HARMAN Doubles Annual Dividend
STAMFORD, Conn.--(BUSINESS WIRE)-- 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 $1.20 per share, to be paid quarterly at the rate of $0.30 per share. The higher rate represents a 100 percent increase over the prior quarterly rate of $0.15 per share. The increased dividend will go into effect for the new fiscal year, which starts July 1, 2013, and the first quarterly payment will be in September 2013.
Our companys performance and our strategy for continued growth and cash generation gives us the confidence to substantially increase our dividend and move our payout ratio and yield solidly in line with the S&P500, said Dinesh C. Paliwal, the Companys Chairman, President, and Chief Executive Officer. Besides investing in R&D and growth initiatives, and buying back company stock, this dividend increase is another example of HARMANs commitment to returning value to our shareholders as we continue to build the longer term value of our company.
HARMAN 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 companys 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.
Harman International Industries, Incorporated
Sandy Rowland, 203-328-3500
Vice President, Investor Relations
Source: HARMAN International Industries, IncorporatedCopyright Business Wire 2013