Harman International Announces Record Sales and New Orders From Auto Companies

    WASHINGTON--July 10, 2002--Harman International today announced that sales for the fourth quarter ended June 30, 2002 exceeded $500 million, an increase of 12% above the prior year.
    Sales to automobile manufacturers rose more than 25%. Sales to European automakers were particularly robust, reflecting strong sales of the BMW 7 Series and Mercedes-Benz E Class. Sales of consumer and professional products were approximately equal to last year's levels.
    The Company reported receipt of its first order for infotainment systems from Chrysler for delivery in fiscal 2004, and an initial order for branded audio systems from Ford.
    Dr. Sidney Harman, Executive Chairman, and Bernard Girod, Vice Chairman and CEO said: "We are pleased with sales results for the quarter. Although our year-end audit has not been completed, we expect to meet our earnings projections for the quarter and the year. We are encouraged by the new OEM orders from Chrysler and Ford. They reinforce our conviction that this Company will achieve its ambitious five-year plan."
    Harman International 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, 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 effects of changes in consumer confidence and spending, automobile industry sales and production rates, model-year changeovers in the automotive industry, our ability to satisfy contract performance criteria, availability of key components for the products we manufacture, competitive products, currency exchange rates, the outcome of pending or future litigation and other claims, labor disputes at our facilities or those of our customers, general economic conditions and other risks detailed in the Company's filings with the Securities and Exchange Commission.