Harman International Reports First Quarter Fiscal Year 2009
Steven Stone -- Thu, 10/30/2008 - 10:43
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.
“We, like others, are feeling the impact of the current global economic situation,†said Dinesh C. Paliwal, Harman’s Chairman and Chief Executive Officer. “Although 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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it is not unusual for luxury item sales to pick up in an economic downturn period,as the rich ones wont have lucrative perspectives for their potential investments they strat to spend their money on luxuries and if we consider the high-end as luxury which it really is, it might even be considerd a great opportunuty for high-end companies.
falco
According to the latest articles in the Wall Street Journal, most luxury conglomerates saw substantial sales reductions in the last quarter of '08. Some were down as much as 30% over same-store sales of '07.
Most retailers and manufacturers I talked with at CES saw sales drop in September and only small pre-holiday spikes. Only one manufacturer reported strong sales - they are in the wire and accessory business.
Steven Stone
Contributor to The Absolute Sound, EnjoytheMusic.com, Vintage Guitar Magazine, and other fine publications
I'm really glad to be proved wrong, as it will force the manufacturers to offer either exeptional values or exeptionally good products.
So far thhis lst 6 months over 1000 retail outlets have closed.
Do not believe the BS there are very few high end companies doing well in any field.
THere mightbe some exceptions but restaurants, yaghts, jewelry, audio, auto's are all suffering BIGTIME
If you love audio and can affors something go out and buy it your dealer and manufacturer NEED U!
Having come from high end retailing years ago....I hope the best ones do well...and I suspect they will. There aren't many of them left. I also think there will be a large shake out in manufacturers...particularly those offering the latest "break through" product and/or technology...or such items that seemed to be heavily pushed by some of the reviewers. Technology has improved, for example, loudspeakers....but most of this is evolutionary...and I for one...and a number of my audio friends...and we actually spend money on this stuff...are getting tired of this weeks/months...complete break through...someone needs to calm these guys down....or perhaps they do this because they get lots of free stuff...I think in the long run the more reviewers push "break throughs" the less creditability they have...and to some extent the "high end/audiophile" business looks sillier...maybe this turn down will shake out the more flakey folks....in a bad situation perhaps that is one good note