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Previous: FLEXSTEEL INDUSTRIES INC, 10-Q, 1996-04-26 |
Next: CULLEN FROST BANKERS INC, DEF 14A, 1996-04-26 |
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 26 1996
(April 25, 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) 312-2000
.......................................................................
(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 25, 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: April 26, 1996 /s/ Leslie M. Kratter
LESLIE M. KRATTER
Vice President
Exhibits
A. Press Release issued on April 25, 1996
by Franklin Resources, Inc.
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 25, 1996 -- Franklin Resources, Inc.
(NYSE:BEN) today reported unaudited earnings for the quarter and six
months ended March 31, 1996.
Charles B. Johnson, President of the diversified financial
services company said net income for the quarter was $75.2 million
compared to $63.0 million a year ago and $74.0 million for the quarter
ended December 31, 1995. Fully diluted earnings per share for the
quarter ended March 31, 1996 were $0.91 compared with $0.76 a year ago
and $0.89 for the preceding quarter. Operating revenues for the period
were $244.6 million compared to $199.8 million a year ago and $226.6
million for the preceding quarter.
Average fully diluted shares outstanding for the quarter were 83.1
million as compared to 82.9 million a year ago and 83.5 million for the
previous quarter.
Net income for the six months was $149.2 million compared to
$126.3 million for the same period a year ago. Fully diluted earnings
per share was $1.79 per share compared to $1.52 per share a year ago.
Operating revenues for the six months were $471.2 million compared to
$408.0 million a year ago.
Assets under management by the Company's subsidiaries were $141.4
billion compared with $118.8 billion this time last year and $135.1
billion in the preceding quarter. Average assets under management
during the quarter were $139.1 billion compared with $116.4 billion
last year, and $132.1 billion in the preceding quarter.
FRANKLIN RESOURCES, INC.
Consolidated Income
Statements
(Dollar amounts in
thousands except assets
under management and
per share data.)
Three months Six months
ended ended
___________________ ___________________
March 31 March 31
_________ _________ _________ _________
1996 1995 1996 1995
_____ _____ _____ _____
Operating revenues:
Investment management fees $215,336 $172,582 $416,971 $347,156
Underwriting commissions,
net 3,739 9,096 6,714 22,209
Transfer, trust & related
fees 22,631 15,520 44,020 31,463
Banking/finance, net &
other 2,924 2,583 3,478 7,186
_________ _________ _________ _________
Total operating revenues 244,630 199,781 471,183 408,014
_________ _________ _________ _________
Operating expenses:
General & administrative 121,122 85,003 228,176 181,340
Selling 17,286 19,886 32,811 38,121
Goodwill amortization 4,530 4,640 9,371 9,210
_________ _________ _________ _________
Total operating expenses 142,938 109,529 270,358 228,671
_________ _________ _________ _________
Operating income 101,692 90,252 200,825 179,343
_________ _________ _________ _________
Other income (expense):
Investment and other income 9,989 5,262 20,654 12,025
Interest expense (3,419) (2,880) (6,042) (6,303)
_________ _________ _________ _________
Other income (expense), net 6,570 2,382 14,612 5,722
_________ _________ _________ _________
Income before taxes on
income 108,262 92,634 215,437 185,065
Taxes on income 33,050 29,594 66,274 58,721
_________ _________ _________ _________
Net income $ 75,212 $ 63,040 $149,163 $126,344
========= ========= ========= =========
Earnings per share:
Primary $0.91 $0.76 $1.79 $1.52
Fully diluted $0.91 $0.76 $1.79 $1.52
Dividends per share $0.11 $0.10 $0.22 $0.20
Average shares outstanding
(in thousands):
Primary 82,918 82,710 83,120 82,824
Fully diluted 83,065 82,878 83,305 82,991
Assets under management (in
millions):
End of period $141,437 $118,788 $141,437 $118,788
Average for period $139,086 $116,436 $135,613 $116,386
<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
_______________________________
31-Mar-96 31-Dec-95 30-Sep-95 30-Jun-95 31-Mar-95
__________ __________ __________ __________ __________
<S> <C> <C> <C> <C> <C>
Operating revenues:
Investment management fees $215,336 $201,635 $196,982 $187,114 $172,582
Underwriting commissions, net 3,739 2,975 6,355 8,583 9,096
Transfer, trust & related fees 22,631 21,389 20,491 16,747 15,520
Banking/finance, net & other 2,924 554 1,243 274 2,583
__________ __________ __________ __________ __________
Total operating revenues 244,630 226,553 225,071 212,718 199,781
__________ __________ __________ __________ __________
Operating expenses:
General & administrative 121,122 107,054 109,781 98,097 85,003
Selling 17,286 15,525 16,788 15,229 19,886
Goodwill amortization 4,530 4,841 4,513 4,582 4,640
__________ __________ __________ __________ __________
Total operating expenses 142,938 127,420 131,082 117,908 109,529
__________ __________ __________ __________ __________
Operating income 101,692 99,133 93,989 94,810 90,252
__________ __________ __________ __________ __________
Other income (expense):
Investment and other income 9,989 10,665 8,508 9,140 5,262
Interest expense (3,419) (2,623) (1,983) (2,874) (2,880)
__________ __________ __________ __________ __________
Other income (expense), net 6,570 8,042 6,525 6,266 2,382
__________ __________ __________ __________ __________
Income before taxes on income 108,262 107,175 100,514 101,076 92,634
Taxes on income 33,050 33,224 26,942 32,047 29,594
__________ __________ __________ __________ __________
Net income $ 75,212 $ 73,951 $ 73,572 $ 69,029 $ 63,040
========== ========== ========== ========== ==========
Earnings per share:
Primary $0.91 $0.89 $0.89 $0.84 $0.76
Fully diluted $0.91 $0.89 $0.88 $0.83 $0.76
Dividends per share $0.11 $0.11 $0.10 $0.10 $0.10
Average shares outstanding (in
thousands):
Primary 82,918 83,519 82,814 82,540 82,710
Fully diluted 83,065 83,533 83,731 82,980 82,878
Assets under management (in
millions):
End of period $141,437 $135,113 $130,837 $125,888 $118,788
Average for period $139,086 $132,140 $128,676 $122,769 $116,436
</TABLE>
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