Harman International Reports First Quarter Fiscal Year 2009 Results
STAMFORD, Conn.--(BUSINESS WIRE)--Harman International Industries, Incorporated (NYSE:HAR) today announced results for the first quarter ended September 30, 2008. Net sales for the first quarter were $869 million, an 8 percent decrease compared to $947 million for the same period last year. Earnings per diluted share in the first quarter were $0.40 compared to $0.55 in the same period last year. Excluding restructuring and merger-related costs, non-GAAP earnings per diluted share were $0.51 for the first quarter compared to $0.62 for the same period last year.
â€œWe, like others, are feeling the impact of the current global economic situation,â€ said Dinesh C. Paliwal, Harmanâ€™s Chairman and Chief Executive Officer. â€œAlthough our premium audio and automotive customers are relatively more resilient to such cycles, we are taking aggressive actions both to reduce our costs during this period and to strengthen our competitive position for the future.â€
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