San Mateo
,
CA
, April 28, 2009
- Franklin Resources, Inc. (Franklin Templeton Investments) (NYSE: BEN) today announced net income of $110.8 million, or $0.48 per share diluted, on revenues of $912.3 million for the quarter ended March 31, 2009. For the quarter ended December 31, 2008, net income was $120.9 million, or $0.52 per share diluted, on revenues of $969.3 million. For the quarter ended March 31, 2008, net income was $366.1 million, or $1.54 per share diluted, on revenues of $1,503.7 million.
Operating income for the quarter ended March 31, 2009 was $223.3 million, as compared to $268.4 million for the prior quarter and $519.1 million for the quarter ended March 31, 2008. Other, net operating revenues for the quarter ended March 31, 2009 included a $26.0 million decline in the fair value of certain retained interests in securitization transactions, as compared to declines of $17.7 million for the prior quarter and $0.6 million for the quarter ended March 31, 2008.
The company’s non-operating income (expenses) for the quarter ended March 31, 2009 included $(33.9) million of investment and other income (losses), net, as compared to $(45.0) million for the prior quarter and $32.4 million for the quarter ended March 31, 2008.
Total assets under management by the company’s subsidiaries were $391.1 billion at March31, 2009, as compared to $416.2 billion at December 31, 2008 and $591.1 billion at March 31, 2008. Simple monthly average assets under management during the quarter ended March 31, 2009 were $396.6 billion, as compared to $438.7 billion in the prior quarter and $610.2 billion in the same quarter a year ago. Equity assets comprised 44% of total assets under management at March 31, 2009, as compared to 47% of total assets under management at December 31, 2008 and 55% of total assets under management at March 31, 2008. Fixed-income assets comprised 35% of total assets under management at March 31, 2009, as compared to 32% of total assets under management at December 31, 2008 and 25% of total assets under management at March 31, 2008. Hybrid assets accounted for 19% of total assets under management at March 31, 2009, December 31, 2008 and March 31, 2008. Net new flows for the quarter ended March 31, 2009 were $(5.5) billion, as compared to $(18.2) billion for the prior quarter and $(6.1) billion for the same quarter a year ago.
Cash and cash equivalents were $2.4 billion at March 31, 2009, as compared to $2.5 billion at September 30, 2008. Stockholders’ equity was $7.0 billion at March 31, 2009, as compared to $7.1 billion at September 30, 2008. The company had 232.0 million shares of common stock outstanding at March 31, 2009, as compared to 232.8 million shares outstanding at September 30, 2008. During the quarter ended March 31, 2009, the company repurchased 1.4 million shares of its common stock for a total cost of $68.3 million.
(The preceding paragraphs only represent a portion of the press release.)