Harman to sell common stock.(FLASH)

HARMAN INTERNATIONAL Industries, the parent company of JBL, dbx, AKG, Lexicon, Crown, and numerous other top-selling audio brands will sell nine million shares of common stock. Proceeds from the sale will be used to reduce indebtedness, improve liquidity, and possibly fund future acquisitions. For the quarter ended March 31, Harman posted a loss of $66 million on revenues of $598 million. Although the company's pro-audio business has experienced 20% sales declines over the past six months, its core automotive business has been whipsawed by rapidly declining auto sales and the bankruptcy of Chrysler, one of its largest customers. Sales in the division declined 47%.

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