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Franklin Resources Inc (BEN) SEC Filing 10-K Annual report for the fiscal year ending Monday, September 30, 2019

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Franklin Resources Inc

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CIK: 38777 Ticker: BEN


EXHIBIT 99.1
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Contact:
Franklin Resources, Inc.
 
Investor Relations: Brian Sevilla (650) 312-4091
 
Media Relations: Matt Walsh (650) 312-2245
 
investors.franklinresources.com
FOR IMMEDIATE RELEASE

Franklin Resources, Inc. Announces Preliminary Fourth Quarter and Fiscal Year Results

San Mateo, CA, October 25, 2019 – Franklin Resources, Inc. (the “Company”) [NYSE: BEN] today announced preliminary net income1 of $306.4 million or $0.61 per diluted share for the quarter ended September 30, 2019, as compared to $245.9 million or $0.48 per diluted share for the previous quarter, and $502.5 million or $0.96 per diluted share for the quarter ended September 30, 2018. The previous quarter included an $86.4 million or $0.17 per diluted share tax charge and the quarter ended September 30, 2018 included an $89.6 million or $0.17 per diluted share tax reduction due to revisions to the estimated transition tax expense2 resulting from the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). Preliminary net income1 for the year ended September 30, 2019 was $1,195.7 million or $2.35 per diluted share, as compared to $764.4 million or $1.39 per diluted share for the previous year, which included an estimated income tax charge2 of $968.8 million or $1.80 per diluted share resulting from the Tax Act.

“Market volatility and net outflows continued to pressure assets under management and related earnings. However, we were pleased to see areas of sustained improvement in fiscal year 2019,” said Greg Johnson, Chairman and CEO of Franklin Resources, Inc. “We have seen strong performance and momentum in several key asset classes, most notably in our U.S. equity and emerging markets strategies. On the sales front, U.S. retail gross sales were up 12% over the prior year, and sales have also continued to strengthen in several international markets.

“Throughout the year, we focused on making investments in growth areas, including the acquisition of Benefit Street Partners. Our investments and efforts directly supported the firm’s multi-year strategic focus areas, which include strengthening our distribution teams, growing our alternative investment capabilities, expanding our multi-asset solutions business, building and promoting our ETF platform, and implementing new technology to increase investment opportunities and achieve the best possible outcomes for our investors.”


1
The following information was filed by Franklin Resources Inc (BEN) on Friday, October 25, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Franklin Resources Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Changes In Accumulated Other Comprehensive Income (Loss) By Component (Details)
Acquisition
Acquisition (Tables)
Acquisition - Narrative (Details)
Acquisition - Revised Allocation Of Estimated Fair Values Of The Assets Acquired And Liabilities And Noncontrolling Interests Assumed (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Future Minimum Lease Payments Under Long-Term Non-Cancelable Operating Leases (Details)
Commitments And Contingencies - Narrative (Details)
Consolidated Investment Products
Consolidated Investment Products (Tables)
Consolidated Investment Products - Narrative (Details)
Consolidated Investment Products - Schedule Of Balances Of Assets And Liabilities Of Cips Measured At Fair Value (Details)
Consolidated Investment Products - Schedule Of Balances Of Cips (Details)
Consolidated Investment Products - Schedule Of Changes In Level 3 Assets Of Cips (Details)
Consolidated Investment Products - Schedule Of Financial Instruments Of Cips Not Measured At Fair Value (Details)
Consolidated Investment Products - Schedule Of Redeemable Noncontrolling Interests Of Cips (Details)
Consolidated Investment Products - Schedule Of Valuation Techniques And Significant Unobservable Inputs Used In Level 3 Fair Value Measurements (Details)
Consolidated Investment Products Consolidated Investment Products - Schedule Of Contractual Maturities For Debt Of Cips (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Outstanding Debt (Details)
Defined Contribution Plans
Defined Contribution Plans - Narrative (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Components Of Basic And Diluted Earnings Per Share (Details)
Earnings Per Share - Narrative (Details)
Fair Value Measurement - Narrative (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Financial Instruments Not Measured At Fair Value (Details)
Fair Value Measurements - Schedule Of Assets And Liability Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Schedule Of Changes In Level 3 Assets And Liability (Details)
Fair Value Measurements - Schedule Of Valuation Techniques And Significant Unobservable Inputs Used In Level 3 Fair Value Measurements (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Narrative (Details)
Goodwill And Other Intangible Assets - Schedule Of Changes In Carrying Value Of Goodwill (Details)
Goodwill And Other Intangible Assets - Schedule Of Definite-Lived Intangible Assets (Details)
Goodwill And Other Intangible Assets - Schedule Of Estimated Remaining Amortization Expense (Details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill And Intangible Assets (Details)
Investments
Investments (Tables)
Investments - Narrative (Details)
Investments - Summary Of Gross Unrealized Gains And Losses Relating To Investment Securities, Available-For-Sale (Details)
Investments - Summary Of Gross Unrealized Losses, Afs, Continuous Loss Position (Details)
Investments - Summary Of Investments (Details)
New Accounting Guidance
New Accounting Guidance (Tables)
New Accounting Guidance - Adoption Impact In Consolidated Statements Of Income (Details)
New Accounting Guidance - Narrative (Details)
Nonconsolidated Variable Interest Entities
Nonconsolidated Variable Interest Entities (Details)
Nonconsolidated Variable Interest Entities (Tables)
Nonconsolidated Variable Interest Entities - Narrative (Details)
Other Income (Expenses)
Other Income (Expenses) (Tables)
Other Income (Expenses) - Narrative (Details)
Other Income (Expenses) - Schedule Of Other Income (Expense) (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Narrative (Details)
Property And Equipment - Summary Of Property And Equipment (Details)
Revenues
Revenues (Tables)
Revenues - Schedule Of Operating Revenues By Geographic Area (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Narrative (Details)
Segment And Geographic Information - Schedule Of Operating Revenues, Property And Equipment By Geographic Areas (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Narrative (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Summary Of Stock And Stock Unit Award Activity (Details)
Stock-Based Compensation - Summary Of Stock-Based Compensation Expenses (Details)
Taxes On Income
Taxes On Income (Tables)
Taxes On Income - Components Of Deferred Tax Assets And Liabilities (Details)
Taxes On Income - Components Of Net Deferred Tax Liability As Classified In The Consolidated Balance Sheets (Details)
Taxes On Income - Narrative (Details)
Taxes On Income - Reconciliation Of Gross Unrecognized Tax Benefits (Details)
Taxes On Income - Reconciliation Of The Amount Of Tax Expense At The Federal Statutory Rate And Taxes On Income (Details)
Taxes On Income - Schedule Of Income Before Taxes (Details)
Taxes On Income - Schedule Of Taxes On Income (Details)
Ticker: BEN
CIK: 38777
Form Type: 10-K Annual Report
Accession Number: 0000038777-19-000186
Submitted to the SEC: Tue Nov 12 2019 8:53:09 AM EST
Accepted by the SEC: Tue Nov 12 2019
Period: Monday, September 30, 2019
Industry: Investment Advice

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