Harman Kardon 2008 Annual Report Download - page 96

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78
Note 22 - Quarterly Summary of Operations (unaudited)
The following is a summary of operations by quarter for fiscal 2008 and 2007:
($000s omitted except per share amounts) Three months ended
Fiscal 2008 September 30 December 31 March 31 June 30
Net sales
$
946
,
962 1
,
065
,
610 1
,
032
,
668 1
,
067
,
263
Gross
p
rofi
t
$
264
,
575 301
,
124 261
,
133 282
,
574
Net income
(
loss
)
$
36
,
529 42
,
880
(
3
,
349
)
31
,
726
Earnin
g
s
(
loss
)
p
er share –
b
asic
$
0.56 0.69
(
0.06
)
0.54
Earnin
g
s
(
loss
)
p
er share – diluted
$
0.55 0.68
(
0.06
)
0.54
Fiscal 2007
Net sales
$
825
,
543 931
,
717 882
,
771 911
,
113
Gross
p
rofi
t
$
287
,
289 319
,
638 305
,
375 298
,
904
Net income
$
56
,
608 81
,
389 71
,
043 104
,
923
Earnin
g
s
p
er share –
b
asic
$
0.86 1.25 1.09 1.61
Earnin
g
s
p
er share – diluted
$
0.85 1.22 1.07 1.58
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures:
Under the supervision and with the participation of our management, including our Chief Executive
Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and
procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated by the Securities and Exchange
Commission under the Securities Exchange Act of 1934) as of the end of the period covered by this
Annual Report on Form 10-K. Based on that evaluation, our Chief Executive Officer and Chief Financial
Officer concluded that our disclosure controls and procedures are effective to provide reasonable
assurance that information required to be disclosed in the reports that we file or submit under the
Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time
periods specified in Securities and Exchange Commission rules and forms. We note that the design of any
system of controls is based in part upon certain assumptions about the likelihood of future events, and
there can be no assurance that any design will succeed in achieving our stated goals under all potential
future conditions.
Change in Internal Control Over Financial Reporting:
There has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f)
and 15d-15(f) as promulgated by the Securities and Exchange Commission under the Securities Exchange
Act of 1934) during our most recently completed fiscal quarter that has materially affected, or is
reasonably likely to materially affect, our internal control over financial reporting.