Harman International
PRESS RELEASE

January 28, 2004	FOR IMMEDIATE RELEASE Contact:  Frank Meredith Chief Financial Officer Harman International Industries, Inc. 818-893-8411
HARMAN INTERNATIONAL REPORTS RECORD RESULTS FOR SECOND QUARTER
Washington, D.C. – Harman International Industries, Incorporated (NYSE:  HAR) today announced record sales and earnings for the second quarter ended December 31, 2003.  Net sales for the quarter were $691.6 million compared to $560.0 million during the same period last year, an increase of 24 percent.  Net income for the quarter was $41.5 million, a 50 percent increase over net income of $27.6 million during the same period last year.  Earnings per diluted share were $0.60 for the quarter versus $0.41 a year ago. For the six months ended December 31, 2003, net sales were $1.289 billion compared to $1.051 billion in the prior year, an increase of 23 percent.  Net income for the six-month period totaled $61.2 million compared to $37.4 million last year, an increase of 64 percent.  Earnings per diluted share were $0.89 versus $0.55 in the prior year period. The Consumer Systems Group reported net sales of $571.6 million for the second quarter, a 28 percent increase above net sales of $447.9 million during the same period last year.  Professional Group net sales were $120.0 million, a 7 percent increase over net sales of $112.1 million last year. Dr. Sidney Harman, Executive Chairman, and Bernard Girod, Vice Chairman and Chief Executive Officer commented: “The Company produced record net sales and earnings for the second quarter and first six months of fiscal 2004.  While achieving record results, we continued to make significant investments in short-term programs to improve operating efficiencies and longer-term technology development in all aspects of our business. During the quarter our stockholders approved a two-for-one stock split.  We are pleased that the stockholders acknowledged the Company’s strong performance and we look forward to building on that strength in the second half of fiscal 2004.”
January 28, 2004 Page -2- 4:30 p.m. EST today, Harman International will host an analyst and investor conference call to discuss the results for the second quarter ended December 31, 2003, and to offer management’s outlook for future periods.  To participate in the conference call, please call (800) 553-0318 or for international calls dial (612) 338-1040 prior to 4:30 p.m. EST.  Please let the operator know that you would like to join the Harman International call. A replay of the conference call will be available following the completion of the call at approximately 8:00 p.m. EST.  The replay will be available through February 11, 2004.  To access the replay, please call (800) 475-6701 or for international calls (320) 365-3844.  The access code number is 715285. Harman International Industries, Incorporated (www.harman.com)is a leading manufacturer of high-quality, high fidelity audio products and electronic systems for the consumer and professional markets.  The Company’s stock is traded on the New York Stock Exchange under the symbol:  HAR. Note:   Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act.  You should not place undue reliance on these statements.  We base these statements on particular assumptions that we have made in light of our industry experience, as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances.  These statements 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 changes in consumer confidence and spending, automobile industry sales and production rates, model-year changeovers and customer acceptance in the automotive industry, our ability to satisfy contract performance criteria, availability of key components to the products we manufacture, competitive products, fluctuations in  currency exchange rates, the outcome of pending or future litigation and other claims, labor disputes at our facilities,  those of our customer or common carriers, general economic conditions and other risks detailed in the Company's filings with the Securities and Exchange Commission.

HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED UNAUDITED CONDENSED STATEMENT OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2003 AND 2002 (000s omitted except per share amounts)
	Three Months Ended			Six Months Ended
	December 31,			December 31,
		2003	2002		2003	2002
Net sales	$	691,611	559,977		1,288,905	1,050,736
Cost of sales		472,297	400,555		888,720	751,189
Gross profit		219,314	159,422		400,185	299,547
Selling, general and administrative expenses		153,423	116,112		301,013	236,238
Operating income		65,891	43,310		99,172	63,309
Other expense:
Interest expense		4,546	5,589		9,436	11,498
Miscellaneous, net		1,324	416		1,860	1,260
Income before income taxes		60,021	37,305		87,876	50,551
Income tax expense		18,549	9,699		26,627	13,143
Net Income	$	41,472	27,606		61,249	37,408
Basic EPS	$	0.63	0.43		0.93	0.58
Diluted EPS	$	0.60	0.41		0.89	0.55
Shares outstanding – basic		65,584	64,660		65,556	64,914
Shares outstanding – diluted		69,330	68,136		69,172	68,182
Note:  The earnings per share and shares outstanding for each period presented reflect the two-for-one stock split on December 4, 2003.

HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (000s omitted)
	December 31,		December 31,
	2003		2002
ASSETS
Current assets
Cash and cash equivalents	$	214,929	$	102,635
Accounts receivable		388,954		324,224
Inventories		307,623		381,270
Other current assets		108,559		90,921
		---------------		--------------
Total current assets		1,023,065		899,050
		---------------		--------------
Property, plant and equipment, net		441,145		356,585
Goodwill		253,142		211,241
Other assets		127,167		99,486
		---------------		--------------
Total assets	$	1,844,519	$	1,566,362
		---------------		--------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term borrowings	$	4,533	$	3,284
Current portion of long-term debt		746		1,574
Accounts payable and accrued liabilities		523,047		447,919
		--------------		--------------
Total current liabilities		528,326		452,777
		--------------		--------------
Long-term debt		472,571		493,149
Other non-current liabilities		74,389		51,949
Minority interest		----		2,230
Total shareholders’ equity		769,233		566,257
		--------------		--------------
Total liabilities and shareholders’ equity	$	1,844,519	$	1,566,362
		--------------		--------------