AUG. 15 | HARMAN, LOUD | FINANCE
Harman Breaks Records; Loud Doesn't, But Still Grows
In early August, Harman International Industries and Loud Technologies released period financial statements.
Harman announced record results in its year-end fiscal report, with $3.248 billion in net sales, an increase of 7 percent compared to last year. Excluding restructuring charges and costs incurred to repurchase senior debt, earnings per diluted share increased 18 percent to $3.89. Earnings per diluted share including those charges were $3.75, compared to $3.31 a year ago.
Among the company's divisions, consumer net sales were $494 million, 18 percent higher versus a year ago, and professional net sales were $517 million, an increase of 6 percent.
Sidney Harman, executive chairman, and Douglas Pertz, CEO, reiterated their expectation for earnings of $4.35 per diluted share in 2007.
Revenue was down in Loud Technologies' second quarter. It was $53.5 million, a decrease of $800,000 from last year's second quarter. Still, gross profit increased by $2.2 million to $17.8 million, 33.2 percent of net sales. Last year's second quarter drew $15.6 million, or 28.8 percent of net sales. Selling, general and administrative expenses decreased $900,000 from last year to $12 million, primarily a result of lower commission costs related to the company's new direct sales program. Diluted earnings per share for the second quarter 2006 net income was 6 cents.
For the six-month period, revenue increased $17.9 million from last year to $112.1 million.
The 2006 period includes a full six months of sales from the St. Louis Music brands, acquired last year, as opposed to the comparable period in 2005.