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):  August 26, 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 August 26, 2003
Item 9.		Regulation FD Disclosure
		See Item 12.	Results of Operations and Financial Condition
Item 12.		Results of Operations and Financial Condition
On August 26, 2003, Harman International issued a press release announcing its financial results for the fourth quarter and full fiscal year ended June 30, 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:  August 26, 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 August 26, 2003

EX-99

Harman International
PRESS RELEASE

August 26, 2003	FOR IMMEDIATE RELEASE Contact:  Frank Meredith Chief Financial Officer Harman International Industries, Incorporated 818-893-8411
HARMAN INTERNATIONAL REPORTS RECORD FOURTH QUARTER AND FULL YEAR EARNINGS AND NEW AWARD FROM MERCURY
Washington, D.C. – Harman International Industries, Incorporated (NYSE:  HAR) today announced record earnings for the fourth quarter and full fiscal 2003 year.  Net sales for the quarter were $623.3 million compared to $501.4 million during the same period last year, an increase of 24 percent.  Net income for the quarter was $37.4 million, a 43 percent increase compared to net income of $26.1 million in the same period last year.  Earnings per diluted share were $1.10 for the quarter compared to $0.76 a year ago. For the fiscal year ended June 30, 2003, the Company reported net sales of $2.229 billion, a 22 percent increase over net sales of $1.826 billion last year.  Fiscal 2003 net income was $105.4 million, an 83 percent increase versus net income of $57.5 million in the prior year.  Earnings per diluted share were $3.10 compared to $1.70 last year. The Consumer Systems Group reported net sales of $1.783 billion for the twelve months ended June 30, 2003, compared to net sales of $1.401 billion in the prior year, an increase of 27 percent.  Professional Group net sales were $446.0 million for the twelve-month period versus $424.7 million  in the prior year, an increase of 5 percent. Dr. Sidney Harman, Executive Chairman, and Bernard Girod, Vice Chairman and Chief Executive Officer commented: “The Company achieved record net sales and earnings for the fourth quarter and fiscal year ended June 30, 2003.  During the year, our position as a leading supplier of audio and infotainment systems to an array of automotive customers was strengthened.  We added significant new strength in speech processing and hands-free microphones through the acquisition of Wavemakers, Inc., and we determined not to participate in the bidding for the Korean electronics firm, Autonet. We launched new infotainment programs for Mercedes-Benz, BMW, Porsche and Audi.  The Company has been awarded branded audio business for three Mercury platforms for model year 2006.
Cash flow from operations was a record $148 million in the June quarter and $250 million for the fiscal year.  Cash balance at June 30 was $148 million and working capital as a percentage of sales was 15 percent. We are proud of the Company’s performance in fiscal 2003 and look forward to the challenges and opportunities in fiscal 2004.” At 4:30 p.m. EDT today, Harman International will host an analyst and investor conference call to discuss the results for the fourth quarter and twelve months ended June 30, 2003, and to offer management’s outlook for future periods.  To participate in the conference call, please call (888) 428-4479 or for international calls dial (612) 288-0329 prior to 4:30 p.m. EDT.  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 7:00 p.m. EDT.  The replay will be available through September 2, 2003.  To access the replay, please call (800) 475-6701 or for international calls (320) 365-3844.  The access code number is 694200. 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 and other risks detailed in the Company's filings with the Securities and Exchange Commission.

HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED FOR THE THREE AND TWELVE MONTHS ENDED JUNE 30, 2003 AND 2002   (000s omitted except per share amounts)
	Three Months Ended					Twelve Months Ended
	June 30,					June 30,
		2003		2002			2003	2002
Net sales	$	623,329	$	501,437			2,228,519	1,826,188
Cost of sales		434,695		356,207			1,577,372	1,326,317
Gross profit		188,634		145,230			651,147	499,871
Selling, general and administrative expenses		131,806		105,003			484,253	396,650
Operating income		56,828		40,227			166,894	103,221
Other expenses:
Interest expense		5,810		4,733			22,621	22,406
Miscellaneous, net		468		(444	)		1,802	638
Income before income taxes		50,550		35,938			142,471	80,177
Income tax expense		13,144		9,834			37,043	22,664
Net Income	$	37,406		26,104			105,428	57,513
Basic EPS	$	1.16		0.80			3.26	1.78
Diluted EPS	$	1.10		0.76			3.10	1.70
Shares outstanding – Basic		32,327		32,500			32,344	32,261
Shares outstanding – Diluted		34,050		34,242			34,024	33,903

HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED CONSOLIDATED BALANCE SHEETS (000s omitted)
	June 30,		June 30,
	2003		2002
	----------------		----------------
ASSETS
Current assets
Cash and cash equivalents	$	147,911	$	116,253
Accounts receivable		363,121		335,019
Inventories		349,626		329,935
Other current assets		106,966		95,556
	-----------------		-----------------
Total current assets		967,624		876,763
	-----------------		-----------------
Property, plant and equipment, net		393,920		325,812
Goodwill		221,579		199,239
Other assets		120,535		78,466
	-----------------		-----------------
Total assets	$	1,703,658	$	1,480,280
	-----------------		-----------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term borrowings	$	4,345	$	----
Current portion of long-term debt		964		4,255
Accounts payable and accrued liabilities		482,101		429,216
	-----------------		-----------------
Total current liabilities		487,410		433,471
	-----------------		-----------------
Long-term debt		497,759		470,424
Other non-current liabilities		62,704		47,523
Minority interest		----		2,233
Total shareholders’ equity		655,785		526,629
	-----------------		-----------------
Total liabilities and shareholders’ equity	$	1,703,658	$	1,480,280
	-----------------		-----------------