Harman Kardon 2011 Annual Report Download - page 67

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HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended June 30,
(in thousands, except per share data) 2011 2010 2009
Net sales .................................................. $3,772,345 $3,364,428 $2,854,895
Cost of sales ............................................... 2,784,995 2,479,270 2,209,545
Gross profit ................................................ 987,350 885,158 645,350
Selling, general and administrative expenses ...................... 813,809 774,189 831,419
Sale of intellectual property ................................... (16,510) 0 0
Loss on deconsolidation of variable interest entity .................. 0 13,122 0
Goodwill impairment ........................................ 0 12,292 317,743
Operating income (loss) ...................................... 190,051 85,555 (503,812)
Other expenses:
Interest expense, net ..................................... 22,576 30,215 20,574
Miscellaneous, net ....................................... 7,255 6,263 4,224
Income (loss) from continuing operations before income taxes ........ 160,220 49,077 (528,610)
Income tax expense (benefit), net ............................... 24,304 8,610 (107,017)
Income (loss) from continuing operations, net of income taxes ........ 135,916 40,467 (421,593)
Gain on sale of discontinued operations, net of income taxes ......... 0 114,197 0
Income (loss) from discontinued operations, net of income taxes ...... 0 9,394 (9,159)
Net income (loss) from discontinued operations ................... 0 123,591 (9,159)
Net income (loss) ........................................... 135,916 164,058 (430,752)
Less: Net income attributable to noncontrolling interest ............. 0 5,289 752
Net income (loss) attributable to Harman International Industries,
Incorporated ............................................. $ 135,916 $ 158,769 $ (431,504)
Net income (loss) from continuing operations attributable to Harman
International Industries, Incorporated
Income (loss) from continuing operations, net of income taxes .... $ 135,916 $ 40,467 $ (421,593)
Less: Net income attributable to noncontrolling interest ......... 0 5,289 752
Net income (loss) from continuing operations attributable to Harman
International Industries, Incorporated .......................... $ 135,916 $ 35,178 $ (422,345)
Earnings (Loss) per share from continuing operations attributable
to Harman International Industries, Incorporated:
Basic ............................................. $ 1.91 $ 0.50 $ (7.19)
Diluted ............................................ $ 1.90 $ 0.50 $ (7.19)
Earnings (Loss) per share from discontinued operations:
Basic ............................................. $ 0.00 $ 1.76 $ (0.16)
Diluted ............................................ $ 0.00 $ 1.75 $ (0.16)
Earnings (Loss) per share:
Basic ............................................. $ 1.91 $ 2.26 $ (7.34)
Diluted ............................................ $ 1.90 $ 2.25 $ (7.34)
Weighted Average Shares Outstanding:
Basic ............................................. 70,992 70,350 58,766
Diluted ............................................ 71,635 70,595 58,766
See accompanying Notes to the Consolidated Financial Statements.
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