Harman International Industries Inc., the manufacturer of audio products and electronic systems for the consumer and professional markets, announced record results for the company’s first fiscal quarter.
Net sales for the quarter were US$490.8 million, a 23 percent increase over net sales of $399 million in the same period last year. Net income was $9.8 million, almost double the earnings of the same time period in 2001. Harman reported earnings per diluted share of $0.29 for the quarter compared to $0.15 a year ago.
The Consumer Systems Group produced net sales of $389.8 million, an increase of 33 percent over the same prior year period. Consumer audio product sales of $73.6 million were 6 percent above last year and Professional Group sales for the quarter were $101 million, a slight decrease from sales of $105 million.
Harman works with Apple to develop and market such audio products as the SoundSticks, the Creature audio system, Apple Pro Speakers and the iSub.