Franklin Resources, Inc. to Announce First Quarter Results on January 27, 2011 and Introduce New Income Statement Presentation
|From:||Franklin Resources, Inc.|
San Mateo, CA, January 11, 2011 ¬- On Thursday, January 27, 2011, Franklin Resources, Inc. (the company) [NYSE:BEN] will release its first fiscal quarter 2011 operating results at approximately 8:30 a.m. Eastern Time. Pre-recorded audio commentary on the results from President and Chief Executive Officer Greg Johnson and Executive Vice President and Chief Financial Officer Ken Lewis will be available at approximately 8:30 a.m. Eastern Time. They will also lead a live teleconference later that day to answer questions though analysts and investors are encouraged to contact Investor Relations for any clarifications or questions on the contents of the earnings release.
Access to the pre-recorded audio commentary and accompanying slides will be available via franklinresources.com. The pre-recorded audio commentary can also be accessed by dialing (888) 843-7419 in the U.S. and Canada or (630) 652-3042 internationally using access code 28808142, any time through 11:59 p.m. Eastern Time on February 10, 2011.
The live conference call will be held at 4:30 p.m. Eastern Time to answer questions. Access to the teleconference will be available via franklinresources.com or by dialing (800) 446-2782 in the U.S. and Canada or (847) 413-3235 internationally. A replay of the call can also be accessed by calling (888) 843-7419 in the U.S. and Canada or (630) 652-3042 internationally using access code 28808145, after 7:00 p.m. Eastern Time on January 27, 2011 through 11:59 p.m. Eastern Time on February 10, 2011.
Beginning with the first fiscal quarter 2011 results announcement, the company will introduce a new consolidated statement of income presentation. Today’s release includes quarterly and annual operating results for fiscal years 2009 and 2010 in the new presentation.
Summary of Changes
- Within operating revenues, underwriting and distribution fees is renamed sales and distribution fees
- Amortization of deferred sales commissions, previously presented as a separate line, and certain distribution-related expenses, previously included in advertising and promotion expenses, are combined with underwriting and distribution expense in a new line named sales, distribution and marketing
- Occupancy expense, previously combined with information systems and technology, is now a separate line
- Advertising and promotion expense not reclassified to sales, distribution and marketing is now included with other expense in a new line named general, administrative and other
- Net income (loss) attributable to noncontrolling interests is now presented separately for nonredeemable and redeemable noncontrolling interests
These changes are intended to provide investors with improved disclosure of total sales, distribution and marketing expenses and greater transparency of information systems, technology and occupancy expenses. In addition, the change to net income (loss) attributable to noncontrolling interests provides for consistency between the amounts in the statement of income and the changes in stockholders’ equity. The presentation change does not represent a restatement of any previously published financial results.