Harman Kardon 2008 Annual Report Download - page 40

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22
Item 6. Selected Financial Data
The following table presents selected historical financial data derived from the audited Consolidated
Financial Statements for each of the five years presented. The information should be read in conjunction
with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the
audited Consolidated Financial Statements and the Notes thereto.
For the Years Ended June 30,
(In thousands except per share data) 2008 2007 2006 2005 2004
N
et sales $ 4,112,503 3,551,144 3,247,897 3,030,889 2,711,374
Operating income $ 138,501 386,387 397,241 350,981 254,465
Income before income taxes $ 124,484 382,205 376,187 335,337 227,520
N
et income $ 107,786 313,963 255,295 232,848 157,883
Diluted earnings per share $ 1.73 4.72 3.75 3.31 2.27
Weighted average shares outstanding
– diluted 62,182 66,449 68,105 70,399 69,487
Total assets $ 2,826,925 2,508,868 2,375,752 2,201,983 1,999,875
Total debt $ 427,952 76,528 197,554 333,917 394,925
Shareholders’ equity $ 1,339,846 1,494,041 1,228,164 1,060,948 874,996
Dividends per share $ 0.05 0.05 0.05 0.05 0.05
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the information presented in other sections
of this Annual Report on Form 10-K, including “Item 1. Business,” “Item 6. Selected Financial Data,”
and “Item 8. Financial Statements and Supplementary Data.” This discussion contains forward-looking
statements which are based on our current expectations and experience and our perception of historical
trends, current market conditions, including customer acceptance of our new products, current economic
data, expected future developments, including foreign currency exchange rates, and other factors that we
believe are appropriate under the circumstances. These statements involve risks and uncertainties that
could cause actual results to differ materially from those suggested in the forward-looking statements.
See “Risk Factors” included in Item 1A of Part I of this report.
We begin this discussion with an overview of our company to give you an understanding of our business
and the markets we serve. We then discuss our critical accounting policies. This is followed by a
discussion of our results of operations for the fiscal years ended June 30, 2008, 2007 and 2006. We
include in this discussion an analysis of certain significant year-to-year variances included in our results
of operations and an analysis of our restructuring program. We also provide specific information
regarding our three reportable business segments: Automotive, Consumer and Professional. We then
discuss our financial condition at June 30, 2008 with a comparison to June 30, 2007. This section contains
information regarding our liquidity, capital resources and cash flows from operating, investing and
financing activities. We complete our discussion with an update on recent developments and a business
outlook for future periods.