Harman Kardon 2007 Annual Report Download - page 66

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53
Interest expense is reported net of interest income in our consolidated statement of operations. Gross
interest expense was $9.6 million, $25.2 million and $18.1 million for the fiscal years ended June 30,
2007, 2006 and 2005 respectively. Interest income was $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 obligations under capital leases, maturing in each of the next five fiscal years
is as follows ($000s omitted):
2008 $
17,029
2009 567
2010 55,591
2011 508
2012 516
Thereafter 479
Note 7 - Leases
The following analysis represents property under capital leases:
June 30,
($000s omitted)
2007 2006
Capital lease assets
$
6,
982
6,680
Less accumulated amortization
(4,629) (4,151)
Net $
2,353 2,529
At June 30, 2007, we are obligated for the following minimum lease commitments under terms of
noncancelable lease agreements:
Capital Operating
($000s omitted) leases leases
2008 $
533 $
43,517
2009 524 40,913
2010 527 38,511
2011 421 23,879
2012 411 19,198
Thereafter ---
22,698
Total minimum lease payments 2,416 $
188,716
Less interest (165)
Present value of minimum lease payments $
2,251
Operating lease expense for the year ended June 30, 2007 was $44.3 million and operating lease expense
was $42.0 million and $50.1 million for each of the fiscal years ended June 30, 2006 and 2005,
respectively.