Harman International Industries, Incorporated (NYSE: HAR) today provided
an update on its previously announced $200 million share repurchase
program.
As of June 14, 2012, the Company has repurchased just over $100 million
of Company common stock, which represents more than half of the amount
authorized by our Board in October 2011.
Dinesh C. Paliwal, President, Chairman, and CEO of Harman, commented,
“We believe the repurchase of our shares represents a sound investment
decision for our Company given recent trading prices. If the price of
our shares remains at or around the current market price level, we plan
to continue to buy back our shares in accordance with the economic
parameters of the repurchase program, as approved by our Board.”
The buyback program allows the Company to purchase shares of common
stock in accordance with applicable securities laws on the open market
or through privately negotiated transactions from time-to-time during
the authorized 12 month period. The Company will continue to determine
the timing and the amount of any repurchases based on its evaluation of
market conditions, share price and other factors, and the buyback
program may be suspended or discontinued at any time.
About HARMAN
HARMAN (www.harman.com)
designs, manufactures and markets a wide range of audio and infotainment
solutions for the automotive, consumer and professional markets —
supported by 15 leading brands, including AKG, Harman Kardon, Infinity,
JBL, Lexicon and Mark Levinson. The company is admired by audiophiles
across multiple generations and supports leading professional
entertainers and the venues where they perform. More than 25 million
automobiles on the road today are equipped with HARMAN audio and
infotainment systems. HARMAN has a workforce of about 13,000 people
across the Americas, Europe and Asia, and reported net sales of $4.3
billion for the 12 months ended March 31, 2012. The company's shares are
traded on the New York Stock Exchange under the symbol NYSE:HAR.
Safe Harbor Statement Under the Private Securities Litigation Reform
Act of 1995
Except for historical information contained herein, the matters set
forth in this news release are forward-looking statements. Statements
that are predictive in nature, that depend upon or refer to events or
conditions or that include words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “estimates,” “will,” “could” and similar
expressions are forward-looking statements. The forward-looking
statements set forth above involve a number of risks and uncertainties
that could cause actual results to differ materially from any such
statement, including the risks and uncertainties discussed in the
company’s Safe Harbor Compliance Statement for Forward-Looking
Statements included in the company’s recent filings, including Forms
10-K and 10-Q, with the Securities and Exchange Commission. The
forward-looking statements speak only as of the date made, and the
company undertakes no obligation to update these forward-looking
statements.
© 2012 HARMAN International Industries, Incorporated. All rights
reserved. Harman Kardon, Infinity, JBL, Lexicon and Mark Levinson are
trademarks of HARMAN International Industries, Incorporated, registered
in the United States and/or other countries. AKG is a trademark of AKG
Acoustics GmbH, registered in the United States and/or other countries.
Features, specifications and appearance are subject to change without
notice.
HAR-C
