Audio systems maker Harman International Industries Inc's quarterly profit fell 20 percent as sales to carmakers in Europe fell, and the company said it would cut up to 1,000 jobs, or 9 percent of its workforce.
Net income fell to $47 million, or 68 cents per share, in the second quarter from $59 million, or 82 cents per share, a year earlier. Excluding items, earnings were 59 cents per share. Revenue fell 6 percent to $1.06 billion.
Harman said it would cut about 500 jobs in high-cost countries as part of a restructuring.
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ProSource/PRO Group Audio Ambassadors Collaborate with Asian Suppliers
January 30, 2013
It’s no secret that the margin squeeze on under-60-inch panels keeps getting tighter, so with no letup in sight independent dealers are raising their bets on audio to boost bottom lines.
Heavy marketing and smart management - along with a resurgence of consumer interest in many things audio – certainly helped the category shine last year. But maintaining that momentum will take fresh cycles of innovative new categories and updated traditional products in tune with the changing needs consumers.
That was the reason the ProSource organization, which includes dealers of the PRO Group and Brand Source’s Home Entertainment Source (HES) buying groups, recently toured factories and R&D centers of select suppliers. The trip included visits to D+M, Harman, Onkyo/Integra and Sharp.