Harman Kardon 2007 Annual Report Download

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Harman International 2007 Annual Report

Table of contents

  • Page 1
    Harman International 2007 Annual Report

  • Page 2
    ...to audio solutions that fill the world's premier entertainment and sporting venues with high-fidelity sound. Our network of manufacturing, sales and service resources is staffed by more than 10,500 dedicated Harman professionals, along with leading retailers, systems integrators and channel partners...

  • Page 3
    ...per share data, for the fiscal years ended June 30) 03 04 05 06 07 Net Sales Operating Income Income Before Income Taxes ...551,144 386,387 382,205 313,963 4.72 2,508,868 76,528 106,141 1,494,041 Net Sales (in billions) Earnings Per Share (diluted) $4.00 $5.00 4.72 3.55 3.25 $3.00 $3.50 $4....

  • Page 4

  • Page 5
    ...business significantly expands and discipline and processes are added. Finally, the time arrives when a large and vibrant company recognizes the need for refinement and tuning to provide the best platform for additional strong and profitable growth. Harman International is in the third stage of that...

  • Page 6
    ... audio action as the 2006 World Series of baseball opens at Busch Stadium in St. Louis. The Harman Entertainment Loungeâ„¢ provides leading retailers with proven, modular solutions for merchandising of high-definition audio and infotainment products. 4 Harm an International 2 0 0 7 Annual Report

  • Page 7
    ...stages around the world. More important, our integration capabilities enable us to express the best of our technologies in scalable and highly satisfying lifestyle responsive systems. I remember when "infotainment" was considered something of a fad. Customers and analysts wondered if the trend would...

  • Page 8

  • Page 9
    ... - along with a wide range of internal processes. We are proud of the Harman quality that is built into products manufactured in the industrial markets. But achieving this quality does not mean we must procure every component, service, and skill locally. Our value chain must reach across both...

  • Page 10
    ... consumer products such as the Apple iPod® dramatic growth expected and iPhone® through modular, high-fidelity docking in entertainm ent and and speaker systems. sports facilities in the developing world. As evidence of the continued confidence of our OEM customers, we are launching a record seven...

  • Page 11
    ... FORM 10-K 1 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2007 Commission File Number 001-09764 Harman International Industries, Incorporated (Exact Name of Registrant as Specified in Its Charter) Delaware (State or Other...

  • Page 12
    ... Item Item Item Part II Item Item Item Item Item Item Item Item Part III Item Item Item Item Item Part IV Item Signatures The page numbers in this Table of Contents reflect actual page numbers, not EDGAR page tag numbers. References to "Harman International," "Harman," the "company," "we," "us" and...

  • Page 13
    ... to design and manufacture our products profitably under our long-term contractual commitments; • the loss of one or more significant customers, including our automotive manufacturer customers; • competition in the automotive, consumer or professional markets in which we operate; • model-year...

  • Page 14
    ... including JBL, Infinity, Mark Levinson, Harman/Kardon, Logic 7, Lexicon and Becker. Through engineering and supply agreements, our premium audio systems and infotainment product offerings are sold to a number of global automotive manufacturers including DaimlerChrysler, Mercedes-Benz, the BMW Group...

  • Page 15
    ...the sound reinforcement, music instrument support and broadcast and recording segments of the professional audio market. Our Professional products are marketed worldwide under brand names including JBL Professional, AKG, Crown, Soundcraft, Lexicon, DigiTech, dbx and Studer. We offer complete systems...

  • Page 16
    ... Infinity branded car audio systems are offered by DaimlerChrysler and Mitsubishi, in North America. DaimlerChrysler's Mercedes-Benz Division, the BMW Group, Land Rover, Porsche, GM and Saab provide Harman/Kardon branded audio systems in their vehicles. Our premium Mark Levinson digital audio system...

  • Page 17
    ...Harman/Kardon home electronics line includes audio/video receivers featuring Logic 7, Dolby Digital and DTS surround sound processing capabilities and multi-channel amplifiers, DVD players and CD players. We design and manufacture high-end electronics, including amplifiers, digital signal processors...

  • Page 18
    ..., audio headphones, surround-sound headphones and other professional audio products, which are marketed under the AKG brand name. We also produce professional amplifiers and powered loudspeakers under the Crown and JBL brand names. We believe the integration of loudspeakers and electronics enhances...

  • Page 19
    ... supply chain and an inability to obtain alternative sources would have a material impact on our consolidated results of operations. Several independent suppliers manufacture electronic products designed by Harman/Kardon, certain Consumer and Professional loudspeakers and electronic products...

  • Page 20
    ...home, multimedia and mobile aftermarket products are offered through audio specialty stores, discount stores, department stores, mail order firms and Internet merchants. Automotive and computer manufacturers also offer branded audio products as options. Music instrument retailers, professional audio...

  • Page 21
    ... is built into certain Toshiba laptops. The Harman/Kardon Drive + Play 2 mobile product provides full MP3 control and interface for Apple's iPod and includes a highly visible display. Our principal competitor in the MP3 mobile accessory market is Alpine. Our personal navigation devices range from...

  • Page 22
    ... located outside of North America. Website Information Our corporate website is located at www.harman.com. Through our website we make available, free of charge, access to our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K filed or furnished by the company...

  • Page 23
    ... and retail sales. In addition, our sales of audio, electronic and infotainment products to automotive customers are dependent on the overall success of the automobile industry, as well as the willingness of automobile purchasers to pay for the option of a premium branded automotive audio system or...

  • Page 24
    ... by intense price competition. Many manufacturers, large and small, domestic and foreign, offer audio and video systems that vary widely in price and quality and are marketed through a variety of channels, including audio and video specialty stores, discount stores, department stores, mail order...

  • Page 25
    ...lengthy shipping times and accounts receivable ...United States; and difficulty in staffing and managing geographically diverse operations. 1 1 These and other risks may increase the relative price of our products compared to those manufactured in other countries, reducing the demand for our products...

  • Page 26
    ... payments. Even if we were to obtain additional financing, that financing may be on unfavorable terms. Harman International is a holding company with no operations of its own and therefore our cash flow and ability to service debt is dependent upon distributions from our subsidiaries. Our ability to...

  • Page 27
    ...opportunities and to react to competitive pressures, because we will need to dedicate a substantial portion of these cash flows to service our debt. In addition, we could be unable to refinance or obtain additional financing because of market conditions, high levels of debt and the debt restrictions...

  • Page 28
    ...Services (S&P) downgraded our corporate...large customers, suppliers and counterparties require an expected level of creditworthiness in order for them to enter into transactions with us. As our corporate...during times ...existing liquidity facilities on acceptable... in our risk management procedures; and the...

  • Page 29
    ... Our corporate headquarters are located at 1101 Pennsylvania Avenue, N.W., Washington, D.C. 20004. Certain information regarding our principal facilities are described in the table below. Location Northridge, California Segment Automotive Consumer Professional Automotive Automotive Professional...

  • Page 30
    ... Harman's directors purportedly would not "fairly and adequately" evaluate any alternative bids, and that the provision in the merger agreement that allowed Harman to solicit proposals for alternative bidders during a 50-day period ending in June 2007 was "illusory." On June 20, 2007, Parent filed...

  • Page 31
    ... Vice President and Chief Financial Officer of Donnelly Corporation, an automotive parts supplier, from April 2001 to March 2003. Erich A. Geiger joined our company in 1996 as Managing Director of Harman/Becker GmbH. He was named Chief Technology Officer of Harman International in 2003. In 2004, Dr...

  • Page 32
    ...27, 2007, there were approximately 130 record holders of our common stock. The table below sets forth the reported high and low sales prices for our common stock, as reported on the New York Stock Exchange, for each quarterly period for fiscal years ended June 30, 2007 and 2006. Fiscal 2007 High Low...

  • Page 33
    ... shares of our common stock in the quarter ended June 30, 2007. Our share repurchase program was first publicly announced on June 16, 1998. In August 2005, the Board authorized the purchase of up to an additional four million shares, bringing the total number of authorized shares to 20 million. The...

  • Page 34
    ... recording, MP3 playback and a high-end branded audio system. These systems include scaleable software to allow us to better serve a full range of vehicles from luxury through entry-level vehicles. Automotive also provides aftermarket products such as personal navigation devices ("PND") to customers...

  • Page 35
    ..., speakers and amplifiers, deliver audio entertainment in the vehicle. Additionally, aftermarket mobile products include PNDs that provide GPS navigation, video and other infotainment capabilities. Multimedia applications include loudspeaker accessories for personal computers, music phones, and...

  • Page 36
    ...or complexity. Allowance for Doubtful Accounts Our products are sold to customers in many different markets and geographic locations. Methodologies for estimating bad debt reserves range from specific reserves to various percentages applied to aged receivables based on historical experience. We must...

  • Page 37
    ... pre-production and development costs related to infotainment systems that we develop for automobile manufacturers pursuant to long-term supply agreements. Portions of these costs are reimbursable under the separate agreements and are recorded as unbilled costs on our balance sheet in other current...

  • Page 38
    .... We also had higher sales of infotainment system to Audi due to a full year of production of the Q7 platform. Infotainment system sales to DaimlerChrysler were higher than last year due primarily to supplying the Mercedes-Benz GL Class. Automotive had lower sales to BMW, Landrover, Renault, Porsche...

  • Page 39
    ... American retailer. Consumer net sales were 18 percent higher in fiscal 2006 compared to the prior year. The sales growth was primarily due to strong demand in the United States and Europe for our multimedia products. Consumer products for home applications such as Harman/Kardon electronics and JBL...

  • Page 40
    .... In fiscal 2007, increased competition in the multimedia market resulted in lower prices and margins. We anticipate an improvement in margins in fiscal 2008 due to the introduction of accessory products for a new generation of MP3 players and music-enabled cell phones, such as Apple's iPhone. 27

  • Page 41
    ... of net sales, to decrease approximately 1 percentage point in fiscal 2008 due to the increasing scalability of our infotainment systems and the beginning of production for certain automotive programs. SG&A expenses also include employee compensation and benefit costs. We have recorded stock-based...

  • Page 42
    ... to develop audio, electronic and infotainment systems for an expanding list of automotive platforms. Our infotainment systems are increasingly based on scalable software allowing us to efficiently design systems for luxury, mid-range and entry-level vehicles. During fiscal 2007, we received a major...

  • Page 43
    ...benefit and occupancy costs for corporate employees. In fiscal 2007, these expenses also included costs associated with our proposed merger with Parent... year. The decrease in operating income was primarily driven by lower gross profit margin partially offset by lower SG&A, as a percentage of sales....

  • Page 44
    ... our operating income by reportable business segment: Percent of net sales 13.6% 2.7% 14.4% --10.9% Percent of net sales 15.1% 10.3% 11.5% --12.2% Percent of net sales 16.3% 6.5% 9.3% --11.6% ($000s omitted) Automotive Consumer Professional Other Total Interest Expense $ Fiscal 2007 340,116 13,587...

  • Page 45
    ... at June 30, 2006. The increase is primarily due to higher inventories and accounts receivable. Automotive inventories increased significantly due to our entry into the PND market in fiscal 2007. Although the accounts receivable balance was higher than a year ago, days sales outstanding was 32

  • Page 46
    ... begin production of infotainment systems in the facility. We also made capital expenditures for a new manufacturing facility in China during this past year. In Europe, we invested in customer tooling and other manufacturing equipment to support infotainment system programs for automotive customers...

  • Page 47
    ... agreements for purchase of goods and services with defined terms as to quantity, price and timing of delivery. (d) See note 7 to our consolidated financial statements. Business Outlook Automotive has received significant awards to develop infotainment systems for customers including BMW, Audi, PSA...

  • Page 48
    ... products that emphasize mobility such as the emerging music-enabled cell phones. Professional will focus on expanding their lineup of products that are enabled with their HiQnet protocol. We presently expect our proposed merger with KHI Parent to be completed in the fourth quarter of calendar 2007...

  • Page 49
    ... the operating performance of our foreign...Competitive conditions in the markets in which we operate may limit our ability to increase prices in the event of adverse changes in currency exchange rates. For example, certain products made in the U.S. are sold outside of the U.S. Sales of these products...

  • Page 50
    ...Statements and Supplementary Data Management's Report on Internal Control over Financial Reporting The management of Harman International is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system was designed to provide reasonable...

  • Page 51
    ...Registered Public Accounting Firm on Internal Control over Financial Reporting The Board of Directors and Shareholders Harman International Industries, Incorporated: We have audited management's assessment, included in the accompanying Management's Report on Internal Control over Financial Reporting...

  • Page 52
    ... of the Public Company Accounting Oversight Board (United States), the effectiveness of Harman International Industries, Incorporated's internal control over financial reporting as of June 30, 2007, based on criteria established in Internal Control- Integrated Framework issued by the Committee...

  • Page 53
    ... Sheets Harman International Industries, Incorporated and Subsidiaries ($000s omitted except share amounts) June 30, 2007 Assets Current assets Cash and cash equivalents Receivables (less allowance for doubtful accounts of $6,040 in 2007 and $8,738 in 2006) Inventories (note 2) Other current assets...

  • Page 54
    ...Harman International Industries, Incorporated and Subsidiaries ($000s omitted except per share amounts) Years Ended June 30, 2007 2006 Net sales Cost of sales Gross profit...102,489 --232,848 3.47 3.31 Weighted average shares outstanding - basic Weighted average shares outstanding - diluted 65,310 66...

  • Page 55
    ... activities Cash flows from investing activities: Payment for purchase of companies, net of cash acquired Proceeds from asset dispositions Capital expenditures Sale of investments Other items, net Net cash used in investing activities Years Ended June 30, 2007 2006 2005 313,963 127,162 (45,563...

  • Page 56
    ... Shareholders' Equity and Comprehensive Income Harman International Industries, Incorporated and Subsidiaries Years Ended June 30, 2007, 2006 and 2005 Common Stock Number of shares 66,090,022 -...received Tax benefit attributable to stock options plan Stock option compensation Treasury shares purchased...

  • Page 57
    ... material, labor and overhead for products manufactured by us and cost of goods produced for us on a contract basis. Expenses incurred for manufacturing depreciation and engineering, warehousing, shipping and handling, sales commissions, warranty and customer service are also included in cost of...

  • Page 58
    ...impose certain shipping costs on the customer and exclude deficiencies in appearance except for those evident when the product is delivered. Our dealers and warranty service providers normally perform warranty service for loudspeakers and electronics in the field, using parts supplied on an exchange...

  • Page 59
    ...costs primarily related to infotainment systems that we develop for automobile manufacturers pursuant to long-term supply agreements. We record certain costs incurred pursuant to these agreements as unbilled costs in accordance with EITF Issue No. 99-5, Accounting for Pre-Production Costs Related to...

  • Page 60
    ... designated by the Board of Directors. Certain employees outside the United States are covered by non-contributory defined benefit plans. The defined benefit plans are funded in conformity with applicable government regulations. Generally, benefits are based on age, years of service, and the level...

  • Page 61
    ... located outside the United States, the gain or loss is reported in other comprehensive income as a part of the cumulative translation adjustment if the derivative is effective. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in current earnings...

  • Page 62
    .... We adopted SAB No. 108 for the fiscal year ended June 30, 2007. The adoption of SAB No. 108 had no effect on our consolidated financial statements. In September 2006, FASB issued SFAS No. 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans. This statement requires...

  • Page 63
    ... Note 2 - Inventories Inventories consist of the following: ($000s omitted) Finished goods Work in process Raw materials and supplies Total $ June 30, 2007 235,736 52,682 164,738 453,156 2006 147,663 45,954 151,340 344,957 $ Inventories are stated at the lower of cost or market. Cost is determined...

  • Page 64
    .... The increase is primarily due to contingent consideration and deferred purchase price payments paid during fiscal 2007 associated with prior year acquisitions. Currency translation also contributed to the increase. Our SFAS 142 annual impairment test concluded that goodwill was not impaired as of...

  • Page 65
    ...revolving credit facility and $2.7 million of other obligations. Our current portion of long-term debt consisted of $16.5 million principal amount of 7.32 percent senior notes due July 1, 2007 and $0.5 million of other obligations. During the fiscal year ended June 30, 2007, we purchased and retired...

  • Page 66
    ... $8.1 million, $12.2 million and $7.6 million for the fiscal years ended June 30, 2007, 2006 and 2005. Cash paid for interest, net of cash received, was $2.5 million, $18.8 million, and $10.2 million during the fiscal years ended June 30, 2007, 2006 and 2005, respectively. Long-term debt, including...

  • Page 67
    ... on our current incremental borrowing rates for similar types of borrowing arrangements. The fair value of long-term debt approximates the carrying value at June 30, 2007. Note 9 - Warranty Liabilities Details of the estimated warranty liability are as follows: Years Ended June 30, 2007 2006 $ 60...

  • Page 68
    ... of the following: Years Ended June 30, 2006 (3,692) 325 134,610 131,243 (47,105) --(7,754) (54,859) 45,493 121,877 ($000s omitted) Current: Federal State Foreign Deferred: Federal State Foreign Charge in lieu of taxes attributable to tax benefit from employee stock options Total 2007 $ 3,991 400...

  • Page 69
    ... foreign tax credits for German income tax for which our company is legally liable. The tax years that were amended are 2003 through 2006. For fiscal years 2008 and beyond, the Internal Revenue Service has issued proposed regulations that will preclude taxpayers from claiming foreign tax credits...

  • Page 70
    ... deferred tax asset is recorded in other current assets and other assets on the balance sheet. During the fiscal year ended June 30, 2007, we generated income before income taxes of $29.1 million from our operations in the United States and $353.1 million from our international operations. Note 11...

  • Page 71
    ... million and $45.5 million excess tax benefit realized in the years ended June 30, 2007 and 2006, respectively, as cash flow from financing activity in the accompanying consolidated statements of cash flows. FASB issued FSP No. FAS 123R-3, Transition Election Related to Accounting for Tax Effects of...

  • Page 72
    ... model, which uses the assumptions noted in the following table. Years ended June 30, 2007 2006 34.2% - 42.0% 35.0% - 43.0% 36.2% 38.7% $0.05 $0.05 1.42 - 7.69 1.90 - 8.33 4.43% - 4.97% 4.05% - 5.24% 2005 41.0% 41.0% $0.05 6.13 3.69% Expected volatility Weighted-average volatility Expected annual...

  • Page 73
    ...in the years ended June 30, 2007, 2006 and 2005. During fiscal 2007, 25,000 restricted stock units were granted with a zero-value exercise price and an aggregate intrinsic value of $2.9 million. As of June 30, 2007, there was $1.3 million of total unrecognized compensation cost related to restricted...

  • Page 74
    ... years of service. In the United States, we have a Supplemental Executive Retirement Plan ("SERP") that provides retirement, death and termination benefits, as defined, to certain key executives designated by the Board of Directors. Our expenses related to the SERP for the years ended June 30, 2007...

  • Page 75
    ...: Funded status Unrecognized prior service cost Unrecognized net loss Accrued pension cost Amounts recognized on the balance sheet: Other assets Accrued liabilities Other non-current liabilities Accumulated other comprehensive loss Accrued pension cost Years ended June 30, 2007 2006 $ 104,059 3,292...

  • Page 76
    ...components of net periodic benefit costs: Years ending June 30, ($000s omitted) 2007 2006 Components of net periodic benefit cost: Service cost $ 3,292 2,679 6,010 4,354 Interest cost Amortization of prior service... line items in the consolidated balance sheet at June 30, 2007... non-current liabilities ...

  • Page 77
    ... the assumptions used to determine our benefit obligations and net periodic pension and other postretirement benefit costs: 2007 Assumptions: Weighted average rates used to determine benefit obligations at June 30: Range of discount rates for pension plans Range of rates of compensation increase for...

  • Page 78
    ... automotive products and systems are marketed worldwide under brand names including JBL, Infinity, Harman/Kardon, Becker, Logic 7 and Mark Levinson. Our premium branded audio, video, navigation and infotainment systems are offered to automobile manufacturers through engineering and supply agreements...

  • Page 79
    ... and amortization by each reporting segment: Years Ended June 30, 2006 2,237,632 492,977 517,288 3,247,897 ($000s omitted) Net sales: Automotive Consumer Professional Total Operating income (loss): Automotive Consumer Professional Other Total Assets: Automotive Consumer Professional Other Total...

  • Page 80
    ... geographic areas based upon the location of the business unit executing the sale. Years Ended June 30, 2006 708,564 1,415,871 578,401 545,061 3,247,897 ($000s omitted) Net sales: U.S. Germany Other Europe Other Total Long-lived assets: U.S. Germany Other Europe Other Total Net Assets U.S. Germany...

  • Page 81
    .... In fiscal 2005, we recorded a $6 million liability for probable unasserted claims. There were no changes in the status of these claims at June 30, 2007. As such, this amount continues to be accrued at June 30, 2007. At June 30, 2007, our Board of Directors has authorized the repurchase of...

  • Page 82
    ... portion of the hedge is recorded in current earnings. For the fiscal years ended June 30, 2007, 2006 and 2005 we recognized no ineffectiveness. We elected to exclude forward points from the effectiveness assessment. At the end of the period, we calculate the fair value relating to the change in...

  • Page 83
    ... regulatory approvals. Note 17 - Investment in Joint Venture In October 2005, we formed Harman Navis Inc., a joint venture located in Korea, to engage in the design and development of navigation systems for Asian markets. We evaluated the joint venture agreement under FIN No. 46R, Consolidation...

  • Page 84
    ... Information Years Ended June 30, ($000s omitted except per share amounts) 2007 2006 2005 Basic Net income Shares of common stock outstanding Employee stock ...Options to purchase 749,434 shares of our common stock with exercise prices ranging from $78.00 to $126.94 per share at June 30, 2007 were ...

  • Page 85
    ... also served as Chief Executive Officer of the company from 1980 to 1998 and from January 1, 2007 to June 30, 2007. Dr. Harman served as Deputy Secretary of Commerce of the United States from 1977 through 1978. His current term as a director expires at the 2008 Annual Meeting of Stockholders. 72

  • Page 86
    ... services company, from 1970 to 2006. Mr. Meyer also serves as a director of Ethan Allen Interiors Inc. and National CineMedia, Inc, an in-theater advertising company. His current term as a director expires at the 2009 Annual Meeting of Stockholders. Section 16(a) Beneficial Ownership Reporting...

  • Page 87
    ... Code of Ethics for Executive and Financial Officers and Directors on our website in the Investor Relations section under Corporate Governance. The Audit Committee currently consists of Ms. Hufstedler (Chairwoman), Ms. Korologos and Mr. Meyer. During fiscal year 2007, the Audit Committee held seven...

  • Page 88
    ... filed as part of this report under "Part II, Item 8 - Financial Statements and Supplementary Data": Financial Statements: Management's Report on Internal Control over Financial Reporting Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting Report of...

  • Page 89
    ... Stock Option Agreement for Non-Officer Directors. (filed as Exhibit 10.11 to the Annual Report on Form 10-K for the fiscal year ended June 30, 2005, Commission File No. 00109764, and hereby incorporated by reference) ** 10.7 Form of Harman International Industries, Incorporated 2002 Stock Option...

  • Page 90
    ... Annual Report on Form 10-K for the fiscal year ended June 30, 2000, Commission File No. 001-09764, and hereby incorporated by reference) ** 10.24 Letter Agreement, dated April 24, 2006, between Harman International Industries, Incorporated and Douglas A. Pertz. (filed as Exhibit 10.1 to the Current...

  • Page 91
    ...) ** 10.31 Form of Restricted Share Unit Agreement, related to the RSU Replacement Award, between Harman International Industries, Incorporated and Dinesh Paliwal (filed as Exhibit 10.7 to the Current Report on Form 8-K filed with the Commission on May 9, 2007, Commission File No. 001-09764, and...

  • Page 92
    ... 1934, this report has been signed below by the following persons on behalf of the registrant on August 29, 2007 in the capacities indicated below. /s/ Sidney Harman Sidney Harman Executive Chairman of the Board /s/ Dinesh Paliwal Dinesh Paliwal President, Chief Executive Officer and Vice Chairman...

  • Page 93
    Comparison of Cumulative Five Year Total Return $400 â- $300 $200 â- â- â- $100 â- â- â- â- â- $0 Jun 02 Jun 03 Jun 04 Jun 05 Jun 06 Jun 07 â- Harman International Industries S&P 500 Index S&P 500 Index Consumer Discretionary â- 80 â- $500 â-

  • Page 94
    ... Section 302 of the Sarbanes-Oxley Act have been filed as Exhibits 31.1, 31.2 and 31.3 to our Annual Report on Form 10-K for the fiscal year ended June 30, 2007. Additionally, in 2006 our then-current Chief Executive Officer submitted the required CEO Certification to the New York Stock Exchange.

  • Page 95
    Harman International Industries, Incorporated 1101 Pennsylvania Avenue, NW, Suite 1010 Washington, DC 20004 202-393-1101 www.harman.com All trademarks used herein are the property of their respective owners.