(from www.sec.gov)
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Harman International Industries Inc. |
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From the April 28, 1997 Washington Post
| '96 (in $ 000s) | % Change From '95 | |
| Revenue | 1,361,595 | 16.4 |
| Net Income | 52,042 | 26.4 |
Description:
Harman International produces high-end audio products for homes, cars, concert halls and recording studios under the Infinity, JBL and Harman Kardon labels. While the company maintains a small corporate office on Pennsylvania Avenue in the District, its major production plants are in Southern California, Indiana, Britain, Germany and Austria.
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As part of his estate planning, founder and chairman Sidney Harman last year sold 2 million shares of the company's stock, netting about $100 million for family interests and designated charities. The 77-year-old executive still holds more than 1 million shares. The company also sold another 2 million shares of stock at the same time, using the proceeds to reduce long-term debt.
Harman last year picked up two new customers: Compaq Computer, which will use Harman speakers in its Presario line of computers, and Toyota, which is offering Harman stereo tape decks as an option on its popular Camry. But overall growth of revenue and profit slowed from the torrid pace of recent years, reflecting general economic and industry conditions.
Sales of Harman's home electronics reflected a disappointing year for consumer electronics generally. Analysts said some consumers are holding back purchases while waiting for the arrival later this year of digital versatile disc machines that can play both audio and new video CDs. But without its own technology, Harman will miss out on the early sales in that category.
There was relatively stronger growth for Harman in its automobile line, where consumers in Europe and Asia, in particular, are willing to spring for Harman's high-end radios and tape players. Harman's professional division has benefited from sales to movie theaters that are being retrofitted with "surround sound" systems.
