+byKutibwQPoQawNAeO cV3R/VdZG+LVIQv79eK/Hg== 0000800459-00-000003.txt : 20000211 0000800459-00-000003.hdr.sgml : 20000211 ACCESSION NUMBER: 0000800459-00-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARMAN INTERNATIONAL INDUSTRIES INC /DE/ CENTRAL INDEX KEY: 0000800459 STANDARD INDUSTRIAL CLASSIFICATION: HOUSEHOLD AUDIO & VIDEO EQUIPMENT [3651] IRS NUMBER: 112534306 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09764 FILM NUMBER: 530611 BUSINESS ADDRESS: STREET 1: 1101 PENNSYLVANIA AVENUE N W STREET 2: STE 1010 CITY: WASHINGTON STATE: DC ZIP: 20004 BUSINESS PHONE: 2023931101 MAIL ADDRESS: STREET 1: 1101 PENNSYLVANIA AVENUE NW STREET 2: SUITE 1010 CITY: WASHINGTON STATE: DC ZIP: 20004 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended: December 31, 1999 Commission File Number: 1-9764 HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED ------------------------------------------------------------------------------ (Exact name of registrant as specified in its charter) DELAWARE 11-2534306 - ---------------------------------- -------------------------------------- (State or other jurisdiction (I.R.S. Employer Identification No.) of incorporation or organization) 1101 PENNSYLVANIA AVENUE, NW WASHINGTON, D.C. 20004 -------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) (202) 393-1101 ------------------------------------------------------------ (Registrant's telephone number, including area code) NOT APPLICABLE ------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO ------- ------- Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. 17,173,649 shares of Common Stock, $.01 par value, at January 31, 2000. HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES INDEX PART I. FINANCIAL INFORMATION PAGE NO. Item 1. Financial Statements Condensed Consolidated Balance Sheets - December 31, 1999 and June 30, 1999 3 Condensed Consolidated Statements of Operations - Three and six months ended December 31, 1999 and 1998 4 Condensed Consolidated Statements of Cash Flows - Six months ended December 31, 1999 and 1998 5 Notes to Condensed Consolidated Financial Statements 6-10 Item 2. Management's Discussion and Analysis of the Results of Operations and Financial Condition 11-14 PART II. OTHER INFORMATION 15 SIGNATURES 16 2 PART I. FINANCIAL INFORMATION Item 1. Financial Statements HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS DECEMBER 31, 1999 AND JUNE 30, 1999 (000s omitted except per share amounts)
12/31/99 06/30/99 -------------- -------------- ASSETS Current assets Cash and cash equivalents $ 7,106 2,963 Receivables (less allowance for doubtful accounts of $10,408 at December 31, 1999 and $ 8,732 at June 30, 1999) 313,892 303,371 Inventories 287,156 280,115 Other current assets 57,669 60,160 -------------- -------------- Total current assets 665,823 646,609 -------------- -------------- Property, plant and equipment, net 236,976 241,063 Excess of cost over fair value of assets acquired, net 151,664 140,824 Other assets 41,221 37,259 -------------- -------------- Total assets $1,095,684 1,065,755 -------------- -------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short-term borrowings $ 14,241 19,411 Current portion of long-term debt 9,991 11,750 Accounts payable 127,377 120,116 Accrued liabilities 141,146 135,544 -------------- -------------- Total current liabilities 292,755 286,821 -------------- -------------- Borrowings under revolving credit facility 62,575 34,375 Senior long-term debt 243,663 246,039 Other non-current liabilities 30,210 29,585 Minority interest 866 748 Shareholders' equity Common stock, $.01 par value 187 187 Additional paid-in capital 291,249 290,873 Accumulated foreign currency translation adjustments (44,558) (41,885) Retained earnings 278,459 252,989 Less common stock held in treasury (59,722) (33,977) -------------- -------------- Total shareholders' equity 465,615 468,187 -------------- -------------- Total liabilities and shareholders' equity $1,095,684 1,065,755 -------------- --------------
See accompanying Notes to Condensed Consolidated Financial Statements. 3 HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 1999 AND 1998 (000s omitted except per share amounts)
Three Months Ended Six Months Ended December 31, December 31, 1999 1998 1999 1998 ------------ ------------ ------------ ------------ Net sales $ 450,826 387,518 807,599 703,414 Cost of sales 324,335 303,071 584,865 535,232 ------------ ------------ ------------ ------------ Gross profit 126,491 84,447 222,734 168,182 Selling, general and administrative expenses 88,937 84,750 172,863 150,156 Plant closures and severance -- 17,010 -- 17,010 Asset impairment -- 20,054 -- 20,054 ------------ ------------ ------------ ------------ Operating income (loss) 37,554 (37,367) 49,871 (19,038) Other expense Interest expense 5,077 6,054 9,707 11,987 Miscellaneous, net 381 872 975 962 ------------ ------------ ------------ ------------ Income (loss) before income taxes 32,096 (44,293) 39,189 (31,987) Income tax expense (benefit) 9,789 (13,731) 11,988 (9,916) ------------ ------------ ------------ ------------ Net income (loss) $ 22,307 (30,562) 27,201 (22,071) ------------ ------------ ------------ ------------ Basic earnings (loss) per share $ 1.30 (1.73) 1.57 (1.22) ------------ ------------ ------------ ------------ Diluted earnings (loss) per share $ 1.28 (1.73) 1.55 (1.22) ------------ ------------ ------------ ------------ Weighted average shares outstanding - basic 17,193 17,701 17,333 18,076 ------------ ------------ ------------ ------------ Weighted average shares outstanding - diluted 17,474 17,701 17,584 18,076 ------------ ------------ ------------ ------------
See accompanying Notes to Condensed Consolidated Financial Statements. 4 HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SIX MONTHS ENDED DECEMBER 31, 1999 AND 1998 ($000s omitted)
1999 1998 ------------ ------------ Cash flows from operating activities: Net income (loss) $ 27,201 (22,071) Adjustments to reconcile net income to net cash used in operating activities: Depreciation 27,563 29,907 Amortization of intangible assets 3,502 3,567 Special charges, net of cash paid -- 63,318 Changes in assets and liabilities: (Increase) decrease in: Receivables (10,314) (4,821) Inventories (7,041) (48,379) Other current assets 2,496 (7,249) Decrease in: Accounts payable 6,960 (20,820) Accrued liabilities 5,061 (38,047) ------------ ------------ Net cash provided by (used in) operating activities $ 55,428 (44,595) ------------ ------------ Cash flows from investing activities: Payment for purchase of companies, net of cash acquired $ (11,691) -- Proceeds from disposition of assets 7,134 -- Loan collections 2,670 -- Capital expenditures (33,846) (32,433) Other items, net (2,954) (5,274) ------------ ------------- Net cash used in investing activities $ (38,687) (37,707) ------------ ------------- Cash flows from financing activities: Borrowings on (repayments of) lines of credit $ (4,773) 1,507 Net proceeds from long-term debt 19,275 107,306 Shares repurchases (25,745) (33,778) Dividends paid to shareholders (1,731) (1,817) Proceeds from exercise of stock options 376 626 ------------ ------------- Net cash provided by (used in) financing activities $ (12,598) 73,844 ------------ ------------- Net increase (decrease) in cash and cash equivalents 4,143 (8,458) Cash and cash equivalents at beginning of period 2,963 16,204 ------------ ------------- Cash and cash equivalents at end of period $ 7,106 7,746 ------------ ------------- Supplemental disclosures of cash flow information: Interest paid $ 9,678 13,336 Income taxes paid 5,283 3,712 Supplemental disclosures of cash flow information: Fair value of assets acquired $ 21,549 -- Payment for purchase of company 11,691 -- ------------ ------------- Liabilities assumed $ 9,858 -- ------------ -------------
See accompanying Notes to Condensed Consolidated Financial Statements. 5 HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements NOTE A - BASIS OF PRESENTATION The Company's Condensed Consolidated Financial Statements as of December 31, 1999, and for the three and six months ended December 31, 1999 and 1998, have not been audited by the Company's independent auditors; however, in the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the consolidated financial position of the Company and subsidiaries as of December 31, 1999 and the results of their operations and their cash flows for the periods presented. Where necessary, prior years' information has been reclassified to conform to the current year consolidated financial statement presentation. These financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 1999. The results of operations for the three and six months ended December 31, 1999, are not necessarily indicative of the results to be expected for the full year. NOTE B - COMPREHENSIVE INCOME Comprehensive income and its components for the three and six months ended December 31, 1999 and 1998 are presented below.
Three months Ended Six months Ended December 31, December 31, (Dollars in thousands) 1999 1998 1999 1998 ----------- ----------- ----------- ----------- Net income (loss) $ 22,307 (30,562) 27,201 (22,071) Foreign currency translation adjustments (10,524) (1,392) (2,673) 7,517 ----------- ----------- ----------- ---------- Total comprehensive income (loss) $ 11,783 (31,954) 24,528 (14,554) ----------- ----------- ----------- ----------
6 HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (continued) NOTE C - EARNINGS PER SHARE INFORMATION
Three Months Ended December 31, 1999 1998 -------------------- -------------------- (000's omitted except per share amounts ) Basic Diluted Basic Diluted -------- -------- -------- -------- Net income (loss) $ 22,307 22,307 (30,562) (30,562) -------- -------- -------- -------- Weighted average shares outstanding 17,193 17,193 17,701 17,701 Employee stock options -- 281 -- -- -------- -------- -------- -------- Total weighted average shares outstanding 17,193 17,474 17,701 17,701 -------- -------- -------- -------- Earnings (loss) per share $ 1.30 1.28 (1.73) (1.73) -------- -------- -------- --------
Six Months Ended December 31, 1999 1998 -------------------- --------------------- (000's omitted except per share amounts ) Basic Diluted Basic Diluted -------- -------- -------- -------- Net income (loss) $ 27,201 27,201 (22,071) (22,071) -------- -------- -------- -------- Weighted average shares outstanding 17,333 17,333 18,076 18,076 Employee stock options -- 251 -- -- -------- -------- -------- -------- Total weighted average shares outstanding 17,333 17,584 18,076 18,076 -------- -------- -------- -------- Earnings (loss) per share $ 1.57 1.55 (1.22) (1.22) -------- -------- -------- --------
Employee stock options have been excluded from the net loss per share calculation for the three and six months ended December 31, 1998, because their effect would be anti-dilutive. 7 NOTE D - RESTRUCTURING In last year's second quarter, the Company implemented a restructuring program designed to improve the profitability of the consumer business and other operations. The Company implemented a program to: (1) re-align the consumer audio dealer and distribution structure to strengthen the positioning of our various brands, (2) significantly reduce the number of marginally profitable product lines, and (3) significantly reduce overhead as a result of weakening consumer market conditions. The Company also implemented overhead reduction programs and eliminated product lines in certain professional businesses. These actions resulted in pretax charges totaling $66.4 million. The components of the charges and costs incurred through December 31, 1999 are shown below.
Charges to Charges to Reserves Reserves Six months Original Through Ended Remaining ($ in millions) Provision June 1999 Dec 1999 Balance ----------- ------------ -------------- -------------- Plant closures and severance $ 17.0 14.7 1.3 1.0 Asset impairment 20.0 18.7 1.2 0.1 Inventories 24.3 11.9 4.5 7.9 Other 5.1 5.1 -- 0.0 ----------- ------------ -------------- -------------- Total $ 66.4 50.4 7.0 9.0 ----------- ------------ -------------- --------------
The remaining inventory reserves primarily relate to raw materials inventory formerly held at the company's El Paso facility. This inventory is now being converted to finished goods under contract with an Asian manufacturer. 8 HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (continued) NOTE E - SEGMENTATION The Company is engaged in the design, manufacture and marketing of high fidelity audio products. Our businesses are organized based on the end-user markets served - consumer and professional. The Consumer Systems Group manufactures loudspeakers and electronics for high fidelity audio and video reproduction in the home, with computers and in vehicles. Home applications include two- channel audio, multi-channel audio/video and personal computer audio. Vehicle applications include audio, video, navigation and multi-media. Consumer products are marketed under brand names including JBL, Harman Kardon, Infinity, Becker, Revel, Mark Levinson and Proceed. The Professional Group manufactures loudspeakers and electronics used by audio professionals in concert halls, cinemas, recording studios, broadcasting operations and live music events. Professional products are marketed worldwide under brand names including JBL, AKG, Studer, Lexicon, Soundcraft, DOD, Digitech and dbx. The following table reports external sales and operating income by segment for the three and six months ended December 31, 1999.
Three Months Ended Six Months Ended December 31, December 31, ($000s omitted) 1999 1998 1999 1998 ------------ ------------ ------------ ------------ Net sales: Consumer Systems Group $ 332,181 283,648 586,694 501,479 Professional Group 118,645 103,917 220,905 201,902 Other -- (47) -- 33 ------------ ------------ ------------ ------------ Total $ 450,826 387,518 807,599 703,414 ------------ ------------ ------------ ------------ Operating income: Consumer Systems Group $ 34,104 27,406 46,062 40,939 Professional Group 7,704 2,756 10,423 6,817 Other (4,254) (1,083) (6,614) (348) Restructuring charges -- (66,446) -- (66,446) ------------ ------------ ------------ ------------ Total $ 37,554 (37,367) 49,871 (19,038) ------------ ------------ ------------ ------------
Other operating income (loss) is primarily comprised of corporate expenses less subsidiary allocations. 9 HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (continued) NOTE F - INVENTORIES Inventories consist of the following:
December 31, June 30, ($000's omitted) 1999 1999 -------------- ------------- Finished goods and inventory purchased for resale $ 136,443 138,007 Work in process 36,287 37,317 Raw materials and supplies 114,426 104,791 -------------- ------------- Total inventories $ 287,156 280,115 -------------- -------------
NOTE G - ACQUISITIONS In December 1999, the Company acquired Innovative Systems GmbH (IS), a leading developer of route guidance, positioning and navigation systems software located in Hamburg, Germany. The acquisition was recorded using the purchase method of accounting. The acquisition of IS was not material to the consolidated financial statements. 10 HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION RESULTS OF OPERATIONS --------------------- COMPARISON OF THE THREE AND SIX MONTH PERIODS ENDED DECEMBER 31, 1999 AND 1998 Net sales for the second quarter ended December 31, 1999 increased 16 percent to $450.8 million. Excluding currency effects, sales increased 21 percent. For the first half of the year, sales increased 15 percent to $807.6 million. Excluding currency effects, sales increased 19 percent. The Consumer Systems Group reported sales of $332.2 million for the quarter, an increase of 17 percent over the prior year. Sales to consumer audio dealers and distributors exceeded last year's, reflecting higher sales in North America partially offset by lower international sales driven by the continuing international dealer destocking program. Sales to the automakers increased. Strong growth in Infinity audio system shipments for the Dodge trucks and Chrysler's family of minivans and higher volumes with Mitsubishi and Toyota contributed in North America and Asia. In Europe, increased sales volume was driven by the introduction of navigation systems in Mercedes Benz vehicles and robust aftermarket activity in Becker radios and navigation systems. Sales to personal computer manufacturers more than tripled in the quarter and were almost 500 percent above last year's first half. The increases reflect higher shipments of Harman Kardon systems to Dell and Apple and higher shipments of JBL systems to Compaq. The Professional Group reported sales of $118.6 million for the quarter, a 14 percent increase over the prior year. JBL Professional, AKG and Harman Music Group all reported strong sales. Driven by significant growth in transducer shipments to Qualcomm, Nokia and Mercedes for hands-free and wireless telephones, AKG sales rose 37 percent. Special charges totaling $24.3 million were recorded as cost of sales in last year's second quarter to reduce the carrying value of discontinued product lines. Excluding these charges, gross profit margin was 28.1 percent ($108.7 million) in the second quarter and 27.4 percent ($192.4 million) in the first half last year. This year, gross profit margin was 28.1 percent ($126.5 million) for the second quarter and 27.6 percent ($222.7 million) for the first half. 11 Consumer Systems Group margins approximated the prior year, reflecting increased factory leverage in our automotive businesses offset by a higher percentage of personal computer audio sales in the mix and the effects of the international destocking program, which resulted in lower factory overhead absorption. Professional Group margins increased, led by JBL Professional and AKG. Selling, general and administrative expenses increased in the second quarter and the first half due to overall sales growth and engineering and capital outlays required to fulfill future automotive and personal computer contracts. The beginning of a significant new program was announced in January 2000 when Lexus introduced its 2001 LS430 at the Detroit Auto show. The 2001 LS430 will feature an advanced digital audio system bearing our Mark Levinson brand name. Operating income as a percentage of sales was 8.3 percent ($37.6 million) for the second quarter and 6.2 percent ($49.9 million) for the first half ended December 31, 1999. Last year, operating loss as a percent of sales was 9.6 percent ($37.4 million) for the second quarter and 2.7 percent ($19.0 million) for the first half. Excluding restructuring charges, operating income as a percent of sales was 7.5 percent ($29.1 million) for the second quarter and 6.7 percent ($47.4 million) for the first half last year. Operating income increased due to higher sales and margins. Interest expense for the three months ended December 31, 1999 was $5.1 million compared to $6.1 million in the same quarter last year. For the six months ended December 31, 1999, interest expense was $9.7 million, down from $12.0 million last year. Interest expense declined due to lower borrowings. Average borrowings outstanding were $343.9 million for the second quarter of fiscal 2000 and $339.2 million for the first half, compared to $435.9 million and $398.7 million, respectively, for the same periods in the prior year. The weighted average interest rate on borrowings was 5.9 percent for the second quarter and 5.7 percent for the six months ended December 31, 1999. The weighted average interest rates for the comparable periods in the prior year were 5.6 percent and 6.0 percent, respectively. Income before income taxes for the second quarter was $32.1 million, compared to a loss of $44.3 million in the prior year. For the six months ended December 31, 1999, income before taxes was $39.2 million compared to a loss of $32.0 million in the same period last year. 12 The effective tax rate for the three and six months ended December 31, 1999, was 31 percent, equal to the rate reported for the same periods last year. The effective tax rates were below the U.S. statutory rate due to utilization of tax credits, realization of certain tax benefits for United States exports and the utilization of tax loss carryforwards at certain foreign subsidiaries. The Company calculates its effective tax rate based upon its current estimate of annual results. Net income for the three months ended December 31, 1999 was $22.3 million, compared to a net loss of $30.6 million in the prior year. Net income for the six months ended December 31, 1999 was $27.2 million, compared to a net loss of $22.1 million in the prior year. Basic earnings per share for the three months ended December 31, 1999 were $1.30, and diluted earnings per share were $1.28. In the same period last year, basic and diluted loss per share were $1.73. Basic earnings per share for the six months ended December 31, 1999 were $1.57, and diluted earnings per share were $1.55. For the six months last year, basic and diluted loss per share were $1.22. Excluding the restructuring charge of $66.4 million ($45.9 million after-tax), net income last year was $15.3 million, equal to $0.86 per share, in the second quarter, and $23.8 million, equal to $1.30 per share, in the first half. FINANCIAL CONDITION ------------------- Net working capital at December 31, 1999 was $373.1 million, compared with $359.8 million at June 30, 1999. The working capital increase was primarily due to higher receivables and inventory balances at December compared to June. Receivables increased due to sales growth. Inventories were higher due to increases in safety stocks associated with the Year 2000 transition. The Company continued its common stock repurchase program. In the first half of fiscal 2000, the Company acquired and placed in treasury 602,100 shares of its common stock at a cost of $25.7 million. 13 Borrowings under the revolving credit facility at December 31, 1999 were $67.8 million, comprised of swing line borrowings of $5.2 million, which were included in short-term borrowings, and competitive advance borrowings and revolving credit borrowings of $62.6 million. Borrowings under the revolving credit facility at June 30, 1999 were $41.2 million, comprised of swing line borrowings of $6.8 million and competitive advance borrowings and revolving credit borrowings of $34.4 million. Borrowings under the revolving credit facility increased due to capital expenditures and the IS acquisition, offset by strong positive operating cash flows. In September 1999, the Company put in place a $90 million equipment financing line to fund capital additions at operating subsidiaries. As of December 31, 1999, $19.2 million of capital additions had been funded under this line. YEAR 2000 --------- The Company did not experience any significant disruptions in its operating or business systems during the transition from 1999 to 2000. Based on operations since January 1, 2000, the Company does not expect any impact to its ongoing business as a result of the "Year 2000 issue." It is possible that disruptions could still occur at suppliers or customers. However, the Company is not aware of any significant Year 2000 problems that have arisen for its customers or suppliers, and it does not believe future problems are likely to occur. Except for historical information contained herein, the matters discussed are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements, including, but not limited to the effect of economic conditions, product demand, currency exchange rates, labor disputes, competitive products and other risks detailed in the Company's other Securities and Exchange Commission filings. 14 HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES PART II - OTHER INFORMATION Item 1. Legal Proceedings There are various legal proceedings pending against the registrant and its subsidiaries, but, in the opinion of management, liabilities, if any, arising from such claims will not have a materially adverse effect upon the consolidated financial condition of the registrant. Item 2. Changes in Securities None. Item 3. Defaults Upon Senior Securities None. Item 4. Submission of Matters to a Vote of Security Holders None. Item 5. Other Information None. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits required by Item 601 of Regulation S-K None. (b) Reports on Form 8-K Form 8-K, dated December 13, 1999, filed on December 16, 1999, containing the following items: Item 5. Stockholders Rights agreement 15 SIGNATURES 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 thereunto duly authorized. HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED (Registrant) DATE: February 11, 2000 BY: /s/ Bernard A. Girod ------------------------------- Bernard A. Girod Chief Executive Officer DATE: February 11, 2000 BY: /s/ Frank Meredith ------------------------------- Frank Meredith Vice President of Finance and Administration, Chief Financial Officer and Secretary 16 EX-27 2 ART 5 FDS FOR 10-Q
5 1000 6-MOS JUN-30-2000 DEC-31-1999 7025 81 324300 10408 287156 665823 477317 240341 1095684 292755 306238 187 0 0 465428 1095684 807599 807599 448569 584865 0 2932 9707 39189 11988 27201 0 0 0 27201 1.57 1.55
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