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Harman International: Senior Director, Corporate Communications Vice President, Investor Relations

The following excerpt is from the company's SEC filing.

Tel: +1 203-328-3834

Tel: +1 203-328-3500

darrin.shewchuk@harman.com

yijing.brentano@harman.com

HARMAN REPORTS THIRD QUARTER FISCAL 2016 RESULTS

Net Sales Up 11% to $1.6 Billion

Operational EBITDA and EPS Up 26% and 11%, Respectively

Secured $1.5 Billion in New Automotive Awards; $3.5 Billion Year-to-Date

Adjusts FY 2016 Guidance

STAMFORD, CT Harman International Industries, Incorporated (NYSE: HAR), the premier connected technologies company for automotive, consumer and enterprise markets, today announced results for the t hird quarter ended March 31, 2016.

Net sales for the third quarter were $1.6 billion, an increase of 11 percent compared to the prior year or 12 percent excluding the impact of foreign currency translation (ex-FX). Connected Car net sales increased five percent (six percent ex-FX) primarily due to higher take rates. Lifestyle Audio net sales increased 11 percent (12 percent ex-FX) due to the acquisition of Bang & Olufsen Automotive, higher car audio take rates and higher consumer audio sales. Net sales in Professional Solutions decreased four percent (three percent ex-FX) mainly due to lower demand in Brazil and certain European markets, as well as channel rationalization to support a solutions-based go-to-market structure. Connected Services net sales were $166 million compared to $67 million in the prior year, primarily due to the expansion of the Companys services portfolio as a result of the acquisition of Symphony Teleca (STC).

On a GAAP basis, third quarter operating income increased 48 percent to $135 million compared to $92 million in the prior year and EBITDA increased 41 percent to $186 million compared to $132 million in the prior year. Earnings per diluted share increased 23 percent to $1.22 compared to $0.99 in the prior year. The Company recorded $13 million of restructuring, non-recurring charges and acquisition-related items compared to $23 million in the prior year. The decrease was primarily due to lower restructuring costs compared to the prior year.

Excluding restructuring, non-recurring charges and acquisition-related items, third quarter operating income increased 30 percent to $148 million compared to $114 million in the prior year, and EBITDA increased 26 percent to $189 million compared to $150 million in the prior year. Earnings per diluted share were $1.36 compared to $1.22 in the prior year.

For the 12

consecutive quarter, HARMAN has delivered top and bottom line growth, and in the quarter, we grew EBITDA 26 percent year-over-year. Our Connected Car and Lifestyle Audio divisions, which represent approximately 75 percent of our revenue, continue to deliver strong results. In our Professional Solutions division, we are taking decisive actions to improve performance and better position HARMAN for growth, said Dinesh C. Paliwal, the Companys Chairman, President and CEO.

HARMAN is capitalizing on the robust demand for seamless, secure connectivity across the full vehicle market. On top of the record $6.2 billion in automotive awards we announced in fiscal 2015, I am very pleased with the additional $3.5 billion of new automotive awards secured year-to-date, including a breakthrough display audio infotainment award.

FY 2016 Key Figures Total Company

Three Months Ended March 31

Nine Months Ended March 31

Increase

(Decrease)

$ millions (except per share data)

Including

Currency

Changes

Gross profit

Percent of net sales

Operating income

Net Income attributable to HARMAN International Industries, Incorporated

Diluted earnings per share

Restructuring & non-recurring costs

Acquisition-related items

Non-GAAP - operational

Shares outstanding diluted (in millions)

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 third quarter of fiscal year 2016 increased 160 basis points to 30.4 percent. The improvement was primarily due to the impact of higher sales volume leveraging a more efficient fixed production cost base and productivity initiatives.

In the third quarter of fiscal year 2016, SG&A expense as a percentage of net sales increased 30 basis points to 21.3 percent compared to 21.0 percent in the prior year due to higher selling and marketing expenses.

2016 Guidance Update

HARMAN updated its financial outlook for fiscal 2016. The Company now forecasts fiscal 2016 revenue of approximately $6.825 billion and operational earnings per share of $6.20. The majority of the revenue and EPS reduction is related to weakness in the Professional Solutions division as well as supply constraints as a result of the recent earthquakes in Japan.

August 2015

April 2016

Revenue

7.0 billion

6.825 billion

Includes the previously announced $0.05 reduction for the impact of the TowerSec acquisition.

Non-GAAP, excluding restructuring, non-recurring items, and purchase accounting expenses related to acquisitions.

Investor Call Today April 28, 2016

At 11:00 a.m. EDT today, HARMANs management will host an analyst and investor conference call to discuss the third quarter results. Those who wish to participate via audio in the earnings conference call should dial 1 (888) 224-7971 (U.S.) or +1 (303) 223-2684 (International) ten minutes before the call and reference HARMAN, Access Code: 21809222.

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 third quarter earnings release and supporting materials were posted on the site at approximately 8:00 a.m. EDT today.

A replay of the call will also be available following its completion at approximately 1:00 p.m. EDT. The replay will be available through Friday, July 29, 2016 at 1:00 p.m. EDT. To listen to the replay, dial 1 (800) 633-8284 (U.S.) or +1 (402) 977-9140 (International), Access Code: 21809222. 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 (harman.com) designs and engineers connected products and solutions for automakers, consumers, and enterprises worldwide, including connected car systems, audio and visual products, enterprise automation solutions; and connected services. With leading brands including AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon®, Mark Levinson® and Revel®, HARMAN is admired by audiophiles, musicians and the entertainment venues where they perform around the world. More than 25 million automobiles on the road today are equipped with HARMAN audio and connected car systems. The Companys software services power billions of mobile devices and systems that are connected, integrated and secure across all platforms, from work and home to car and mobile. HARMAN has a workforce of approximately 29,000 people across the Americas, Europe, and Asia and reported sales of $6.7 billion during the 12 months ended March 31, 2016. The Companys 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 presentation are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. One should not place undue reliance on these statements. The Company bases these statements on particular assumptions that it has made in light of its industry experience, as well as its perception of historical trends, current market conditions, current economic data, expected future developments and other factors that the Company believes are appropriate under the circumstances. These statements involve risks, uncertainties and assumptions that could cause actual results to differ materially from those suggested in the forward-looking statements, including but not limited to: (1) the Companys ability to maintain profitability if there are delays in its product launches or increased pricing pressure from its customers; (2) the loss of one or more significant customers, the loss of a significant platform with an automotive customer or the in-sourcing of certain services by the Companys automotive customers; (3) fluctuations in currency exchange rates, particularly with respect to the value of the U.S. Dollar and the Euro; (4) 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; (5) the inability of the Companys suppliers to deliver products at the scheduled rate and disruptions arising in connection therewith; (6) the Companys ability to maintain a competitive technological advantage through innovation and leading product designs; (7) the Companys ability to integrate successfully its recently completed and future acquisitions; (8) the Companys ability to attract and retain qualified senior management and to prepare and implement an appropriate succession plan for its critical organizational positions; (9) the Companys failure to maintain the value of its brands and implementing a

sufficient brand protection program; and (10) other risks detailed in the Harman International Industries, Incorporated Annual Report on Form 10-K for the fiscal year ended June 30, 2015 and other filings made by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement except as required by law.

This earnings release also makes reference to the Companys awarded business or backlog, which represents the estimated future lifetime net sales for all customers. The Companys future awarded business does not represent firm customer orders. The Company reports its awarded business primarily based on written award letters. To validate these awards, the Company uses various assumptions including global vehicle production forecasts, customer take rates for the Companys products, revisions to product life cycle estimates and the impact of annual price reductions and exchange rates, among other factors. These assumptions are updated and reported externally on an annual basis.

APPENDIX

FY 2016 Key Figures Connected Car

Net sales in the third quarter of fiscal 2016 were $767 million, an increase of five percent (six percent ex-FX) compared to the prior year. The increase in net sales was due to higher take rates.

On a non-GAAP basis in the third quarter of fiscal 2016, gross margin increased 370 basis points to 26.4 percent compared to the prior year primarily due to the impact of higher sales volume leveraging a more efficient fixed production cost base, lower warranty costs and supplier productivity. SG&A expenses as a percent of sales increased 110 basis points to 13.6 percent compared to the prior year due to higher information technology costs to support future business.

Connected Car Highlights

HARMAN continues to expand and diversify its Connected Car offerings with global automakers. The Company secured embedded infotainment business with a new North American customer to provide a display audio solution across multiple car lines. HARMAN won a global expansion award from a European OEM to support higher take rates, as well a platform refresh for 2017 vehicles. In addition, the Company received a follow-on award to expand the next generation integrated telematics program for Daimler.

HARMAN launched embedded infotainment solutions in a number of new vehicles, including the Audi Q2 crossover, the Seat (VW) Alteca SUV and Maserati (FCA) Levante supercar. In Japan, HARMAN launched an embedded infotainment system featuring Apple CarPlay on the new Suzuki Ignis. The Company also launched model refreshes and line extensions featuring its embedded infotainment solutions in the Porsche Macan, 911, and 718 Boxster, as well as the Mercedes Benz C-class convertible, GLC Coupe and AMG GLC43.

HARMAN continued to reinforce its leadership in technology innovations that advance connectivity, driver safety, and autonomous driving. During the Geneva Motor Show, HARMAN demonstrated its full suite of connected car technologies through the LIVS (Life-enhancing Intelligent Vehicle System) automotive compute platform. The Company also expanded its partnership with NXP to add V2X support, which allows ADAS alerts to be delivered to vehicles from other cars and surrounding infrastructure to warn drivers about potentially hazardous traffic situations.

In March, HARMAN completed the acquisition of TowerSec, a leading global provider of automotive cybersecurity solutions. TowerSecs products, featuring intrusion detection and prevention systems as well as secure telematics offerings, will be integrated into HARMANs 5+1 cybersecurity framework.

FY 2016 Key Figures Lifestyle Audio

Net sales in the third quarter of fiscal 2016 were $473 million, an increase of 11 percent (12 percent ex-FX) compared to the prior year primarily due to the acquisition of Bang & Olufsen Automotive, higher car audio take rates and higher consumer audio sales.

On a non-GAAP basis in the third quarter of fiscal 2016, gross margin improved by 370 basis points to 35.5 percent compared to the prior year, primarily due to improved operating leverage as a result of higher sales volume, the acquisition of Bang & Olufsen Automotive and supplier productivity. SG&A expenses as a percentage of sales increased 250 basis points to 22.0 percent primarily due to higher research and development to support new car audio awards.

Lifestyle Audio Highlights

HARMAN won new business awards with Lincoln, Toyota and Subaru. During the quarter, the Company launched branded car audio solutions in the Maserati Levante (Harman Kardon / Bowers & Wilkins), the Lincoln MKZ (Revel), the new Alfa Romeo Giulia (Harman Kardon) and the Ferrari GTC 4 Lusso (JBL Pro).

HARMAN inaugurated a new global development center in Suzhou, China. The center is now the Companys largest comprehensive research and development center for car audio products worldwide.

The Company entered into a multi-year agreement with Lufthansa to supply award-winning AKG branded active noise cancelling headphones for all business class seats beginning in September 2016. This quarter, HARMANs Consumer Audio products were again recognized for their design and innovation, winning a record 23 Red Dot awards.

FY 2016 Key Figures Professional Solutions

Net sales in the third quarter of fiscal 2016 were $232 million, a decrease of four percent (a decrease of three percent ex-FX) compared to the prior year. The decrease in net sales is primarily due to lower demand in Brazil and certain European markets, as well as channel rationalization to support a solutions-based go-to-market structure.

On a non-GAAP basis in the third quarter of fiscal 2016, gross margin decreased 780 basis points to 33.7 percent, driven by discounts on older inventory and to partially offset foreign currency impacts. In addition, the Company incurred incremental costs associated with migrating manufacturing to Hungary and reduced operating leverage as a result of lower sales. SG&A expense as a percentage of sales decreased 190 basis points to 30.6 percent compared to 32.5 percent in the prior year, driven by tighter expense controls.

Professional Solutions Highlights

HARMANs entertainment and enterprise solutions were selected by leading system integrators and installers around the world. Notable installations included Norwegian Cruise Lines

The Pride of America

and Raymond James Stadium in Tampa Bay. The Companys enterprise solutions were installed in meeting rooms across the globe for customers including eBay and Societe Generale. The Companys solutions also powered a wide range of high-profile special events, music festivals and televised award shows, including the Super Bowl 50 Halftime Show and the 58th Annual Grammy Awards.

FY 2016 Key Figures Connected Services

Net sales in the third quarter of fiscal 2016 were $166 million compared to $67 million in the prior year, driven primarily by the expansion of the Companys services portfolio. On a non-GAAP basis, gross margin was 28.7 percent and SG&A expenses as a percentage of sales were 20.3 percent.

Connected Services Highlights

HARMAN secured business to provide product development services for Blackberry, British Telecom, Intel and Sony, among others. In addition, the Company continued to capitalize on its industry-leading over-the-air (OTA) software update technology, winning a cross-car line award with a global automaker. Over the air updates are the foundation technology for the connected car, allowing automakers to quickly enable new features, fix bugs, upgrade firmware, and offer a rich suite of end-to-end services.

In conjunction with the HARMAN Service Delivery Platform, the Company introduced its Automotive Service Provider Program. The program facilitates the integration of a variety of enterprise and vehicle-centric applications and services from leading providers. HARMAN added 10 new data, workflow and content service providers for its open platform, which enables automakers to provide a wide range of context-based services, including real-time traffic, location based services, shopping, parking, streaming audio and live news.

HARMAN also received a number of industry accolades for its products and services. Respected advisory firm Zinnov recognized the Company for the second time, naming HARMAN a top engineering services provider. HARMAN was placed in the Leadership Zone for the Information Services, New Media and Gaming categories. HfS Research also honored HARMAN with a place in its Winners Circle, recognizing the Companys excellence in software product engineering services.

Other (Corporate)

FY 2016 Key Figures Other

Other (Corporate) SG&A expenses include compensation, benefit and occupancy costs for corporate employees, new technology innovation and expenses associated with the Companys brand identity campaign. On a non-GAAP basis, Corporate SG&A as a percentage of total Company net sales decreased 60 basis points to 2.2 percent.

HARMAN International Industries, Incorporated

Consolidated Statements of Income

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

March 31,

1,628,082

1,464,193

5,031,127

4,476,664

Cost of sales

1,135,215

1,046,063

3,505,770

3,150,736

492,867

418,130

1,525,357

1,325,928

Selling, general and administrative expenses

357,514

326,623

1,099,384

969,881

135,353

91,507

425,973

356,047

Other expenses:

Interest expense, net

24,558

Foreign exchange losses (gains), net

(3,406

(4,366

Miscellaneous, net

11,262

Income before income taxes

120,238

89,618

387,541

345,620

Income tax expense, net

31,419

19,346

98,019

76,250

Equity in net loss of unconsolidated subsidiaries

Net income

88,819

70,249

289,522

269,347

Net (loss) income attributable to non-controlling interest

Net income attributable to HARMAN International Industries, Incorporated

88,824

70,295

288,820

269,503

Earnings per share:

Weighted average shares outstanding:

72,020

69,946

72,046

69,557

72,642

70,795

72,524

70,322

Consolidated Balance Sheets

(In thousands; unaudited)

ASSETS

Current Assets

Cash and cash equivalents

360,420

649,513

Receivables, net

1,087,327

1,024,139

Inventories

840,216

693,574

Other current assets

502,943

461,366

Total current assets

2,790,906

2,828,592

Property, plant and equipment, net

576,788

552,421

Intangible assets, net

496,289

669,667

Goodwill

1,426,202

1,287,180

Deferred tax assets, long-term, net

116,212

100,032

Other assets

382,000

428,008

Total assets

5,788,397

5,865,900

LIABILITIES AND EQUITY

Current liabilities

Current portion of long-term debt

Short-term debt

Accounts payable

781,962

918,910

Accrued liabilities

673,371

907,024

Accrued warranties

173,479

163,331

Income taxes payable

29,022

76,131

Total current liabilities

1,662,873

2,070,967

Borrowings under revolving credit facility

483,000

283,125

Long-term debt

803,809

797,542

Pension liability

189,259

186,662

Other non-current liabilities

174,865

134,778

Total liabilities

3,313,806

3,473,074

Total HARMAN International Industries, Incorporated shareholders equity

2,474,573

2,374,613

Noncontrolling interest

18,213

Total equity

2,474,591

2,392,826

Total liabilities and equity

Consolidated Statement of Income

Reconciliation of GAAP to Non-GAAP Results

(In thousands except earnings per share data; unaudited)

Adjustments

Non-GAAP -

(2,213

1,133,002

495,080

(10,666

346,848

12,879

148,232

13,288

133,526

34,901

98,625

Net income attributable to non-controlling interest

98,630

Restructuring expense in Cost of Sales was $2.2 million for projects to increase manufacturing productivity.

Restructuring expense in SG&A was $3.4 million primarily due to projects to increase productivity in engineering, manufacturing and administrative functions; other non-recurring expense included in SG&A was $7.3 million. Acquisition-related expenses were $1.2 million, including $7.9 million of intangible amortization expenses.

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

HARMAN has provided a reconciliation of non-GAAP measures in order to provide the users of these consolidated financial statements with a better understanding of its 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 HARMANs consolidated financial statements prepared in accordance with US GAAP.

(5,214

3,500,556

1,530,571

(60,963

1,038,421

66,177

492,150

(3,545

69,723

457,264

18,668

116,687

51,055

340,577

339,875

Restructuring expense in Cost of Sales was $5.2 million for projects to increase manufacturing productivity.

Restructuring expense in SG&A was $6.5 million primarily due to projects to increase productivity in engineering, manufacturing and administrative functions; other non-recurring expense included in SG&A was $54.5 million. Acquisition-related expenses were $34.4 million, including $41.2 million of intangible amortization expenses.

March 31, 2015

(3,599

1,042,464

421,729

(18,999

307,624

22,598

114,105

112,216

25,516

Equity in loss of unconsolidated subsidiary

16,428

86,677

86,723

Restructuring expense in Cost of Sales was $3.6 million for projects to increase manufacturing productivity.

Restructuring expense in SG&A was $11.2 million primarily due to projects to increase productivity in engineering, manufacturing and administrative functions; other non-recurring expense included in SG&A was $7.8 million including M&A deal related expenses.

3,158,750

(8,014

1,317,914

(55,966

913,915

47,952

403,999

393,572

12,799

89,049

35,153

304,500

304,656

Restructuring expense in Cost of Sales was $7.9 million for projects to increase manufacturing productivity, offset by a $15.9M accrual reversal for a US Customs / NAFTA related exposure.

Restructuring expense in SG&A was $38.9 million primarily due to projects to increase productivity in engineering and administrative functions. Other non-recurring expense includes in SG&A was $17.1M including acquisition-related expenses.

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.

Selected Financial Data

Foreign Currency Translation Impact

Increase /

Net sales - nominal currency

Effects of foreign currency translation

(15,917

Net sales - local currency

1,448,276

Gross profit - nominal currency

(3,254

Gross profit - local currency

414,876

SG&A - nominal currency

(3,127

SG&A - local currency

323,496

Operating income - nominal currency

Operating income - local currency

91,380

Net income attributable to HARMAN International Industries, Incorporated - nominal currency

Net income attributable to HARMAN International Industries, Incorporated - local currency

71,120

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

HARMAN has provided a reconciliation of the non-GAAP measures in the table above to provide the users of these consolidated financial statements with a better understanding of the Companys performance. Because changes in currency exchange rates affect its reported financial results, the Company shows the rates of change both including and excluding the effect of these changes in exchange rates. The Company encourages readers of its financial statements to evaluate its 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 HARMANs consolidated financial statements prepared in accordance with US GAAP.

Reconciliation of Non-GAAP Results

EXCLUDING restructuring and non-recurring charges

(3,219

418,510

(3,114

304,510

114,000

87,569

HARMAN 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 Companys performance. Because changes in currency exchange rates affect its reported financial results, the Company shows the rates of change both including and excluding the effect of these changes in exchange rates. The Company encourages readers of its financial statements to evaluate its 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 HARMANs consolidated financial statements prepared in accordance with US GAAP.

Increase /

(214,786

4,261,878

(51,602

1,274,326

(40,629

929,252

(10,973

345,074

(6,853

262,650

(52,150

1,265,764

(913,915

36,824

(877,091

(15,326

388,673

(11,206

293,450

Depreciation & Amortization

51,005

(10,144

40,861

40,262

(4,552

35,710

186,358

189,093

131,769

18,046

149,815

CONNECTED CAR

95,617

98,306

73,661

74,224

19,760

(1,880

17,880

17,043

(1,166

15,877

115,377

116,186

90,704

90,101

LIFESTYLE AUDIO

60,574

63,907

44,626

52,132

13,853

(5,287

11,410

(2,324

74,427

(1,954

72,473

56,036

61,218

PROFESSIONAL SOLUTIONS

16,043

21,702

11,602

15,386

24,172

29,732

CONNECTED SERVICES

11,799

13,946

(2,348

18,283

18,082

HARMAN has provided a reconciliation of non-GAAP measures in order to provide the users of these consolidated financial statements with a better understanding of its 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 HARMANs consolidated financial statements prepared in accordance with US GAAP.

165,841

(47,289

118,552

114,808

(7,337

107,471

591,814

18,888

610,702

470,855

40,615

511,470

267,102

274,570

223,007

228,254

57,179

(5,523

51,656

51,565

(3,828

47,737

324,281

326,226

274,572

275,991

191,283

18,379

209,662

148,475

23,299

171,774

40,673

(15,416

25,257

29,512

(2,379

27,133

231,956

234,919

177,987

20,920

198,907

52,304

11,231

63,535

75,128

83,038

26,294

(1,890

24,404

24,650

24,485

78,598

87,939

99,778

107,523

21,857

30,476

52,333

26,912

35,239

(24,461

10,778

57,096

63,111

29,396

Intercompany Revenue Reconciliation, 3 Months Ended March 31, 2016

March 31, 2016

Eliminations

Net Trade Sales

766,757

472,234

231,551

157,540

Intercompany Sales

(9,487

472,781

232,016

166,015

Intercompany Revenue Reconciliation, 9 Months Ended March 31, 2016

2,259,209

1,558,408

726,159

487,312

22,129

(25,765

1,560,210

727,993

509,441

Total Liquidity Reconciliation

Total Company Liquidity

Cash & cash equivalents

Short-term investments

Available credit under Revolving Credit Facility

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Harman International Industries insider just picked up 690 shares - April 5, 2016