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<strong>Harman</strong> International Industries, Incorporated and Subsidiaries<br />
(Dollars in thousands, except per-share data and unless otherwise indicated)<br />
options would have been antidilutive. In addition, restricted shares of 48,442 were outstanding at June 30, 2008<br />
and not included in the computation of diluted earnings per share as they also would have been antidilutive.<br />
The conversion terms of the Notes will affect the calculation of diluted earnings per share if the price of our<br />
common stock exceeds the conversion price of the Notes. The initial conversion price of the Notes was<br />
approximately $<strong>10</strong>4 per share, subject to adjustment in specified circumstances as described in the indenture<br />
related to the Notes. Upon conversion, a holder of Notes will receive an amount per Note in cash equal to the<br />
lesser of $1,000 or the conversion value of the Notes, determined in the manner set forth in the indenture. If the<br />
conversion value exceeds $1,000, we will deliver $1,000 in cash and at our option, cash or common stock or a<br />
combination of cash and common stock for the conversion price in excess of $1,000. The conversion option is<br />
indexed to our common stock and therefore is classified as equity. The conversion option will not result in an<br />
adjustment to net income in calculating diluted earnings per share. The dilutive effect of the conversion option<br />
will be calculated using the treasury stock method. Therefore, conversion settlement shares will be included in<br />
diluted shares outstanding if the price of our common stock exceeds the conversion price of the Notes.<br />
Note 19 – Significant Customers<br />
Presented below are the percentages of net sales to and net accounts receivables due from customers who<br />
represent ten percent or more of our net sales or net accounts receivable for the periods presented:<br />
Net Sales<br />
Net<br />
Accounts<br />
Receivable<br />
Year Ended June 30, June 30,<br />
2009 2008 2009 2008<br />
Audi/Volkswagen .............................................. 15% 11% 12% 11%<br />
BMW ........................................................ 15% <strong>10</strong>% 14% 8%<br />
Daimler ...................................................... 8% 18% <strong>10</strong>% 8%<br />
Chrysler ...................................................... 6% 8% 2% <strong>10</strong>%<br />
Other Customers ............................................... 56% 53% 62% 63%<br />
Total ......................................................... <strong>10</strong>0% <strong>10</strong>0% <strong>10</strong>0% <strong>10</strong>0%<br />
Note 20 – Quarterly Summary of Operations (unaudited)<br />
The following is a summary of operations by quarter for fiscal year 2009 and 2008:<br />
Three Months Ended<br />
September 30 December 31 March 31 June 30 Total<br />
Fiscal Year 2009<br />
Net sales ............................ $869,190 $ 755,875 $ 598,282 $ 667,675 $2,891,022<br />
Gross profit .......................... 241,930 176,857 113,295 142,534 674,616<br />
Net (loss) income .....................<br />
Earnings (loss) per share:<br />
23,246 (316,874) (66,559) (62,364) (422,551)<br />
Basic ........................... 0.40 (5.41) (1.14) (1.05) (7.19)<br />
Diluted .........................<br />
Fiscal Year 2008<br />
0.40 (5.41) (1.14) (1.05) (7.19)<br />
Net sales ............................ $946,962 $1,065,6<strong>10</strong> $1,032,668 $1,067,263 $4,112,503<br />
Gross profit .......................... 264,575 301,124 261,133 282,574 1,<strong>10</strong>9,406<br />
Net (loss) income .....................<br />
Earnings (loss) per share:<br />
36,529 42,880 (3,349) 31,726 <strong>10</strong>7,786<br />
Basic ........................... 0.56 0.69 (0.06) 0.54 1.75<br />
Diluted ......................... 0.55 0.68 (0.06) 0.54 1.73<br />
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