WASHINGTON, May 19 /PRNewswire/ -- Harman International Industries,
Incorporated (NYSE: HAR), today reviewed the fourth quarter impact of the
month long strike at the Chrysler Corporation (NYSE: C) Mound Road engine
plant in Detroit.
Chrysler has stated that: "Some 95,000 units were lost during the strike
as the lack of engines and other components produced by the Mound Road
facility shut down a number of Chrysler assembly operations."
Subject to penetration rates, a corresponding reduction in shipment for
Harman's Infinity audio systems is estimated to reduce earnings $0.15 per
share after tax. The Company had hoped to see a step-up in releases in the
fourth quarter to recover some of the lost production, but Chrysler advises
that few, if any, of the lost units will be recovered.
Harman International Industries, Incorporated is a leader in the design,
manufacture and marketing of high-quality, high-fidelity audio products
targeted primarily at the consumer, professional and OEM markets. The
Company's stock is traded on the New York Stock Exchange under the symbol:
Note: Except for historical information contained herein, the matters
discussed are forward-looking statements which 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
economic conditions, product demand, currency exchange rates, competitive
products and other risks detailed in the Company's Securities and Exchange
SOURCE Harman International Industries, Incorporated