(Corrects paragraph 1 to say profit fell 20 percent, not 32
percent; corrects net income figure in paragraph 2 to $47 mln
from $41 million)
Jan 31 Audio systems maker Harman International
Industries Inc's quarterly profit fell 20 percent as
sales to carmakers in Europe fell, and the company said it would
cut up to 1,000 jobs, or 9 percent of its workforce.
Net income fell to $47 million, or 68 cents per share, in
the second quarter from $59 million, or 82 cents per share, a
Excluding items, earnings were 59 cents per share.
Revenue fell 6 percent to $1.06 billion.
Harman said it would cut about 500 jobs in high-cost
countries as part of a restructuring. The company is also
considering the sale or closure of a manufacturing site in
Europe, which would reduce another 500 jobs.
The company employed 11,366 people as of June 30, 2012,
according to a regulatory filing.
Harman, known for brands such as JBL and Harman Kardon, said
in November it expects weakness in Europe to extend through its
full year ending June 2013.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by