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Previous: FORD MOTOR CREDIT CO, 424B5, 1996-10-25 |
Next: GENERAL ELECTRIC CAPITAL CORP, 424B3, 1996-10-25 |
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 25, 1996
(October 24, 1996)
......................... 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 24, 1996 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: October 24, 1996 /s/Leslie M. Kratter
--------------------
LESLIE M. KRATTER
Vice President
Exhibit
A. Press Release issued on October 24, 1996
by Franklin Resources, Inc.
From Franklin Resources, Inc.
Tel: (415) 312-4701
Contact: Holly Gibson
------------------------------------------------------------
For Immediate Release
---------------------
Franklin Resources Announces Fiscal Year-End Results
San Mateo, CA, October 24, 1996 -- Franklin Resources, Inc.
(NYSE:BEN) today reported earnings for the quarter and fiscal year
ended September 30, 1996.
Charles B. Johnson, president of the diversified financial
services company, said net income for the quarter was $84.5 million
compared to $73.6 million a year ago and $81.1 million for the quarter
ended June 30, 1996. Fully diluted earnings per share for the quarter
ended September 30, 1996 were $1.01 compared to $0.88 a year ago and
$0.97 for the preceding quarter. Operating revenues for the period
were $390.8 million compared to $336.2 million a year ago and $395.4
million for the preceding quarter.
Average fully diluted shares outstanding for the quarter were 83.6
million as compared to 83.7 million a year ago and 83.4 million for the
previous quarter.
Net income for the fiscal year ended September 30, 1996 was $314.7
million as compared to $268.9 million a year ago. Fully diluted
earnings per share were $3.76 as compared to $3.20 a year ago.
Operating revenues for the year ended September 30, 1996 were $1,522.6
million as compared to $1,257.8 for the year ended September 30, 1995.
Assets under management by the Company's subsidiaries were $151.6
billion compared with $130.8 billion a year ago and $147.6 billion in
the previous quarter. Average assets under management
during the quarter were $148.4 as compared to $128.7 a year ago and
$144.7 in the preceding quarter.
Franklin's headquarters are located at 777 Mariners Island Blvd.,
San Mateo, CA, 94404.
<TABLE>
FRANKLIN RESOURCES, INC.
Consolidated Income Statements
(Dollar amounts in thousands
except assets under management
and per share data.)
Three months ended Year ended
------------------- --------------------
September 30 September 30
------------------- --------------------
1996 1995 1996 1995
<S>
<C> <C> <C> <C>
Operating revenues:
Investment management fees $ 237,344 $ 196,982 $ 883,779 $ 731,252
Underwriting and distribution fees 129,444 117,511 545,039 449,141
Shareholder servicing fees 22,957 20,491 88,715 68,701
Banking/finance, net & other 1,006 1,243 5,035 8,703
--------- --------- ---------- ----------
Total operating revenues 390,751 336,227 1,522,568 1,257,797
--------- --------- ---------- ----------
Operating expenses:
Underwriting and distribution 132,990 111,156 542,359 411,994
General and administrative 123,542 109,781 473,098 389,219
Advertising and promotion 20,726 16,788 71,655 70,138
Amortization of goodwill 4,448 4,513 18,348 18,305
--------- --------- ---------- ----------
Total operating expenses 281,706 242,238 1,105,460 889,656
--------- --------- ---------- ----------
Operating income 109,045 93,989 417,108 368,141
--------- --------- ---------- ----------
Other income (expense):
Investment and other income 13,193 8,508 50,458 29,673
Interest expense (2,512) (1,983) (11,336) (11,159)
--------- --------- ---------- ----------
Other income (expense), net 10,681 6,525 39,122 18,514
--------- --------- ---------- ----------
Income before taxes on income 119,726 100,514 456,230 386,655
Taxes on income 35,225 26,942 141,500 117,710
--------- --------- ---------- ----------
Net income $ 84,501 $ 73,572 $ 314,730 $ 268,945
========= ========= ========== ==========
Earnings per share:
Primary $ 1.01 $ 0.89 $ 3.78 $ 3.24
Fully diluted $ 1.01 $ 0.88 $ 3.76 $ 3.20
Dividends per share $ 0.11 $ 0.10 $ 0.44 $ 0.40
Average shares outstanding
(in thousands):
Primary 83,311 82,814 83,313 83,114
Fully diluted 83,612 83,731 83,761 84,031
Assets under management
(in millions):
End of period $151,552 $130,837 $151,552 $130,837
Average for period $148,434 $128,676 $141,078 $121,666
</TABLE>
<TABLE>
FRANKLIN RESOURCES, INC.
Consolidated Income Statements
(Dollar amounts in thousands
except assets under management
and per share data)
<CAPTION>
For the three months ended
---------------------------
30-Sep-96 30-Jun-96 31-Mar-96 31-Dec-95 30-Sep-95
--------- ---------- ---------- ---------- ---------
<S>
<C> <C> <C> <C> <C>
Operating revenues:
Investment management fees $ 237,344 $ 228,291 $ 215,916 $ 202,228 $ 196,982
Underwriting and distribution
fees 129,444 143,649 152,910 119,036 117,511
Shareholder servicing fees 22,957 22,911 22,051 20,796 20,491
Banking/finance, net & other 1,006 551 2,924 554 1,243
-----------------------------------------------------
Total operating revenues 390,751 395,402 393,801 342,614 336,227
-----------------------------------------------------
Operating expenses:
Underwriting and distribution 132,990 144,137 149,171 116,061 111,156
General and administrative 123,542 121,380 121,122 107,054 109,781
Advertising and promotion 20,726 18,118 17,286 15,525 16,788
Amortization of goodwill 4,448 4,529 4,530 4,841 4,513
-----------------------------------------------------
Total operating expenses 281,706 288,164 292,109 243,481 242,238
-----------------------------------------------------
Operating income 109,045 107,238 101,692 99,133 93,989
-----------------------------------------------------
Other income (expense):
Investment and other income 13,193 16,611 9,989 10,665 8,508
Interest expense (2,512) (2,782) (3,419) (2,623) (1,983)
-----------------------------------------------------
Other income (expense), net 10,681 13,829 6,570 8,042 6,525
-----------------------------------------------------
Income before taxes on income 119,726 121,067 108,262 107,175 100,514
Taxes on income 35,225 40,001 33,050 33,224 26,942
-----------------------------------------------------
Net income $ 84,501 $ 81,066 $ 75,212 $ 73,951 $ 73,572
=====================================================
Earnings per share:
Primary $ 1.01 $ 0.98 $ 0.91 $ 0.89 $ 0.89
Fully diluted $ 1.01 $ 0.97 $ 0.91 $ 0.89 $ 0.88
Dividends per share $ 0.11 $ 0.11 $ 0.11 $ 0.11 $ 0.10
Average shares outstanding
(in thousands):
Primary 83,311 83,032 82,918 83,519 82,814
Fully diluted 83,612 83,365 83,065 83,533 83,731
Assets under management
(in millions):
End of period $151,552 $ 147,604 $ 141,437 $ 135,113 $ 130,837
Average for period $148,434 $ 144,653 $ 139,086 $ 132,140 $ 128,676
</TABLE>
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