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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) June 16, 1998
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 June 16, 1998, Harman International Industries, Incorporated
("Harman") issued a press release announcing its outlook for the fourth
quarter of fiscal 1998 and for fiscal 1999. The Company also announced
that its Board of Directors had approved a stock repurchase program of up
to 1.5 million shares in the next twelve months. The press release 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 fourth quarter of
fiscal 1998 and for fiscal 1999, and announcing Board of
Directors' approval of stock repurchase program.
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: June 16, 1998
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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
June 16, 1998 FOR IMMEDIATE RELEASE
HARMAN INTERNATIONAL INDUSTRIES, INC.
COMMENTS ON ASIA AND ANNOUNCES CORPORATE PROMOTIONS
New York, NY - At a meeting with analysts and fund managers,
sponsored by Lehman Brothers at New York City's China Club, Dr.
Sidney Harman, Chairman of Harman International Industries, Inc.,
reviewed the impact of the Asian crisis on Harman sales. "Consumer
and Professional Division sales in China will be 80% of plan in fiscal
'98. Sales to Japan will be only 60% of plan and sales to the rest of
Asia will be less than 40% of plan. For the full year we will have lost
$90 million in sales in Asia plus $60 million in sales in Europe and
North America arising from Asia related currency impact and the strike
in Denmark. The Consumer and Professional sales declines have been
substantially offset by continuing strength in the OEM Division. As a
consequence, we now expect fiscal '98 earnings in the range of $2.80 to
$3.00 per share."
Dr. Harman stated that at the Shareholders Meeting on November 10,
1998, in New York City, he expects Bernard Girod to be elected Chief
Executive Officer, Gregg Stapleton Chief Operating Officer, Frank
Meredith Chief Financial Officer, Erich Geiger Chief Technical Officer
and Tom Jacoby Chief Marketing Officer. "I will continue as Chairman
and our management team will be fully in place for the next period of
years."
He also announced the combining of the Company's Consumer and
OEM Groups, under the direction of Gregg Stapleton. "Our Consumer
Group has been burdened by the Asia collapse and the Danish strike, by
currency and a generally soft consumer electronics market. This step
will strengthen its efforts in engineering, manufacturing and
procurement - three areas in which the OEM Group is unusually
effective."
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He announced that the Board of Directors had approved a stock
repurchase program of up to 1.5 million shares in the next 12 months.
Dr. Harman stated that the Company expects earnings for fiscal '99 to
approximate the $4.00 median of current street projections.
Harman International Industries, Incorporated (www.harman.com) 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, currency exchange rates, competitive products
and other risks detailed in the Company's Securities and Exchange
Commission filings.
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