Harman Reports Higher Sales, Earnings For Fiscal Year, Q4
By Staff -- TWICE, 8/20/2007
WASHINGTON — Harman International Industries reported higher sales and earnings for the fiscal year and quarter, ended June 30.
Net sales were $3.56 billion for the year, a 9 percent increase, while net income grew 23 percent to $314 million vs. the previous fiscal year. Automotive net sales were up 11 percent to $2.5 billion vs. the prior year and consumer net sales were $498 million, a 1 percent gain. Professional net sales were $561 million, an 8 percent gain over the prior year.
Net sales for the fourth quarter grew 6 percent to $911 million for the prior year. Net income grew a whopping 62 percent to $105 million. All three operating segments reported higher sales for the quarter vs. the same time last year: automotive grew 6 percent to $635 million, consumer sales were up 2 percent to $124 million and professional sales were up 12 percent to $153 million.
In a prepared statement attributed to Sidney Harman, executive chairman, and Dinesh Paliwal, CEO, they said, "We achieved good results in fiscal 2007 and completed the year with a strong balance sheet. Automotive expanded its Infotainment Systems offerings from luxury to midrange and entry-level cars. Professional continues to grow through development of new technologies enabling simplified and centralized control of complex audio systems. Consumer sales were higher than last year but tremendous competition in the multimedia market had an adverse effect on operating margins."
During April Harman Industries announced that it entered a merger agreement with Kohlberg Kravis Roberts & Co. L.P. and GS Capital Partners in a deal valued at $8 billion. The deal should close by the end of the calendar year, the manufacturer said.
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