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$HAR named Dr. Mike Peters as Executive Vice President and President of Connected Car Division. He succeeds Phil Eyler, who resigned his position. In this new role, he will report to Dinesh C. Paliwal, President and Chief Executive Officer of $HAR
$HAR, a subsidiary of Samsung Electronics, named Tom Mooney as Director of Public Affairs. Based in Washington, Mooney will report to SVP of Corporate Affairs & Communications and Chief of Staff to the CEO, Paula Davis. He will work with divisional business leaders and Samsung’s Government Affairs team to execute effective policies to spur growth.
$HAR, a subsidiary of Samsung Electronics, has been selected by automaker Yamaha to equip their new Star Venture trans-continental touring motorcycle with infotainment and navigation technologies. The infotainment system features a high resolution touch screen display mounted in the cockpit, which can be operated both by switches and voice command.
Samsung Electronics completed acquisition of $HAR. Dinesh Paliwal will remain CEO of $HAR, leading the company with his management team, and will continue to serve as a member of its Board. Samsung is retaining $HAR's work force, headquarters and facilities, as well as all of its consumer and professional audio brands.
Samsung Electronics Co. completed the acquisition of $HAR. $HAR stockholders will receive $112.00 per share in cash. $HAR's common stock will cease trading on March 13, 2017 and will be delisted from the NYSE. $HAR will operate as a standalone Samsung subsidiary, overseen by a BoD led by Young Sohn.
The pending acquisition of $HAR by Samsung will accelerate connected and autonomous driving innovation and technology deployment faster than if $HAR were to remain a standalone company. The transaction also delivers immediate and compelling cash value to its shareholders. $HAR said it remains on track to close the transaction in mid-2017.
$HAR's Lifestyle Audio sales for 2Q17 grew 19% on higher sales in both consumer and car audio. Connected Services sales increased 13% on higher demand for automotive services. Connected Car sales rose 4% on stronger production and expansion of recently launched programs. Professional Solutions sales rose 3% on stronger sales in Asia.
$HAR reported a drop in 2Q17 earnings due to non-recurring incremental U.S. income tax from deemed income on foreign earnings. Net income fell to $99.45MM or $1.39 per share from $112.9MM or $1.55 per share last year. Net sales grew to $1.95Bil from $1.77Bil. Non-GAAP EPS increased to $2.22 from $1.84.
$HAR has unveiled the next generation of JBL E-Series. The new line of four wireless and wired lifestyle headphones includes in-ear, on-ear and around-ear styles. The JBL E-Series wireless models, the E25BT, E45BT and E55BT, connect to smart devices through Bluetooth technology, and each model allows users to seamlessly switch between devices.
$HAR said it will offer aftermarket Augmented Reality (AR) Driving Device to automotive OEMs through a strategic partnership and investment in Silicon Valley innovator Navdy. As part of agreement, $HAR will have exclusive rights to distribute new co-branded aftermarket Navdy with HARMAN device globally.
Samsung Electronics agreed to buy $HAR. Samsung expects to use cash on hand to fund the transaction. The agreement has been unanimously approved by BoD of both companies. Upon closing, $HAR will operate as a standalone Samsung subsidiary, and continue to be led by Dinesh Paliwal and $HAR's current management team.
Samsung Electronics agreed to buy $HAR for $112 per share in cash, or total equity value of about $8Bil. Upon closing, the transaction will immediately give Samsung a significant presence in the large and rapidly growing market for connected technologies, particularly automotive electronics. The transaction is expected to close in mid-2017.
$HAR said the Connected Car division growth in 1Q17 was within its guidance range of 6-8%. Typically the second and fourth quarters are the strongest in terms of cyclicality. The company expects to achieve its full-year 2017 guidance and to see good margin development for this division.
$HAR has been investing heavily in software solutions in the Lifestyle Audio business across the consumer audio and car audio business units. The company saw good development in the consumer business. The consumer audio business grew about 20% and the car audio business grew more than 15% in 1Q17.
During 1Q17, $HAR grew revenue in China over 40% and currently has more than $4Bil of automotive order backlog. The company has been growing market share in China significantly. $HAR is growing its automotive business through imports and with Chinese OEMs. $HAR believes that China is an important long-term growth market.
In $HAR’s Lifestyle Audio segment, net sales grew 19% in 1Q17 due to higher sales in consumer and car audio. Connected Car net sales rose 6% due to higher take rates and stronger production. Connected Services net sales grew 4% primarily due to higher demand for automotive services, while Professional Solutions net sales fell 3%.
Connected car systems designer $HAR reported an increase in 1Q17 earnings. Net income was $103.1MM or $1.45 per share in 1Q17 compared to $87MM or $1.20 per share in 1Q16. Net sales were $1.8Bil, an increase of 8% compared to the prior year.