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Harman International Industries' CEO Presents At JPMorgan 2012 Auto Conference (Transcript)

Stocks in this article: HAR

And with that, I’m going to thank them for coming and hand it over I think to Dinesh.

Dinesh C. Paliwal

Thank you, Ryan. Good morning and thank you for coming to this session. I’m going to take next 15 minutes to walk you through some of the highlights and then hopefully we can engage in active dialog and some questions-and-answers.

So, quickly getting into as Ryan mentioned, we’re very pleased to have a breakthrough in General Motors. This is first time General Motors and Harman will work to bring the cutting-edge Infotainment solutions fully connected with cloud and other apps, and that are brand-new and we just launched it together with our earnings call last Friday.

Same time we also announced an acquisition of a small firm Android Google-based open-source systems company in India. You might have seen track record of our company last five years without very good cash position. We’ve been very fiscal discipline. We have acquired small companies, but very accretive, one in Brazil and one in United States and now here in India.

Another good thing is we have closed the year with a record order backlog of $16.1 billion, which is almost four time our annual revenue. And we also booked record orders in automotive space $5.2 billion, $4 billion of which in Infotainment and $1.2 billion in a very high margin branded car audio business.

Quickly moving into some of the highlights; sales up 16% in nominal and constant currency 17%, operating income up 47%, and operating income up for the quarter, last quarter, as the fourth quarter 100%.

What we are extremely pleased about is BRIC country development. We grew in BRIC countries more than 30%, where China led the way with 42%. And I don’t know very many companies in our peer group close to this growth rate, but we have somehow figured out the secret sauce and we've been doing it for last three, three and a half years.

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