-----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, SlReESF8+mx6XDvCzgJ/Ad+Au5WZR0FV+I7a+e8x+Maq1+X9AG7PsCm5EC0YCJgG OuAX/or3WbluXe+6srxpyg== 0000800459-07-000017.txt : 20070426 0000800459-07-000017.hdr.sgml : 20070426 20070426082728 ACCESSION NUMBER: 0000800459-07-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070331 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070426 DATE AS OF CHANGE: 20070426 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: 07789280 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 har8k0703.htm FORM 8-K - MARCH 31, 2007 QUARTERLY EARNINGS REPORT Form 8-K - March 31, 2007 Quarterly Earnings Report

 
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 1934 
 
Date of report (Date of earliest event reported):  April 26, 2007
 
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED 
(Exact Name of Registrant as Specified in Charter)
 
 
 
 
 
Delaware
(State or Other Jurisdiction
of Incorporation)
 
001-09764
(Commission File Number)
 
11-2534306
(IRS Employer
Identification No.)
 
1101 Pennsylvania Avenue, N.W., Suite 1010
Washington, D.C. 20004
(Address of Principal Executive Offices) (Zip Code)
 
Registrant’s telephone number, including area code: (202) 393-1101
 
     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 Instruction 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 26, 2007, Harman International issued a press release announcing its financial results for the third quarter ended March 31, 2007. A copy of the press release is furnished as part of this Current Report on Form 8-K as Exhibit 99.1 and incorporated 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.
 
                (d) Exhibits

 
    
 
Exhibit No.
 
Description
 
 
 
99.1
 
Harman International Industries, Incorporated press release, dated April 26, 2007.



































  


 
SIGNATURE
 
     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 
 
   
 
                                                     
By:   
/s/ Sandra B. Robinson 
 
 
Sandra B. Robinson 
 
 
Vice President and Chief Accounting Officer
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 
   

EX-99.1 2 har8keh99-1.htm HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED PRESS RELEASE, DATED APRIL 26, 2007 Harman International Industries, Incorporated press release, dated April 26, 2007
Harman International
PRESS RELEASE

April 26, 2007
 
FOR IMMEDIATE RELEASE
 
 
Contact:   Robert C. Ryan
 
 
Vice President - Treasurer
 
 
Harman International Industries, Incorporated
 
 
202-393-1101

HARMAN INTERNATIONAL
REPORTS RECORD THIRD QUARTER RESULTS
INVESTOR CONFERENCE CALL CHANGED TO 9:30 AM EDT

Washington, D.C. - April 26, 2007 - Harman International Industries, Incorporated (NYSE: HAR) today announced record results for the three and nine months ended March 31, 2007. Net sales for the third quarter were $882.8 million compared to $801.5 million during the same period last year, an increase of 10 percent. Net income for the three-month period increased 11 percent to $71.0 million. Earnings per diluted share were $1.07 compared to $0.94 last year, an increase of 14 percent.

For the nine months ended March 31, 2007, net sales were $2.640 billion, an increase of 11 percent above the prior year period. Net income increased 10 percent to $209.0 million. Earnings per diluted share were $3.14 compared to $2.80 last year, an increase of 12 percent.

Sales for the third quarter increased consistently across each of our operating segments compared to the prior year period. Automotive sales were $624.9 million for the third quarter, an increase of 10 percent versus the same period last year. Consumer sales and Professional sales also increased 10 percent to $118.0 million and $139.9 million, respectively.

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

“We produced record sales and earnings during the third quarter and the first nine months of fiscal 2007. Automotive continues to invest in research and development to support recently awarded business and Driver Assist technologies. Consumer sales exceeded prior year’s quarter but increased competition continues to impede operating profits. Professional delivered higher sales propelled by products utilizing our HiQnet networking protocol. We have identified video presentation as the next major Professional opportunity for us to integrate audio and video controlled from a single remote location.”














   


April 26, 2007
Page 2


At 9:30 a.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, 2007. To participate in the conference call, please dial (888) 428-4480 or for international calls dial (612) 332-0725 prior to 9:30 a.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 1:00 p.m. EDT. The replay will be available through May 3, 2007. Please call (800) 475-6701 to access the replay. For international calls please call (320) 365-3844. The access code number is 870147.

AT&T will also be web-casting the presentation. The web-cast can be accessed at http://65.197.1.5/att/confcast, enter the Conference ID: 870147, then enter the pass code: Harman and click Go. There will also be a link to the web-cast at www.harman.com. Participation through the web-cast will be in listen-only mode.

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, customer acceptance of our consumer and professional 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 CONSOLIDATED STATEMENTS OF OPERATIONS
(000s omitted except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended 
 
 
Nine Months Ended 
 
 
 
 
March 31, 
 
 
March 31, 
 
 
 
 
2007
 
 
2006
 
 
2007
 
 
2006
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
882,771
 
 
801,487
 
 
2,640,031
 
 
2,388,780
 
Cost of sales
 
 
577,396
 
 
519,870
 
 
1,727,729
 
 
1,535,099
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit
 
 
305,375
 
 
281,617
 
 
912,302
 
 
853,681
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
 
 
203,052
 
 
182,827
 
 
607,341
 
 
560,838
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income
 
 
102,323
 
 
98,790
 
 
304,961
 
 
292,843
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
   Interest expense, net
 
 
340
 
 
2,492
 
 
977
 
 
10,889
 
   Miscellaneous, net
 
 
543
 
 
857
 
 
1,888
 
 
2,627
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes and
   minority interest
 
 
101,440
 
 
95,441
 
 
302,096
 
 
279,327
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income tax expense
 
 
30,895
 
 
31,775
 
 
94,369
 
 
89,516
 
Minority interest
 
 
(498
)
 
(360
)
 
(1,313
)
 
(717
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
71,043
 
 
64,026
 
 
209,040
 
 
190,528
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
1.09
 
 
0.96
 
 
3.20
 
 
2.88
 
Diluted earnings per share
 
$
1.07
 
 
0.94
 
 
3.14
 
 
2.80
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares outstanding - Basic
 
 
65,239
 
 
66,428
 
 
65,348
 
 
66,103
 
Shares outstanding - Diluted
 
 
66,327
 
 
68,109
 
 
66,501
 
 
68,164
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  
 

  
   
 



 

HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(000s omitted)
 
 
    
 
 
 
 
 
 
 
March 31,
 
March 31,
 
 
 
2007
 
2006
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
Current assets
 
 
 
 
 
     Cash and cash equivalents
 
$
96,961
 
 
397,099
 
     Accounts receivable
 
 
529,719
 
 
440,191
 
     Inventories
 
 
480,179
 
 
337,685
 
     Other current assets
 
 
170,114
 
 
158,864
 
 
 
 
 
 
 
 
 
Total current assets
 
 
1,276,973
 
 
1,333,839
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
Property, plant and equipment, net
 
 
529,456
 
 
479,815
 
Goodwill
 
 
400,123
 
 
356,005
 
Other assets
 
 
192,482
 
 
202,075
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
Total assets
 
$
2,399,034
 
 
2,371,734
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
      Short-term borrowings
 
$
3,084
 
 
1,746
 
      Current portion of long-term debt
 
 
17,020
 
 
174,961
 
Accounts payable
 
 
270,421
 
 
243,388
 
      Accrued liabilities
 
 
522,516
 
 
520,160
 
 
 
 
 
 
 
 
 
Total current liabilities
 
 
813,041
 
 
940,255
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
Borrowings under revolving credit facility
 
 
136,702
 
 
---
 
Long-term debt
 
 
2,751
 
 
150,109
 
Other non-current liabilities
 
 
82,655
 
 
71,628
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
Total shareholders’ equity
 
 
1,363,885
 
 
1,209,742
 
 
 
 
 
 
 
 
 
Total liabilities and shareholders’ equity
 
$
2,399,034
 
 
2,371,734
 
 
 
 
 
 
 
 
 
 
   

-----END PRIVACY-ENHANCED MESSAGE-----