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FRANKLIN ELECTRIC REPORTS RECORD SALES AND EARNINGS FOR THE SECOND QUARTER OF 1993

 BLUFFTON, Ind., July 15 /PRNewswire/ -- Earnings of Franklin Electric Co. Inc. (NASDAQ-NMS: FELE) for the second quarter of 1993 were $4.8 million or $.71 per share, up 22 percent from $3.9 million or $.51 per share for the same period last year. Earnings for the first half of 1993 were $8.4 million or $1.24 per share compared to $6.7 million or $.84 per share for the first half of 1992. Included in the first half 1993 earnings was a $1.0 million extraordinary credit to income resulting from the adoption of SFAS No. 109, "Accounting for Income Taxes."
 Sales for the second quarter of this year were $55.6 million, up 5 percent from the second quarter sales of $53.0 million last year. For the first half of 1993 sales were $97.8 million compared to sales of $98.2 million for the first half of last year.
 William H. Lawson, chairman and chief executive officer stated, "Given the current recessionary global economic environment, we are pleased to report record sales and earnings for the second quarter of 1993. The increase in earnings was primarily due to the extraordinary performance of Oil Dynamics Inc., our 50 percent-owned manufacturer of submersible oil field equipment. Oil Dynamics' sales for the first half of 1993 exceeded sales for the full year of 1992.
 "Franklin continues to gain both domestic and worldwide market share. At the same time sales in Europe were below plan and many sectors of the North American economy remain sluggish. Export sales, principally to Asia, were strong and above expectation. We do not anticipate that global economic conditions will improve in the foreseeable future, and accordingly we have accelerated new product developments and plant productivity plans in anticipation of the need to be even more competitive in the months and years ahead."
 Franklin Electronic is a leading manufacturer of electric motors, including submersible motors, fractional horsepower motors and gearmotors for home, farm, municipal and industrial use.
 FRANKLIN ELECTRIC CO., INC. SUMMARY
 (In Thousands Except Per Share Amounts)
 Second Quarter Ended July 3, June 27, Pct.
 1993 1992 Change
 Net Sales $ 55,599 $ 53,026 5
 Income Before Income Taxes
 and Extraordinary Credit 6,546 6,450
 Income Taxes 1,764 2,573
 Extraordinary Credit --
 Benefit of Loss Carryforward -- 42
 Net Income $ 4,782 $ 3,919 22
 Dividends on Preferred Stock 152 600
 Net Income Available to
 Common Shares $ 4,630 $ 3,319
 Weighed Average Common Shares 6,524 6,510
 Net Income per Common Share $ .71 $ .51
 First Half Ended July 3, June 27, Pct.
 1993 1992 Change
 Net Sales $ 97,838 $ 98,196 -
 Income Before Income Taxes,
 Extraordinary Credit and
 Change in Accounting Principal
 -- SFAS No. 109 10,338 10,860
 Income Taxes 2,924 4,233
 Extraordinary Credit --
 Benefit of Loss Carryforward -- 97
 Cumulative Effect of Change in
 Accounting Principle SFAS No. 109
 "Accounting for Income Taxes" 993 --
 Net Income $ 8,407 $ 6,724 25
 Dividends on Preferred Stock 305 1,287
 Net Income Available to
 Common Shares $ 8,102 $ 5,437
 Weighed Average Common Shares 6,526 6,502
 Net Income per Common Share $ 1.24 $ .84
 -0- 7/15/93
 /CONTACT: D.W. Pfister of Franklin Electric Co., Inc., 219-824-2900/
 (FELE)


CO: Franklin Electric Co. Inc. ST: Indiana IN: SU: ERN

SH -- NY066 -- 2033 07/15/93 13:44 EDT
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Date:Jul 15, 1993
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