Harman International achieved record financial results for the fourth quarter and the fiscal year ended June 30, 1996. These results were fueled in part by strong sales from the Harman group’s professional audio and consumer audio divisions.
According to Sidney Harman, Chairman and CEO of Harman International, success stories in the pro audio arena included JBL Professional’s EON series of compact portable sound reinforcement systems; the Turbosound line of professional loudspeaker systems; and the BSS line of digital signal processors and loudspeaker management systems.
On the consumer audio front, Harman pointed to strong fourth-quarter sales of JBL, Infinity and Harman Kardon products. “We also added new lines at the high end, with the Mark Levinson and Proceed brands that we acquired in September 1995 by purchasing Madrigal Audio Laboratories,” said Harman.
For the year, sales were $1.3 billion, a 16% increase over sales for the prior year. Net income was $52 million, equal to $3.16 per share, an increase of $10.9 million (26%) and $.58 per share over the prior year.
Fourth quarter sales were $373.1 million, a 9% increase over the comparable quarter last year. The Company’s sales in the fourth quarter were negatively affected by currency and by the restructuring programs at AKG, Studer and Becker. Net income for the fourth quarter was up 23% to $16.8 million, equal to $.97 per share, compared with net income of $13.7 million, and $.84 per share, in the prior year.
“We are pleased with the results of fiscal 1996 and look forward to fiscal 1997.”