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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): January 26, 1996
(January 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 January 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: January 26, 1996 /s/ Leslie M. Kratter
LESLIE M. KRATTER
Vice President
Exhibits
A. Press Release issued on January 25, 1996
by Franklin Resources, Inc.
FROM: Franklin Resources, Inc.
Tel: (415) 312-4701
Contact: Holly Gibson
- ------------------------------------------------------------
For Immediate Release
Franklin Resources Announces First Quarter Results
San Mateo, CA, January 25, 1996 -- Franklin Resources, Inc.
(NYSE:BEN) today reported earnings for the quarter ended December 31,
1995.
Charles B. Johnson, President of the diversified financial services
company, said net income for the quarter was $74.0 million, compared to
$63.3 million a year ago and $73.6 million for the quarter ended September
30, 1995. Fully diluted earnings per share for the quarter ended December
31, 1995 were $.89, compared to $.76 a year ago, and $.88 for the
preceding quarter. Operating revenues for the quarter ended December 31,
1995 were $226.6 million, compared to $208.2 million a year ago, and
$225.1 million for the preceding quarter.
Average fully diluted shares outstanding for the quarter were 83.5
million, compared to 82.9 million a year ago, and 83.7 million for the
previous quarter.
Assets under management by the Company's subsidiaries rose to $135.1
billion from $114.6 billion this time last year and $130.8 billion at the
end of the preceding quarter. Average assets under management during the
quarter were $132.1 billion, compared to $116.3 billion for the same
quarter last year, and $128.7 billion for the preceding quarter.
-MORE-
FRANKLIN RESOURCES, INC.
Consolidated Income Statements
(Dollar amounts in thousands
except assets under management
and per share data.) Three months ended
December 31
___________________
1995 1994
_____ _____
Operating revenues:
Investment management fees $201,635 $174,574
Underwriting commissions, net 2,975 13,113
Transfer, trust & related fees 21,389 15,943
Banking/finance, net & other 554 4,603
_________ _________
Total operating revenues 226,553 208,233
_________ _________
Operating expenses:
General & administrative 107,054 96,338
Selling expenses 15,525 18,235
Amortization of goodwill 4,841 4,570
_________ _________
Total operating expenses 127,420 119,143
_________ _________
Operating income 99,133 89,090
_________ _________
Other income (expense):
Investment and other income 10,665 6,763
Interest expense (2,623) (3,422)
_________ _________
Other income (expense), net 8,042 3,341
_________ _________
Income before taxes on income 107,175 92,431
Taxes on income 33,224 29,127
_________ _________
Net income $73,951 $63,304
========= =========
Earnings per share:
Primary $.89 $.76
Fully diluted $.89 $.76
Dividends per share $.11 $.10
Shares outstanding (in thousands):
Primary 83,519 82,862
Fully diluted 83,533 82,862
Assets under management
(in millions)
End of period $135,113 $114,646
Average for period $132,140 $116,336
<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-Dec-95 30-Sep-95 30-Jun-95 31-Mar-95 31-Dec-94
_________ __________ _________ _________ _________
<S> <C> <C> <C> <C> <C>
Operating revenues:
Investment management fees $201,635 $196,982 $187,114 $172,582 $174,574
Underwriting commissions, net 2,975 6,355 8,583 9,096 13,113
Transfer, trust & related fees 21,389 20,491 16,747 15,520 15,943
Banking/finance, net & other 554 1,243 274 2,583 4,603
_________ _________ _________ _________ _________
Total operating revenues 226,553 225,071 212,718 199,781 208,233
_________ _________ _________ _________ _________
Operating expenses:
General & administrative 107,054 109,781 98,097 85,003 96,338
Selling expenses 15,525 16,788 15,229 19,886 18,235
Amortization of goodwill 4,841 4,513 4,582 4,640 4,570
_________ _________ _________ _________ _________
Total operating expenses 127,420 131,082 117,908 109,529 119,143
_________ _________ _________ _________ _________
Operating income 99,133 93,989 94,810 90,252 89,090
_________ _________ _________ _________ _________
Other income (expense):
Investment and other income 10,665 8,508 9,140 5,262 6,763
Interest expense (2,623) (1,983) (2,874) (2,880) (3,422)
_________ _________ _________ _________ _________
Other income (expense), net 8,042 6,525 6,266 2,382 3,341
_________ _________ _________ _________ _________
Income before taxes on income 107,175 100,514 101,076 92,634 92,431
Taxes on income 33,224 26,942 32,047 29,594 29,127
_________ _________ _________ _________ _________
Net income $ 73,951 $ 73,572 $ 69,029 $ 63,040 $ 63,304
========= ========= ========= ========= =========
Earnings per share:
Primary $.89 $.89 $.84 $.76 $.76
Fully diluted $.89 $.88 $.83 $.76 $.76
Dividends per share $.11 $.10 $.10 $.10 $.10
Shares outstanding (in thousands):
Primary 83,519 82,814 82,540 82,710 82,862
Fully diluted 83,533 83,731 82,980 82,878 82,862
Assets under management (in millions):
End of period $135,113 $130,837 $125,888 $118,788 $114,646
Average for period $132,140 $128,676 $122,769 $116,436 $116,336
</TABLE>
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