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)... October 27, 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 October 27, 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)
/s/ Leslie M. Kratter
Date: October 31, 1994
........................................
Leslie M. Kratter, Vice President
Exhibit A
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 FOURTH QUARTER AND ANNUAL RESULTS
SAN MATEO, CA, October 27, 1994 -- Franklin Resources, Inc.
(NYSE:BEN) today reported earnings for the fourth quarter and
fiscal year ended September 30, 1994.
Charles B. Johnson, president of the diversified financial
services company, said net income for the quarter increased to
$63.7 million from $53.7 million, or to $0.76 per fully diluted
share from $0.62 a year ago, a per share increase of 22.6
percent. Operating revenues for the period increased to $209.9
million from $186.3 million, an increase of 12.7 percent.
Average shares outstanding for the quarter were 83,500,000
compared to 84,200,000 a year ago
Net income for the fiscal year increased to $251.3 million
from $175.5 million, or to $3.00 per fully diluted share from
$2.10 per share in the same year-earlier period, a per share
- more -
Franklin Earnings/Page 2
October 27, 1994
increase of 42.9 percent. Operating revenues were $826.9 million,
compared to $640.7 million. Assets under management by the
company's subsidiaries rose to more than $118 billion from $107
billion this time last year.
Franklin Resources' main business is the $118 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)
For the Three Months For the Twelve Months
Ended September 30, Ended September 30,
1994 1993 1994 1993
Operating revenues:
Investment management
fees $172,829 $138,616 $647,675 $489,735
Underwriting
commissions, net 12,348 27,566 96,570 87,119
Transfer, trust
& related fees 15,225 15,218 54,613 45,089
Banking/Finance, real
estate & other 9,474 4,921 28,013 18,801
-------- -------- -------- --------
Total operating
revenues 209,876 186,321 826,871 640,744
-------- -------- -------- --------
Operating expenses:
General &
administrative 95,317 69,045 360,548 277,413
Selling expenses 18,556 16,767 69,073 52,119
Amortization of
goodwill 4,599 5,037 18,311 16,988
Banking/Finance Group
interest expense 2,193 2,345 9,356 9,356
------- -------- -------- --------
Total operating
expenses 120,665 93,194 457,288 355,876
------- -------- -------- --------
Operating income 89,211 93,127 369,583 284,868
------- -------- -------- --------
Other income (expenses):
Investment and other
income 5,997 (377) 22,703 18,290
Interest expense (7,919) (7,723) (29,765) (28,760)
------- -------- -------- --------
Other income
(expenses), net (1,922) (8,100) (7,062) (10,470)
------- -------- -------- --------
Income before taxes
on income 87,289 85,027 362,521 274,398
Taxes on income 23,606 31,300 111,213 98,876
------- -------- -------- --------
Net income $63,683 $53,727 $251,308 $175,522
======= ======== ======== ========
Earnings per share:
Primary $.76 $.64 $3.00 $2.12
======= ======== ======== ========
Fully diluted $.76 $.62 $3.00 $2.10
======= ======== ======== ========
Dividends per share $.08 $.07 $.32 $.28
======= ======== ======== ========
Weighted Average
Primary Shares
Outstanding 83,500,000 83,400,000 83,900,000 82,900,000
Weighted Average
Fully Diluted
Shares Outstanding 83,500,000 84,200,000 83,900,000 83,700,000
Net Assets Under Management
(in millions)
Period ended September 30, 1994 1993
Franklin/Templeton Group of Funds $105,623 $100,506
Franklin/Templeton Institutional Assets 12,549 6,984
-------- --------
Total Franklin/Templeton Group $118,172 $107,490
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