STAMFORD, CT — Harman International Industries, Inc. announced results for the fourth quarter and fiscal year ended June 30, 2009. For the fiscal year 2009, net sales were $2.9 billion, a decline of 30 percent from the prior fiscal year. Net sales for the fourth quarter were $668 million, a 37 percent drop from the $1.1 billion posted in 4Q 2008.
That translated into a reported bottom-line loss of $62 million for the quarter and a $423 million loss for the year, compared to a reported profit of $32 million for 4Q 2008 and $108 million for fiscal 2008’s full year.
But if that also meant a loss of $1.05 per share, wiping out the $.54-per-share gain in 4Q 2008, the adjusted loss per share, when excluding restructuring and goodwill charges, was $.45 for the quarter, vs. a profit of $.68 cents per share for 4Q 2008. Both the adjusted and non-adjusted loss were not as bad as Wall Street had feared. Analysts had been expecting a $.60 per share decline for the quarter.
The loss for the full fiscal year amounted to $7.19 per share, with the $423 million total reversing fiscal 2008’s gain of $108 million, or $1.73 per share. Adjusted to exclude restructuring and goodwill charges, the full year loss was $1.01 per share vs. 2008’s gain of $2.35 per share. Analysts had been expecting the adjusted loss to be $1.10 per share for the full fiscal 2009.
“Despite the continued global economic challenges, I am impressed by the major progress we are seeing in our key operational initiatives,” said Dinesh C. Paliwal, Harman’s Chairman, President and CEO. “The cost savings and operational excellence initiatives that we launched in June 2008 are ahead of target in delivering sustainable benefits.”
For more information, please visit www.harman.com.
