8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported):  April 30, 2003

HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED
  (Exact name of registrant as specified in its charter)

Delaware
(State or Other Jurisdiction of Incorporation)

1-9764
(Commission File Number) 11-2534306
(I.R.S. Employer Identification No.)

1101 Pennsylvania Avenue, N.W., Washington, DC (Address of Principal Executive Offices) 20004
(Zip Code)

(202) 393-1101

(Registrant’s Telephone Number, including area code)

Item 7.		Financial Statements, Proforma Financial Information and Exhibits
	(c)	Exhibits
		Exhibit No.	Description
		99.1	Harman International press release, dated April 30, 2003
Item 9.		Regulation FD Disclosure
		See Item 12.	Results of Operations and Financial Condition
Item 12.		Results of Operations and Financial Condition
On April 30, 2003, Harman International issued a press release announcing its financial results for the quarter ended March 31, 2003.  A copy of the press release is furnished as part of this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  April 30, 2003 HARMAN INTERNATIONAL
INDUSTRIES, INCORPORATED By: /s/FRANK MEREDITH
——————————————
       Name:  Frank Meredith Title:    Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Harman International Industries, Inc., press release, dated April 30, 2003

EX-99.1

Harman International
PRESS RELEASE

APRIL 30, 2003	FOR IMMEDIATE RELEASE Contact:  Frank Meredith Chief Financial Officer Harman International Industries, Incorporated 818-893-8411
HARMAN INTERNATIONAL REPORTS RECORD THIRD QUARTER EARNINGS
Washington, D.C. – Harman International Industries, Incorporated (NYSE:HAR) today announced record earnings for the third quarter and first nine months ended March 31, 2003.  Net sales for the quarter were $554.5 million, a 21 percent increase above net sales of $458.3 million during the same period last year.  Foreign currency translation contributed approximately $60 million to third quarter sales when compared to the same period in the prior year.  Net income for the quarter was $30.6 million, more than double the $14.6 million of net income in the same prior year period.  The Company reported earnings per diluted share of $0.90 for the quarter compared to $0.43 a year ago. For the nine months ended March 31, 2003, net sales were $1.605 billion compared to net sales of $1.325 billion during the same period last year, an increase of 21 percent.  Foreign currency translation contributed approximately $116 million to nine-month sales when compared to the same prior year period.  Net income totaled $68.0 million and earnings per diluted share were $2.00 for the first nine months.  In the prior year period, net income was $31.4 million and earnings per diluted share were $0.93. The Consumer Systems Group reported net sales of $446.5 million for the three months ended March 31, 2003, 26 percent higher than net sales of $354.6 million in the same prior year period.  Net sales to automotive customers increased 42 percent in the third quarter.  Harman/Becker reported increased sales of infotainment systems to European luxury automakers Mercedes-Benz, BMW, Porsche and Audi.  In North America and Asia, sales of JBL branded audio systems to Toyota were above the prior year and sales of Mark Levinson digital audio systems to Lexus also exceeded the prior year.  Aided by currency translation, consumer home audio product sales were 3 percent higher than last year, but sales and margins were adversely affected throughout Europe as a result of the war in Iraq.  The resulting operating losses were exacerbated by currency translation. Professional Group sales for the three-month period were $108.0 million compared to $103.8 million in the prior year, a 4 percent increase.  Operating profits for the group were more than twice those of the same period last year. Dr. Sidney Harman, Executive Chairman, and Bernard Girod, Vice Chairman and Chief Executive Officer, commented: “The Company achieved record earnings in the third quarter and for the first nine months of fiscal year 2003.  Our audio and infotainment systems continue to be well received by our automotive customers.  The consumer home audio and professional businesses continue to demonstrate their fundamental strengths during a prolonged period of economic uncertainty.  We look forward to the final quarter of fiscal 2003 and re-affirm our expectation that we will earn $3.00 per diluted share for the year.”
At 4:30 p.m. EDT today, Harman International will host an analyst and investor conference call to discuss the results for its third quarter and first nine months ended March 31, 2003, and to offer management's outlook for future periods.  To participate in the conference call, please call (US) (888) 428-4474 or for international calls dial (651) 291-0618 prior to 4:30 p.m. EST.  Please let the operator know that you would like to join the Harman International call. A replay of the conference call will be available following the completion of the call at approximately 8:00 p.m. EDT.  The replay will be available through May 7, 2003.  To access the replay, please call (US) (800) 475-6701 or for international calls (320) 365-3844.  The access code number is 681484. Harman International Industries, Incorporated (www.harman.com) is a leading manufacturer of high-quality, high fidelity audio products and electronic systems for the consumer and professional markets.  The Company’s stock is traded on the New York Stock Exchange under the symbol: HAR.

Note:      Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act.  You should not place undue reliance on these statements.  We base these statements on particular assumptions that we have made in light of our industry experience, as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances.  These statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements, including but not limited to the effect of changes in consumer confidence and spending, automobile industry sales and production rates, model-year changeovers and customer acceptance in the automotive industry, our ability to satisfy contract performance criteria, availability of key components to the products we manufacture, competitive products, currency exchange rates, the outcome of pending or future litigation and other claims, labor disputes at our facilities and  those of our customers or common carriers, general economic conditions in the U.S. and abroad, and other risks detailed in the Company's filings with the Securities and Exchange Commission.

HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED THIRD QUARTER RESULTS - FISCAL 2003 FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2003 AND 2002 (000s omitted except per share amounts)
	Three months ended				Nine months ended
	March 31,				March 31,
		2003		2002		2003*	2002
Net sales	$	554,454	$	458,310		1,605,190	1,324,751
Cost of sales		391,488		334,828		1,142,677	970,110
Gross profit		162,966		123,482		462,513	354,641
Selling, general and administrative expenses		116,209		96,373		352,447	291,647
Operating income		46,757		27,109		110,066	62,994
Other expense:
Interest expense		5,313		6,073		16,811	17,673
Miscellaneous, net		74		405		1,334	1,082
Income before income taxes		41,370		20,631		91,921	44,239
Income tax expense		10,756		5,983		23,899	12,830
Net Income	$	30,614		14,648		68,022	31,409
Basic EPS	$	0.95		0.45		2.10	0.98
Diluted EPS	$	0.90		0.43		2.00	0.93
Shares outstanding – basic		32,237		32,333		32,349	32,174
Shares outstanding – diluted		34,039		33,939		34,038	33,728

     * The first and second quarters include a reclassification of $4.6 million and $4.9 million, respectively, from selling, general and administrative expenses to cost of sales to conform to current quarter presentation.

HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED CONSOLIDATED BALANCE SHEETS (000s omitted)
	March 31,		March 31,
	2003		2002
ASSETS
Current assets
Cash & cash equivalents	$	77,268	$	84,430
Accounts receivable		336,921		317,253
Inventories		388,586		326,907
Other current assets		90,679		72,529
Total current assets		893,454		801,119
Property, plant and equipment, net		371,071		283,545
Excess of cost over fair value of assets acquired		217,663		155,462
Other assets		97,735		60,529
Total assets	$	1,579,923	$	1,300,655
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term borrowings	$	3,661	$	7,199
Current portion of long-term debt		578		4,216
Accounts payable and accrued liabilities		432,682		316,630
Total current liabilities		436,921		328,045
Long-term debt		493,487		459,398
Other non-current liabilities		51,522		46,781
Minority interest		2,315		6,130
Total shareholders’ equity		595,678		460,301
Total liabilities and shareholders’ equity	$	1,579,923	$	1,300,655