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 27, 1995
......................... 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)
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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 27, 1995 by Franklin Resources, Inc.
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FROM: Franklin Resources, Inc.
Tel: (415) 312-4701
Contact: Holly Gibson
- ---------------------------------------------------------
For Immediate Release
Franklin Resources Announces Third Quarter Results
San Mateo, CA, July 27, 1995 -- Franklin Resources, Inc. (NYSE:BEN) today
reported unaudited earnings for the quarter and nine months ended June 30, 1995.
Charles B. Johnson, President of the diversified financial services company,
said net income for the quarter was $69.0 million compared to $60.0 million a
year ago and $63.0 million for the quarter ended March 31, 1995. Fully diluted
earnings per share for the quarter ended June 30, 1995 were $.83, as compared to
$.72 a year ago, and $.76 for the preceding quarter. Operating revenues for the
quarter ended June 30, 1995 were $224.5 million, as compared to $204.9 million a
year ago, and $209.3 million for the preceding quarter.
Average fully diluted shares outstanding for the quarter were 83.0 million
as compared to 83.7 million a year ago, and 82.9 million for the previous
quarter.
Net income for the nine months was $195.4 million compared to $187.6
million for the same period a year ago. Fully diluted earnings per share were
$2.35, as compared to $2.24 a year ago. Operating revenues for the nine months
were $649.4 million, as compared to $617.0 million a year ago.
- MORE -
Assets under management by the Company's subsidiaries rose to $125.9
billion from $113.0 billion this time last year and $118.8 billion at the end of
the preceding quarter. Average assets under management during the quarter were
$122.8 billion as compared to $113.1 billion for the same quarter last year, and
$116.4 billion for the preceding quarter.
Franklin Resources' main business is the $125 billion Franklin Templeton
Group. The Company has its headquarters at 777 Mariners Island Blvd., San Mateo,
CA 94404.
- MORE -
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FRANKLIN RESOURCES, INC.
Consolidated Income Statements
Unaudited (dollar amounts in thousands except assets
under management and per share data)
For the Three Months For the Nine Months
Ended June 30 Ended June 30
1995 1994 1995 1994
---- ---- ---- ----
Operating revenues:
<S> <C> <C> <C> <C>
Investment management fees $187,114 $161,762 $534,270 $474,846
Underwriting commissions, net 8,583 21,425 30,792 84,222
Transfer, trust & related fees 16,747 14,388 48,210 39,388
Banking/finance, real estate & other 12,039 7,304 36,097 18,539
Total operating revenues 224,483 204,879 649,369 616,995
Operating expenses:
General & administrative 102,014 93,856 286,992 265,231
Selling expenses 15,229 18,483 53,350 50,517
Amortization of goodwill 4,582 4,598 13,792 13,712
Banking interest expense 2,618 2,382 7,715 7,163
Total operating expenses 124,443 119,319 361,849 336,623
Operating income 100,040 85,560 287,520 280,372
Other income (expense):
Investment and other income 9,140 5,781 21,165 16,706
Interest expense (8,104) (7,333) (22,544) (21,846)
Other income (expense), net 1,036 (1,552) (1,379) (5,140)
Income before taxes on income 101,076 84,008 286,141 275,232
Taxes on income 32,047 23,985 90,768 87,607
Net income $69,029 $60,023 $195,373 $187,625
Earnings per share:
Primary $.84 $.72 $2.36 $2.24
Fully diluted $.83 $.72 $2.35 $2.24
Dividends per share $.10 $.08 $.30 $.24
Weighted Average Primary
Shares Outstanding (in thousands) 82,540 83,660 82,830 83,916
Weighted Average Fully
Diluted Shares Outstanding (in thousands) 82,979 83,660 83,269 83,916
Assets Under Management (in millions)
Franklin Templeton Group $125,888 $113,023 $125,888 $113,023
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FRANKLIN RESOURCES, INC.
Consolidated Income Statements
Unaudited (dollar amounts in thousands except assets
under management and per share data)
For the Three Months Ended
30-Jun-95 31-Mar-95 31-Dec-94 30-Sep-94 30-Jun-94 31-Mar-94
Operating revenues:
<S> <C> <C> <C> <C> <C> <C>
Investment management fees $187,114 $172,582 $174,574 $172,829 $161,762 $161,196
Underwriting commissions, net 8,583 9,096 13,113 12,348 21,425 33,228
Transfer, trust &
related fees 16,747 15,520 15,943 15,225 14,388 13,039
Banking/finance, real estate
& other 12,039 12,103 11,955 9,474 7,304 6,165
Total operating revenues 224,483 209,301 215,585 209,876 204,879 213,628
Operating expenses:
General & administrative 102,014 87,487 97,491 95,317 93,856 86,918
Selling expenses 15,229 19,886 18,235 18,556 18,483 16,372
Amortization of goodwill 4,582 4,640 4,570 4,599 4,598 4,572
Banking interest expense 2,618 2,563 2,534 2,193 2,382 2,425
Total operating expenses 124,443 114,576 122,830 120,665 119,319 110,287
Operating income 100,040 94,725 92,755 89,211 85,560 103,341
Other income (expense):
Investment and other income 9,140 5,262 6,763 5,997 5,781 5,206
Interest expense (8,104) (7,353) (7,087) (7,919) (7,333) (6,458)
Other income (expense), net 1,036 (2,091) (324) (1,922) (1,552) (1,252)
Income before taxes
on income 101,076 92,634 92,431 87,289 84,008 102,089
Taxes on income 32,047 29,594 29,127 23,606 23,985 33,488
Net income $69,029 $63,040 $63,304 $63,683 $60,023 $68,601
Earnings per share:
Primary $.84 $.76 $.76 $.76 $.72 $.82
Fully diluted $.83 $.76 $.76 $.76 $.72 $.82
Dividends per share $.10 $.10 $.10 $.08 $.08 $.08
Weighted Average Primary
Shares Outstanding
(in thousands) 82,540 82,710 82,862 83,500 83,660 84,046
Weighted Average Fully
Diluted Shares Outstanding
(in thousands) 82,980 82,878 82,862 83,500 83,660 84,046
Assets Under Management
(in $M) $125,888 $118,788 $114,646 $118,172 $113,023 $112,717
Franklin Templeton Group
Average Assets Under
Management (in $M)
Franklin Templeton Group $122,769 $116,436 $116,336 $116,297 $113,148 $115,137
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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: July 27, 1995 /s/ Harmon E. Burns
HARMON E. BURNS
Executive Vice President
