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HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED, ANNOUNCES FOURTH QUARTER AND FULL YEAR FISCAL 1992 RESULTS

 HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED,
 ANNOUNCES FOURTH QUARTER AND FULL YEAR FISCAL 1992 RESULTS
 WASHINGTON, Aug. 27 /PRNewswire/ -- Harman International Industries, Incorporated (NYSE: HAR), today announced its results for the fourth quarter and the fiscal year ended June 30, 1992.
 In the fourth quarter, sales were $153.3 million, up $14.2 million (10.2 percent) from the same period a year ago. Pretax earnings were $2.8 million and net income was $1.6 million, resulting in earnings per share of 18 cents. In the same period last year, the company reported a pretax loss of $11.5 million and a net loss of $9.4 million, or $1.08 per share.
 For the full fiscal year, sales were $604.5 million, up $17.6 million (3.0 percent) from prior year sales of $586.9 million. Pretax earnings were $5.9 million and net income was $3.5 million, equal to 39 cents per share. These results compare with a pretax loss of $20.6 million and a net loss of $19.8 million, or $2.26 per share in the prior year.
 Commenting on the results, Dr. Sidney Harman, chairman and chief executive officer, said:
 "We are encouraged by the 1992 results and the company's return to profitability. Five of our six operating groups generated significant improvement in profitability while the sixth, the International Distribution Group, was impacted by weaker than expected economic conditions in Europe and Japan.
 "In June 1992, the company issued 2,012,500 shares of Common Stock and raised approximately $19 million of new equity. In August 1992, the company issued $70 million of Senior Subordinated Notes resulting in net proceeds of approximately $67.2 million. The funds from these transactions were used primarily to repay short-term debt."
 Harman International Industries Incorporated is a leading manufacturer and worldwide marketer of high-quality, high-fidelity audio products for the consumer, professional and automotive markets.
 HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
 Fourth Quarter and Full Year Results -- Fiscal 1992
 (In thousands except earnings per share)
 Statement of Operations
 Period Ended
 June 30, 1992 June 30, 1991
 Fourth Quarter (Unaudited)
 Net Sales $153,295 $139,098
 Operating Income (Loss) 8,321 (7,213)
 Earnings (Loss) Before Taxes 2,783 (11,532)
 Net Income (Loss) 1,642 (9,433)
 Earnings (Loss) Per Share of
 Common Stock 0.18 (1.08)
 Weighted Average Number of
 Common Shares Outstanding 9,378 8,763
 Full Year
 Net Sales $604,454 $586,941
 Operating Income (Loss) 27,547 3,385
 Earnings (Loss) Before Taxes 5,893 (20,646)
 Net Income (Loss) 3,487 (19,764)
 Earnings (Loss) Per Share of
 Common Stock 0.39 (2.26)
 Weighted Average Number of
 Common Shares Outstanding 8,925 8,757
 -0- 8/27/92
 /CONTACT: Bernard Girod for Harman International, 818-893-8411/
 (HAR) CO: Harman International Industries, Incorporated ST: District of Columbia IN: CPR SU: ERN


TW -- DC006 -- 3848 08/27/92 10:14 EDT
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Publication:PR Newswire
Date:Aug 27, 1992
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