FORM 10-K - Harman

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CONSOLIDATED BALANCE SHEETS HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES June 30, (in thousands) Assets Current assets 2009 2008 Cash and cash equivalents .......................................... $ 590,568 $ 223,109 Receivables, net .................................................. 415,837 574,195 Inventories, net ................................................... 333,704 390,638 Other current assets ............................................... 170,422 236,355 Total current assets .................................................... 1,510,531 1,424,297 Property, plant and equipment, net ........................................ 518,596 640,042 Goodwill ............................................................ 81,877 436,447 Deferred tax assets, long-term ........................................... 292,568 208,107 Other assets .......................................................... 88,781 118,032 Total assets .......................................................... $2,492,353 $ 2,826,925 Liabilities and Shareholders’ Equity Current liabilities Current portion of long-term debt .................................... $ 605 $ 639 Accounts payable ................................................. 241,420 343,780 Accrued liabilities ................................................. 362,781 413,645 Accrued warranties ................................................ 116,673 126,977 Income taxes payable .............................................. 22,051 21,911 Total current liabilities ................................................. 743,530 906,952 Borrowings under revolving credit facility ................................. 227,319 25,000 Convertible senior notes ................................................ 400,000 400,000 Other senior debt ..................................................... 1,535 2,313 Minority interest ...................................................... 786 34 Other non-current liabilities ............................................. 145,358 152,780 Total liabilities ....................................................... 1,518,528 1,487,079 Shareholders’ equity Preferred stock ................................................... — — Common stock ................................................... 949 841 Additional paid-in capital ........................................... 821,286 628,324 Accumulated other comprehensive income ............................. 57,198 191,531 Retained earnings ................................................. 1,141,962 1,566,720 Less: Common stock held in treasury ................................. (1,047,570) (1,047,570) Total shareholders’ equity .............................................. 973,825 1,339,846 Total liabilities and shareholders’ equity ................................... $2,492,353 $ 2,826,925 See accompanying notes to consolidated financial statements. 47
CONSOLIDATED STATEMENTS OF OPERATIONS HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES (in thousands, except per share data) 2009 Year Ended June 30, 2008 2007 Net sales .................................................. $2,891,022 $4,112,503 $3,551,144 Cost of sales ............................................... 2,216,406 3,003,097 2,339,938 Gross profit ................................................ 674,616 1,109,406 1,211,206 Selling, general and administrative expenses ...................... 853,327 970,905 824,819 Goodwill impairment ........................................ 330,563 — — Operating (loss) income ...................................... (509,274) 138,501 386,387 Other expenses: Interest expense, net ..................................... 6,939 8,648 1,500 Miscellaneous, net ....................................... 3,483 5,369 2,682 (Loss) income before income taxes and minority interest ............ (519,696) 124,484 382,205 Income tax (benefit) expense, net ............................... (97,897) 17,119 70,186 Minority interest ............................................ 752 (421) (1,944) Net (loss) income ........................................... $ (422,551) $ 107,786 $ 313,963 (Loss) Earnings per share: Basic ............................................. $ (7.19) $ 1.75 $ 4.81 Diluted ............................................ $ (7.19) $ 1.73 $ 4.72 Weighted Average Shares Outstanding: Basic ............................................. 58,766 61,472 65,310 Diluted ............................................ 58,766 62,182 66,449 See accompanying notes to consolidated financial statements. 48
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Touching lives with premium audio a
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Financial Highlights FIVE-YEAR SUMM
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To Our Shareholders FROM THE CHAIRM
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Harman’s Professional Division la
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(opposite) Harman’s partnership w
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(above left) Harman’s new GreenEd
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Page 19 and 20: Forward-Looking Statements This rep
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Page 23 and 24: electronic devices. Our branded aud
Page 25 and 26: ole in developing the emerging Ethe
Page 27 and 28: We also produce professional amplif
Page 29 and 30: For the fiscal year ended June 30,
Page 31 and 32: We believe that our facilities are
Page 33 and 34: suffer. In addition, our competitor
Page 35 and 36: Covenants in our existing debt agre
Page 37 and 38: usiness. From time to time, third p
Page 39 and 40: On November 30, 2007, the Boca Rato
Page 41 and 42: Item 4. Submission of Matters to a
Page 43 and 44: Part II Item 5. Market for Registra
Page 45 and 46: Item 7. Management’s Discussion a
Page 47 and 48: assets and liabilities. Actual resu
Page 49 and 50: tax assets to an amount we believe
Page 51 and 52: Consumer net sales increased 7 perc
Page 53 and 54: HiQnet products as we achieved econ
Page 55 and 56: Other SG&A expenses increased $16.9
Page 57 and 58: our cash and cash equivalents and s
Page 59 and 60: Borrowings Under Revolving Credit F
Page 61 and 62: The Notes are convertible at the op
Page 63 and 64: Interest Rate Sensitivity/Risk At J
Page 65 and 66: Item 8. Consolidated Financial Stat
Page 67: Report of Independent Registered Pu
Page 71 and 72: HARMAN INTERNATIONAL INDUSTRIES, IN
Page 73 and 74: Harman International Industries, In
Page 83 and 84: Note 5 - Goodwill Harman Internatio
Page 99 and 100: Excess Tax Benefits Harman Internat
Page 113 and 114: Item 9. Changes in and Disagreement
Page 115 and 116: Part IV Item 15. Exhibits and Finan
Page 117 and 118: Exhibit No. Exhibit Description 10.
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Exhibit No. Exhibit Description 10.
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Schedule II Classification HARMAN I
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[THIS PAGE INTENTIONALLY LEFT BLANK
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400 Atlantic Street, Suite 1500 Sta
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FORM 10-K - Harman

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