Harman Kardon 2010 Annual Report Download - page 44

Part II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
Our common stock is listed on the New York Stock Exchange and is reported on the New York Stock
Exchange Composite Tape under the symbol HAR. As of July 31, 2010, there were approximately 117 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, 2010 and 2009.
Years Ended June 30,
2010 2009
Market Price High Low High Low
First quarter ended September 30 ...................................... $33.98 $17.89 $44.69 $29.92
Second quarter ended December 31 ..................................... 39.10 31.60 34.00 9.87
Third quarter ended March 31 ......................................... 47.26 34.93 21.19 9.17
Fourth quarter ended June 30 .......................................... 52.51 28.82 23.38 13.03
We did not pay any cash dividends during fiscal year 2010. We paid cash dividends during fiscal year 2009
of $.025 per share, with a dividend of $.0125 paid in the first and second quarters only. Our Board of Directors
indefinitely suspended payment of the cash dividend in the third quarter of fiscal year 2009. While there are no
current plans to declare a dividend, our Board regularly evaluates our Company’s dividend policy and the
declaration of future dividends is subject to the discretion of our Board in light of all relevant factors, including
earnings, general business conditions, working capital requirements, capital spending needs, debt levels and
contractual restrictions.
The following table provides information about shares acquired from employees during the fourth quarter of
fiscal year 2010 in connection with the surrender of shares to pay option exercise prices.
Period
Total Number
of Shares
Acquired
During
Period
Average Price
Paid Per Share
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
Maximum Number
of Shares That May
Yet Be Purchased
Under the Plans or
Programs
April 1 – April 30 ..................... — — — —
May1–May31 ...................... — — — —
June 1 – June 30 ...................... — — — —
Total ............................... — — — —
Since the inception and announcement of our share repurchase program in June 1998 and through
September 30, 2007, we had acquired and placed in treasury a total of 18,198,082 shares of our common stock at
a cost of $639.6 million. Our program was suspended upon the announcement in April 2007 of our proposed
merger with a company formed by investment funds affiliated with KKR, GS Capital Partners VI Fund, L.P. and
its related funds, which are sponsored by Goldman, Sachs & Co. (“GSCP”). On October 22, 2007, we announced
the termination of our agreement with KKR and GSCP and companies formed by investment funds affiliated
with KKR and GSCP. In connection with the termination agreement, we entered into a note purchase agreement
under which we sold $400 million aggregate principal amount of our 1.25 percent Convertible Senior Notes due
2012 (the “Notes”) to affiliates of KKR, GSCP, Citibank, N.A. and HSBC USA, Inc. On October 30, 2007, we
used the proceeds from the issuance and sale of the Notes to repurchase 4,775,549 shares of our Company’s
common stock at a cost of $400.3 million. We received an additional 2,449,230 shares upon settlement of the
October 2007 repurchase. The total number of shares purchased and retired as a result of the October 2007
repurchase was 7,224,779. The total number of shares repurchased through June 30, 2009 was 25,599,817. This
program was terminated upon the use of the $400.3 million.
For a description of limitations on repurchases of shares and on the payment of dividends, see
“Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial
Condition” located in Item 7 of Part II of this report.
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