Harman International Industries, the manufacturer of audio products and electronic systems for the consumer and professional markets, saw sales go up for the second quarter and first six months that ended Dec. 31. The Harman Multimedia segment of the company works with Apple on products such as the Apple Pro Speakers, iSub and SoundSticks speaker system.
Net sales for the second quarter totaled US$467.4 million, a 7 percent increase compared to net sales of $438.2 million in the same period last year. Harman reported pretax income of $24.8 million before recording an $8.3 million legal reserve. The reserve is due to a lawsuit between Harman and Bose Corp. Net income for the quarter before the reserve was $17.6 million, equal to $0.53 per diluted share. The reserve represents $0.18 per diluted share.
For the six months ended December 31, 2001, net sales were $866.4 million versus $833.2 million in the prior year period, an increase of 4 percent. Earnings per diluted share before recording the legal reserve were $0.68 for the first half.
Despite lower sales by Apple and Compaq, multimedia sales to Dell and the aftermarket were above last year’s levels. Consumer audio product sales were about the same as a year ago.