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SAN MATEO, Calif., Jan. 30, 2019 (GLOBE NEWSWIRE) -- Franklin Resources, Inc. (the “Company”) [NYSE: BEN] today announced net income1 of $275.9 million or $0.54 per diluted share for the quarter ended December 31, 2018, as compared to $502.5 million or $0.96 per diluted share for the previous quarter, which included an $89.6 million or $0.17 per diluted share reduction of the estimated income tax charge2 resulting from enactment of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). The mark-to-market of the Company’s investment portfolio led to nonoperating losses that contributed to the decline in net income for the quarter ended December 31, 2018. The Company had a net loss1 of $583.3 million or $1.06 per diluted share for the quarter ended December 31, 2017, which included an estimated income tax charge2 of $1.1 billion or $1.94 per diluted share resulting from the Tax Act. Operating income was $411.5 million for the quarter ended December 31, 2018, as compared to $478.7 million for the previous quarter and $581.1 million in the prior year.
“Volatility dominated global markets in the first fiscal quarter,” said Greg Johnson, Chairman and CEO of Franklin Resources, Inc. “However, we believe periods of volatility are when active, professional investment management matters most. Despite the numerous ups and downs of the market, we’re seeing examples of strengthening investment performance.
“Over the past several years, we have made significant investments to drive company growth in the areas of investment management, distribution, multi-asset solutions, technology and new products. Additionally, the acquisition of Benefit Street Partners provides us with new investment capabilities in private credit that complement our existing alternatives and fixed income platforms, and positions us well in a growing market. While we will continue to invest strategically in areas that are vital to our ongoing success and future growth, additional work is now being done to offset those expenses.”
The Company also announced that the acquisition of Benefit Street Partners L.L.C. (“BSP”), a leading alternative credit manager, is expected to close on February 1, 2019. Following the close, Tom Gahan will be appointed Head of Alternatives for Franklin Templeton, in addition to maintaining his role as CEO and CIO of BSP.
Quarter Ended | % Change | Quarter Ended | % Change | |||||||||||||||
31-Dec-18 | 30-Sep-18 | Qtr. vs. Qtr. | 31-Dec-17 | Year vs. Year | ||||||||||||||
Financial Results | ||||||||||||||||||
(in millions, except per share data) | ||||||||||||||||||
Operating revenues | $ | 1,411.5 | $ | 1,527.2 | (8 | %) | $ | 1,615.5 | (13 | %) | ||||||||
Operating income | 411.5 | 478.7 | (14 | %) | 581.1 | (29 | %) | |||||||||||
Operating margin | 29.2 | % | 31.3 | % | 36.0 | % | ||||||||||||
Net income (loss) 1 | $ | 275.9 | $ | 502.5 | (45 | %) | $ | (583.3 | ) | NM | ||||||||
Diluted earnings (loss) per share | 0.54 | 0.96 | (44 | %) | (1.06 | ) | NM | |||||||||||
Assets Under Management | ||||||||||||||||||
(in billions) | ||||||||||||||||||
Ending | $ | 649.9 | $ | 717.1 | (9 | %) | $ | 753.8 | (14 | %) | ||||||||
Average 3 | 683.2 | 724.3 | (6 | %) | 752.7 | (9 | %) | |||||||||||
Net flows | (7.3 | ) | (13.6 | ) | (2.3 | ) | ||||||||||||
Total assets under management (“AUM”) were $649.9 billion at December 31, 2018, down $67.2 billion or 9% during the quarter due to $59.9 billion of net market change, distributions and other, and $7.3 billion of net outflows.
Cash and cash equivalents and investments were $7.8 billion at December 31, 2018, as compared to $8.0 billion at September 30, 2018. Total stockholders’ equity was $10.1 billion at December 31, 2018, as compared to $10.2 billion at September 30, 2018. The Company had 511.5 million shares of common stock outstanding at December 31, 2018, as compared to 519.1 million shares outstanding at September 30, 2018. During the quarter ended December 31, 2018, the Company repurchased 10.7 million shares of its common stock for a total cost of $326.9 million.
Conference Call Information
A commentary on the results by Chairman and CEO Greg Johnson and CFO and Executive Vice President Ken Lewis will be available today at approximately 8:30 a.m. Eastern Time. Access to the commentary will be available via investors.franklinresources.com.
Johnson and Lewis will also lead a live teleconference today at 11:00 a.m. Eastern Time to answer questions of a material nature. Access to the teleconference will be available via investors.franklinresources.com or by dialing (877) 407-8293 in the U.S. and Canada or (201) 689-8349 internationally. A replay of the teleconference can also be accessed by calling (877) 660-6853 in the U.S. and Canada or (201) 612-7415 internationally using access code 13686183, after 2:00 p.m. Eastern Time on January 30, 2019 through February 28, 2019.
Analysts and investors are encouraged to review the Company’s recent filings with the U.S. Securities and Exchange Commission and to contact Investor Relations at (650) 312-4091 before the live teleconference for any clarifications or questions related to the earnings release or commentary.
FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF INCOME
Unaudited
Three Months Ended December 31, |
%
|
||||||||||
(in millions, except per share data and AUM) | 2018 | 2017 | Change | ||||||||
Operating Revenues | |||||||||||
Investment management fees | $ | 971.8 | $ | 1,113.6 | (13 | %) | |||||
Sales and distribution fees | 354.8 | 417.8 | (15 | %) | |||||||
Shareholder servicing fees | 55.1 | 54.9 | 0 | % | |||||||
Other | 29.8 | 29.2 | 2 | % | |||||||
Total operating revenues | 1,411.5 | 1,615.5 | (13 | %) | |||||||
Operating Expenses | |||||||||||
Sales, distribution and marketing | 444.5 | 528.7 | (16 | %) | |||||||
Compensation and benefits | 355.0 | 332.5 | 7 | % | |||||||
Information systems and technology | 60.9 | 55.0 | 11 | % | |||||||
Occupancy | 31.2 | 29.4 | 6 | % | |||||||
General, administrative and other | 108.4 | 88.8 | 22 | % | |||||||
Total operating expenses | 1,000.0 | 1,034.4 | (3 | %) | |||||||
Operating Income | 411.5 | 581.1 | (29 | %) | |||||||
Other Income (Expenses) | |||||||||||
Investment and other income (losses), net | (59.1 | ) | 81.3 | NM | |||||||
Interest expense | (6.4 | ) | (10.8 | ) | (41 | %) | |||||
Other income (expenses), net | (65.5 | ) | 70.5 | NM | |||||||
Income before taxes | 346.0 | 651.6 | (47 | %) | |||||||
Taxes on income 2 | 86.0 | 1,223.5 | (93 | %) | |||||||
Net income (loss) | 260.0 | (571.9 | ) | NM | |||||||
Less: net income (loss) attributable to | |||||||||||
Nonredeemable noncontrolling interests | (0.5 | ) | (0.1 | ) | 400 | % | |||||
Redeemable noncontrolling interests | (15.4 | ) | 11.5 | NM | |||||||
Net Income (Loss) Attributable to Franklin Resources, Inc. | $ | 275.9 | $ | (583.3 | ) | NM | |||||
Earnings (Loss) per Share | |||||||||||
Basic | $ | 0.54 | $ | (1.06 | ) | NM | |||||
Diluted | 0.54 | (1.06 | ) | NM | |||||||
Dividends Declared per Share | $ | 0.26 | $ | 0.23 | 13 | % | |||||
Average Shares Outstanding | |||||||||||
Basic | 510.3 | 550.7 | (7 | %) | |||||||
Diluted | 510.8 | 550.7 | (7 | %) | |||||||
Operating Margin | 29.2 | % | 36.0 | % | |||||||
AUM (in billions) | |||||||||||
Ending | $ | 649.9 | $ | 753.8 | (14 | %) | |||||
Average | 683.2 | 752.7 | (9 | %) | |||||||
Net flows | (7.3 | ) | (2.3 | ) | |||||||
FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF INCOME
Unaudited
(in millions, except per share data and employees) | Three Months Ended |
%
Change |
Three Months Ended | ||||||||||||||||||||
31-Dec-18 | 30-Sep-18 | 30-Jun-18 | 31-Mar-18 | 31-Dec-17 | |||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Investment management fees | $ | 971.8 | $ | 1,058.9 | (8 | %) | $ | 1,077.9 | $ | 1,117.1 | $ | 1,113.6 | |||||||||||
Sales and distribution fees | 354.8 | 380.8 | (7 | %) | 391.4 | 409.8 | 417.8 | ||||||||||||||||
Shareholder servicing fees | 55.1 | 51.8 | 6 | % | 53.9 | 61.3 | 54.9 | ||||||||||||||||
Other | 29.8 | 35.7 | (17 | %) | 35.4 | 29.6 | 29.2 | ||||||||||||||||
Total operating revenues | 1,411.5 | 1,527.2 | (8 | %) | 1,558.6 | 1,617.8 | 1,615.5 | ||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Sales, distribution and marketing | 444.5 | 489.7 | (9 | %) | 499.8 | 521.5 | 528.7 | ||||||||||||||||
Compensation and benefits | 355.0 | 345.1 | 3 | % | 357.5 | 355.5 | 332.5 | ||||||||||||||||
Information systems and technology | 60.9 | 68.3 | (11 | %) | 62.5 | 58.1 | 55.0 | ||||||||||||||||
Occupancy | 31.2 | 34.6 | (10 | %) | 30.5 | 34.1 | 29.4 | ||||||||||||||||
General, administrative and other | 108.4 | 110.8 | (2 | %) | 105.2 | 92.9 | 88.8 | ||||||||||||||||
Total operating expenses | 1,000.0 | 1,048.5 | (5 | %) | 1,055.5 | 1,062.1 | 1,034.4 | ||||||||||||||||
Operating Income | 411.5 | 478.7 | (14 | %) | 503.1 | 555.7 | 581.1 | ||||||||||||||||
Other Income (Expenses) | |||||||||||||||||||||||
Investment and other income (losses), net | (59.1 | ) | 10.4 | NM | (33.8 | ) | 87.4 | 81.3 | |||||||||||||||
Interest expense | (6.4 | ) | (5.8 | ) | 10 | % | (22.1 | ) | (10.0 | ) | (10.8 | ) | |||||||||||
Other income (expenses), net | (65.5 | ) | 4.6 | NM | (55.9 | ) | 77.4 | 70.5 | |||||||||||||||
Income before taxes | 346.0 | 483.3 | (28 | %) | 447.2 | 633.1 | 651.6 | ||||||||||||||||
Taxes on income 2 | 86.0 | 7.0 | NM | 91.8 | 150.2 | 1,223.5 | |||||||||||||||||
Net income (loss) | 260.0 | 476.3 | (45 | %) | 355.4 | 482.9 | (571.9 | ) | |||||||||||||||
Less: net income (loss) attributable to | |||||||||||||||||||||||
Nonredeemable noncontrolling interests | (0.5 | ) | (31.7 | ) | (98 | %) | (1.6 | ) | 24.5 | (0.1 | ) | ||||||||||||
Redeemable noncontrolling interests | (15.4 | ) | 5.5 | NM | (45.0 | ) | 15.2 | 11.5 | |||||||||||||||
Net Income (Loss) Attributable to Franklin Resources, Inc. | $ | 275.9 | $ | 502.5 | (45 | %) | $ | 402.0 | $ | 443.2 | $ | (583.3 | ) | ||||||||||
Earnings (Loss) per Share | |||||||||||||||||||||||
Basic | $ | 0.54 | $ | 0.96 | (44 | %) | $ | 0.75 | $ | 0.79 | $ | (1.06 | ) | ||||||||||
Diluted | 0.54 | 0.96 | (44 | %) | 0.75 | 0.78 | (1.06 | ) | |||||||||||||||
Dividends Declared per Share | $ | 0.26 | $ | 0.23 | 13 | % | $ | 0.23 | $ | 3.23 | $ | 0.23 | |||||||||||
Average Shares Outstanding | |||||||||||||||||||||||
Basic | 510.3 | 520.9 | (2 | %) | 533.0 | 545.0 | 550.7 | ||||||||||||||||
Diluted | 510.8 | 521.5 | (2 | %) | 533.5 | 545.5 | 550.7 | ||||||||||||||||
Operating Margin | 29.2 | % | 31.3 | % | 32.3 | % | 34.3 | % | 36.0 | % | |||||||||||||
Employees | 9,717 | 9,691 | 0 | % | 9,784 | 9,448 | 9,462 | ||||||||||||||||
AUM AND FLOWS
(in billions) |
Three Months Ended December 31, |
% Change |
|||||||||
2018 | 2017 | ||||||||||
Beginning AUM | $ | 717.1 | $ | 753.2 | (5 | %) | |||||
Long-term sales | 21.7 | 28.1 | (23 | %) | |||||||
Long-term redemptions | (42.4 | ) | (39.4 | ) | 8 | % | |||||
Long-term net exchanges | (0.5 | ) | (0.1 | ) | 400 | % | |||||
Long-term reinvested distributions | 13.9 | 9.1 | 53 | % | |||||||
Net flows | (7.3 | ) | (2.3 | ) | 217 | % | |||||
Net market change, distributions and other 4 | (59.9 | ) | 2.9 | NM | |||||||
Ending AUM | $ | 649.9 | $ | 753.8 | (14 | %) | |||||
AUM BY INVESTMENT OBJECTIVE
(in billions) | 31-Dec-18 | 30-Sep-18 | % Change | 30-Jun-18 | 31-Mar-18 | 31-Dec-17 | |||||||||||||||||
Equity | |||||||||||||||||||||||
Global/international | $ | 166.0 | $ | 194.4 | (15 | %) | $ | 201.0 | $ | 202.7 | $ | 212.0 | |||||||||||
United States | 97.1 | 115.2 | (16 | %) | 109.6 | 106.6 | 109.4 | ||||||||||||||||
Total equity | 263.1 | 309.6 | (15 | %) | 310.6 | 309.3 | 321.4 | ||||||||||||||||
Multi-Asset/Balanced | 124.8 | 138.9 | (10 | %) | 137.7 | 137.6 | 142.7 | ||||||||||||||||
Fixed Income | |||||||||||||||||||||||
Tax-free | 62.0 | 63.9 | (3 | %) | 65.6 | 67.0 | 69.4 | ||||||||||||||||
Taxable | |||||||||||||||||||||||
Global/international | 147.7 | 150.6 | (2 | %) | 154.5 | 165.0 | 163.7 | ||||||||||||||||
United States | 42.2 | 44.8 | (6 | %) | 46.6 | 48.2 | 50.0 | ||||||||||||||||
Total fixed income | 251.9 | 259.3 | (3 | %) | 266.7 | 280.2 | 283.1 | ||||||||||||||||
Cash Management | 10.1 | 9.3 | 9 | % | 9.1 | 10.4 | 6.6 | ||||||||||||||||
Total AUM | $ | 649.9 | $ | 717.1 | (9 | %) | $ | 724.1 | $ | 737.5 | $ | 753.8 | |||||||||||
Average AUM for the Three-Month Period | $ | 683.2 | $ | 724.3 | (6 | %) | $ | 731.7 | $ | 751.8 | $ | 752.7 | |||||||||||
AUM AND FLOWS - UNITED STATES AND INTERNATIONAL 5
As of and for the Three Months Ended | |||||||||||||||||||||
(in billions) | 31-Dec-18 | % of Total | 30-Sep-18 | % of Total | 31-Dec-17 | % of Total | |||||||||||||||
Long-Term Sales | |||||||||||||||||||||
United States | $ | 12.1 | 56 | % | $ | 11.8 | 52 | % | $ | 11.9 | 42 | % | |||||||||
International | 9.6 | 44 | % | 10.7 | 48 | % | 16.2 | 58 | % | ||||||||||||
Total long-term sales | $ | 21.7 | 100 | % | $ | 22.5 | 100 | % | $ | 28.1 | 100 | % | |||||||||
Long-Term Redemptions | |||||||||||||||||||||
United States | $ | (26.4 | ) | 62 | % | $ | (22.9 | ) | 58 | % | $ | (22.7 | ) | 58 | % | ||||||
International | (16.0 | ) | 38 | % | (16.3 | ) | 42 | % | (16.7 | ) | 42 | % | |||||||||
Total long-term redemptions | $ | (42.4 | ) | 100 | % | $ | (39.2 | ) | 100 | % | $ | (39.4 | ) | 100 | % | ||||||
AUM | |||||||||||||||||||||
United States | $ | 433.7 | 67 | % | $ | 482.0 | 67 | % | $ | 497.2 | 66 | % | |||||||||
International | 216.2 | 33 | % | 235.1 | 33 | % | 256.6 | 34 | % | ||||||||||||
Total AUM | $ | 649.9 | 100 | % | $ | 717.1 | 100 | % | $ | 753.8 | 100 | % | |||||||||
AUM AND FLOWS BY INVESTMENT OBJECTIVE
(in billions) | Equity |
Multi-Asset/
Balanced |
Fixed Income |
Cash
Management |
Total | |||||||||||||||||||||||||||
for the three months ended December 31, 2018 |
Global/
International |
United
States |
Tax-Free |
Taxable
Global/ International |
Taxable
United States |
|||||||||||||||||||||||||||
AUM at October 1, 2018 | $ | 194.4 | $ | 115.2 | $ | 138.9 | $ | 63.9 | $ | 150.6 | $ | 44.8 | $ | 9.3 | $ | 717.1 | ||||||||||||||||
Long-term sales | 4.3 | 4.0 | 2.8 | 1.6 | 7.4 | 1.6 | — | 21.7 | ||||||||||||||||||||||||
Long-term redemptions | (9.7 | ) | (6.3 | ) | (6.8 | ) | (3.9 | ) | (12.1 | ) | (3.6 | ) | — | (42.4 | ) | |||||||||||||||||
Long-term net exchanges | (0.4 | ) | 0.1 | (0.2 | ) | (0.2 | ) | 0.2 | — | — | (0.5 | ) | ||||||||||||||||||||
Long-term reinvested distributions | 4.4 | 5.0 | 1.9 | 0.5 | 1.8 | 0.3 | — | 13.9 | ||||||||||||||||||||||||
Net flows | (1.4 | ) | 2.8 | (2.3 | ) | (2.0 | ) | (2.7 | ) | (1.7 | ) | — | (7.3 | ) | ||||||||||||||||||
Net market change, distributions and other 4 | (27.0 | ) | (20.9 | ) | (11.8 | ) | 0.1 | (0.2 | ) | (0.9 | ) | 0.8 | (59.9 | ) | ||||||||||||||||||
AUM at December 31, 2018 | $ | 166.0 | $ | 97.1 | $ | 124.8 | $ | 62.0 | $ | 147.7 | $ | 42.2 | $ | 10.1 | $ | 649.9 | ||||||||||||||||
(in billions) | Equity |
Multi-Asset/
Balanced |
Fixed Income |
Cash
Management |
Total | |||||||||||||||||||||||||||
for the three months ended September 30, 2018 |
Global/
International |
United
States |
Tax-Free |
Taxable
Global/ International |
Taxable
United States |
|||||||||||||||||||||||||||
AUM at July 1, 2018 | $ | 201.0 | $ | 109.6 | $ | 137.7 | $ | 65.6 | $ | 154.5 | $ | 46.6 | $ | 9.1 | $ | 724.1 | ||||||||||||||||
Long-term sales | 4.3 | 4.5 | 3.8 | 1.2 | 7.2 | 1.5 | — | 22.5 | ||||||||||||||||||||||||
Long-term redemptions | (11.5 | ) | (5.9 | ) | (5.4 | ) | (2.7 | ) | (10.0 | ) | (3.7 | ) | — | (39.2 | ) | |||||||||||||||||
Long-term net exchanges | (0.3 | ) | 0.4 | 0.1 | (0.1 | ) | (0.2 | ) | — | — | (0.1 | ) | ||||||||||||||||||||
Long-term reinvested distributions | 0.2 | 0.1 | 1.1 | 0.5 | 1.0 | 0.3 | — | 3.2 | ||||||||||||||||||||||||
Net flows | (7.3 | ) | (0.9 | ) | (0.4 | ) | (1.1 | ) | (2.0 | ) | (1.9 | ) | — | (13.6 | ) | |||||||||||||||||
Net market change, distributions and other 4 | 0.7 | 6.5 | 1.6 | (0.6 | ) | (1.9 | ) | 0.1 | 0.2 | 6.6 | ||||||||||||||||||||||
AUM at September 30, 2018 | $ | 194.4 | $ | 115.2 | $ | 138.9 | $ | 63.9 | $ | 150.6 | $ | 44.8 | $ | 9.3 | $ | 717.1 | ||||||||||||||||
(in billions) | Equity |
Multi-Asset/
Balanced |
Fixed Income |
Cash
Management |
Total | |||||||||||||||||||||||||||
for the three months ended December 31, 2017 |
Global/
International |
United
States |
Tax-Free |
Taxable
Global/ International |
Taxable
United States |
|||||||||||||||||||||||||||
AUM at October 1, 2017 | $ | 209.8 | $ | 107.2 | $ | 143.3 | $ | 71.0 | $ | 165.0 | $ | 50.6 | $ | 6.3 | $ | 753.2 | ||||||||||||||||
Long-term sales | 5.9 | 3.6 | 3.5 | 1.5 | 11.1 | 2.5 | — | 28.1 | ||||||||||||||||||||||||
Long-term redemptions | (11.6 | ) | (5.5 | ) | (5.8 | ) | (3.2 | ) | (10.2 | ) | (3.1 | ) | — | (39.4 | ) | |||||||||||||||||
Long-term net exchanges | 0.1 | — | 0.1 | (0.2 | ) | (0.3 | ) | 0.2 | — | (0.1 | ) | |||||||||||||||||||||
Long-term reinvested distributions | 2.0 | 3.4 | 1.7 | 0.5 | 1.2 | 0.3 | — | 9.1 | ||||||||||||||||||||||||
Net flows | (3.6 | ) | 1.5 | (0.5 | ) | (1.4 | ) | 1.8 | (0.1 | ) | — | (2.3 | ) | |||||||||||||||||||
Net market change, distributions and other 4 | 5.8 | 0.7 | (0.1 | ) | (0.2 | ) | (3.1 | ) | (0.5 | ) | 0.3 | 2.9 | ||||||||||||||||||||
AUM at December 31, 2017 | $ | 212.0 | $ | 109.4 | $ | 142.7 | $ | 69.4 | $ | 163.7 | $ | 50.0 | $ | 6.6 | $ | 753.8 | ||||||||||||||||
Notes
Franklin Resources, Inc. is a global investment management organization operating as Franklin Templeton. Franklin Templeton provides global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries. Through specialized teams, the Company has expertise across all asset classes – including equity, fixed income, alternative and custom solutions. The Company’s more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With offices in more than 30 countries, the California-based company has over 70 years of investment experience and $649.9 billion in AUM as of December 31, 2018. The Company posts information that may be significant for investors in the Investor Relations and News Center sections of its website, and encourages investors to consult those sections regularly. For more information, please visit investors.franklinresources.com.
Forward-Looking Statements
Statements in this press release regarding Franklin Resources, Inc. (“Franklin”) and its subsidiaries, which are not historical facts, are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, words or phrases generally written in the future tense and/or preceded by words such as “will,” “may,” “could,” “expect,” “believe,” “anticipate,” “intend,” “plan,” “seek,” “estimate” or other similar words are forward-looking statements.
Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. While forward-looking statements are our best prediction at the time that they are made, you should not rely on them and are cautioned against doing so. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. They are neither statements of historical fact nor guarantees or assurances of future performance.
These and other risks, uncertainties and other important factors are described in more detail in Franklin’s recent filings with the U.S. Securities and Exchange Commission, including, without limitation, in Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations in Franklin’s Annual Report on Form 10-K for the fiscal year ended September 30, 2018 and Franklin’s subsequent Quarterly Report on Form 10-Q:
Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Contact: | Franklin Resources, Inc. | ||
Investor Relations: Brian Sevilla (650) 312-4091 | |||
Media Relations: Matt Walsh (650) 312-2245 | |||
investors.franklinresources.com | |||