SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)... July 28, 1994
...................... FRANKLIN RESOURCES, INC...................
(Exact name of registrant as specified in its charter)
.... DELAWARE .................. 1-9318 ........... 13-2670991...
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
777 MARINERS ISLAND BLVD., SAN MATEO, CALIFORNIA .. 94404 .......
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code.(415) 312-3000
.................................................................
(Former name or former address, if changed since last report)
Item 5. Other Events
Registrant is filing this Form 8-K in order to file a current
earnings press release. By this filing, Registrant is not
establishing the practice of filing all earnings press releases
in the future and may discontinue such filings at any time.
Item 7. Financial Statements and Exhibits
(c)Exhibits
Exhibit "A" - Press Release issued on July 28, 1994 by
Franklin Resources, Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
FRANKLIN RESOURCES, INC.
(Registrant)
Date: August 4, 1994 /s/ LESLIE M. KRATTER
.........................................
Leslie M. Kratter, Vice President
FROM: Franklin Resources, Inc.
Tel: (415) 312-4701
Contact: Virginia Marans
Howard J. Rubenstein Associates, Inc.
Public Relations - Tel: (212) 489-6900
Contact: David Sternstein
- - ----------------------------------------------------------------
FOR IMMEDIATE RELEASE
FRANKLIN RESOURCES POSTS THIRD QUARTER RESULTS
SAN MATEO, CA, July 28, 1994 -- Franklin Resources, Inc.
(NYSE:BEN) today reported unaudited earnings for the quarter and
nine months ended June 30, 1994.
Charles B. Johnson, president of the diversified financial
services company, said net income for the quarter increased to
$60.0 million from $44.8 million, or to $0.72 per share from
$0.54 a year ago, a per share increase of 33.3 percent. Operating
revenues for the period increased to $204.9 million from $166.7
million, an increase of 22.9 percent. Average shares outstanding
for the quarter were 83,659,876 compared to 82,954,406 a year
ago.
Net income for the nine months increased to $187.6 million
from $121.8 million, or to $2.24 per share from $1.48 per share
in the same year-earlier period, a per share increase of 51
percent. Operating revenues were $617.0 million, compared to
$454.4 million. Assets under management by the company's
subsidiaries rose to more than $113 billion from $99 billion this
time last year, but declined from a high of $117 billion at
January 31, 1994.
- more -
Franklin Earnings/Page 2
July 28, 1994
The company also announced that it would, from time to time,
purchase shares of its common stock in the open market for use in
connection with various corporate incentive compensation programs
and when it believes that the market price of its shares merit
such action. Such purchases reflect a long-term company policy
authorized by its Board of Directors and recently reaffirmed.
The company is now authorized to purchase up to three million
shares.
Franklin Resources' main business is the $113 billion
Franklin/Templeton Group. The company has its headquarters at
777 Mariners Island Blvd., San Mateo, CA, 94404.
FRANKLIN RESOURCES, INC.
Consolidated Income Statements
Unaudited (dollar amounts in thousands
except per share data)
<TABLE>
<CAPTION>
For the Three Months For the Nine Months
Ended June 30 Ended June 30
1994 1993 1994 1993
<S> <C> <C> <C> <C>
Operating revenues:
Investment management fees $161,762 $127,947 $474,846 $351,119
Underwriting commissions, net 21,425 23,070 84,222 59,553
Transfer, trust & related fees 14,388 10,692 39,388 29,871
Banking, real estate & other 7,304 4,963 18,539 13,880
Total operating revenues 204,879 166,672 616,995 454,423
Operating expenses:
General & administrative 93,856 75,721 265,231 208,368
Selling expenses 18,483 11,433 50,517 35,352
Amortization of goodwill 4,598 4,446 13,712 11,951
Interest expense of banking
subsidiary 2,382 2,301 7,163 7,011
Total operating expenses 119,319 93,901 336,623 262,682
Operating income 85,560 72,771 280,372 191,741
Other income (expenses):
Investment and other income 5,781 5,517 16,706 18,667
Interest expense (7,333) (8,090) (21,846) (21,037)
Other income (expenses), net (1,552) (2,573) (5,140) (2,370)
Income before taxes on income 84,008 70,198 275,232 189,371
Taxes on income 23,985 25,400 87,607 67,576
Net income $60,023 $44,798 $187,625 $121,795
Earnings per share:
Primary $.72 $.54 $2.24 $1.48
Fully diluted $.72 $.54 $2.24 $1.48
Dividends per share $.08 $.07 $.24 $.21
Weighted Average Primary
Shares Outstanding 83,659,876 82,954,406 83,916,467 82,290,723
Weighted Average Fully
Diluted Shares Outstanding 83,659,876 82,954,516 83,916,467 82,290,833
FRANKLIN RESOURCES, INC.
Selected Balance Sheet Data
(in millions)
Period ended June 30, 1994 1993
Total Assets $1,652 $1,461
Stockholders' equity 870 656
Net Assets Under Management
(in millions)
Period ended June 30, 1994 1993
Franklin/Templeton Group of Funds $101,233 $91,057
Franklin/Templeton Institutional 11,790 8,459
Assets
Total Franklin/Templeton Group $113,023 $99,516
</TABLE>
