STAMFORD, CT -- Harman International Industries, Incorporated (NYSE: HAR) today announced that its Board of Directors has authorized the repurchase of up to an additional $200 million of the Company's common stock. This amount supplements the $70.7 million that remained as of the end of the third quarter under the Board’s previous authorization of $200 million repurchase originally announced in October 2011.
Dinesh C. Paliwal, HARMAN’s President, Chairman, and CEO, commented, "As our growth in the emerging markets and recent acquisitions demonstrate, we continue to make organic and inorganic investments that drive shareholder value. We also feel strongly about returning capital to our shareholders. We are pleased to announce this increase in our total share buyback after yesterday’s announcement of the doubling of our dividend for fiscal 2014. Given our strong balance sheet and projected cash flows, we believe that this two- pronged approach to cash distribution delivers excellent shareholder value.”
The buyback program allows the Company to purchase shares of common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions from time-to-time during the authorized 12 month period. The Company will continue to determine the timing and the amount of any repurchases based on its evaluation of market conditions, share price and other factors, and the buyback program may be suspended or discontinued at any time.