On Thursday, August 14th after hours, Harman International Industries, Inc. (HAR) reported Q4 revenue of $ 31.7 million or $ 0.54 net per share 1.07 one billion U.S. dollars in revenue compared to 105 million U.S. dollars or $ 1.58 per share a year ago, down 70%. Excluding items (restructuring, merger and tax related), HAR reported $ 0.68 per share versus $ 0.98 per share a year ago, by 31%. Analysts had expected $ 0.77 per share, widely missing expectations by $ 0.09 per share. Share on August 12 opened at $ 38.60, up 10% low and declining later in the day, closing at $ 37, $ 6 or 14%.

HAR has 3 divisions: consumer, professional, and Automotive. Sales consumers rose 7% to 531 million U.S. dollars. Professional sales rose 9% to $ 611 million. Car sales rose 19% to 2.97 billion dollars. Higher sales in the Automotive division were provided by a partnership with Chrysler, and the growing demand from European manufacturers like BMW and Audi. However, the weakness in the U.S. and increased domestic and foreign competition have contributed to slower sales in the consumer division, as reported 8 million U.S. dollars a decline in sales or a decline of 7% versus a year ago. Growth in the professional division was driven by new projects, such as the facilities at Lucas to the Indianapolis Colts Field, Planet Hollywood Resort & Casino in Las Vegas and several dozen places in the Olympics 2008 in Beijing.

HAR is to make a dramatic change in the strategic opening, transfer, and the closure of several manufacturing plants and distribution. The plants in Northridge, CA, Martinsville, IN, and Bedford, MA and South Africa have closed. Operations in Motala, Sweden have been reduced. HAR has expanded operations in Tijuana, Mexico and Szekesfehervar, Hungary and opened a new plant in Suzhou, China. The restructuring is part of a 2-year strategic program to improve productivity called "radical change". Management expects to achieve savings of 400 million U.S. dollars in 2010.

Remember that the failed takeover bid of $ 8 billion in the autumn of last year? Things got from bad to worse than ugly. Auto sales have fallen considerably since last year, putting a tremendous pressure on the Automotive division. In addition, the consumer division also affected because the consumer has reduced non-essential purchases. Trends in the automotive and consumer behavior will continue as housing, credit and reduce inflationary crisis.

For fiscal year 2008, HAR earned 108 million U.S. dollars, or $ 1.73 per share for 4.1 billion U.S. dollars against 314 million U.S. dollars, or $ 4.72 a share ago one year. Excluding items (once), annual earnings were $ 2.35 versus $ 4.14 a year ago, 43%. Knowing that a quick recovery is not at issue, see HAR announced that fiscal 2009 will be a difficult year.

5 analysts publish recommendations on Har. Currently, there is 1 "buy" and 4 "Hold" ratings. On 18 August 2008, HAR Robert Baird downgraded to "neutral" from "outperform" and reduced its price target to $ 38, $ 55. Credit Suisse reiterated its "neutral" but cut his price target to $ 34 from $ 45. By Finally, RBC Capital Markets reiterated its "Sector Perform" rating and reduced his price target to $ 38 from $ 44.

In recent 12 months, the players bought 4500 shares and sold 16,000 shares. Institutions have sold a net of 10.02 million shares, a 30.1% change.

Technically, HAR broke through breakaway gap beyond the bottom of its range (an important support: $ 35 - $ 37). This indicates that HAR is still inconvenient additional (though looking at a long-term chart, it seems hard to believe). The MACD and RSI both indicate a downward trend and volume of signals that the population pattern is under heavy distribution. On November 15, 2004, the shares reached a new peak at $ 131.42, and the population has never seen this level since then. On Monday, shares hit a 5-year low. HAR I would not go along unless you can pull back on the range. It still would not be very short, HAR take a few days to clean dust.

For more fundamental articles, please visit: www.seekingalpha.com/author/john-c-lee

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John C. Lee

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