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Harman International Industries' CEO Discusses F4Q12 Results - Earnings Call Transcript

Stocks in this article: HAR

I also want to remind you that Harman has led the smartphone integration and we will provide the service to car companies just like what we did with Chrysler this past week, just like what we are doing with BMW this fall. With or without an embedded system in the car, our record car intake for embedded infotainment system and the recent awards from leading automakers confirm our strategy and business model.

On that note, we are pleased to have scored several key events during fiscal year 2012. We extended our relationship with BMW through a 2 billion+ order that we shared with you on the last call. And earlier in the year, we booked a 400 million [inaudible] award for Porsche-Volkswagen group.

To meet the growing demand for entry-level embedded infotainment systems, Harman launched a new scalable infotainment platform targeting entry and mixed segment vehicles. It didn’t take much. We had immediate success with this launch and we penetrated Asian automotive companies and one scalable next generation system orders from Tata Motors of India, China’s BRIC, [inaudible] and several others.

Today we are pleased to share with you a new [inaudible] major breakthrough award. We have received a significant new order from the world’s largest automaker, General Motors. This $900 million order will provide General Motors with a new, advanced, scalable infotainment technology. [inaudible] success in Europe, Asia and now North America with Chrysler, General Motors, thoroughly enforce our leadership in these technology areas. It is important to emphasize that our sales by final destination are very diversified, as shown on slide eight of your deck.

The EU5 represents only 30% of the company’s sales; 74% of that 30% is in robust German market. Therefore, our exposure to European uncertainty is hardly any. We have got nothing to do with Greece and several other slumping economies, so long Germany continues to do well.

Read the rest of this transcript for free on seekingalpha.com

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