Click here to close now.

Welcome!

Python Authors: Ignacio M. Llorente, Carmen Gonzalez, Elizabeth White, John Wetherill, Trevor Parsons

News Feed Item

HARMAN Reports Second Quarter Fiscal Year 2013 Results

HARMAN International Industries, Incorporated, the leading global audio and infotainment group (NYSE: HAR), today announced results for the second quarter ended December 31, 2012. HARMAN also announced today plans to launch an infotainment services business as well as restructuring initiatives to further reduce operating costs.

Dinesh C. Paliwal, the Company’s Chairman, President and CEO, said, “Our results during the second quarter did not meet our expectations. To enhance returns for our shareholders, we are taking the right steps to reduce costs, continue to drive innovation and expand our portfolio to achieve profitable growth. Economic headwinds and the slow-down in the automotive sector in Europe created a difficult operating environment for HARMAN during the second quarter, and we expect these conditions to continue for the first half of calendar year 2013. Despite these challenges, we will continue to aggressively execute on all four of our strategic pillars to strengthen the Company’s competitiveness over the long-term. Our fundamental strategy remains unchanged and with higher margin order backlog we continue to believe that Fiscal 2014 and 2015 will be strong years for HARMAN.”

Net sales for the second quarter were $1.056 billion, a decrease of 6 percent compared to the same period last year. In local currency, net sales decreased by 4 percent compared to the same period last year primarily as a result of the economic slow-down in Europe, which significantly impacted automotive production. Sales in the Professional Division were similarly affected by the recession in Europe, as well as by capital project delays during the quarter pending the outcome of presidential elections in the USA and China.

Second quarter operating income was $68 million, compared to $95 million in the same period last year. Excluding restructuring and non-recurring charges, operating profit in the second quarter was $57 million, compared to $96 million in the same period last year.

Non-GAAP earnings per diluted share were $0.59 for the quarter compared to $0.83 in the same period last year. GAAP earnings per diluted share were $0.68 for the quarter compared to $0.82 in the same period last year. During the second quarter, on a GAAP basis, the Company reduced its contingent consideration accrual related to the acquisition of MWM Acoustics, now known as HARMAN Embedded Audio LLC, by $12.5 million.

 
FY 2013 Key Figures – Total Company             Three Months Ended December 31       Six Months Ended December 31
                             

Increase
(Decrease)

                     

Increase
(Decrease)

$ millions (except per share data)            

3M
FY13

     

3M
FY12

     

Including
Currency
Changes

     

Excluding
Currency
Changes1

     

6M
FY13

     

6M
FY12

     

Including
Currency
Changes

     

Excluding
Currency
Changes1

Net sales             1,056         1,127         (6 %)       (4 %)       2,054         2,178         (6 %)       (1 %)
Gross profit             272         306         (11 %)       (9 %)       550         593         (7 %)       (3 %)
Percent of net sales             25.7 %       27.1 %                       26.8 %       27.2 %                
SG&A & Other             203         210         (3 %)       (1 %)       403         424         (5 %)       (1 %)
Operating income             68         95         (28 %)       (26 %)       147         170         (13 %)       (9 %)
Percent of net sales             6.5 %       8.5 %                       7.2 %       7.8 %                
Net Income             47         59         (20 %)       (16 %)       102         108         (5 %)       1 %
Diluted earnings per share             0.68         0.82                         1.47         1.49                  
Restructuring-related costs             (12 )       1                         (11 )       3                  

Non-GAAP

                                                                     
Gross profit(1)             273         306         (11 %)       (9 %)       551         595         (7 %)       (3 %)
Percent of net sales(1)             25.8 %       27.1 %                       26.8 %       27.3 %                
SG&A & Other(1)             216         210         3 %       5 %       415         423         (2 %)       3 %
Operating income(1)             57         96         (41 %)       (39 %)       136         172         (21 %)       (17 %)
Percent of net sales(1)             5.4 %       8.5 %                       6.6 %       7.9 %                
Net Income(1)             41         60                         96         110         (13 %)       (7 %)
Diluted earnings per share(1)             0.59         0.83         (31 %)       (28 %)       1.38         1.52                  
Shares outstanding – diluted (in millions)             70         72                         70         72                  
1 A non-GAAP measure, see reconciliations of non-GAAP measures later in this release.                                
 

Summary of Operations – Gross Margin and SG&A

Non-GAAP gross margin for the second quarter of fiscal 2013 decreased 130 basis points to 25.8 percent. The decline was primarily due to the impact of lower sales volume on fixed production costs.

SG&A and Other expense as a percentage of sales on a non-GAAP basis in the second quarter of fiscal 2013 increased 190 basis points to 20.5 percent. This change was primarily related to lower sales volume on fixed costs.

Operational Restructuring to Improve Financial Results

HARMAN is implementing restructuring initiatives, which we expect will improve the Company’s operating performance. HARMAN will reduce approximately 500 jobs in high cost countries, resulting in annual operational savings of approximately $30-$35 million beginning in fiscal year 2014. The Company expects to record a restructuring charge of approximately $30-35 million in the second half of fiscal year 2013.

The Company is also evaluating the sale or closure of a manufacturing site in Europe, which would reduce an additional 500 jobs.

"These restructuring efforts will allow HARMAN to reduce costs and compete more effectively," said Mr. Paliwal. "Rebalancing our workforce is a difficult, but necessary, step that HARMAN is implementing to deliver improved financial results through the European economic and automotive cycle recovery."

Launching of Infotainment Services

The Company today announced it will launch HARMAN Infotainment Services that will leverage the installed base of over 15 million HARMAN infotainment-equipped vehicles on the road today to create a fast growing, recurring revenue stream with high margins.

OEMs and car owners are seeking to keep their vehicle infotainment systems current and connected. HARMAN Infotainment Services will offer 4G/LTE connected head-unit upgrades for vehicles currently on the road; cloud-based services to the car (such as Aha by HARMAN); and customer relationship management (CRM) services for automakers using vehicle-specific aggregated data.

“The launch of our Infotainment Services business will create a new revenue stream less dependent on automotive production cycles and drive consistent revenue with two to three times higher margins than the current Infotainment systems business,” said Mr. Paliwal.

The Company expects service business to grow fivefold within the next five years from current levels of approximately $100 million.

2013 Outlook

HARMAN today provided an updated outlook regarding its financial targets for fiscal 2013. In light of lower European automotive production volumes and a weaker global economic climate, the Company now forecasts global revenue between $4.175 billion and $4.250 billion and operational earnings per share between $2.70 and $2.90. Details by division are provided below.

 
Fiscal Year 2013       HARMAN       Infotainment Division       Lifestyle Division       Professional Division
Sales       $4.175 - $4.250 billion       $2.225 - $2.250 billion       $1.300 - $1.330 billion       $650 - $670 million
Operating Profit       $265 - $280 million       $145 - $150 million       $150 - $160 million       $90 - $95 million
EBITDA       $385 - $400 million       $205 - $210 million       $185 - $195 million       $105 - $110 million
EPS       $2.70 – $2.90                  
 

Investor Call Today, January 31 2013

Today, January 31, 2013, at 11:00 a.m. EST HARMAN's management will host an analyst and investor conference call to discuss the second quarter results. Those who wish to participate via audio in the earnings conference call, scheduled at 11:00 a.m. EDT, should dial 1 (800) 732 8470 (U.S.) or +1 (212) 231 2901 (International) ten minutes before the call and reference HARMAN, Access Code: 21645864.

In addition, HARMAN invites you to visit the Investors section of its website at: www.HARMAN.com where visitors can sign-up for email alerts and conveniently download copies of historical earnings releases and supporting slide presentations, among other documents. The fiscal second quarter earnings release and supporting materials will be posted on the site at approximately 8:00 a.m. EST today, January 31, 2013.

A replay of the call will also be available following its completion at approximately 1:00 p.m. EST. The replay will be available through April 30, 2013 at 1:00 p.m. EST. To listen to the replay, dial 1 (800) 633 8284 (U.S.) or +1 (402) 977 9140 (International), Access Code: 21645864.

If you need technical assistance, call the toll-free Global Crossing Customer Care Line at 1 (800) 473 0602 (U.S.) or +1 (303) 446 4604 (International).

General Information

HARMAN (www.HARMAN.com) designs, manufactures and markets a wide range of audio and infotainment solutions for the automotive, consumer and professional markets — supported by 15 leading brands, including AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon® and Mark Levinson®. The Company is admired by audiophiles across multiple generations and supports leading professional entertainers and the venues where they perform. More than 25 million automobiles on the road today are equipped with HARMAN audio and infotainment systems. HARMAN has a workforce of about 13,400 people across the Americas, Europe and Asia, and reported net sales of $4.4 billion for the twelve months ending June 30, 2012. The Company's shares are traded on the New York Stock Exchange under the symbol NYSE:HAR.

A reconciliation of the non-GAAP measures included in this press release to the most comparable GAAP measures is provided in the tables contained at the end of this press release. HARMAN does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP.

Forward-Looking Information

Except for historical information contained herein, the matters discussed in this earnings release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act. One 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: (1) our ability to maintain profitability in our infotainment division if there are delays in our product launches which may give rise to significant penalties and increased engineering expense; (2) the loss of one or more significant customers, or the loss of a significant platform with an automotive customer; (3) warranty obligations for defects in our products; (4) fluctuations in currency exchange rates, particularly with respect to the value of the U.S. Dollar and the Euro; (5) our ability to successfully implement our global footprint initiative, including achieving cost reductions and other benefits in connection with the restructuring of our manufacturing, engineering, procurement and administrative organizations; (6) fluctuations in the price and supply of raw materials including, without limitation, petroleum, copper, steel, aluminum, synthetic resins, rare metals and rare-earth minerals, or shortages of materials, parts and components; (7) the inability of our suppliers to deliver products at the scheduled rate and disruptions arising in connection therewith; (8) our ability to attract and retain qualified senior management and to prepare and implement an appropriate succession plan for our critical organizational positions; (9) our failure to implement and maintain a comprehensive disaster recovery program; (10) our failure to comply with governmental rules and regulations, including the Foreign Corrupt Practices Act and U.S. export control laws, and the cost of complying with such laws; (11) our ability to maintain a competitive technological advantage through innovation and leading product designs; (12) our failure to maintain the value of our brands and implementing a sufficient brand protection program; (13) the outcome of pending or future litigation and other claims, including, but not limited to, the current stockholder and Employee Retirement Income Security Act of 1974 lawsuits; (14) our ability to enforce or defend our ownership and use of intellectual property rights; and (15) other risks detailed in Harman International Industries, Incorporated Annual Report on Form 10-K for the fiscal year ended June 30, 2012 and other filings made by the Company with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statement except as required by law. This earnings release also makes reference to the Company’s awarded business, which represents the estimated future lifetime net sales for all customers. The Company's future awarded business does not represent firm customer orders. The Company calculates its awarded business using various assumptions including global vehicle production forecasts, customer take rates for the Company’s products, revisions to product life cycle estimates and the impact of annual price reductions, among other factors. These assumptions are updated on an annual basis. The Company updates the estimates quarterly by adding the value of new awards received and subtracting sales recorded during the quarter.

HAR-E

APPENDIX

Infotainment Division

 
FY 2013 Key Figures – Infotainment             Three Months Ended December 31       Six Months Ended December 31
                             

Increase
(Decrease)

                     

Increase
(Decrease)

$ millions            

3M
FY13

     

3M
FY12

     

Including
Currency
Changes

     

Excluding
Currency
Changes1

     

6M
FY13

     

6M
FY12

     

Including
Currency
Changes

     

Excluding
Currency
Changes1

Net sales             540         600         (10 %)       (7 %)       1,101         1,203         (9 %)       (3 %)
Gross profit             113         139         (18 %)       (16 %)       242         283         (15 %)       (9 %)
Percent of net sales             20.9 %       23.1 %                       22.0 %       23.5 %                
SG&A & Other             83         89         (7 %)       (4 %)       167         186         (10 %)       (4 %)
Operating income             30         50         (39 %)       (37 %)       75         97         (23 %)       (18 %)
Percent of net sales             5.6 %       8.3 %                       6.8 %       8.1 %                
Restructuring-related costs             (1 )       0                         0         1                  

Non-GAAP

                                                                     
Gross profit(1)             113         139         (19 %)       (16 %)       242         285         (15 %)       (10 %)
Percent of net sales(1)             20.9 %       23.2 %                       22.0 %       23.7 %                
SG&A & Other(1)             83         89         (7 %)       (4 %)       167         186         (10 %)       (4 %)
Operating income(1)             30         50         (40 %)       (38 %)       75         98         (24 %)       (20 %)
Percent of net sales(1)             5.5 %       8.3 %                   6.8 %       8.2 %            
1 A non-GAAP measure, see reconciliations of non-GAAP measures later in this release.                                
 

Net sales in the second quarter were $540 million, a decrease of 10 percent. In local currency, net sales decreased by 7 percent primarily reflecting lower European automotive production volumes due to the lower demand in Western Europe. In light of declining economic conditions, several European OEMs extended their holiday shut downs.

Gross margin on a non-GAAP basis in the second quarter decreased 230 basis points to 20.9 percent primarily due to reduced leverage of fixed costs on lower sales. Although the Division’s SG&A spending decreased modestly during the quarter, as a percentage of sales however, SG&A and Other increased 60 basis points to 15.5%.

Infotainment Division Highlights

The new HARMAN infotainment system for BMW premiered this month in the US and will be available onboard a wide range of BMW models, including the 7-, 5-, and 3- series vehicles. In addition, the scalable MMI Navigation Plus Platform that the Company developed for Audi has now been expanded to several Volkswagen models.

The Company is also addressing a new market segment with the new HARMAN connected radio platform, part of the Company’s expanded Infotainment portfolio. The platform targets the entry-level segment and for about the same cost as a basic radio, an automaker can add smart-phone connectivity with HARMAN’s Aha radio, turn-by-turn navigation and voice prompts into their vehicles, as well as meet fast development cycles and delivery.

At CES, the Company expanded its scalable infotainment platform with an Android-based, open source application environment. The platform leverages smart-phone functionality to safely bring car centric apps and services into the car. Also at CES, the Company showcased its vision for the future premium infotainment platform. Feature highlights included an interactive heads-up display combined with smart phone connectivity, augmented navigation, gesture control, high speed networking, and driver assist features.

The Aha by HARMAN platform continues to gain traction. Ten leading automakers from Asia, Europe and America will offer Aha by HARMAN before the end of 2013. The Aha service uses the HARMAN Cloud Platform to safely enable Web-based information and entertainment in vehicles in a radio-like format familiar to drivers.

As noted earlier, the Company announced the creation of HARMAN Infotainment Services that will leverage the installed base of over 15 million HARMAN infotainment equipped vehicles on the road today to create a fast growing, recurring revenue stream with high margins.

Lifestyle Division

 
FY 2013 Key Figures – Lifestyle             Three Months Ended December 31       Six Months Ended December 31
                             

Increase
(Decrease)

                     

Increase
(Decrease)

$ millions            

3M
FY13

     

3M
FY12

     

Including
Currency
Changes

     

Excluding
Currency
Changes1

     

6M
FY13

     

6M
FY12

     

Including
Currency
Changes

     

Excluding
Currency
Changes1

Net sales             372         369         1 %       3 %       663         669         (1 %)       3 %
Gross profit             102         109         (6 %)       (4 %)       197         198         0 %       3 %
Percent of net sales             27.6 %       29.4 %                       29.7 %       29.5 %                
SG&A & Other             53         59         (11 %)       (9 %)       110         119         (8 %)       (4 %)
Operating income             50         50         1 %       2 %       87         79         10 %       13 %
Percent of net sales             13.4 %       13.5 %                       13.1 %       11.8 %                
Restructuring-related costs             (11 )       0                         (11 )       0                  

Non-GAAP

                                                                     
Gross profit(1)             103         108         (5 %)       (3 %)       198         197         0 %       4 %
Percent of net sales(1)             27.8 %       29.4 %                       29.8 %       29.5 %                
SG&A & Other(1)             64         59         9 %       12 %       121         118         3 %       7 %
Operating income(1)             39         50         (21 %)       (20 %)       76         79         (4 %)       (1 %)
Percent of net sales(1)             10.5 %       13.5 %                   11.5 %       11.9 %            
1 A non-GAAP measure, see reconciliations of non-GAAP measures later in this release.                                
 

Net sales in the second quarter were $372 million, an increase of 1 percent. In local currency sales increased 3 percent, primarily driven by robust demand for HARMAN’s new home and multimedia products. The car audio business was negatively impacted by lower European production volumes due to lower demand in Western Europe. The political clash between China and Japan also had a negative effect on expected sales for the quarter. Gross margin on a non-GAAP basis in the second quarter declined 160 basis points to 27.8 percent primarily due to the change in product mix.

SG&A and Other expense as a percentage of sales, on a non-GAAP basis, in the second quarter increased 140 basis points to 17.3 percent. The SG&A increase was primarily driven by increased R&D investment to accelerate the development of a scalable car audio solution and the impact of a non-recurring $4 million earthquake/tsunami-related business interruption insurance settlement recorded in the prior year.

Lifestyle Division Highlights

In car audio, HARMAN secured four awards from existing customers such as Toyota, Lexus, and Subaru. BMW also selected HARMAN’s HALOsonic solution for its next generation cross-car line noise cancellation and engine sound generation solution.

The Company launched a number of new systems this quarter including its first Bowers & Wilkins system, under a brand license, on the all-new Maserati Quattroporte, and new Harman Kardon systems for the all-new BMW 4 series, Mini Paceman, and Mercedes A-Class. HARMAN also launched a new JBL system for the all-new Toyota RAV4 and new Infinity systems for the all-new Hyundai Santa Fe and Kia Cadenza.

At CES, the Company introduced QuantumLogic 3D, a powerful new technology that brings an unmatched three dimensional surround sound experience to in-car audio. Built on HARMAN’s patented QLS digital signal processing technology, QuantumLogic 3D uses proprietary algorithms to add the dimension of height inside the car for an immersive listening experience while maintaining the integrity of the original recording.

HARMAN continued to build momentum with its home and multimedia products. HARMAN received twenty Design and Innovation Awards, including eight CES Innovation awards, eight iF Design awards in Germany, and four Red Star awards in China.

JBL was the first brand in the world to ship iPhone 5 Docking Stations in mass volumes. JBL shipped approximately 250,000 iPhone 5 docking stations to global customers in the first two months following the launch.

Professional Division

 
FY 2013 Key Figures – Professional             Three Months Ended December 31       Six Months Ended December 31
                             

Increase
(Decrease)

                     

Increase
(Decrease)

$ millions            

3M
FY13

     

3M
FY12

     

Including
Currency
Changes

     

Excluding
Currency
Changes1

     

6M
FY13

     

6M
FY12

     

Including
Currency
Changes

     

Excluding
Currency
Changes1

Net sales             144         158         (9 %)       (8 %)       287         306         (6 %)       (4 %)
Gross profit             56         58         (4 %)       (3 %)       111         113         (2 %)       0 %
Percent of net sales             39.0 %       36.8 %                       38.7 %       36.9 %                
SG&A & Other             36         36         0 %       1 %       72         75         (4 %)       (2 %)
Operating income             20         22         (11 %)       (10 %)       40         38         4 %       6 %
Percent of net sales             13.8 %       14.0 %                       13.8 %       12.5 %                
Restructuring-related costs             0         1                         0         1                  

Non-GAAP

                                                                     
Gross profit(1)             56         58         (4 %)       (3 %)       111         113         (2 %)       0 %
Percent of net sales(1)             39.0 %       36.8 %                       38.7 %       37.0 %                
SG&A & Other(1)             37         35         4 %       5 %       72         74         (2 %)       0 %
Operating income(1)             19         23         (17 %)       (16 %)       39         40         (1 %)       1 %
Percent of net sales(1)             13.5 %       14.7 %                   13.6 %       12.9 %            
1 A non-GAAP measure, see reconciliations of non-GAAP measures later in this release.                                
 

Net sales in the second quarter were $144 million, a decrease of 9 percent. In local currency sales decreased 8 percent primarily due to capital project delays pending the outcome of presidential elections in the United States and China and because of the economic slowdown in Europe. Also, to a lesser extent, Hurricane Sandy caused a short-term delay related to certain capital projects in the Northeast. Gross margin on a non-GAAP basis in the second quarter increased 220 basis points primarily as a result of improved profitability of new product introductions. SG&A and Other expense on a non-GAAP basis in the second quarter increased 330 basis points to 25.5 percent due to lower sales volume.

Professional Division Highlights

The Professional Division continued its success in touring during the second quarter with the global market embracing the award winning JBL VTX Line Array powered by the Crown HD4 amplifier. HARMAN maintained sector leadership with sound reinforcement for several high profile events, including the 12-12-12 Sandy Relief benefit concert at Madison Square Garden.

The Company’s focus on the transportation vertical market continues to pay dividends, particularly in the emerging markets. HARMAN’s IDX integrated audio and visual information delivery system will be going into the Dandong airport in China and the Bangalore International airport in India.

The Company’s success in the global markets continued during the quarter, with new wins in Brazil for two additional FIFA World Cup stadiums. Other installations in the quarter included the Clemson Memorial Stadium in South Carolina, the Rose Bowl in California, and Penn State University Stadium.

Other (Corporate)

 
FY 2013 Key Figures – Other             Three Months Ended December 31       Six Months Ended December 31
                             

Increase
(Decrease)

                     

Increase
(Decrease)

$ millions            

3M
FY13

     

3M
FY12

     

Including
Currency
Changes

     

Excluding
Currency
Changes1

     

6M
FY13

     

6M
FY12

     

Including
Currency
Changes

     

Excluding
Currency
Changes1

SG&A & Other             32       26       20 %       20 %       55       45       22 %       22 %
Restructuring-related costs             0       0                       0       0                

Non-GAAP1

                                                                     
SG&A & Other             32       26       21 %       21 %       55       45       22 %       22 %
1,2 A non-GAAP measure, see reconciliations of non-GAAP measures later in this release.                                
 

The Company accelerated its R&D investment and continued its global marketing campaigns, driving a modest increase in SG&A expense. The Company’s Corporate Technology Center (CTC) is driving and enabling cutting-edge development in connectivity and networking, cloud computing, wireless technologies, digital signal processing, and energy efficient solutions.

 

HARMAN International Industries, Incorporated

Consolidated Statements of Income

 
 
(In thousands, except earnings per share data; unaudited)            

Three Months Ended
December 31,

      Six Months Ended
December 31,
             

2012

2011

     

2012

       

2011

Net sales             $ 1,055,642       $ 1,127,029         $ 2,053,835       $ 2,177,632  
Cost of sales              

783,849

       

821,490

         

1,503,795

       

1,584,451

 
Gross profit               271,793         305,539           550,040         593,181  
Selling, general and administrative expenses               203,411         210,174           402,567         423,926  
Sale of Intellectual Property              

0

       

(13

)

       

0

       

(301

)

Operating income               68,382         95,378           147,473         169,556  
Other expenses:                                      
Interest expense, net               3,687         4,059           9,682         9,335  
Foreign exchange losses, net               988         7,373           1,139         11,597  
Miscellaneous, net               1,430         1,955           2,609         3,399  
Income from operations before taxes               62,277         81,991           134,043         145,225  
Income tax expense              

14,788

       

22,736

         

31,999

       

37,603

 
Net income             $ 47,489       $ 59,255         $ 102,044       $ 107,622  
Earnings per share:                                      
Basic             $ 0.69       $ 0.83         $ 1.48       $ 1.51  
Diluted             $ 0.68       $ 0.82         $ 1.47       $ 1.49  
Weighted average shares outstanding:                                      
Basic               69,009         71,463           68,846         71,265  
Diluted               69,734         72,299           69,582         72,085  
 

 

HARMAN International Industries, Incorporated
Consolidated Balance Sheets

 
 
(In thousands; unaudited)            

December 31,
2012

     

June 30,
2012

ASSETS                      
Current assets                      
Cash and cash equivalents             $ 526,251       $ 617,356
Short-term investments               81,166         203,014
Accounts receivable               623,721         582,835
Inventories               547,218         427,597
Other current assets              

282,669

       

285,443

Total current assets               2,061,025         2,116,245
Property, plant and equipment               421,948         430,234
Goodwill               180,757         180,811
Deferred tax assets, long term               280,648         308,768
Other assets               160,437         133,406
Total assets             $ 3,104,815       $ 3,169,464
                       
LIABILITIES AND SHAREHOLDERS’ EQUITY                      
Current liabilities                      
Current portion of long-term debt             $ 30,400       $ 395,409
Short-term debt               197         227
Accounts payable               477,714         505,694
Accrued liabilities               336,711         368,002
Accrued warranties               110,257         97,289
Income taxes payable              

11,968

       

15,279

Total current liabilities               967,247         1,381,900
Long-term debt               270,047         0
Pension liability               171,078         168,099
Other non-current liabilities              

77,146

       

89,854

Total liabilities              

1,485,518

       

1,639,853

Total equity              

1,619,297

       

1,529,611

Total liabilities and equity             $ 3,104,815       $ 3,169,464
                 

 

HARMAN International Industries, Incorporated
Consolidated Statement of Income
Reconciliation of GAAP to Non-GAAP Results

 

 
 

(In thousands, except earnings per share data;
unaudited)

            Three Months Ended
December 31, 2012
             

GAAP

     

Adjustments

     

Non-GAAP

Net sales             $ 1,055,642       $ 0         $ 1,055,642
Cost of sales              

783,849

     

(956)a

         

782,893

Gross profit               271,793         956           272,749
Selling, general and administrative expenses               203,411       12,643b           216,054
Sale of Intellectual Property              

0

       

0

         

0

Operating income               68,382         (11,687 )         56,695
Other expenses:                              
Interest expense, net               3,687         (1,129 )         2,558
Foreign exchange losses, net               988         0           988
Miscellaneous, net               1,430         0           1,430
Income from operations before taxes               62,277         (10,558 )         51,719
Income tax expense              

14,788

       

(4,127

)c

       

10,661

Net income             $ 47,489       $ (6,431 )       $ 41,058
Earnings per share:                              
Basic             $ 0.69       $ 0.09         $ 0.59
Diluted             $ 0.68       $ 0.09         $ 0.59
Weighted average shares outstanding:                              
Basic               69,009                 69,009
Diluted               69,734                 69,734
 
a)   Restructuring expense in Cost of Sales was $1.0 million due to projects to increase efficiency in manufacturing.
b)

Non-recurring income in SG&A was $12.6 million primarily due to reduction of a contingent consideration accrual related
to the acquisition of HARMAN Embedded Audio LLC, formerly known as MWM Acoustics.

c)

The tax benefits are calculated by multiplying the actual restructuring \ non-recurring charge in each individual country by
the statutory tax rate within that specific country.

HARMAN International has provided a reconciliation of non-GAAP measures in order to provide the users of these financial statements with a better understanding of our non-recurring charges. These non-GAAP measures are not measurements under accounting principles generally accepted in the United States. These measurements should be considered in addition to, but not as a substitute for, the information contained in our consolidated financial statements prepared in accordance with US GAAP.

 

HARMAN International Industries, Incorporated
Consolidated Statement of Income
Reconciliation of GAAP to Non-GAAP Results

 

 
 

(In thousands, except earnings per share data;
unaudited)

            Six Months Ended
December 31, 2012
             

GAAP

     

Adjustments

     

Non-GAAP

Net sales             $ 2,053,835       $ 0       $ 2,053,835
Cost of sales            

1,503,795

     

(996)a

     

1,502,799

Gross profit             550,040       996       551,036
Selling, general and administrative expenses             402,567       12,455b       415,022
Sale of Intellectual Property            

0

     

0

     

0

Operating income             147,473       (11,459)       136,014
Other expenses:                              
Interest expense, net             9,682       (1,128)       8,554
Foreign exchange losses, net             1,139       0       1,139
Miscellaneous, net             2,609       (26)       2,583
Income from operations before taxes             134,043       (10,305)       123,738
Income tax expense            

31,999

     

(4,064)c

     

27,935

Net income             $ 102,044       $ (6,241)       $ 95,803
Earnings per share:                              
Basic             $ 1.48       $ 0.09       $ 1.39
Diluted             $ 1.47       $ 0.09       $ 1.38
Weighted average shares outstanding:                              
Basic             68,846               68,846
Diluted             69,582               69,582
 
 
a)  

Restructuring expense in Cost of Sales was $1.0 million due to projects to increase efficiency in manufacturing.

b)

Non-recurring income in SG&A was $12.5 million primarily due to reduction of a contingent consideration accrual related to
the acquisition of HARMAN Embedded Audio LLC, formerly known as MWM Acoustics

c)

The tax benefits are calculated by multiplying the actual restructuring \ non-recurring charge in each individual country by
the statutory tax rate within that specific country.

 

HARMAN International has provided a reconciliation of non-GAAP measures in order to provide the users of these financial statements with a better understanding of our non-recurring charges. These non-GAAP measures are not measurements under accounting principles generally accepted in the United States. These measurements should be considered in addition to, but not as a substitute for, the information contained in our consolidated financial statements prepared in accordance with US GAAP.

 

HARMAN International Industries, Incorporated
Consolidated Statement of Income
Reconciliation of GAAP to Non-GAAP Results

 
 

(In thousands, except earnings per share data;
unaudited)

            Three Months Ended
December 31, 2011
             

GAAP

     

Adjustments

     

Non-GAAP

Net sales             $ 1,127,029         $ 0         $ 1,127,029  
Cost of sales              

821,490

       

(263)a

         

821,227

 
Gross profit               305,539           263           305,802  
Selling, general and administrative expenses               210,174         (634)b           209,540  
Sale of Intellectual Property              

(13

)

       

0

         

(13

)

Operating income               95,378           897           96,275  
Other expenses:                              
Interest expense, net               4,059           0           4,059  
Foreign exchange losses, net               7,373           0           7,373  
Miscellaneous, net               1,955           0           1,955  
Income from operations before taxes               81,991           897           82,888  
Income tax expense              

22,736

         

338(c

)

       

23,074

 
Net income             $ 59,255         $ 559         $ 59,814  
Earnings per share:                              
Basic             $ 0.83         $ 0.01         $ 0.84  
Diluted             $ 0.82         $ 0.01         $ 0.83  
Weighted average shares outstanding:                              
Basic               71,463                   71,463  
Diluted               72,299                   72,299  
 
 
a)   Restructuring expense in Cost of Sales was $0.3 million due to projects to increase efficiency in manufacturing.
b)

Restructuring expense in SG&A was $0.6 million due to projects to increase efficiency in engineering and administrative
functions.

c)

The tax benefits are calculated by multiplying the actual restructuring charge in each individual country by the statutory tax
rate within that specific country.

 

HARMAN International has provided a reconciliation of non-GAAP measures in order to provide the users of these financial statements with a better understanding of our non-recurring charges. These non-GAAP measures are not measurements under accounting principles generally accepted in the United States. These measurements should be considered in addition to, but not as a substitute for, the information contained in our consolidated financial statements prepared in accordance with US GAAP.

 

HARMAN International Industries, Incorporated
Consolidated Statement of Income
Reconciliation of GAAP to Non-GAAP Results

 
 

(In thousands, except earnings per share data;
unaudited)

            Six Months Ended
December 31, 2011
             

GAAP

     

Adjustments

     

Non-GAAP

Net sales             $ 2,177,632         $ 0         $ 2,177,632  
Cost of sales              

1,584,451

       

(1,965)a

         

1,582,486

 
Gross profit               593,181           1,965           595,146  
Selling, general and administrative expenses               423,926         (947)b           422,979  
Sale of Intellectual Property              

(301

)

       

0

         

(301

)

Operating income               169,556           2,912           172,468  
Other expenses:                              
Interest expense, net               9,335           0           9,335  
Foreign exchange losses, net               11,597           0           11,597  
Miscellaneous, net               3,399           0           3,399  
Income from operations before taxes               145,225           2,912           148,137  
Income tax expense              

37,603

         

881(c

)

       

38,484

 
Net income             $ 107,622         $ 2,031         $ 109,653  
Earnings per share:                              
Basic             $ 1.51         $ 0.03         $ 1.54  
Diluted             $ 1.49         $ 0.03         $ 1.52  
Weighted average shares outstanding:                              
Basic               71,265                   71,265  
Diluted               72,085                   72,085  
 
 
a)   Restructuring expense in Cost of Sales was $2.0 million due to projects to increase efficiency in manufacturing.
b)

Restructuring expense in SG&A was $0.9 million due to projects to increase efficiency in engineering and administrative
functions.

c)

The tax benefits are calculated by multiplying the actual restructuring charge in each individual country by the statutory tax
rate within that specific country.

 

HARMAN International has provided a reconciliation of non-GAAP measures in order to provide the users of these financial statements with a better understanding of our non-recurring charges. These non-GAAP measures are not measurements under accounting principles generally accepted in the United States. These measurements should be considered in addition to, but not as a substitute for, the information contained in our consolidated financial statements prepared in accordance with US GAAP.

 

 

HARMAN International Industries, Incorporated
Selected Financial Data
Reconciliation of GAAP to Non-GAAP Results
Foreign Currency Translation Impact

 
 

(In thousands; unaudited)

           

Three Months Ended
December 31,

     

Increase
(Decrease)

             

2012

     

2011

       
Net sales – nominal currency             $ 1,055,642       $ 1,127,029         (6 )%
Effect of foreign currency translation(1)                      

(28,347

)

       
Net sales - local currency               1,055,642         1,098,682         (4 )%
                               
Gross profit – nominal currency               271,793         305,539         (11 )%
Effect of foreign currency translation(1)                      

(7,402

)

       
Gross profit – local currency               271,793         298,137         (9 )%
                               
SG&A & Other – nominal currency               203,411         210,161         (3 )%
Effect of foreign currency translation(1)                      

(4,355

)

       
SG&A & Other – local currency               203,411         205,806         (1 )%
                               
Operating income – nominal currency               68,382         95,378         (28 )%
Effect of foreign currency translation(1)                      

(3,047

)

       
Operating income – local currency               68,382         92,331         (26 )%
                               
Net income – nominal currency               47,489         59,255         (20 )%
Effect of foreign currency translation(1)                      

(2,668

)

       
Net income – local currency               47,489         56,587         (16 )%
                               
(1) Impact of restating prior year results at current year foreign exchange rates.

HARMAN International has provided a reconciliation of the non-GAAP measures in the table above to provide the users of the financial statements with a better understanding of the Company’s performance. Because changes in currency exchange rates affect our reported financial results, we show the rates of change both including and excluding the effect of these changes in exchange rates. We encourage readers of our financial statements to evaluate our financial performance excluding the impact of foreign currency translation. These non-GAAP measures are not measurements under accounting principles generally accepted in the United States. This measurement should be considered in addition to, but not as a substitute for, the information contained in our consolidated financial statements prepared in accordance with US GAAP.

 

HARMAN International Industries, Incorporated
Selected Financial Data
Reconciliation of Non-GAAP Results
Foreign Currency Translation Impact

 
 

EXCLUDING restructuring and non-recurring charges

 

(In thousands; unaudited)

            Three Months Ended
December 31,
     

Increase
(Decrease)

             

2012

     

2011

       
Net sales – nominal currency             $ 1,055,642       $ 1,127,029         (6 )%
Effect of foreign currency translation(1)                      

(28,347

)

       
Net sales – local currency               1,055,642         1,098,682         (4 )%
                               
Gross profit - nominal currency               272,749         305,802         (11 )%
Effect of foreign currency translation(1)                      

(7,402

)

       
Gross profit - local currency               272,749         298,400         (9 )%
                               
SG&A & Other – nominal currency               216,054         209,527         3 %
Effect of foreign currency translation(1)                      

(4,339

)

       
SG&A & Other – local currency               216,054         205,188         5 %
                               
Operating income – nominal currency               56,695         96,275         (41 )%
Effect of foreign currency translation(1)                      

(3,063

)

       
Operating income – local currency               56,695         93,212         (39 )%
                               
Net income – nominal currency               41,058         59,814         (31 )%
Effect of foreign currency translation(1)                       (2,683 )        
Net income – local currency               41,058         57,131         (28 )%
                               

(1) Impact of restating prior year results at current year foreign exchange rates.

 

HARMAN International has provided a reconciliation of the non-GAAP measures in the table above to provide the users of the consolidated financial statements with a better understanding of the Company’s performance. Because changes in currency exchange rates affect our reported financial results, we show the rates of change both including and excluding the effect of these changes in exchange rates. We encourage readers of our financial statements to evaluate our financial performance excluding the impact of foreign currency translation. These non-GAAP measures are not measurements under accounting principles generally accepted in the United States. This measurement should be considered in addition to, but not as a substitute for, the information contained in our consolidated financial statements prepared in accordance with US GAAP.

 

HARMAN International Industries, Incorporated
Selected Financial Data
Reconciliation of GAAP to Non-GAAP Results
Foreign Currency Translation Impact

 
 

(In thousands; unaudited)

           

Six Months Ended
December 31,

     

Increase
(Decrease)

             

2012

     

2011

     
Net sales – nominal currency             $ 2,053,835       $ 2,177,632         (6 )%
Effect of foreign currency translation(1)                      

(100,322

)

       
Net sales - local currency               2,053,835         2,077,310         (1 )%
                               
Gross profit – nominal currency               550,040         593,181         (7 )%
Effect of foreign currency translation(1)                      

(25,933

)

       
Gross profit – local currency               550,040         567,248         (3 )%
                               
SG&A & Other – nominal currency               402,567         423,625         (5 )%
Effect of foreign currency translation(1)                      

(17,867

)

       
SG&A & Other – local currency               402,567         405,758         (1 )%
                               
Operating income – nominal currency               147,473         169,556         (13 )%
Effect of foreign currency translation(1)                      

(8,066

)

       
Operating income – local currency               147,473         161,490         (9 )%
                               
Net income – nominal currency               102,044         107,622         (5 )%
Effect of foreign currency translation(1)                      

(6,560

)

       
Net income – local currency               102,044         101,062         1 %
                               
(1) Impact of restating prior year results at current year foreign exchange rates.

HARMAN International has provided a reconciliation of the non-GAAP measures in the table above to provide the users of the financial statements with a better understanding of the Company’s performance. Because changes in currency exchange rates affect our reported financial results, we show the rates of change both including and excluding the effect of these changes in exchange rates. We encourage readers of our financial statements to evaluate our financial performance excluding the impact of foreign currency translation. These non-GAAP measures are not measurements under accounting principles generally accepted in the United States. This measurement should be considered in addition to, but not as a substitute for, the information contained in our consolidated financial statements prepared in accordance with US GAAP.

HARMAN International Industries, Incorporated
Selected Financial Data
Reconciliation of Non-GAAP Results
Foreign Currency Translation Impact

 
 

EXCLUDING restructuring and non-recurring charges

 

(In thousands; unaudited)

            Six Months Ended
December 31,
      Increase

(Decrease)

             

2012

     

2011

       
Net sales – nominal currency             $ 2,053,835       $ 2,177,632         (6 )%
Effect of foreign currency translation(1)                      

(100,322

)

       
Net sales – local currency               2,053,835         2,077,310         (1 )%
                               
Gross profit - nominal currency               551,036         595,146         (7 )%
Effect of foreign currency translation(1)                      

(25,927

)

       
Gross profit - local currency               551,036         569,219         (3 )%
                               
SG&A & Other – nominal currency               415,022         422,678         (2 )%
Effect of foreign currency translation(1)                      

(17,851

)

       
SG&A & Other – local currency               415,022         404,827         3 %
                               
Operating income – nominal currency               136,014         172,468         (21 )%
Effect of foreign currency translation(1)                      

(8,076

)

       
Operating income – local currency               136,014         164,392         (17 )%
                               
Net income – nominal currency               95,803         109,653         (13 )%
Effect of foreign currency translation(1)                       (6,571 )        
Net income – local currency               95,803         103,082         (7 )%
                               

(1) Impact of restating prior year results at current year foreign exchange rates.

 

HARMAN International has provided a reconciliation of the non-GAAP measures in the table above to provide the users of the consolidated financial statements with a better understanding of the Company’s performance. Because changes in currency exchange rates affect our reported financial results, we show the rates of change both including and excluding the effect of these changes in exchange rates. We encourage readers of our financial statements to evaluate our financial performance excluding the impact of foreign currency translation. These non-GAAP measures are not measurements under accounting principles generally accepted in the United States. This measurement should be considered in addition to, but not as a substitute for, the information contained in our consolidated financial statements prepared in accordance with US GAAP.

HARMAN International Industries, Incorporated
Total Liquidity Reconciliation

 
 
Total Company Liquidity         December 31,

2012

$ millions        
Cash & cash equivalents         $526
Short-term investments         81
Available credit under Revolving Credit Facility         741
Total liquidity         $1,348
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
As organizations shift toward IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection &E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 16th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships, will discuss how to cut costs, scale easily, and unleash insight with CommVault Simpana software, the only si...
Analytics is the foundation of smart data and now, with the ability to run Hadoop directly on smart storage systems like Cloudian HyperStore, enterprises will gain huge business advantages in terms of scalability, efficiency and cost savings as they move closer to realizing the potential of the Internet of Things. In his session at 16th Cloud Expo, Paul Turner, technology evangelist and CMO at Cloudian, Inc., will discuss the revolutionary notion that the storage world is transitioning from mere Big Data to smart data. He will argue that today’s hybrid cloud storage solutions, with commodity...
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems, will focus on how to set up a cloud data governance program and s...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Every innovation or invention was originally a daydream. You like to imagine a “what-if” scenario. And with all the attention being paid to the so-called Internet of Things (IoT) you don’t have to stretch the imagination too much to see how this may impact commercial and homeowners insurance. We’re beyond the point of accepting this as a leap of faith. The groundwork is laid. Now it’s just a matter of time. We can thank the inventors of smart thermostats for developing a practical business application that everyone can relate to. Gone are the salad days of smart home apps, the early chalkb...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
Even as cloud and managed services grow increasingly central to business strategy and performance, challenges remain. The biggest sticking point for companies seeking to capitalize on the cloud is data security. Keeping data safe is an issue in any computing environment, and it has been a focus since the earliest days of the cloud revolution. Understandably so: a lot can go wrong when you allow valuable information to live outside the firewall. Recent revelations about government snooping, along with a steady stream of well-publicized data breaches, only add to the uncertainty
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...