HARMAN INTERNATIONAL REPORTS FOURTH QUARTER AND FISCAL YEAR 2009 RESULTS
- $591 million cash balance solidifies liquidity position and provides flexibility
- STEP Change initiatives ahead of schedule; lower cost base will provide sustainable competitive advantages
- Strong working capital management generates positive cash from operations during the quarter
STAMFORD, CT, August 19, 2009 – Harman International Industries, Incorporated (NYSE: HAR) today announced results for the fourth quarter and fiscal year ended June 30, 2009. For the fiscal year 2009, net sales were $2.9 billion, a decrease of 30 percent compared to the prior year. Exclusive of foreign currency translation, net sales declined by 26 percent. Loss per diluted share for the year was ($7.19) compared to earnings per share of $1.73 last year. Excluding restructuring and goodwill charges, non-GAAP loss per diluted share was ($1.01) for the year compared to earnings of $2.35 last year.
Net sales for the fourth quarter were $668 million, a 37 percent decrease compared to $1.1 billion for the same period last year. Exclusive of foreign currency translation, net sales for the fourth quarter declined by 32 percent. Loss per diluted share in the fourth quarter was ($1.05) compared to earnings per share of $0.54 in the same period last year. Excluding restructuring and goodwill charges, non-GAAP loss per diluted share was ($0.45) for the fourth quarter compared to non-GAAP earnings of $0.68.
"Despite the continued global economic challenges, I am impressed by the major progress we are seeing in our key operational initiatives," said Dinesh C. Paliwal, Harman’s Chairman, President and CEO. "The cost savings and operational excellence initiatives that we launched in June 2008 are ahead of target in delivering sustainable benefits. We have successfully delivered without exception on a record number of major automotive projects, despite significant market challenges. Building upon this successful track record, we are now in advanced discussions with key automakers to finalize several significant awards in the near future."
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