Key Developments: Harman International Industries Inc (HAR.N)

HAR.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Harman International Industries Inc Announces Additional $200M Share Buyback
Thursday, 27 Jun 2013 08:30am EDT 

Harman International Industries Inc announced that its Board of Directors has authorized the repurchase of up to an additional $200 million of the Company's common stock. This amount supplements the $70.7 million that remained as of the end of the third quarter under the Board's previous authorization of $200 million repurchase originally announced in October 2011.  Full Article

Harman International Industries Inc Doubles Annual Dividend
Wednesday, 26 Jun 2013 08:30am EDT 

HARMAN International Industries Inc announced that its board of directors has adopted an annual cash dividend policy pursuant to which the Company will increase its annual cash dividend to $1.20 per share, to be paid quarterly at the rate of $0.30 per share. The higher rate represents a 100% increase over the prior quarterly rate of $0.15 per share. The increased dividend will go into effect for the new fiscal year, which starts July 1, 2013, and the first quarterly payment will be in September 2013.  Full Article

Harman International Industries Inc Announces Quarterly Cash Dividend
Thursday, 2 May 2013 08:00am EDT 

Harman International Industries Inc announced that it has declared a cash dividend on May 2, 2013 of $0.15 cents per share for the quarter ended March 31, 2013. The quarterly dividend will be paid on May 28, 2013, to each stockholder of record as of the close of business on May 13, 2013.  Full Article

Harman International Industries Inc Raises FY 2013 EPS Guidance; Updates FY 2013 Revenue Guidance; Sees FY 2013 EBIT And EBITDA Guidance At High End Of Prior Range
Thursday, 2 May 2013 08:00am EDT 

Harman International Industries Inc announced it has raised its fiscal 2013 operational earnings per share guidance to $3.00 from its previous range of $2.70-$2.90. The Company now expects revenue to be at the mid to high-end of its previously announced range of $4.175-$4.250 billion. The Company also expects operating profit and EBITDA to meet the high end of its previously announced range of $265 - $280 million and $385-$400 million. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EPS of $2.80, revenue of $4.2 billion, EBIT of $275 for fiscal 2013.  Full Article

Schouw and Co A/S Completes Sale of Martin Professional to Harman International Industries Inc
Thursday, 28 Feb 2013 07:32am EST 

Schouw and Co A/S announced that it has on December 19, 2012 agreed to divest its wholly-owned subsidiary Martin Professional to Harman International Industries Inc of the United States. All conditions of the agreement have been met, and the sale was closed on February 28, 2013. The transaction represents a total value of DKK 917 million: the parties have agreed to a price of EUR 110 million (approximately DKK 820 million) on a debt-free basis for the entire company excluding Martin's two properties in Frederikshavn, Denmark, which were transferred to Schouw & Co. in connection with the closing. The two properties, which Martin continues to lease, were transferred at a carrying amount of DKK 97 million. The sale of Martin will produce a gain for Schouw & Co. that will be recognized in the financial statements for the first quarter of 2013. The amount of the recognized accounting gain will depend on the recognition of profits during the period until closing, the final calculation of the interest-bearing debt at the closing date as well as the calculation of costs and other adjustments related to the transaction. As previously announced, the overall accounting gain is estimated to be in the region of DKK 250 million. The divestment implies that Martin is reclassified from a consolidated subsidiary to discontinued operations in the Schouw & Co. consolidated financial statements.  Full Article

Harman International Industries Inc Issues FY 2013 Guidance Below Analysts' Estimates
Thursday, 31 Jan 2013 07:01am EST 

Harman International Industries Inc provided an updated outlook regarding its financial targets for fiscal 2013. In light of lower European automotive production volumes and a weaker global economic climate, the Company now forecasts global revenue between $4.175 billion and $4.250 billion and operational earnings per share (EPS) between $2.70 and $2.90. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $4.272 billion and EPS of $3.37 for fiscal 2013.  Full Article

Harman International Industries Inc Announces Quarterly Cash Dividend
Thursday, 31 Jan 2013 07:00am EST 

Harman International Industries Inc announced that it has declared a cash dividend on January 31, 2013 of $0.15 per share for the quarter ended December 31, 2012. The quarterly dividend will be paid on February 26, 2013, to each stockholder of record as of the close of business on February 11, 2013.  Full Article

Harman International Industries Inc Signs Agreement to Acquire Entertainment Lighting Company Martin Professional
Wednesday, 19 Dec 2012 06:00am EST 

Harman International Industries Inc announced that it has reached an agreement to acquire Martin Professional A/S of Denmark, provider of lighting solutions for the entertainment, architectural, and commercial sectors, for EUR110 million. The deal is expected to close early in 2013.  Full Article

Harman International Industries Inc Announces Quarterly Cash Dividend
Friday, 2 Nov 2012 08:00am EDT 

Harman International Industries Inc announced that it has declared a cash dividend on November 2, 2012 of $0.15 cents per share for the first quarter ended September 30, 2012. The quarterly dividend will be paid on November 28, 2012, to each stockholder of record as of the close of business on November 12, 2012.  Full Article

Harman International Industries Inc Announces Extension To Share Buyback Program
Thursday, 25 Oct 2012 04:30pm EDT 

Harman International Industries Inc announced the extension of the $200 million share buy-back program that was authorized by Harman`s Board of Directors in October 2011. The Board of Directors believes that it is in the interests of Harman shareholders to extend the term of the program to October 25, 2013. The other terms and conditions of the program will not be amended in any way.  Full Article

Harman International raises full-year forecast; shares rise

- Audio systems maker Harman International Industries Inc, whose brands include JBL and Harman Kardon, raised its earnings forecast for the year ending June, and said it will shift more jobs to lower-cost countries in the next five years.

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