Audio product manufacturer
Harman International Industries Inc. today announced its third quarter financial results for the period ending March 31, 2002. Harman makes the speakers used in iMac and Power Mac G4 models, Apple’s Pro Speakers and the USB-based iSub and SoundSticks peripherals that have proven popular among Mac users.
Net sales for Harman’s third quarter were US$458.3 million — a five percent year over year increase. Net sales rose 8 percent exclusive of currency effects, according to the to the company. Net income was $14.6 million, compared to a net loss of $18.4 million posted for the same quarter last year. This resulted in earnings per diluted share of $0.43, compared to a loss of $0.57 per share for Q3 2001. For the nine month period ending on March 31, 2002, net sales were $1.325 billion.
Harman’s Consumer Systems Group reported net sales of $354.6 million for the quarter — 9 percent better than last year. The company’s systems are used in various automobiles including models from Toyota, Mercedes-Benz, BMW and Chrysler. Harman reported increased sales in various aspects of its automobile business.
“Multimedia sales were higher to Apple and the PC audio aftermarket,” reported Harman, which also said that sales of consumer home audio products were lower than last year because of softness in the market.
Professional Group sales were down 3 percent year over year, but profits were higher. JBL Professional and Crown sales increased for the period, thanks to the release of new products.