<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
- ------------------------------
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [FEE
REQUIRED] For the fiscal year ended June 30, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE
REQUIRED] For the transition period from ______________
to ____________ Commission file number _______________
- -------------------------------
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
(Full title of the Plan)
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
1101 PENNSYLVANIA AVENUE, NW
WASHINGTON, D.C. 20004
(Name of issuer of the securities held pursuant to the Plan
and address of its principal executive office)
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
<PAGE>
HARMAN INTERNATIONAL
INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Financial Statements and
Supplemental Schedules
June 30, 1995 and 1994
(With Independent Auditors' Report Thereon)
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Index to Financial Statements and Supplemental Schedules
- ------------------------------------------------------------------------
Page
----
Independent Auditors' Report 1
Statement of Net Assets Available for Plan Benefits --
June 30, 1995 2
Statement of Net Assets Available for Plan Benefits --
June 30, 1994 3
Statement of Changes in Net Assets Available for Plan Benefits --
Year ended June 30, 1995 4
Statement of Changes in Net Assets Available for Plan Benefits --
Year ended June 30, 1994 5
Notes to Financial Statements 6
Schedule
--------
Investments Held at End of Plan Year -- June 30, 1995 1
Reportable Transactions -- Year ended June 30, 1995 2
All other supplemental schedules omitted are not applicable or are not
required, based on disclosure requirements of the Employee Retirement Income
Security Act of 1974 and regulations issued by the Department of Labor.
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Administrative Committee of the Board of Directors
Harman International Industries, Incorporated:
We have audited the accompanying statements of net assets available for Plan
benefits of the Harman International Industries, Incorporated Retirement
Savings Plan as of June 30, 1995 and 1994 and the related statements of changes
in net assets available for Plan benefits for the years then ended. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for Plan benefits of the Harman
International Industries, Incorporated Retirement Savings Plan as of June 30,
1995 and 1994 and the changes in net assets available for Plan benefits for the
years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information in
Schedules 1 and 2 is presented for the purpose of complying with the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974 and is not a required part
of the basic financial statements. The fund information in the statements of
net assets available for Plan benefits and the related statements of changes in
net assets available for Plan benefits is presented for purposes of additional
analysis rather than to present the net assets available for Plan benefits and
the changes in net assets available for Plan benefits of each fund. The
supplemental schedules and fund information have been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated, in all material respects, when considered in
relation to the basic financial statements taken as a whole.
/s/ KPMG Peat Marwick LLP
October 20, 1995
1
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
June 30, 1995
<TABLE>
<CAPTION>
THE PUTNAM
FIXED FUND FOR GEORGE PUTNAM
INCOME GROWTH AND COMPANY FUND
ASSETS FUND INCOME STOCK FUND OF BOSTON
---------------- --------------- -------------- --------------
<S> <C> <C> <C> <C>
Investments:
Guaranteed investment contracts $21,358,372 -- -- --
Pooled equity funds -- 10,822,746 -- 2,202,120
Harman International Industries,
Incorporated common stock -- -- 5,857,570 --
Money market funds 1,122,894 -- -- --
Pooled separate accounts -- -- -- --
Participant loans -- -- -- --
---------------- --------------- -------------- --------------
22,481,266 10,822,746 5,857,570 2,202,120
Contributions receivable 949,422 742,658 428,512 388,542
---------------- --------------- -------------- --------------
Total assets 23,430,688 11,565,404 6,286,082 2,590,662
LIABILITIES
Other liabilities 14,318 6,416 2,014 1,412
---------------- --------------- -------------- --------------
Net assets available for
Plan benefits $23,416,370 11,558,988 6,284,068 2,589,250
========= ========= ======== ========
</TABLE>
See accompanying notes to financial statements.
2
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
June 30, 1995
<TABLE>
<CAPTION>
PUTNAM PARTICIPANT
VOYAGER LOAN AETNA
ASSETS FUND FUND FUND TOTAL
---------------- --------------- -------------- --------------
<S> <C> <C> <C> <C>
Investments:
Guaranteed investment contracts -- -- 539,076 21,897,448
Pooled equity funds 6,426,719 -- -- 19,451,585
Harman International Industries,
Incorporated common stock -- -- -- 5,857,570
Money market funds -- -- -- 1,122,894
Pooled separate accounts -- -- 400,543 400,543
Participant loans -- 153,539 -- 153,539
---------------- --------------- -------------- --------------
6,426,719 153,539 939,619 48,883,579
Contributions receivable 748,516 -- -- 3,257,650
---------------- --------------- -------------- --------------
Total assets 7,175,235 153,539 939,619 52,141,229
LIABILITIES
Other liabilities 3,907 -- -- 28,067
---------------- --------------- -------------- --------------
Net assets available for
Plan benefits 7,171,328 153,539 939,619 52,113,162
========= ========= ======== ========
</TABLE>
See accompanying notes to financial statements.
2
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
June 30, 1994
<TABLE>
<CAPTION>
THE PUTNAM
FIXED FUND FOR GEORGE PUTNAM
INCOME GROWTH AND COMPANY FUND
ASSETS FUND INCOME STOCK FUND OF BOSTON
---------------- --------------- -------------- --------------
<S> <C> <C> <C> <C>
Investments:
Guaranteed investment contracts $18,550,929 -- -- --
Pooled equity funds -- 7,885,317 -- 904,342
Harman International Industries,
Incorporated common stock -- -- 3,527,062 --
Participant loans -- -- -- --
---------------- --------------- -------------- --------------
18,550,929 7,885,317 3,527,062 904,342
Contributions receivable 748,180 587,479 356,784 293,249
---------------- --------------- -------------- --------------
Total assets 19,299,109 8,472,796 3,883,846 1,197,591
LIABILITIES
Other liabilities 14,835 6,358 2,914 795
---------------- --------------- -------------- --------------
Net assets available for
Plan benefits $19,284,274 8,466,438 3,880,932 1,196,796
========= ========= ======== ========
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Statement of Net Assets Available for Plan Benefits
June 30, 1994
<TABLE>
<CAPTION>
PUTNAM PARTICIPANT
VOYAGER LOAN
ASSETS FUND FUND TOTAL
---------------- --------------- --------------
<S> <C> <C> <C>
Investments:
Guaranteed investment contracts -- -- 18,550,929
Pooled equity funds 1,895,421 -- 10,685,080
Harman International Industries,
Incorporated common stock -- -- 3,527,062
Participant loans -- 13,314 13,314
---------------- --------------- --------------
1,895,421 13,314 32,776,385
Contributions receivable 529,536 -- 2,515,228
---------------- --------------- --------------
Total assets 2,424,957 13,314 35,291,613
LIABILITIES
Other liabilities 1,589 -- 26,491
---------------- --------------- --------------
Net assets available for
Plan benefits 2,423,368 13,314 35,265,122
========= ========= ========
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended June 30, 1995
<TABLE>
<CAPTION>
THE PUTNAM
FIXED FUND FOR GEORGE PUTNAM
INCOME GROWTH AND COMPANY FUND
FUND INCOME STOCK FUND OF BOSTON
---------------- --------------- -------------- --------------
<S> <C> <C> <C> <C>
Employer contributions, net $ 1,315,701 1,001,633 466,068 539,755
Employee contributions 1,283,687 1,231,144 624,908 610,030
Fund transfers, net (853,950) (209,990) (748,420) 62,410
Transfers from related plans 2,927,893 -- -- --
Other additions, net 6,088 12,224 8,538 7,940
---------------- --------------- -------------- --------------
4,679,419 2,035,011 351,094 1,220,135
---------------- --------------- -------------- --------------
Investment income:
Interest and dividends 1,258,404 570,199 23,102 99,286
Net appreciation -- 1,257,811 2,303,657 185,957
---------------- --------------- -------------- --------------
Net investment income 1,258,404 1,828,010 2,326,759 285,243
---------------- --------------- -------------- --------------
Benefits 1,744,873 742,702 267,891 107,662
Administrative expenses 60,854 27,769 6,826 5,262
---------------- --------------- -------------- --------------
1,805,727 770,471 274,717 112,924
---------------- --------------- -------------- --------------
Net increase 4,132,096 3,092,550 2,403,136 1,392,454
Net assets at beginning of year 19,284,274 8,466,438 3,880,932 1,196,796
---------------- --------------- -------------- --------------
Net assets at end of year $23,416,370 11,558,988 6,284,068 2,589,250
========= ========= ======== ========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended June 30, 1995
<TABLE>
<CAPTION>
PUTNAM PARTICIPANT
VOYAGER LOAN AETNA
FUND FUND FUND TOTAL
---------------- --------------- -------------- --------------
<S> <C> <C> <C> <C>
Employer contributions, net 1,015,676 -- -- 4,338,833
Employee contributions 1,222,689 -- -- 4,972,458
Fund transfers, net 1,749,950 -- -- --
Transfers from related plans -- 135,257 1,017,831 4,080,981
Other additions, net 10,243 -- -- 45,033
---------------- --------------- -------------- --------------
3,998,558 135,257 1,017,831 13,437,305
---------------- --------------- -------------- --------------
Investment income:
Interest and dividends 139,900 4,968 16,959 2,112,818
Net appreciation 869,065 -- 45,268 4,661,758
---------------- --------------- -------------- --------------
Net investment income 1,008,965 4,968 62,227 6,774,576
---------------- --------------- -------------- --------------
Benefits 246,623 -- 140,439 3,250,190
Administrative expenses 12,940 -- -- 113,651
---------------- --------------- -------------- --------------
259,563 -- 140,439 3,363,841
---------------- --------------- -------------- --------------
Net increase 4,747,960 140,255 939,619 16,848,040
Net assets at beginning of year 2,423,368 13,314 -- 35,265,122
---------------- --------------- -------------- --------------
Net assets at end of year 7,171,328 153,539 939,619 52,113,162
========= ========= ======== ========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended June 30, 1994
<TABLE>
<CAPTION>
THE PUTNAM
FIXED FUND FOR GEORGE PUTNAM
INCOME GROWTH AND COMPANY FUND
FUND INCOME STOCK FUND OF BOSTON
---------------- --------------- -------------- --------------
<S> <C> <C> <C> <C>
Employer contributions, net $ 1,294,546 902,353 569,478 448,616
Employee contributions 640,668 921,041 371,761 541,524
Fund transfers, net (507,832) 53,323 (420,425) 175,653
Transfer from related plan 583,373 231,990 -- 65,430
---------------- --------------- -------------- --------------
2,010,755 2,108,707 520,814 1,231,223
---------------- --------------- -------------- --------------
Investment income:
Interest and dividends 1,112,962 531,636 606 25,023
Net appreciation (depreciation) -- (308,948) 632,366 (40,836)
---------------- --------------- -------------- --------------
Net investment income 1,112,962 222,688 632,972 (15,813)
---------------- --------------- -------------- --------------
Benefits 1,441,240 775,767 107,588 16,547
Administrative expenses 49,596 7,664 5,094 2,067
---------------- --------------- -------------- --------------
1,490,836 783,431 112,682 18,614
---------------- --------------- -------------- --------------
Net increase 1,632,881 1,547,964 1,041,104 1,196,796
Net assets at beginning of year 17,651,393 6,918,474 2,839,828 --
---------------- --------------- -------------- --------------
Net assets at end of year $19,284,274 8,466,438 3,880,932 1,196,796
========= ========= ======== ========
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended June 30, 1994
<TABLE>
<CAPTION>
PUTNAM PARTICIPANT
VOYAGER LOAN
ASSETS FUND FUND TOTAL
---------------- --------------- --------------
<S> <C> <C> <C>
Employer contributions, net 807,190 -- 4,022,183
Employee contributions 911,927 -- 3,386,921
Fund transfers, net 699,281 -- --
Transfer from related plan 180,581 13,034 1,074,408
---------------- --------------- --------------
2,598,979 13,034 8,483,512
---------------- --------------- --------------
Investment income:
Interest and dividends 14,560 280 1,685,067
Net appreciation (depreciation) (158,070) -- 124,512
---------------- --------------- --------------
Net investment income (143,510) 280 1,809,579
---------------- --------------- --------------
Benefits 27,835 -- 2,368,977
Administrative expenses 4,266 -- 68,687
---------------- --------------- --------------
32,101 -- 2,437,664
---------------- --------------- --------------
Net increase 2,423,368 13,314 7,855,427
Net assets at beginning of year -- -- 27,409,695
---------------- --------------- --------------
Net assets at end of year 2,423,368 13,314 35,265,122
========= ========= ========
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Notes to Financial Statements
June 30, 1995 and 1994
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying financial statements of the Harman International
Industries, Incorporated Retirement Savings Plan (the Plan) have been
presented on an accrual basis and present the net assets available for
Plan benefits and changes in those net assets.
INVESTMENTS
Investments in guaranteed investment contracts (GIC) are reported at
contract value. Contract value represents contributions plus interest
at the contract rate, less funds used to pay withdrawals and
administration expenses.
The Plan participates in pooled funds managed by Putnam Management
Company, Inc. on behalf of participating employee benefit plans. Each
participating employee benefit plan is allocated its proportionate
share of the net assets and the net investment income of the pooled
funds. The investment in pooled funds is reported at fair value which
is based on quotations obtained from national securities exchanges.
The Plan also participates in a stock fund to purchase shares of
Harman International Industries, Incorporated (the Company) common
stock. The fair value of the Company stock is determined based on
quotations obtained from national securities exchanges.
The Plan also holds investments in a guaranteed investment contract
and pooled separate accounts managed by Aetna Life Insurance and
Annuity Co. which arose from a transfer from a related plan.
Participants may no longer direct that contributions be invested in
the Aetna Funds. The assets have not been merged into the available
investment funds of the Plan due to high surrender charges. The Plan
anticipates withdrawals from these Aetna Funds as the penalty period
expires.
Securities transactions are recorded principally on the trade-date
basis. Net appreciation or depreciation resulting from revaluation of
investments to fair value is reflected in the statements of changes in
net assets available for Plan benefits and includes investments
bought, sold, as well as held during the year. Dividend income is
recorded on the ex-dividend date. Investments are principally managed
by the Plan's trustee, Putnam Fiduciary Trust Company.
PARTICIPANT LOANS
The assets of the participant loan fund represent loans to
participants of related plans and are carried at outstanding loan
balance, which approximates market value.
ADMINISTRATIVE EXPENSES
Administrative expenses of the Plan are principally paid by the Plan.
6
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
(2) PLAN DESCRIPTION
The Plan agreement amends and restates five preexisting defined
contribution and savings plan agreements for plans which were merged into
the Plan and extends coverage to all other eligible nonunion domestic
employees of Harman International Industries, Incorporated. Effective
July 1, 1995, the Plan also extends coverage to hourly collective
bargaining unit employees of Harman Motive, Inc. The Plan is subject to
the provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
The Plan is a defined contribution, savings and profit sharing plan
sponsored by the Company. The Plan covers all eligible employees, as
defined by the Plan, provided they have completed six months of
consecutive service, have worked 500 hours and are 21 years of age. Plan
participants should refer to the Plan agreement for more complete
information.
Effective January 1, 1994, the Lexicon Retirement Savings Plan was merged
into the Plan. The net assets of the related plan were transferred to
the Plan effective January 1, 1994.
Effective January 1, 1995, the AKG Acoustics, Inc. Salary Savings Plan
and the Studer Revox America, Inc. Employee Savings and Profit Sharing
Plan Trust were merged into the Plan and the net assets of the related
plans were transferred to the Plan.
CONTRIBUTIONS
Participants in the Plan may contribute on a tax-deferred basis from 1%
to 12% of their compensation, as defined by the Plan. Participants may
change their deferral percentage as of the first payroll period following
the quarterly valuation date. The Company has made annual basic
contributions equal to 2% of the compensation paid to all eligible
participants active at the end of the Plan year and a matching
contribution equal to 50% of the eligible participant's tax-deferred
contribution percentage for each payroll period up to a maximum election
of 6% per payroll period. In addition, the Company may make profit
sharing contributions to the Plan, in an amount which the Company's Board
of Directors, acting in its sole discretion, determines to be a proper
contribution. Company profit sharing contributions are limited to 15% of
the participants' compensation, less the participants' tax-deferred
contributions, the Company basic contribution and the Company matching
contribution. Total Company and participant contributions may not exceed
15% of total participants' taxable compensation. Total annual additions
to a participant's account, exclusive of adjustments to the fair market
value of the participants' fund account, may not exceed the lesser of
$30,000 or 25% of the participant's taxable compensation.
VESTING
Participants are 100% vested in their salary deferral, employer's basic
contribution and rollover contribution accounts, and become vested in
profit sharing and matching contributions at the rate of 25% per year
after the completion of three years of service, or 100% after reaching
age 65, death or disability.
PARTICIPANT ACCOUNT BALANCES
Separate accounts are maintained for each participant's salary deferral,
rollover, employer profit sharing, basic and matching contribution
balances. Earnings of the Plan are allocated to the participant account
balances by investment fund on a daily basis according to the number of
shares in the participant account balances. Beginning in 1994,
participants elect to invest their contributions in one of the following
five funds: Fixed Income Fund, the Putnam Fund for Growth
7
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
and Income, Company Stock Fund, the George Putnam Fund of Boston or the
Putnam Voyager Fund. Company profit sharing and basic contributions are
allocated based on participant compensation. Company matching
contributions are allocated based upon each participant's tax-deferred
contribution percentage.
PARTICIPANT LOANS
The Plan does not allow for any participant loans. The loans discussed
in note 1 arose from the mergers of related plans and no further loans
will be granted after their repayment is completed.
BENEFITS
Upon separation from service, retirement at age 65, disability retirement
or death, participants or their beneficiaries are entitled to receive
their vested balances in a lump sum distribution. However, participants
from prior merged plans, whose plans allowed distributions of plan
benefits to be made in optional forms, may elect optional forms of
payment of the benefit balances that existed prior to the merger.
Contributions made subsequent to the merger may only be distributed in a
lump sum payment.
FORFEITURES
Any amount forfeited by any employee terminating from the Plan before
he/she is fully vested remains in the Plan until the end of the Plan
quarter. Amounts forfeited by Plan participants are applied to reduce
the employer contributions. Forfeitures were $282,272 and $54,924 for
the years ended June 30, 1995 and 1994, respectively.
(3) INVESTMENTS
Investments in any single entity which represent 5% or more of the fair
value of net assets available for benefits at June 30, 1995 and 1994 are
as follows:
<TABLE>
<CAPTION>
DESCRIPTION COST FAIR VALUE
------------------------------------------------------------ -------------- -----------------
<S> <C> <C>
1995:
The Putnam Fund for Growth and Income $ 9,894,320 10,822,746
Putnam Voyager Fund 5,721,964 6,426,719
Putnam Stable Value Fund, in contracts with various
companies, maturity dates ranging from March 28,
1996 through March 1, 2000 and interest rates
ranging from 4.4% to 8.4% 18,853,551 18,853,551
Harman International Industries, Incorporated
common stock 3,249,694 5,857,570
========= ==========
</TABLE>
8
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
<TABLE>
<CAPTION>
DESCRIPTION COST FAIR VALUE
-------------------------------------------------- ---------------- ------------------
<S> <C> <C>
1994:
The Putnam Fund for Growth and Income $ 8,201,969 7,885,317
Putnam Voyager Fund 2,045,900 1,895,421
Putnam Fiduciary Trust Company GIC Fund, consisting
of contracts with Sun America Life Insurance
Company, Connecticut General Life Insurance
Company and Metropolitan Life Insurance
Company, maturing on July 14, 1994, January 15,
1995 and July 15, 1995, with interest of 8.7%, 8.9%
and 6.9%, respectively 3,269,966 3,269,966
Putnam Stable Value Fund, in contracts with various
companies, maturity dates ranging from October 7,
1994 through September 1, 1999 and interest rates
ranging from 3.8% to 8.4% 15,280,963 15,280,963
Harman International Industries, Incorporated
common stock 2,226,871 3,527,062
========= ==========
</TABLE>
(4) FEDERAL INCOME TAXES
The Internal Revenue Service has previously issued a determination letter
stating that the Plan constitutes a qualified Plan under Sections 401(a)
and 401(k) of the Internal Revenue Code and that the Trust is exempt from
income tax under Section 501(a) of the Internal Revenue Code. The Plan
has been amended in fiscal 1995 and the Plan has filed for a new
determination letter. The Company believes the Plan is currently
designed and being operated in compliance with the applicable
requirements of the Internal Revenue Code.
(5) PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the
right to terminate the Plan subject to the provision of the Employee
Retirement Income Security Act of 1974. Upon Plan termination, all
participant accounts become 100% vested.
(6) COMMITMENTS AND RECONCILIATION TO FORM 5500
Included in net assets available for Plan benefits in the accompanying
financial statements is $690,477 and $95,949 at June 30, 1995 and 1994,
respectively, of amounts related to Plan participants and participants
who have terminated their service with the Company and requested a lump
sum distribution of their account balance. These amounts are shown as
liabilities on the Form 5500, Annual Return/Report of Employee Benefit
Plans, which is filed with the Internal Revenue Service.
9
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Notes to Financial Statements, Continued
(7) ACQUISITIONS
In September 1993, the Company acquired a 76% interest in AKG. AKG
domestic employees became eligible to participate in the Plan upon
acquisition of the majority interest by the Company. The Company
subsequently acquired the remaining 24% of AKG in July 1994. Effective
January 1994, the Company acquired Studer Revox AG. Effective July 1,
1994, the Studer Revox AG domestic employees became eligible to
participate in the Plan. The Company merged the plans of AKG and Studer
Revox AG with the Plan in January 1995.
Effective September 1994, the Company acquired New Media Ware. New
Media Ware employees became eligible to participate in the plan effective
April 1, 1995. In February 1995, Becker of North America was acquired.
Effective July 1, 1995, Becker employees were eligible to participate in
the Plan.
10
<PAGE>
Schedule 1
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Investments Held at End of Plan Year
June 30, 1995
<TABLE>
<CAPTION>
DESCRIPTION OF
INVESTMENT, INCLUDING
IDENTITY OF ISSUER, MATURITY DATE,
BORROWER OR SIMILAR RATE OF INTEREST, PAR CURRENT
PARTY OR MATURITY VALUE COST VALUE
- ------------------------------- ----------------------------------- ---------------- ---------------
<S> <C> <C> <C>
Putnam Fiduciary Trust $2,504,821 in contracts with
Company GIC Fund Connecticut Life Insurance Co.,
Metropolitan Life Insurance Co.
and Unum Life Insurance Co. (2)
maturing on July 15, 1995, and
December 31, 1998 and
December 31, 1997 and
December 31, 1998 with
interest of 8.7%, 6.7%, 8.0%
and 6.5%, respectively $ 2,504,821 2,504,821
Putnam Stable Value Fund $18,853,551 in contracts with
various companies, maturity dates
ranging from March 28, 1996
through March 1, 2000 and
interest rates ranging from
4.4% to 8.4% 18,853,551 18,853,551
The George Putnam Fund of
Boston 150,315 units at $14.65 per unit 2,052,025 2,202,120
The Putnam Voyager Fund 476,406 units at $13.49 per unit 5,721,964 6,426,719
The Putnam Fund for Growth and
Income 727,335 units at $14.88 per unit 9,894,320 10,822,746
*Harman International
Industries, Incorporated
common stock 144,631 shares at $40.50 per share 3,249,694 5,857,570
Putnam Money Market Fund 1,122,894 units at $1.00 per unit 1,122,894 1,122,894
Participant loans Interest rates ranging from 1.5%
to 11% (34) 153,539 153,539
Aetna Fixed Account Guaranteed investment contract 539,075 539,075
Aetna Variable Fund 3,016 units at $99.01 per unit 259,627 298,624
Aetna Variable Encore Fund 2,531 units at $35.27 per unit 87,193 89,274
Aetna Income Shares 8 units at $43.46 per unit 334 369
Aetna Portfolio Securities 975 units at $12.09 per unit 9,922 11,781
Aetna Investment Advisers
Fund 31 units at $16.17 per unit 437 496
---------------- ---------------
$44,449,396 48,883,579
========= =========
</TABLE>
* Party-in-interest investment.
See accompanying independent auditors' report.
<PAGE>
Schedule 2
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Reportable Transactions
Year ended June 30, 1995
<TABLE>
<CAPTION>
DESCRIPTION OF PURCHASE SELLING
DESCRIPTION OF ASSET TRANSACTIONS PRICE PRICE
- ----------------------------------------- ------------------------ --------------- -------------
<S> <C> <C> <C>
The Putnam Fund for Growth and
Income Purchases $ 3,463,653 --
Sales -- 1,786,495
Putnam Voyager Fund Purchases 4,279,660 --
Sales -- 619,549
Putnam GIC Funds Purchases 9,140,045 --
Sales -- 8,124,695
*Investment in Company Stock Purchases 2,451,759 --
Sales -- 2,426,278
========= ========
</TABLE>
* Party-in-interest transaction.
See accompanying independent auditors' report.
<PAGE>
Schedule 2
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
RETIREMENT SAVINGS PLAN
Reportable Transactions
Year ended June 30, 1995
<TABLE>
<CAPTION>
CURRENT
VALUE OF NET
ASSET ON GAIN
DESCRIPTION OF COST OF TRADE OR
DESCRIPTION OF ASSET TRANSACTIONS ASSET DATE (LOSS)
- ----------------------------------------- ------------------------ --------------- ------------- ----------
<S> <C> <C> <C>
The Putnam Fund for Growth and
Income Purchases 3,463,653 3,463,653 --
Sales 1,771,302 1,786,495 15,193
Putnam Voyager Fund Purchases 4,279,660 4,279,660 --
Sales 603,595 619,549 15,954
Putnam GIC Funds Purchases 9,140,045 9,140,045 --
Sales 8,124,695 8,124,695 --
*Investment in Company Stock Purchases 2,451,759 2,451,759 --
Sales 1,428,936 2,426,278 997,342
========= ======= ======
</TABLE>
* Party-in-interest transaction.
See accompanying independent auditors' report.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Administrative Committee of the Harman International Industries,
Incorporated Retirement Savings Plan, administrator of the Plan, have duly
caused this annual report to be signed by the undersigned thereunder duly
authorized.
Harman International Industries,
Incorporated
Retirement Savings Plan
DATE: December 21, 1995 BY: /s/ Frank Meredith
----------------------- ----------------------------
Frank Meredith
Vice President and General Counsel
Harman International Industries,
Incorporated
