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)... April 28, 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)
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 April 27, 1995 by
Franklin Resources, Inc.
EXHIBIT A
FROM: Franklin Resources, Inc.
Tel: (415) 312-4701
Contact: Holly Gibson
Howard J. Rubenstein Associates, Inc.
Public Relations - Tel: (212) 843-8078
Contact: Tom Mariam
- ---------------------------------------------------------
For Immediate Release
Franklin Resources Announces Second Quarter Results
San Mateo, CA, April 27, 1995 -- Franklin Resources,
Inc. (NYSE:BEN) today reported unaudited earnings for the
quarter and six months ended March 31, 1995.
Charles B. Johnson, President of the diversified
financial services company, said net income for the
quarter was $63.0 million compared to $68.6 million a
year ago and $63.3 million for the first quarter ended
December 31, 1994. Earnings per share for the second
quarter were $0.76 compared with $0.82 a year ago and
$0.76 for the preceding quarter. Operating revenues for
the period were $209.3 million, compared to $213.6
million a year ago and $215.6 million for the preceding
quarter. During this period, underwriting commissions
dropped as a result of a change in pricing structure and,
as experienced by the industry, a lower level of mutual
fund sales. In comparison, the results for the quarter
ended March 31, 1994 reflect a particularly strong period
for mutual fund sales.
Average shares outstanding for the quarter were
82,878,000 fully diluted compared to 84,046,000 a year
ago and 82,862,000 for the previous quarter.
Net income for the six months was $126.3 million
compared to $127.6 million for the same period a year
ago. Earnings per share remained unchanged at $1.52 per
share, while operating revenues for the six months were
$424.9 million, compared to $412.1 million a year ago.
Assets under management by the Company's
subsidiaries were $118.8 billion compared with $112.7
billion this time last year and $114.6 billion in the
preceding quarter. Average assets under management
during the quarter were $116.4 billion compared with
$115.1 billion last year, and $116.3 billion in the
preceding quarter.
Franklin Resources' main business is the $118.8
billion Franklin Templeton Group. The Company has its
headquarters at 777 Mariners Island Blvd., San Mateo, CA
94404.
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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 Six Months
Ended March 31 Ended March 31
<S> <C> <C> <C> <C>
1995 1994 1995 1994
Operating revenues:
Investment management fees $172,582 $161,196 $347,156 $313,084
Underwriting commissions, net 9,096 33,228 22,209 62,797
Transfer, trust & related fees 15,520 13,039 31,463 25,000
Banking/finance, real estate & other 12,103 6,165 24,058 11,235
Total operating revenues 209,301 213,628 424,886 412,116
Operating expenses:
General & administrative 87,487 86,918 184,978 171,375
Selling expenses 19,886 16,372 38,121 32,034
Amortization of goodwill 4,640 4,572 9,210 9,114
Banking interest expense 2,563 2,425 5,097 4,781
Total operating expenses 114,576 110,287 237,406 217,304
Operating income 94,725 103,341 187,480 194,812
Other income (expenses):
Investment and other income 5,262 5,206 12,025 10,925
Interest expense (7,353) (6,458) (14,440) (14,513)
Other income (expenses), net (2,091) (1,252) (2,415) (3,588)
Income before taxes on income 92,634 102,089 185,065 191,224
Taxes on income 29,594 33,488 58,721 63,622
Net income $63,040 $68,601 $126,344 $127,602
Earnings per share:
Primary $.76 $.82 $1.52 $1.52
Fully diluted $.76 $.82 $1.52 $1.52
Dividends per share $.10 $.08 $.20 $.16
Weighted Average Primary 82,710 84,046 82,824 84,037
Shares Outstanding
Weighted Average Fully 82,878 84,046 82,991 84,037
Diluted Shares Outstanding
Net Assets Under Management
(in millions)
Franklin Templeton Group $118,788 $112,717 $118,788 $112,717
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<TABLE>
<CAPTION>
FRANKLIN RESOURCES, INC.
Consolidated Income Statements
Unaudited (dollar amounts in thousands except assets
under management and per share data)
For the Three Months Ending
<S> <C> <C> <C> <C> <C> <C>
31-Mar-95 31-Dec-94 30-Sep-94 30-Jun-94 31-Mar-94 31-Dec-93
Operating revenues:
Investment management fees $172,582 $174,574 $172,829 $161,762 $161,196 $151,888
Underwriting commissions, net 9,096 13,113 12,348 21,425 33,228 29,569
Transfer, trust & related fees 15,520 15,943 15,225 14,388 13,039 11,961
Banking/finance, real estate &
other 12,103 11,955 9,474 7,304 6,165 5,070
Total operating revenues 209,301 215,585 209,876 204,879 213,628 198,488
Operating expenses:
General & administrative 87,487 97,491 95,317 93,856 86,918 84,457
Selling expenses 19,886 18,235 18,556 18,483 16,372 15,662
Amortization of goodwill 4,640 4,570 4,599 4,598 4,572 4,542
Banking interest expense 2,563 2,534 2,193 2,382 2,425 2,356
Total operating expenses 114,576 122,830 120,665 119,319 110,287 107,017
Operating income 94,725 92,755 89,211 85,560 103,341 91,471
Other income (expenses):
Investment and other income 5,262 6,763 5,997 5,781 5,206 5,719
Interest expense (7,353) (7,087) (7,919) (7,333) (6,458) (8,055)
Other income (expenses), net (2,091) (324) (1,922) (1,552) (1,252) (2,336)
Income before taxes on income 92,634 92,431 87,289 84,008 102,089 89,135
Taxes on income 29,594 29,127 23,606 23,985 33,488 30,134
Net income $63,040 $63,304 $63,683 $60,023 $68,601 $59,001
Earnings per share:
Primary $.76 $.76 $.76 $.72 $.82 $.70
Fully diluted $.76 $.76 $.76 $.72 $.82 $.70
Dividends per share $.10 $.10 $.08 $.08 $.08 $.08
Weighted Average Primary 82,710 82,862 83,500 83,660 84,046 83,992
Shares Outstanding
(in thousands)
Weighted Average Fully 82,878 82,862 83,500 83,660 84,046 83,992
Diluted Shares Outstanding
(in thousands)
Assets Under Management (in $M)
Franklin Templeton Group $118,788 $114,646 $118,172 $113,023 $112,717 $114,172
Average Assets Under Management
(in $M)
Franklin Templeton Group $116,436 $116,336 $116,297 $113,148 $115,137 $113,600
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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: April 28, 1995 /s/ Leslie M. Kratter
LESLIE M. KRATTER
Vice President
