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.
About HARMANHARMAN designs, manufactures, and markets a wide range of audio, lighting and infotainment solutions for the automotive, consumer, and professional markets. It is a recognized world leader across its customer segments with premium brands including AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon®, and Mark Levinson® and leading-edge connectivity, safety and audio technologies. 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 14,300 people across the Americas, Europe, and Asia and reported sales of $4.4 billion for the fiscal year ended June 30, 2012. The company’s shares are traded on the New York Stock Exchange under the symbol NYSE:HAR. Please visit www.harman.com. © 2013 HARMAN International Industries, Incorporated. All rights reserved. Harman Kardon, Infinity, JBL, Lexicon and Mark Levinson are trademarks of HARMAN International Industries, Incorporated, registered in the United States and/or other countries. AKG is a trademark of AKG Acoustics GmbH, registered in the United States and/or other countries. Apple and iPhone are trademarks of Apple Inc., registered in the United States and other countries. Comply is a trademark of Hearing Components, Inc. Features, specifications and appearance are subject to change without notice.