STAMFORD, CT -- Harman International Industries, Incorporated (NYSE:HAR), the leading global audio and infotainment group, today announced that its board of directors has adopted an annual cash dividend policy pursuant to which the company will increase its annual cash dividend to $0.30 per share, to be paid quarterly at the rate of $0.075 per share. The higher rate represents a 3 times increase over the prior quarterly rate of $0.025 per share. The increased dividend will go into effect for the new fiscal year, which starts July 1, 2011, and the first quarterly payment will be in September 2011.
“We are pleased that the sustained improvement in the company’s financial performance, including six consecutive quarters of top and bottom line growth, has allowed us to substantially increase our dividend” said Dinesh C. Paliwal, the Company’s Chairman, President and CEO. “This dividend increase is another example of Harman’s commitment to returning value to our shareholders as we continue to build the longer term value of our company.”
HARMAN (www.harman.com) designs, manufactures and markets a wide range of audio and infotainment solutions for the automotive, consumer and professional markets – supported by 15 leading brands including AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon® and Mark Levinson®. The Company is admired by audiophiles across multiple generations and supports leading professional entertainers and the venues where they perform. More than 20 million automobiles on the road today are equipped with HARMAN audio and infotainment systems. HARMAN has a workforce of about 12,000 people across the Americas, Europe and Asia, and reported sales of $3.6 billion for the twelve months ending March 31, 2011. The Company’s shares are traded on the New York Stock Exchange under the symbol NYSE:HAR.