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Harman Consumer Posts 17% Sales Gain In Q3

Stamford, Conn. –

Harman International

‘s consumer division
posted a $1 million operating loss in its fiscal third quarter on a 17 percent
sales gain to $95 million, but the group nonetheless posted year-to-date
operating income of $10 million, up 74 percent.

The group’s year-to-date sales
rose 10 percent to $320 million.

The quarter’s operating loss,
which included $2 million in restructuring-related charges, matched the
year-ago loss and followed second-quarter operating income of $11 million and zero
operating income in the first quarter.

Harman International’s consolidated
sales – consisting of OEM automotive infotainment, professional audio and
consumer audio – grew 13 percent in the third quarter to $948 million and by 9
percent for the nine-month period to $2.74 billion.

Consolidated net income rose 145
percent to $37 million in the third quarter, marking the company’s sixth
consecutive quarterly net profit. For the nine-month period, net income rose to
$117 million from the year-ago $17 million.

Consolidated operating income
doubled to $54 million for the third quarter and rose by 174 percent to $164
million for the nine-month period.

Automotive OEM accounted for 75
percent of consolidated sales in the third quarter and 73 percent for the
nine-month period.