HARMAN doubles annual dividendJune 27, 2012
STAMFORD, CT -- Harman International Industries, Incorporated (NYSE:HAR), the leading global audio and infotainment group, today announced that its board of directors has adopted an annual cash dividend policy pursuant to which the company will increase its annual cash dividend to $0.60 per share, to be paid quarterly at the rate of $0.15 per share. The higher rate represents a 100 percent increase over the prior quarterly rate of $0.075 per share. The increased dividend will go into effect for the new fiscal year, which starts July 1, 2012, and the first quarterly payment will be in September 2012.
“The continued improvement in the company’s financial performance, including ten consecutive quarters of top and bottom line growth, has bolstered our confidence in our company and allowed us to again substantially increase our dividend,” said Dinesh C. Paliwal, the Company’s Chairman, President and CEO. “Besides investing in R&D and growth initiatives, and buying back company stock, this dividend increase is another example of Harman’s commitment to returning value to our shareholders as we continue to build the longer term value of our company.”
HARMAN (www.harman.com) designs, manufactures and markets a wide range of audio and infotainment solutions for the automotive, consumer and professional markets — supported by 15 leading brands, including AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon® and Mark Levinson®. The Company is admired by audiophiles across multiple generations and supports leading professional entertainers and the venues where they perform. More than 25 million automobiles on the road today are equipped with HARMAN audio and infotainment systems. HARMAN has a workforce of about 13,400 people across the Americas, Europe and Asia, and reported net sales of $4.4 billion for the twelve months ending June 30, 2012. The Company's shares are traded on the New York Stock Exchange under the symbol NYSE:HAR.
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