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HARMAN, the leading global audio and infotainment group (HAR),
today updated its prior guidance for the fiscal year ending June 30,
2013, which was last updated on October 26, 2011. The guidance revision
for both sales and earnings are adjusted from the October 26th
targets due to the translation impact of the weaker euro. On a constant
currency basis, the Company confirmed its previous guidance.
The Company noted that this guidance will be discussed today during its
Fourth Quarter and Fiscal Year 2012 Results Investor and Analyst Call,
for which details are provided below.
Guidance as of October 26, 2011 (FX = $1.35\EUR, 72M shares)
HARMAN Infotainment Division Lifestyle Division Professional Division
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Fiscal Year 2013
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Revenues $4.55 - 4.8 billion $2.5 - $2.65 billion $1.375 - $1.45 billion $675 - $700 million
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Operating Profit $185 - $205 million $170 - $200 million $115 - $130 million
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Earnings Per Share $3.75 - $4.00
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Guidance as of August 10, 2012 (FX = $1.24\EUR, 69M shares)
HARMAN Infotainment Division Lifestyle Division Professional Division
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Fiscal Year 2013
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Revenues $4.3 - 4.6 billion $2.3 - $2.5 billion $1.3 - $1.4 billion $665 - $690 million
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Operating Profit $173 - $191 million $166 - $196 million $113 - $128 million
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Earnings Per Share $3.67 - $3.92
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Analyst and Investor Call-In Details
At 11:00 a.m. EDT on Friday, August 10, 2012, HARMAN’s management will
host an analyst and investor conference call to discuss the fourth
quarter and full year results, as well as the guidance update. Those who
wish to participate via audio in the earnings conference call, scheduled
at 11:00 a.m. EDT, should dial 1 (800) 269 0310 (U.S.) or +1 (303) 223
2680 (International) ten minutes before the call and reference HARMAN,
Access Code: 21599087.
If you need technical assistance, call the toll-free Global Crossing
Customer Care Line at 1 (800) 473 0602 (U.S.) or +1 (303) 446 4604
(International).
A replay of the call will also be available through October 10, 2012 at
1:00 p.m. EDT. To listen to the replay, dial 1 (800) 633 8284 (U.S.) or
+1 (402) 977 9140 (International), Access Code: 21599087.
Forward-Looking Information
Except for historical information contained herein, the matters
discussed in this release are forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act. One should
not place undue reliance on these statements. We base these
statements on particular assumptions that we have made in light of our
industry experience, as well as our perception of historical trends,
current market conditions, current economic data, expected future
developments and other factors that we believe are appropriate under the
circumstances. These statements 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: (1) our ability to maintain profitability in our infotainment
segment if there are delays in our product launches which may give rise
to significant penalties and increased engineering expense; (2) the loss
of one or more significant customers, or the loss of a significant
platform with an automotive customer; (3) fluctuations in currency
exchange rates, particularly with respect to the value of the
U.S. Dollar and the Euro; (4) our ability to successfully implement our
global footprint initiative, including achieving cost reductions and
other benefits in connection with the restructuring of our
manufacturing, engineering, procurement and administrative
organizations; (5) fluctuations in the price and supply of raw materials
including, without limitation, petroleum, copper, steel, aluminum,
synthetic resins, rare metals and rare-earth minerals, or shortages of
materials, parts and components; (6) the inability of our suppliers to
deliver products at the scheduled rate and disruptions arising in
connection therewith; (7) our ability to attract and retain qualified
senior management and to prepare and implement an appropriate succession
plan for our critical organizational positions; (8) our failure to
implement and maintain a comprehensive disaster recovery program; (9)
our failure to comply with governmental rules and regulations, including
the Foreign Corrupt Practices Act and U.S. export control laws, and the
cost of compliance with such laws; (10) our ability to maintain a
competitive technological advantage through innovation and leading
product designs; (11) our failure to maintain the value of our brands
and implementing a sufficient brand protection program; and (12) other
risks detailed in Harman International Industries, Incorporated Annual
Report on Form 10-K for the fiscal year ended June 30, 2012 and other
filings made by the Company with the Securities and Exchange
Commission. We undertake no obligation to publicly update or revise any
forward-looking statement except as required by law.
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 13,400 people
across the Americas, Europe and Asia, and reported sales of $4.4 billion
for the fiscal year ended June 30, 2012. The Company’s shares are traded
on the New York Stock Exchange under the symbol NYSE:HAR.
HAR-C
(C) 2012 HARMAN International Industries, Incorporated. All rights
reserved. Harman Kardon, Infinity, JBL, Lexicon and Mark Levinson are
trademarks of HARMAN International Industries, Incorporated, registered
in the United States and/or other countries. AKG is a trademark of AKG
Acoustics GmbH, registered in the United States and/or other countries.
Features, specifications and appearance are subject to change without
notice.
SOURCE: HARMAN International Industries, Incorporated
HARMAN International Industries, Incorporated
Robert V. Lardon, 203-328-3500
Vice President, Investor Relations
robert.lardon@harman.com
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