Last10K.com

Harman International Industries Inc (HAR) SEC Filing 10-K Annual report for the fiscal year ending Monday, June 30, 2014

Harman International Industries Inc

CIK: 800459 Ticker: HAR

Exhibit 99.1

 

 

LOGO

 

Contact: Sandy Rowland

203.328.3500

sandy.rowland@harman.com

HARMAN Reports Fourth Quarter and Full Year Fiscal 2014 Results

 

  Q4 Net Sales climb 22% to $1.4 billion; Full Year Net Sales up 24% to $5.3 billion

 

  Q4 Operational EPS up 38% to $1.25; Full Year Operational EPS up 43% to $4.41

 

  Issues guidance for Fiscal Year 2015; Raises Fiscal Year 2016 Revenue outlook $800 million to $6.85 billion

 

  Industry-leading automotive backlog grows to record high of $20.5 billion

 

  Expands portfolio into enterprise automation and control through the acquisition of AMX

STAMFORD, CT, August 7, 2014 – Harman International Industries, Incorporated (NYSE: HAR), the premier audio, visual, and infotainment group, today announced results for the fourth quarter and full year ended June 30, 2014.

Net sales for the fourth quarter were $1.444 billion, an increase of 22 percent compared to the same period last year, as all three of the Company’s divisions reported increased sales. Infotainment net sales increased due to the expansion of recent production launches, higher automotive production, and higher take rates. Lifestyle growth was driven by strong demand for the Company’s home and multimedia products launched earlier in the year and an increase in automotive production and take rates in the car audio business. HARMAN’s Professional Division net sales increased as a result of strong demand for the Company’s lighting and audio products.

Excluding restructuring and non-recurring charges, fourth quarter operating income was $121 million, compared to $87 million in the same period last year. On the same non-GAAP basis, earnings per diluted share were $1.25 for the quarter compared to $0.91 in the same period last year. On a GAAP basis, fourth quarter operating income was $57 million compared to $16 million in the same period last year, and earnings per diluted share were $0.62 for the quarter compared to $0.08 in the prior year.

Net sales for the full year were $5.348 billion, an increase of 24 percent compared to the prior year, as all three of the Company’s divisions reported increased sales. Excluding restructuring and non-recurring charges, fiscal year 2014 operating income was $430 million compared to $290 million in the prior year. On the same non-GAAP basis, earnings per diluted share were $4.41 for the year compared to $3.07 in the prior year. On a GAAP basis, fiscal year 2014 operating income was $330 million compared to $201 million in prior year, and earnings per diluted share were $3.36 compared to $2.04 in the prior year.

“We are extremely pleased that, for the fourth consecutive quarter, all three of our divisions achieved double-digit top-line growth, facilitating a 38 percent improvement in earnings per share,” said Dinesh C. Paliwal, the Company’s Chairman, President and CEO. “In our automotive businesses, we are capitalizing on robust demand for an embedded connected car experience and a more favorable production environment. In our other businesses, we continue to gain traction with our award winning products and have recently expanded our portfolio into exciting new markets including enterprise automation and control. We are executing our strategy and, as a result, we have issued strong guidance for fiscal year 2015, raised our outlook for fiscal year 2016 and reported a Company record backlog.”

Paliwal continued, “While achieving record performance in fiscal year 2014, we are taking additional restructuring actions as we continue to relentlessly focus on cost management and align our operations with growth markets. We firmly believe that innovation combined with cost leadership continues to position us for sustainable long-term success.”

 

1


The following information was filed by Harman International Industries Inc (HAR) on Thursday, August 7, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Harman International Industries Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Harman International Industries Inc.

Continue

Assess how Harman International Industries Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Harman International Industries Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2014 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (parenthetical)
Accrued Warranties
Accrued Warranties (tables)
Accrued Warranties - Schedule Of Accrued Warranties (detail)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Acquisitions - Schedule Of Cost Of Acquisition, Including Fair Value Of Contingent Consideration Allocated To Assets Acquired And Liabilities Assumed (detail)
Business Segment Data
Business Segment Data (tables)
Business Segment Data - Schedule Of Reports For Net Sales, Operating Income (loss), Assets, Goodwill, Capital Expenditures And Depreciation And Amortization By Each Reporting Segment (detail)
Business Segment Data - Schedule Of Sales Long-lived And Net Assets By Geographic Area (detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Debt - Long-term Debt, Maturities In Years (detail)
Debt - Schedule Of Long-term Debt And Current Portion Of Long-term Debt (detail)
Derivatives
Derivatives (tables)
Derivatives - Additional Information (detail)
Derivatives - Schedule Of Derivative Activity For Derivatives Designated As Cash Flow Hedges (detail)
Derivatives - Schedule Of Outstanding Foreign Exchange Contracts, Primarily Forward Contracts (detail)
Derivatives - Summary Of Fair Value Amounts Of Derivative Instruments (detail)
Derivatives - Summary Of Gains And Losses From Derivative Instruments That Are Not Designated As Hedging Instruments (detail)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Additional Information (detail)
Earnings Per Share - Schedule Of Calculation Of Basic And Diluted Earnings Per Share Of Common Stock Outstanding (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (detail)
Fair Value Measurements - Fair Value Hierarchy For Assets And Liabilities Measured On Non-recurring Basis (detail)
Fair Value Measurements - Fair Value Hierarchy For Assets And Liabilities Measured On Recurring Basis (detail)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (tables)
Goodwill And Intangible Assets, Net - Additional Information (detail)
Goodwill And Intangible Assets, Net - Schedule Of Amortization Expense Of Intangible Assets (detail)
Goodwill And Intangible Assets, Net - Schedule Of Changes In Carrying Amount Of Goodwill (detail)
Goodwill And Intangible Assets, Net - Schedule Of Net Intangible Assets (detail)
Goodwill And Intangible Assets, Net - Schedule Of Net Intangible Assets (parenthetical) (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Income Before Income Taxes (detail)
Income Taxes - Income Tax Expense (benefit), Net (detail)
Income Taxes - Schedule Of Deferred Taxes (detail)
Income Taxes - Schedule Of Gross Unrecognized Tax Benefits, Including Penalties (detail)
Income Taxes - Schedule Of Tax Provisions And Analysis Of Effective Income Tax Rates (detail)
Inventories
Inventories (tables)
Inventories - Additional Information (detail)
Inventories - Schedule Of Inventories (detail)
Leases
Leases (tables)
Leases - Additional Information (detail)
Leases - Schedule Of Obligated Minimum Lease Commitments Under Terms Of Operating Lease Agreements (detail)
Other Comprehensive Income (loss)
Other Comprehensive Income (loss) (tables)
Other Comprehensive Income (loss) - Additional Information (detail)
Other Comprehensive Income (loss) - Schedule Of Accumulated Comprehensive Income Loss (detail)
Other Comprehensive Income (loss) - Schedule Of Other Comprehensive Income (loss) (detail)
Property, Plant & Equipment, Net
Property, Plant & Equipment, Net (tables)
Property, Plant & Equipment, Net - Additional Information (detail)
Property, Plant & Equipment, Net - Schedule Of Property, Plant And Equipment, Net (detail)
Quarterly Summary Of Operations
Quarterly Summary Of Operations (tables)
Quarterly Summary Of Operations - Schedule Of Quarterly Summary Of Operations (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Restructuring
Restructuring (tables)
Restructuring - Restructuring Expenses By Reporting Business Segment (detail)
Restructuring - Rollforward Of Restructuring Accrual (detail)
Retirement Benefits
Retirement Benefits (tables)
Retirement Benefits - Accumulated Benefit Obligations In Excess Of Fair Value Of Plan Assets (detail)
Retirement Benefits - Additional Information (detail)
Retirement Benefits - Amount To Be Amortized From Aoci Into Net Periodic Benefit Cost (detail)
Retirement Benefits - Amounts Recognized In Aoci (detail)
Retirement Benefits - Assumptions Used To Determine Benefit Obligations And Net Periodic Pension And Postretirement Benefit Costs (detail)
Retirement Benefits - Components Of Net Periodic Benefit Cost (detail)
Retirement Benefits - Reconciliation Of Benefit Obligations, Plan Assets And Funded Status Recognized In Consolidated Balance Sheets (detail)
Shareholders' Equity And Share-based Compensation
Shareholders' Equity And Share-based Compensation (tables)
Shareholders' Equity And Share-based Compensation - Additional Information (detail)
Shareholders' Equity And Share-based Compensation - Schedule Of Fair Value Of Each Option Award Estimated On Date Of Grant Using Black-scholes Option Valuation Model (detail)
Shareholders' Equity And Share-based Compensation - Schedule Of Nonvested Restricted Stock Unit Activity (detail)
Shareholders' Equity And Share-based Compensation - Summary Of Cash-settled Stock Appreciation Rights (detail)
Shareholders' Equity And Share-based Compensation - Summary Of Stock Option Activity (detail)
Significant Customers
Significant Customers (tables)
Significant Customers - Additional Information (detail)
Significant Customers - Schedule Of Percentage Of Net Sales And Net Accounts Receivables Due From Customers (detail)
Subsequent Events
Subsequent Events - Additional Information (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Additional Information (detail)
Transfer Of Ownership Of Manufacturing Facility
Transfer Of Ownership Of Manufacturing Facility - Additional Information (detail)
Valuation And Qualifying Accounts And Reserves
Valuation And Qualifying Accounts And Reserves (detail)
Ticker: HAR
CIK: 800459
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-300900
Submitted to the SEC: Thu Aug 07 2014 4:57:45 PM EST
Accepted by the SEC: Thu Aug 07 2014
Period: Monday, June 30, 2014
Industry: Household Audio And Video Equipment

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/har/0001193125-14-300900.htm