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HARMAN INTERNATIONAL INDUSTRIES ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS FOR FISCAL 1992

 HARMAN INTERNATIONAL INDUSTRIES ANNOUNCES THIRD QUARTER
 AND NINE MONTH RESULTS FOR FISCAL 1992
 WASHINGTON, April 22 /PRNewswire/ -- Harman International Industries Inc. (NYSE: HAR) today announced results for the third quarter and the nine months ended March 31, 1992.
 In the third quarter, sales were $152.0 million, up $2.9 million (2.0 percent) from the same period a year ago. Pretax earnings were $2.9 million and net income was $1.7 million, resulting in earnings per share of 19 cents. In the same period last year, the company reported a pretax loss of $12.5 million and a net loss of $11.5 million or $1.31 per share.
 For the nine month period, sales were $451.2 million, up $3.3 million (0.7 percent) from the same period a year ago. Pretax earnings were $3.1 million and net income was $1.8 million or 21 cents per share. These results compare with a pretax loss of $9.1 million and a net loss of $10.3 million or $1.18 per share in the same period in the prior year.
 Commenting on the results, Dr. Sidney Harman, chairman and chief executive officer, said:
 "We are very pleased with the results of the third quarter. They continue to demonstrate the company's ability to deal with the soft economic climate in most major markets and the success of the turnaround programs we have put into place."
 "The Loudspeaker and Professional Groups performed particularly well in the quarter, showing significant increases in sales and earnings. These increases were partially offset by reductions in sales at the Automotive Group and International Distribution Group. However, virtually every division showed improvements in earnings versus the prior year."
 Harman International Industries Inc. 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.
 HARMAN INTERNATIONAL INDUSTRIES
 Third Quarter and Nine Month Results -- Fiscal 1992
 (In thousands except earnings per share)
 Income Statement
 (Unaudited)
 Period Ended March 31, 1992 March 31, 1991
 Third Quarter
 Net Sales $151,993 $149,064
 Earnings Before Taxes 2,901 (12,527)
 Net Income 1,711 (11,473)
 Earnings Per Share of
 Common Stock 0.19 (1.31)
 Weighted Average Number of
 Common Shares Outstanding 8,776 8,758
 Nine Months
 Net Sales $451,159 $447,843
 Earnings Before Taxes 3,110 (9,114)
 Net Income 1,845 (10,331)
 Earnings Per Share of
 Common Stock 0.21 (1.18)
 Weighted Average Number of
 Common Shares Outstanding 8,775 8,755
 -0- 4/22/92
 /CONTACT: Bernard Girod for Harman International Industries, 818-893-8411/
 (HAR) CO: Harman International Industries, Incorporated ST: District of Columbia IN: CPR SU:


DC -- DC021 -- 1470 04/22/92 16:55 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Apr 22, 1992
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