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HARMAN INTERNATIONAL ANNOUNCES FOURTH QUARTER AND FULL YEAR 1993 RESULTS, PLANS TO ACQUIRE MICROPHONE MAKER, AKG

 WASHINGTON, Aug. 19 /PRNewswire/ -- Harman International Industries, Incorporated (NYSE: HAR), today announced results for the fourth quarter and the fiscal year ended June 30, 1993. The company also confirmed Agreement in Principle to acquire a majority interest in Austrian microphone maker AKG.
 Fourth quarter sales were $175.3 million, an increase of $22.0 million (14.3 percent) over the same period a year ago. Pretax earnings were $8.6 million, up $5.8 million (208.9 percent) from the previous year. Net income was $5.3 million, compared with net income of $1.6 million reported in the prior year. Earnings per share were 49 cents, compared with 18 cents in the previous year.
 For the full fiscal year, sales were $664.9 million, an increase of $60.5 million (10.0 percent) over the same period a year ago. Pretax earnings were $18.6 million, up $12.7 million (215.1 percent) from the prior year. Net income was $11.2 million compared with net income of $3.5 million reported in the previous year. Earnings per share were $1.04 per share, compared with 39 cents in the previous year.
 Commenting on the results, Dr. Sidney Harman, chairman and chief executive officer, said: "We are pleased with the fiscal 1993 results. The Automotive OEM Group had a particularly strong year with significant increases in sales and earnings. This is a result of the continued success of our branded audio systems in Chrysler and Ford automobiles. The Chrysler LH models in which our Infinity ISI systems are installed and the Ford Mark VIII vehicles in which our Ford/JBL systems are installed have been very well received. We also began shipping Infinity branded audio systems to Mitsubishi during the fourth quarter of fiscal 1993."
 Harman also announced agreement, in principle, to acquire for an undisclosed sum a majority interest in the Austrian microphone maker, AKG. The agreement includes an option to acquire the remaining minority interest. The ultimate acquisition is subject to approval by the respective boards of directors.
 AKG, based in Vienna, Austria, is one of the world's leading manufacturers of microphones and related instruments for professional, commercial and government use. The company has subsidiaries in the United States, United Kingdom, Germany, France, India and Japan. Total AKG sales are approximately $100 million annually.
 Commenting on the acquisition, Harman stated:
 "The acquisition of AKG will represent a significant step in the continuing development of Harman International's strong capabilities in the professional audio business. AKG's combination of world class products, excellent engineering and manufacturing facilities throughout the world and its splendid reputation will provide significant support for our very strong professional audio group," he said.
 Harman International Industries, Incorporated, is a leader in the design, manufacture and marketing of high-quality, high-fidelity audio products targeted primarily at the consumer, professional and automotive markets. The company's stock is traded on the New York Stock Exchange under the symbol "HAR."
 HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
 FOURTH QUARTER AND FULL YEAR RESULTS -- FISCAL 1993
 (In Thousands Except Earnings Per Share)
 STATEMENT OF OPERATIONS
 PERIOD ENDED
 June 30, 1993 June 30, 1992
 FOURTH QUARTER
 Net Sales $175,273 $153,295
 Cost of Sales 122,894 109,628
 Gross Profit 52,379 43,667
 Operating Expenses 38,834 35,346
 Operating Income 13,545 8,321
 Non-Operating Expenses 4,948 5,538
 Earnings Before Taxes 8,597 2,783
 Income Tax Expense 3,323 1,141
 Net Income $ 5,274 $ 1,642
 Earnings Per Share of Common Stock $ 0.49 $ 0.18
 Weighted Average Number of
 Common Shares Outstanding 10,857 9,378
 FULL YEAR
 Net Sales $664,913 $604,454
 Cost of Sales 474,350 439,832
 Gross Profit 190,563 164,622
 Operating Expenses 149,308 137,075
 Operating Income 41,255 27,547
 Non-Operating Expenses 22,685 21,654
 Earnings Before Taxes 18,570 5,893
 Income Tax Expense 7,324 2,406
 Net Income $ 11,246 $ 3,487
 Earnings Per Share of Common Stock $ 1.04 $ 0.39
 Weighted Average Number of
 Common Shares Outstanding 10,826 8,925
 -0- 8/19/93
 /CONTACT: Bernie Girod of Harman International Industries, 818-893-8411/
 (HAR)


CO: Harman International Industries, Incorporated; AKG ST: District of Columbia IN: CPR SU: ERN TNM

TW-DC -- DC024 -- 4533 08/19/93 17:52 EDT
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Date:Aug 19, 1993
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