Harman International Industries Inc. (HAR, Financial) filed Quarterly Report for the period ended 2010-03-31.
Harman International Industries Inc. has a market cap of $3.56 billion; its shares were traded at around $51.32 with and P/S ratio of 1.3. HAR is in the portfolios of Robert Olstein of Olstein Financial Alert Fund, Bruce Kovner of Caxton Associates, Brian Rogers of T Rowe Price Equity Income Fund, Richard Pzena of Pzena Investment Management LLC, Chuck Royce of Royce& Associates, Kenneth Fisher of Fisher Asset Management, LLC, Charles Brandes of Brandes Investment, Jeremy Grantham of GMO LLC.
Interest expense related to the Convertible Senior Notes for the three months ended March 31, 2010 and 2009 includes $1.3 million for both periods of contractual cash interest expense and an additional $3.7 million and $3.4 million of non-cash interest expense,
respectively, related to the amortization of the discount. Interest expense related to the Convertible Senior Notes for the nine months ended March 31, 2010 and 2009 includes $3.8 million for both periods of contractual cash interest expense and an additional $11.1 million and $10.4 million of non-cash interest expense, respectively, related to the amortization of the discount. Refer to Note 2 New Accounting Standards in the Notes to the Condensed Consolidated Financial Statements for further information.
For the nine months ended March 31, 2010, net sales were $2.543 billion, compared to net sales of $2.223 billion in the same period in the prior year, an increase of 14 percent. Foreign currency translation favorably impacted net sales by $57.9 million when compared to the same period in the prior year. The increase in overall net sales for the nine months ended March 31, 2010 compared to the same period in the prior year was primarily within our Automotive segment and was attributable to increased mid-level and high-end infotainment business resulting from the launch of new platforms, overall production recovery and new acoustic model launches, partially offset by lower PND net sales due to our exit from this distribution channel. Net sales were higher in our Professional segment primarily due to new product introductions compared to the same period in the prior year, which previously had been negatively affected by the financial and economic crisis and reductions in the availability of credit. Net sales were higher in our Consumer segment primarily due to favorable foreign currency translation.
Consumer Net sales for the three months ended March 31, 2010 increased $12.2 million, or 18 percent, compared to the same period in the prior year. Foreign currency translation favorably impacted net sales by $2.8 million compared to the same period in the prior year. Net sales for the nine months ended March 31, 2010 increased $5.8 million, or 2 percent compared to the same period in the prior year. Foreign currency translation favorably impacted net sales by $10.4 million compared to the same period in the prior year.
Professional Net sales for the three months ended March 31, 2010 increased $11.5 million, or 10 percent compared to the same period in the prior year. Foreign currency translation favorably impacted net sales by $1.9 million compared to the same period in the prior year. Net sales for the nine months ended March 31, 2010 increased by $11.7 million, or 3 percent compared to the same period in the prior year. Foreign currency translation favorably impacted net sales by $3.1 million compared to the same period in the prior year.
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Harman International Industries Inc. has a market cap of $3.56 billion; its shares were traded at around $51.32 with and P/S ratio of 1.3. HAR is in the portfolios of Robert Olstein of Olstein Financial Alert Fund, Bruce Kovner of Caxton Associates, Brian Rogers of T Rowe Price Equity Income Fund, Richard Pzena of Pzena Investment Management LLC, Chuck Royce of Royce& Associates, Kenneth Fisher of Fisher Asset Management, LLC, Charles Brandes of Brandes Investment, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
Allowance for Doubtful Accounts: We reserve an estimated amount for accounts receivable that may not be collected. Methodologies for estimating the allowance for doubtful accounts are primarily based on specific identification of uncollectible accounts. Historical collection rates and customer credit worthiness are considered in determining specific reserves. At March 31, 2010 and June 30, 2009, we had $7.2 million and $11.7 million, respectively, reserved for possible uncollectible accounts receivable. Approximately $2.1 million of the decrease in the allowance for doubtful accounts was due to the deconsolidation of Harman Navis, Inc. (Harman Navis) joint venture in December 2009. Refer to Note 19 Investment in Joint Venture in the Notes to the Condensed Consolidated Financial Statements for more information.Interest expense related to the Convertible Senior Notes for the three months ended March 31, 2010 and 2009 includes $1.3 million for both periods of contractual cash interest expense and an additional $3.7 million and $3.4 million of non-cash interest expense,
respectively, related to the amortization of the discount. Interest expense related to the Convertible Senior Notes for the nine months ended March 31, 2010 and 2009 includes $3.8 million for both periods of contractual cash interest expense and an additional $11.1 million and $10.4 million of non-cash interest expense, respectively, related to the amortization of the discount. Refer to Note 2 New Accounting Standards in the Notes to the Condensed Consolidated Financial Statements for further information.
For the nine months ended March 31, 2010, net sales were $2.543 billion, compared to net sales of $2.223 billion in the same period in the prior year, an increase of 14 percent. Foreign currency translation favorably impacted net sales by $57.9 million when compared to the same period in the prior year. The increase in overall net sales for the nine months ended March 31, 2010 compared to the same period in the prior year was primarily within our Automotive segment and was attributable to increased mid-level and high-end infotainment business resulting from the launch of new platforms, overall production recovery and new acoustic model launches, partially offset by lower PND net sales due to our exit from this distribution channel. Net sales were higher in our Professional segment primarily due to new product introductions compared to the same period in the prior year, which previously had been negatively affected by the financial and economic crisis and reductions in the availability of credit. Net sales were higher in our Consumer segment primarily due to favorable foreign currency translation.
Consumer Net sales for the three months ended March 31, 2010 increased $12.2 million, or 18 percent, compared to the same period in the prior year. Foreign currency translation favorably impacted net sales by $2.8 million compared to the same period in the prior year. Net sales for the nine months ended March 31, 2010 increased $5.8 million, or 2 percent compared to the same period in the prior year. Foreign currency translation favorably impacted net sales by $10.4 million compared to the same period in the prior year.
Professional Net sales for the three months ended March 31, 2010 increased $11.5 million, or 10 percent compared to the same period in the prior year. Foreign currency translation favorably impacted net sales by $1.9 million compared to the same period in the prior year. Net sales for the nine months ended March 31, 2010 increased by $11.7 million, or 3 percent compared to the same period in the prior year. Foreign currency translation favorably impacted net sales by $3.1 million compared to the same period in the prior year.
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