-----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, AgvBQYlXk/AqBnEzJOOfSaitfA1ZoGL+XkXjOWp78scpWfnGdiye5UqCz2x4pVZ/ GGOiqR/IhXCsUDSdTHtNLw== 0000800459-04-000015.txt : 20040428 0000800459-04-000015.hdr.sgml : 20040428 20040428114257 ACCESSION NUMBER: 0000800459-04-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040331 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040428 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09764 FILM NUMBER: 04759218 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 8-K 1 har8k0409.htm THIRD QUARTER EARNINGS RESULTS FORM 8-K Form 8-K dated April 28, 2004

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1937

 

 

Date of report (Date of earliest event reported):

April 28, 2004

 

 

   

 

HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
(Exact Name of Registrant as specified in Charter)

 

   

 

Delaware

1-9764

11-2534306

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

   

   

1101 Pennsylvania Avenue, N.W., Washington, DC

20004

(Address of Principal Executive Offices)

(Zip Code)

   

   

(202) 393-1101

(Registrant’s telephone number, including area code)

   

   

   




Item 7.

Financial Statements, Pro forma Financial Information and Exhibits

(c)

Exhibits

Exhibit No.

Description

99.1

Harman International press release, dated April 28, 2004

Item 9.

Regulation FD Disclosure

See Item 12.

Results of Operations and Financial Condition

Item 12.

Results of Operations and Financial Condition


      On April 28, 2004, Harman International issued a press release announcing its financial results for the quarter ended March 31, 2004.  A copy of the press release is furnished as part of this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.




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 hereunto duly authorized.

   

   

   

Harman International Industries, Incorporated

(Registrant)

Date:

April 28, 2004

By:

     /s/ Frank Meredith

Name:

     Frank Meredith

Title:

     Executive Vice-President and
      Chief Financial Officer



EXHIBIT INDEX

Exhibit No.

Description

99.1

Harman International Industries, Inc., press release, dated
April 28, 2004


EX-99.1 2 har8kexh99-1.htm EARNINGS RESULTS FOR THE QUARTER ENDED MARCH 31, 2004 Press Release dated April 28, 2004

Harman International
PRESS RELEASE

April 28, 2004

FOR IMMEDIATE RELEASE
Contact:  Frank Meredith
Chief Financial Officer
Harman International Industries, Incorporated
818-893-8411

HARMAN INTERNATIONAL
REPORTS RESULTS FOR THIRD QUARTER

Washington, D.C. – Harman International Industries, Incorporated (NYSE:  HAR) today announced results for the three and nine months ended March 31, 2004.  Net sales for the third quarter were $690.4 million, a 25 percent increase over net sales of $554.5 million a year ago.  Net income for the three month period was $43.7 million compared to $30.6 million during the same period last year, an increase of 43 percent.  Earnings per diluted share were $0.63 for the quarter versus $0.45 last year.

For the nine months ended March 31, 2004, net sales were $1.979 billion compared to $1.605 billion last year, an increase of 23 percent.  Net income for the nine-month period totaled $104.9 million and earnings per diluted share were $1.51.  During the same period last year, net income was $68.0 million and earnings per diluted share were $1.00.

The Consumer Systems Group reported net sales of $565.3 million for the third quarter, a 27 percent increase over net sales of $446.5 million during the same prior year period.  Professional Group net sales were $125.2 million, a 16 percent increase over net sales of $108.0 million last year.

Dr. Sidney Harman, Executive Chairman, and Bernard Girod, Vice Chairman and Chief Executive Officer commented:

“The Company achieved strong net sales and record earnings for the third quarter.  We enter the final three months of fiscal 2004 with the expectation that earnings will be consistent with current analyst estimates for both the quarter and the next fiscal year.

We remain committed to making the necessary investments in the Consumer Systems and Professional groups to ensure that all our businesses remain sound."


April 28, 2004
Page -2-

At 4:30 p.m. EST today, Harman International will host an analyst and investor conference call to discuss the results for the third quarter ended March 31, 2004, and to offer management’s outlook for future periods.  To participate in the conference call, please call (888) 423-3280 or for international calls dial (612) 288-0318 prior to 4:30 p.m. EDT.  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. EDT.  The replay will be available through May 5, 2004.  To access the replay, please call (800) 475-6701 or for international calls (320) 365-3844.  The access code number is 727706.

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 STATEMENTS OF OPERATIONS
  (000s omitted except per share amounts)


Three Months Ended

Nine Months Ended

March 31,

March 31,

 

2004

  

2003

2004

  

2003

Net sales

$

690,432

554,454

1,979,337

1,605,190

Cost of sales

461,481

391,488

1,350,201

1,142,677

Gross profit

228,951

162,966

629,136

462,513

Selling, general and administrative expenses

160,969

116,209

461,982

352,447

Operating income

67,982

46,757

167,154

110,066

Other expenses:

   Interest expense, net

4,384

5,313

13,820

16,811

   Miscellaneous, net

499

74

2,359

1,334

Income before income taxes

63,099

41,370

150,975

91,921

Income tax expense

19,434

10,756

46,061

23,899

Net Income

$

43,665

30,614

104,914

68,022

Basic EPS

$

0.66

0.47

1.60

1.05

Diluted EPS

$

0.63

0.45

1.51

1.00

Shares outstanding – Basic

65,951

64,474

65,687

64,698

Shares outstanding – Diluted

69,707

68,078

69,352

68,076

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)

March 31,

March 31,

2004

2003

ASSETS

Current assets

   Cash and cash equivalents

 

$

327,613

 

$

77,268

 

   Accounts receivable

 

 

410,915

 

 

336,921

 

   Inventories

 

 

294,869

 

 

388,586

 

   Other current assets

 

 

105,861

 

 

90,679

 

---------------

--------------

      Total current assets

 

 

1,139,258

 

 

893,454

 

---------------

--------------

Property, plant and equipment

 

 

432,277

 

 

371,071

 

Goodwill

 

 

251,052

 

 

217,663

 

Other assets

 

 

122,160

 

 

97,735

 

---------------

--------------

Total assets

 

$

1,944,747

 

$

1,579,923

 

---------------

--------------

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

   Short-term borrowings

 

$

4,471

 

$

3,661

 

   Current portion of long-term debt

654

578

   Accounts payable and accrued liabilities

 

 

574,875

 

 

432,682

 

--------------

--------------

Total current liabilities

 

 

580,000

 

 

436,921

 

--------------

--------------

Long-term debt

 

 

473,299

 

 

493,487

 

Other non-current liabilities

 

 

76,698

 

 

51,522

 

Minority interest

----

2,315

Total shareholders’ equity

 

 

814,750

 

 

595,678

 

--------------

--------------

Total liabilities and shareholders’ equity

 

$

1,944,747

 

$

1,579,923

 

--------------

--------------


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