<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Quarterly Report under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended: December 31, 1999
Commission File Number: 1-9764
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 11-2534306
- ---------------------------------- --------------------------------------
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
1101 PENNSYLVANIA AVENUE, NW WASHINGTON, D.C. 20004
--------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
(202) 393-1101
------------------------------------------------------------
(Registrant's telephone number, including area code)
NOT APPLICABLE
-------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
YES X NO
------- -------
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.
17,173,649 shares of Common Stock, $.01 par value, at January 31, 2000.
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
AND SUBSIDIARIES
INDEX
PART I. FINANCIAL INFORMATION PAGE NO.
Item 1. Financial Statements
Condensed Consolidated Balance Sheets -
December 31, 1999 and June 30, 1999 3
Condensed Consolidated Statements of Operations -
Three and six months ended December 31, 1999 and 1998 4
Condensed Consolidated Statements of Cash Flows -
Six months ended December 31, 1999 and 1998 5
Notes to Condensed Consolidated Financial Statements 6-10
Item 2. Management's Discussion and Analysis of the
Results of Operations and Financial Condition 11-14
PART II. OTHER INFORMATION 15
SIGNATURES 16
2
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 1999 AND JUNE 30, 1999
(000s omitted except per share amounts)
<TABLE>
<CAPTION>
12/31/99 06/30/99
-------------- --------------
<S> <C> <C>
ASSETS
Current assets
Cash and cash equivalents $ 7,106 2,963
Receivables (less allowance for doubtful
accounts of $10,408 at December 31,
1999 and $ 8,732 at June 30, 1999) 313,892 303,371
Inventories 287,156 280,115
Other current assets 57,669 60,160
-------------- --------------
Total current assets 665,823 646,609
-------------- --------------
Property, plant and equipment, net 236,976 241,063
Excess of cost over fair value of assets
acquired, net 151,664 140,824
Other assets 41,221 37,259
-------------- --------------
Total assets $1,095,684 1,065,755
-------------- --------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term borrowings $ 14,241 19,411
Current portion of long-term debt 9,991 11,750
Accounts payable 127,377 120,116
Accrued liabilities 141,146 135,544
-------------- --------------
Total current liabilities 292,755 286,821
-------------- --------------
Borrowings under revolving credit
facility 62,575 34,375
Senior long-term debt 243,663 246,039
Other non-current liabilities 30,210 29,585
Minority interest 866 748
Shareholders' equity
Common stock, $.01 par value 187 187
Additional paid-in capital 291,249 290,873
Accumulated foreign currency
translation adjustments (44,558) (41,885)
Retained earnings 278,459 252,989
Less common stock held in treasury (59,722) (33,977)
-------------- --------------
Total shareholders' equity 465,615 468,187
-------------- --------------
Total liabilities and shareholders' equity $1,095,684 1,065,755
-------------- --------------
</TABLE>
See accompanying Notes to Condensed Consolidated Financial Statements.
3
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 1999 AND 1998
(000s omitted except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
December 31, December 31,
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net sales $ 450,826 387,518 807,599 703,414
Cost of sales 324,335 303,071 584,865 535,232
------------ ------------ ------------ ------------
Gross profit 126,491 84,447 222,734 168,182
Selling, general and
administrative expenses 88,937 84,750 172,863 150,156
Plant closures and severance -- 17,010 -- 17,010
Asset impairment -- 20,054 -- 20,054
------------ ------------ ------------ ------------
Operating income (loss) 37,554 (37,367) 49,871 (19,038)
Other expense
Interest expense 5,077 6,054 9,707 11,987
Miscellaneous, net 381 872 975 962
------------ ------------ ------------ ------------
Income (loss) before income taxes 32,096 (44,293) 39,189 (31,987)
Income tax expense (benefit) 9,789 (13,731) 11,988 (9,916)
------------ ------------ ------------ ------------
Net income (loss) $ 22,307 (30,562) 27,201 (22,071)
------------ ------------ ------------ ------------
Basic earnings (loss) per share $ 1.30 (1.73) 1.57 (1.22)
------------ ------------ ------------ ------------
Diluted earnings (loss) per share $ 1.28 (1.73) 1.55 (1.22)
------------ ------------ ------------ ------------
Weighted average shares
outstanding - basic 17,193 17,701 17,333 18,076
------------ ------------ ------------ ------------
Weighted average shares
outstanding - diluted 17,474 17,701 17,584 18,076
------------ ------------ ------------ ------------
</TABLE>
See accompanying Notes to Condensed Consolidated Financial Statements.
4
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED DECEMBER 31, 1999 AND 1998
($000s omitted)
<TABLE>
<CAPTION>
1999 1998
------------ ------------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ 27,201 (22,071)
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation 27,563 29,907
Amortization of intangible assets 3,502 3,567
Special charges, net of cash paid -- 63,318
Changes in assets and liabilities:
(Increase) decrease in:
Receivables (10,314) (4,821)
Inventories (7,041) (48,379)
Other current assets 2,496 (7,249)
Decrease in:
Accounts payable 6,960 (20,820)
Accrued liabilities 5,061 (38,047)
------------ ------------
Net cash provided by (used in) operating activities $ 55,428 (44,595)
------------ ------------
Cash flows from investing activities:
Payment for purchase of companies,
net of cash acquired $ (11,691) --
Proceeds from disposition of assets 7,134 --
Loan collections 2,670 --
Capital expenditures (33,846) (32,433)
Other items, net (2,954) (5,274)
------------ -------------
Net cash used in investing activities $ (38,687) (37,707)
------------ -------------
Cash flows from financing activities:
Borrowings on (repayments of) lines of credit $ (4,773) 1,507
Net proceeds from long-term debt 19,275 107,306
Shares repurchases (25,745) (33,778)
Dividends paid to shareholders (1,731) (1,817)
Proceeds from exercise of stock options 376 626
------------ -------------
Net cash provided by (used in) financing activities $ (12,598) 73,844
------------ -------------
Net increase (decrease) in cash and
cash equivalents 4,143 (8,458)
Cash and cash equivalents
at beginning of period 2,963 16,204
------------ -------------
Cash and cash equivalents at end of period $ 7,106 7,746
------------ -------------
Supplemental disclosures of cash flow information:
Interest paid $ 9,678 13,336
Income taxes paid 5,283 3,712
Supplemental disclosures of cash flow information:
Fair value of assets acquired $ 21,549 --
Payment for purchase of company 11,691 --
------------ -------------
Liabilities assumed $ 9,858 --
------------ -------------
</TABLE>
See accompanying Notes to Condensed Consolidated Financial Statements.
5
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
NOTE A - BASIS OF PRESENTATION
The Company's Condensed Consolidated Financial Statements as of
December 31, 1999, and for the three and six months ended
December 31, 1999 and 1998, have not been audited by the Company's
independent auditors; however, in the opinion of management, the
accompanying unaudited Condensed Consolidated Financial Statements
contain all adjustments (consisting of only normal recurring accruals)
necessary to present fairly the consolidated financial position of
the Company and subsidiaries as of December 31, 1999 and the results
of their operations and their cash flows for the periods presented.
Where necessary, prior years' information has been reclassified to
conform to the current year consolidated financial statement
presentation.
These financial statements should be read in conjunction with the
consolidated financial statements and related notes thereto included
in the Company's Annual Report on Form 10-K for the year ended
June 30, 1999.
The results of operations for the three and six months ended
December 31, 1999, are not necessarily indicative of the results
to be expected for the full year.
NOTE B - COMPREHENSIVE INCOME
Comprehensive income and its components for the three and six months
ended December 31, 1999 and 1998 are presented below.
<TABLE>
<CAPTION>
Three months Ended Six months Ended
December 31, December 31,
(Dollars in thousands) 1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net income (loss) $ 22,307 (30,562) 27,201 (22,071)
Foreign currency
translation adjustments (10,524) (1,392) (2,673) 7,517
----------- ----------- ----------- ----------
Total comprehensive income (loss) $ 11,783 (31,954) 24,528 (14,554)
----------- ----------- ----------- ----------
</TABLE>
6
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (continued)
NOTE C - EARNINGS PER SHARE INFORMATION
<TABLE>
<CAPTION>
Three Months Ended December 31,
1999 1998
-------------------- --------------------
(000's omitted
except per share amounts ) Basic Diluted Basic Diluted
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net income (loss) $ 22,307 22,307 (30,562) (30,562)
-------- -------- -------- --------
Weighted average shares
outstanding 17,193 17,193 17,701 17,701
Employee stock options -- 281 -- --
-------- -------- -------- --------
Total weighted average
shares outstanding 17,193 17,474 17,701 17,701
-------- -------- -------- --------
Earnings (loss) per share $ 1.30 1.28 (1.73) (1.73)
-------- -------- -------- --------
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended December 31,
1999 1998
-------------------- ---------------------
(000's omitted
except per share amounts ) Basic Diluted Basic Diluted
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net income (loss) $ 27,201 27,201 (22,071) (22,071)
-------- -------- -------- --------
Weighted average shares
outstanding 17,333 17,333 18,076 18,076
Employee stock options -- 251 -- --
-------- -------- -------- --------
Total weighted average
shares outstanding 17,333 17,584 18,076 18,076
-------- -------- -------- --------
Earnings (loss) per share $ 1.57 1.55 (1.22) (1.22)
-------- -------- -------- --------
</TABLE>
Employee stock options have been excluded from the net loss per share
calculation for the three and six months ended December 31, 1998,
because their effect would be anti-dilutive.
7
<PAGE>
NOTE D - RESTRUCTURING
In last year's second quarter, the Company implemented a restructuring
program designed to improve the profitability of the consumer business
and other operations. The Company implemented a program to:
(1) re-align the consumer audio dealer and distribution structure to
strengthen the positioning of our various brands, (2) significantly
reduce the number of marginally profitable product lines, and
(3) significantly reduce overhead as a result of weakening consumer
market conditions. The Company also implemented overhead reduction
programs and eliminated product lines in certain professional businesses.
These actions resulted in pretax charges totaling $66.4 million.
The components of the charges and costs incurred through
December 31, 1999 are shown below.
<TABLE>
<CAPTION>
Charges to
Charges to Reserves
Reserves Six months
Original Through Ended Remaining
($ in millions) Provision June 1999 Dec 1999 Balance
----------- ------------ -------------- --------------
<S> <C> <C> <C> <C>
Plant closures
and severance $ 17.0 14.7 1.3 1.0
Asset impairment 20.0 18.7 1.2 0.1
Inventories 24.3 11.9 4.5 7.9
Other 5.1 5.1 -- 0.0
----------- ------------ -------------- --------------
Total $ 66.4 50.4 7.0 9.0
----------- ------------ -------------- --------------
</TABLE>
The remaining inventory reserves primarily relate to raw materials
inventory formerly held at the company's El Paso facility.
This inventory is now being converted to finished goods under
contract with an Asian manufacturer.
8
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (continued)
NOTE E - SEGMENTATION
The Company is engaged in the design, manufacture and marketing of
high fidelity audio products. Our businesses are organized based on
the end-user markets served - consumer and professional.
The Consumer Systems Group manufactures loudspeakers and
electronics for high fidelity audio and video reproduction in the home,
with computers and in vehicles. Home applications include two-
channel audio, multi-channel audio/video and personal computer audio.
Vehicle applications include audio, video, navigation and multi-media.
Consumer products are marketed under brand names including JBL,
Harman Kardon, Infinity, Becker, Revel, Mark Levinson and Proceed.
The Professional Group manufactures loudspeakers and electronics used
by audio professionals in concert halls, cinemas, recording studios,
broadcasting operations and live music events. Professional products
are marketed worldwide under brand names including JBL, AKG, Studer,
Lexicon, Soundcraft, DOD, Digitech and dbx.
The following table reports external sales and operating income
by segment for the three and six months ended December 31, 1999.
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
December 31, December 31,
($000s omitted) 1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net sales:
Consumer Systems Group $ 332,181 283,648 586,694 501,479
Professional Group 118,645 103,917 220,905 201,902
Other -- (47) -- 33
------------ ------------ ------------ ------------
Total $ 450,826 387,518 807,599 703,414
------------ ------------ ------------ ------------
Operating income:
Consumer Systems Group $ 34,104 27,406 46,062 40,939
Professional Group 7,704 2,756 10,423 6,817
Other (4,254) (1,083) (6,614) (348)
Restructuring charges -- (66,446) -- (66,446)
------------ ------------ ------------ ------------
Total $ 37,554 (37,367) 49,871 (19,038)
------------ ------------ ------------ ------------
</TABLE>
Other operating income (loss) is primarily comprised of corporate expenses
less subsidiary allocations.
9
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (continued)
NOTE F - INVENTORIES
Inventories consist of the following:
<TABLE>
<CAPTION>
December 31, June 30,
($000's omitted) 1999 1999
-------------- -------------
<S> <C> <C>
Finished goods and inventory
purchased for resale $ 136,443 138,007
Work in process 36,287 37,317
Raw materials and supplies 114,426 104,791
-------------- -------------
Total inventories $ 287,156 280,115
-------------- -------------
</TABLE>
NOTE G - ACQUISITIONS
In December 1999, the Company acquired Innovative Systems GmbH (IS),
a leading developer of route guidance, positioning and navigation
systems software located in Hamburg, Germany. The acquisition was
recorded using the purchase method of accounting. The acquisition of
IS was not material to the consolidated financial statements.
10
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
AND SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
RESULTS OF OPERATIONS
---------------------
COMPARISON OF THE THREE AND SIX MONTH PERIODS ENDED
DECEMBER 31, 1999 AND 1998
Net sales for the second quarter ended December 31, 1999 increased
16 percent to $450.8 million. Excluding currency effects, sales
increased 21 percent. For the first half of the year, sales
increased 15 percent to $807.6 million. Excluding currency
effects, sales increased 19 percent.
The Consumer Systems Group reported sales of $332.2 million
for the quarter, an increase of 17 percent over the prior
year. Sales to consumer audio dealers and distributors exceeded
last year's, reflecting higher sales in North America partially
offset by lower international sales driven by the continuing
international dealer destocking program. Sales to the
automakers increased. Strong growth in Infinity audio system
shipments for the Dodge trucks and Chrysler's family of minivans
and higher volumes with Mitsubishi and Toyota contributed
in North America and Asia. In Europe, increased sales volume
was driven by the introduction of navigation systems in Mercedes
Benz vehicles and robust aftermarket activity in Becker radios
and navigation systems. Sales to personal computer manufacturers
more than tripled in the quarter and were almost 500 percent
above last year's first half. The increases reflect higher
shipments of Harman Kardon systems to Dell and Apple and
higher shipments of JBL systems to Compaq.
The Professional Group reported sales of $118.6 million for
the quarter, a 14 percent increase over the prior year.
JBL Professional, AKG and Harman Music Group all reported
strong sales. Driven by significant growth in transducer
shipments to Qualcomm, Nokia and Mercedes for hands-free
and wireless telephones, AKG sales rose 37 percent.
Special charges totaling $24.3 million were recorded as cost
of sales in last year's second quarter to reduce the carrying
value of discontinued product lines. Excluding these charges,
gross profit margin was 28.1 percent ($108.7 million) in the
second quarter and 27.4 percent ($192.4 million) in the first
half last year. This year, gross profit margin was 28.1 percent
($126.5 million) for the second quarter and 27.6 percent
($222.7 million) for the first half.
11
<PAGE>
Consumer Systems Group margins approximated the prior year,
reflecting increased factory leverage in our automotive
businesses offset by a higher percentage of personal
computer audio sales in the mix and the effects of the
international destocking program, which resulted in lower
factory overhead absorption. Professional Group margins
increased, led by JBL Professional and AKG.
Selling, general and administrative expenses increased in
the second quarter and the first half due to overall sales
growth and engineering and capital outlays required to
fulfill future automotive and personal computer contracts.
The beginning of a significant new program was announced
in January 2000 when Lexus introduced its 2001 LS430 at
the Detroit Auto show. The 2001 LS430 will feature an
advanced digital audio system bearing our Mark Levinson
brand name.
Operating income as a percentage of sales was 8.3 percent
($37.6 million) for the second quarter and 6.2 percent
($49.9 million) for the first half ended December 31, 1999.
Last year, operating loss as a percent of sales was
9.6 percent ($37.4 million) for the second quarter and
2.7 percent ($19.0 million) for the first half. Excluding
restructuring charges, operating income as a percent
of sales was 7.5 percent ($29.1 million) for the second
quarter and 6.7 percent ($47.4 million) for the first
half last year. Operating income increased due to higher
sales and margins.
Interest expense for the three months ended December 31, 1999
was $5.1 million compared to $6.1 million in the same
quarter last year. For the six months ended December 31, 1999,
interest expense was $9.7 million, down from $12.0 million
last year. Interest expense declined due to lower borrowings.
Average borrowings outstanding were $343.9 million for the
second quarter of fiscal 2000 and $339.2 million for the
first half, compared to $435.9 million and $398.7 million,
respectively, for the same periods in the prior year.
The weighted average interest rate on borrowings was
5.9 percent for the second quarter and 5.7 percent for
the six months ended December 31, 1999. The weighted
average interest rates for the comparable periods in
the prior year were 5.6 percent and 6.0 percent,
respectively.
Income before income taxes for the second quarter was
$32.1 million, compared to a loss of $44.3 million in the
prior year. For the six months ended December 31, 1999,
income before taxes was $39.2 million compared to a loss
of $32.0 million in the same period last year.
12
<PAGE>
The effective tax rate for the three and six months ended
December 31, 1999, was 31 percent, equal to the rate reported
for the same periods last year. The effective tax rates
were below the U.S. statutory rate due to utilization of tax
credits, realization of certain tax benefits for United States
exports and the utilization of tax loss carryforwards at
certain foreign subsidiaries. The Company calculates its
effective tax rate based upon its current estimate of annual
results.
Net income for the three months ended December 31, 1999 was
$22.3 million, compared to a net loss of $30.6 million in
the prior year. Net income for the six months ended
December 31, 1999 was $27.2 million, compared to a net
loss of $22.1 million in the prior year.
Basic earnings per share for the three months ended
December 31, 1999 were $1.30, and diluted earnings per share
were $1.28. In the same period last year, basic and diluted
loss per share were $1.73.
Basic earnings per share for the six months ended
December 31, 1999 were $1.57, and diluted earnings per share
were $1.55. For the six months last year, basic and diluted
loss per share were $1.22.
Excluding the restructuring charge of $66.4 million
($45.9 million after-tax), net income last year was
$15.3 million, equal to $0.86 per share, in the second
quarter, and $23.8 million, equal to $1.30 per share,
in the first half.
FINANCIAL CONDITION
-------------------
Net working capital at December 31, 1999 was $373.1 million,
compared with $359.8 million at June 30, 1999. The working
capital increase was primarily due to higher receivables and
inventory balances at December compared to June. Receivables
increased due to sales growth. Inventories were higher due to
increases in safety stocks associated with the Year 2000
transition.
The Company continued its common stock repurchase program.
In the first half of fiscal 2000, the Company acquired and
placed in treasury 602,100 shares of its common stock at a
cost of $25.7 million.
13
<PAGE>
Borrowings under the revolving credit facility at December 31, 1999
were $67.8 million, comprised of swing line borrowings of
$5.2 million, which were included in short-term borrowings,
and competitive advance borrowings and revolving credit
borrowings of $62.6 million. Borrowings under the revolving
credit facility at June 30, 1999 were $41.2 million,
comprised of swing line borrowings of $6.8 million
and competitive advance borrowings and revolving credit
borrowings of $34.4 million. Borrowings under the revolving
credit facility increased due to capital expenditures
and the IS acquisition, offset by strong positive operating
cash flows.
In September 1999, the Company put in place a $90 million
equipment financing line to fund capital additions at
operating subsidiaries. As of December 31, 1999,
$19.2 million of capital additions had been funded under
this line.
YEAR 2000
---------
The Company did not experience any significant disruptions in its
operating or business systems during the transition from 1999
to 2000. Based on operations since January 1, 2000, the Company
does not expect any impact to its ongoing business as a result
of the "Year 2000 issue." It is possible that disruptions
could still occur at suppliers or customers. However, the
Company is not aware of any significant Year 2000 problems
that have arisen for its customers or suppliers, and it does
not believe future problems are likely to occur.
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, labor disputes,
competitive products and other risks detailed in the
Company's other Securities and Exchange Commission filings.
14
<PAGE>
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
There are various legal proceedings pending against the
registrant and its subsidiaries, but, in the opinion of
management, liabilities, if any, arising from such claims will not
have a materially adverse effect upon the consolidated financial
condition of the registrant.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits required by Item 601 of Regulation S-K
None.
(b) Reports on Form 8-K
Form 8-K, dated December 13, 1999, filed on December 16,
1999, containing the following items:
Item 5. Stockholders Rights agreement
15
<PAGE>
SIGNATURES
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 thereunto duly authorized.
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
(Registrant)
DATE: February 11, 2000 BY: /s/ Bernard A. Girod
-------------------------------
Bernard A. Girod
Chief Executive Officer
DATE: February 11, 2000 BY: /s/ Frank Meredith
-------------------------------
Frank Meredith
Vice President of Finance
and Administration, Chief
Financial Officer and
Secretary
16
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-END> DEC-31-1999
<CASH> 7025
<SECURITIES> 81
<RECEIVABLES> 324300
<ALLOWANCES> 10408
<INVENTORY> 287156
<CURRENT-ASSETS> 665823
<PP&E> 477317
<DEPRECIATION> 240341
<TOTAL-ASSETS> 1095684
<CURRENT-LIABILITIES> 292755
<BONDS> 306238
<COMMON> 187
0
0
<OTHER-SE> 465428
<TOTAL-LIABILITY-AND-EQUITY> 1095684
<SALES> 807599
<TOTAL-REVENUES> 807599
<CGS> 448569
<TOTAL-COSTS> 584865
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 2932
<INTEREST-EXPENSE> 9707
<INCOME-PRETAX> 39189
<INCOME-TAX> 11988
<INCOME-CONTINUING> 27201
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 27201
<EPS-BASIC> 1.57
<EPS-DILUTED> 1.55
</TABLE>
