Harman International Industries, Incorporated announced results for its second quarter FY 2010 ending December 31, 2009.

According to the statement, the company posted a profit of $16 million ($0.23/share), compared to a loss of $319 million ($5.45/share) for the same time in 2009. Net sales increased to $937 million from $756 million.

Harman International trades on the NYSE under the symbol HAR.

For more information visit: www.harman.com

Unedited press release follows:

Harman Reports Significant Net Income Improvement on Stronger Sales
08-February-2010

HARMAN INTERNATIONAL REPORTS SIGNIFICANT NET INCOME IMPROVEMENT ON STRONGER SALES

·   Sales and margins higher on successful execution of innovation and cost-reduction programs

·   Positive cash from operations and solid cash position allows repayment of credit revolver balance

·   Harman will announce mid-term targets (FY 2013) at an investor and analyst day on April 29, 2010

Stamford, CT, February 8, 2010 – Harman International Industries, Incorporated (NYSE: HAR) today announced results for the Second Quarter FY 2010 ending December 31, 2009.  Net sales for the quarter were $937 million, an increase of 24 percent compared to the same period last year.  Excluding foreign currency translation, net sales increased by 15 percent.  Sequentially, sales increased 24 percent compared to the previous quarter. Excluding non-recurring items, the second quarter generated a non-GAAP operating profit of $53 million, compared to a non-GAAP operating loss of ($16) million for the same period last year.  On the same non-GAAP basis, earnings per diluted share were $0.40 for the quarter compared to a loss per diluted share of ($0.21) for the same period last year. On a GAAP basis, earnings per diluted share were $0.23 for the quarter compared to a loss per diluted share of ($5.45) during the same period last year.

“We are encouraged by the double-digit sales increase from the same period a year ago and by the fact that we are delivering this improvement to the earnings line,” said Dinesh C. Paliwal, the Company’s Chairman, President and CEO.  “Our continued drive for innovation, productivity improvement and permanent cost savings under our STEP Change program has become part of our culture, and these will enable Harman to execute more profitably on its large portfolio of awarded business. With our technology leadership, we are gaining market share in our Automotive Division, and our customers continue to reward us with new orders. Our note holders have recently shown an additional vote of confidence by amending a debt covenant that now allows us to revolve our credit facility.  By paying down the revolver, we will reduce interest costs while maintaining the flexibility to adjust our cash position as necessary.”