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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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) March 17, 1997
Harman International Industries, Incorporated
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-9764 11-2534306
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(Commission File Number) (IRS Employer Identification No.)
1101 Pennsylvania Avenue, N.W., Ste. 1010, Washington, D.C. 20004
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (202) 393-1101
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On March 17, 1997, Harman International Industries, Incorporated
("Harman") announced its outlook for the third and fourth quarters of
fiscal 1997. The announcement is filed as part of this Current Report on
Form 8-K.
Item 7c. Exhibits
Exhibit Description
20.1 Press release announcing outlook for the third and
fourth quarters of fiscal 1997.
Note: Except for historical information contained herein, the matters
discussed are forward-looking statements which 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 economic conditions, product demand, competitive products
and other risks detailed in the Company's other Securities and Exchange
Commission filings.
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Signatures
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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/ Frank Meredith
_______________________
Frank Meredith
Vice President of Finance and
Administration and Chief
Financial Officer
Date: March 17, 1997
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EXHIBIT INDEX
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Exhibit No. Description Page
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20.1 Press Release 5-6
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EXHIBIT 20.1
March 17, 1997 FOR IMMEDIATE RELEASE
HARMAN INTERNATIONAL ANNOUNCES OUTLOOK
FOR THIRD AND FOURTH FISCAL QUARTERS
ANNOUNCES 3-D AUDIO AGREEMENTS WITH MICROSOFT
AND MEDIANIX
Washington, DC - Harman International today estimated that sales for
its third fiscal quarter ending March 31, 1997, would be approximately
5% higher than sales of $339.3 million reported in the same quarter a
year ago but approximately $40 million lower than previously expected.
Currency changes account for approximately $20 million of the total
variance. Delays in the receipt of letters of credit for several
professional audio contracts with emerging nations will postpone
shipments of $10 million and soft consumer sales worldwide will reduce
sales by another $10 million. As a result, after-tax earnings (based on a
30% tax rate) are expected to be approximately $10 million, a 30%
decrease from the third quarter a year ago. Earnings per share are
expected to be approximately $0.50 to $0.55 compared to $0.86 last
year.
The Company stated that it expects strong results in its fourth fiscal
quarter (which ends June 30) and in fiscal 1998 as a result of new
product introductions in its Consumer, Professional and OEM
businesses and expected release of the contracts for its professional
audio business.
The Company announced that it has signed agreements to sell an
interactive version of its proprietary VMAx 3-D audio technology to
Microsoft for inclusion in Windows. Although this transaction will not
have material impact on revenues in the short term, the Company is
confident that it will have very positive effect throughout the PC and
consumer electronics industries over time. A new agreement has been
reached with Medianix Semiconductor, Inc., a major chipmaker, for
inclusion of VMAx on its multimedia chip to be sold to consumer
electronics and computer companies.
In approximately three weeks, the Company expects to announce
completion of a significant new agreement with a major automotive
maker for sale of JBL branded sound systems beginning in fiscal 1999.
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March 17, 1997
Page -2-
Harman International Industries, Incorporated is a leader in the design,
manufacture and marketing of high-quality, high-fidelity audio products
targeted primarily at the consumer, professional and OEM 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 which 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 economic conditions,
product demand, competitive products and other risks detailed in
the Company's Securities and Exchange Commission filings.
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