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Harman Q4 Sales Rise 17%, Net Soars

9/17/2004 08:44:00 AM Eastern

Washington — Home professional and car audio maker Harman International Industries reported a 17 percent jump in sales for its fiscal fourth quarter, hitting $732 million, up from a year-ago $623.3 million.

Net income for the three months, ended June 30, soared 42 percent, reaching $53 million from $37.4 million in the same three months in 2003. Fourth quarter results are net of a non-operating charge of $6.7 million associated with the repurchase of company debt.

“We produced record net sales and earnings for the fourth quarter and fiscal year,” said Sidney Harman, executive chairman and Bernard Girod, vice chairman/CEO. “Infotainment System sales to automotive customers were strong as we successfully launched several new programs.”

For the fiscal year, sales climbed 22 percent, hitting $2.7 billion, up from $2.2 billion in the year-ago period. Net income for the 12 months increased 50 percent, reaching $157.9 million, compared with $105.4 million in the prior year.

Consumer Systems Group net sales for the year came in at $2.2 billion, a 25-percent rise over the $1.8 billion recorded in the same 12 months a year ago. Professional Group sales for the 12 months rose to $481.7 million, up from $446 million.