-----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, WdMp62iS/Dc+D7LZjCpvQuAsnnxLqfQQdgktwmCFtE2ea1dXmQNXUTzszmRsDxyC NJkCw09k5Bp/mXxRDT1SOw== 0000800459-05-000044.txt : 20050421 0000800459-05-000044.hdr.sgml : 20050421 20050421160246 ACCESSION NUMBER: 0000800459-05-000044 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050331 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050421 DATE AS OF CHANGE: 20050421 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: 05764860 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 har8k0509.htm CURRENT REPORT ON FORM 8-K FOR THE 3RD QTR ENDING MARCH 31, 2005 Form 8-K dated January 26, 2005

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 21, 2005

   

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)

   

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

¨        Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
           (17 CFR 240.14d-2(b))

¨        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
           (17 CFR 240.13e-4(c))

   



                     

Item 2.02

Results of Operations and Financial Condition

On April 21, 2005, Harman International issued a press release announcing its financial results for the third quarter ended March 31, 2005.  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.

     

Item 7.01

Regulation FD Disclosure

See Item 2.02      Results of Operations and Financial Condition

     

Item 9.01

Financial Statements and Exhibits

(c)  

Exhibits

    Exhibit No.

Description

       99.1

Harman International Industries, Incorporated press release, dated
April 21, 2005.



                                                                            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)

 

By:   

/s/Frank Meredith                                            

Date:

April 21, 2005

Name:   

Frank Meredith

Title:   

Executive Vice-President, Chief Operating Officer
and Chief Financial Officer



EXHIBIT INDEX

   Exhibit No.

          

   Description

     99.1

   Harman International Industries, Inc., press release, dated April 21, 2005.


EX-99.1 2 har8kexh99-1.htm PRESS RELEASE FOR THE THIRD QUARTER ENDED MARCH 31, 2005 Press Release dated April 21, 2005

Harman International
PRESS RELEASE

April 21, 2005

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

HARMAN INTERNATIONAL
REPORTS RECORD THIRD QUARTER RESULTS

Washington, D.C. – Harman International Industries, Incorporated (NYSE:  HAR) today announced record third quarter sales and earnings.  Net sales for the quarter were $742.6 million compared to $690.4 million during the same period last year, an increase of 8 percent.  Net income for the three-month period was $63.5 million, a 45 percent increase over net income of $43.7 million during the prior year quarter.  Earnings per diluted share were $0.90 for the quarter versus $0.63 a year ago, a 43 percent increase.

For the nine months ended March 31, 2005, net sales of $2.223 billion were 12 percent higher than net sales of $1.979 billion during the same period last year.  Net income for the nine-month period was $162.6 million versus $104.9 million in the same period last year.  Earnings per diluted share were $2.30 compared to $1.51 a year ago, an increase of 52 percent.

Beginning with this quarter, Harman will report on three segments: Consumer, Automotive and Professional.  Previously, the Consumer and Automotive segments were reported as Consumer Systems.

Consumer net sales rose 28 percent to $100.3 million for the quarter.  Automotive net sales were $522.5 million, 7 percent higher than last year’s third quarter.  Professional net sales for the quarter were $119.8 million, a decrease of 4 percent compared to the third quarter last year.  The decrease in professional sales resulted from the decision to exit the telecom capsule business last year.  On a comparable basis, sales of professional products were 10 percent higher than a year ago.

For the nine-month period, Consumer net sales were $313.1 million, 16 percent higher than the same period last year.  Automotive net sales increased 14 percent to $1.554 billion.  Professional net sales of $355.4 million were slightly above the prior year.



April 21, 2005

Page – 2 –

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

“We are very pleased with the Company’s third quarter and nine-month results.  Each of our business segments continues to perform well.  As a result, we now expect to achieve earnings per share of $3.20 for fiscal 2005.  In fiscal 2006, we expect to earn $0.56 per share in the first quarter and $3.75 for the full year.”

At 5:00 p.m. EDT today, Harman International will host an analyst and investor conference call to discuss the results for the three and nine months ended March 31, 2005, and to offer management’s outlook for future periods.  To participate in the conference call, please call (800) 553-0351 or for international calls dial (612) 332-0932 prior to 5:00 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 April 28, 2005.  To access the replay, please call (800) 475-6701 or for international calls (320) 365-3844.  The access code number is 776596.

Harman International Industries, Incorporated (www.harman.com) is a leading manufacturer of high-quality, high fidelity audio products and electronic systems for the automotive, 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, a rise in interest rates affecting consumer spending, automobile industry sales and production rates, the loss of one or more significant customers, including our automotive customers, 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 and  those of our customers or common carriers, general economic conditions and other risks detailed in filings made by Harman International 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,

 

2005

  

2004

    

2005

  

2004

 

Net sales

   

$

742,564

690,432

2,222,857

1,979,337

Cost of sales

492,572

461,481

1,472,976

1,350,201

Gross profit

249,992

228,951

749,881

629,136

Selling, general and administrative expenses

161,235

160,969

499,687

461,982

Operating income

88,757

67,982

250,194

167,154

Other expense:

   Interest expense, net

2,314

4,384

8,281

13,820

   Miscellaneous, net

318

499

4,532

2,359

Income before income taxes

86,125

63,099

237,381

150,975

Income tax expense

22,609

19,434

74,768

46,061

Net income

$

63,516

43,665

162,613

104,914

Basic earnings per share

$

0.94

0.66

2.42

1.60

Diluted earnings per share

$

0.90

0.63

2.30

1.51

Shares outstanding – Basic

67,743

65,951

67,095

65,687

Shares outstanding – Diluted

70,831

69,707

70,679

69,352



HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(000s omitted)

    

March 31,

March 31,

2005

2004

ASSETS

   

   

    

   

Current assets

     Cash and cash equivalents

 

$

282,661

 

$

236,963

 

     Investments

 

6,651

 

90,650

 

     Accounts receivable

 

 

430,085

 

 

410,915

 

     Inventories

 

 

340,522

 

 

294,869

 

     Other current assets

 

 

116,335

 

 

105,861

 

      Total current assets

 

 

1,176,254

 

 

1,139,258

 

Property, plant and equipment

 

 

477,027

 

 

432,277

 

Goodwill

 

 

372,441

 

 

251,052

 

Other assets

 

 

117,439

 

 

122,160

 

   

Total assets

 

$

2,143,161

 

$

1,944,747

 

   

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

     Short-term borrowings

 

$

2,997

 

$

4,471

 

     Current portion of long-term debt

699

654

     Accounts payable and accrued liabilities

 

 

660,712

 

 

574,875

 

   

Total current liabilities

 

 

664,408

 

 

580,000

 

  

Long-term debt

 

 

329,527

 

 

473,299

 

Other non-current liabilities

 

 

76,690

 

 

76,698

 

   

Total shareholders’ equity

 

 

1,072,536

 

 

814,750

 

Total liabilities and shareholders’ equity

 

$

2,143,161

 

$

1,944,747

 


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