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FRANKLIN ELECTRIC REPORTS RECORD SALES AND EARNINGS FOR THIRD QUARTER OF 1993

 BLUFFTON, Ind., Oct. 14 /PRNewswire/ -- Earnings of Franklin Electric Co., Inc. for the third quarter of 1993 were $4.8 million or $.71 per share, up 13 percent from $4.2 million or $.62 per share for the same period last year. For the first nine months of 1993, earnings were $13.2 million or $1.95 per share compared to $10.9 million or $1.46 per share for the first nine months of 1992. Included in the first nine months' 1993 earnings was a $1 million credit to income resulting from the adoption of SFAS No. 109, "Accounting for Income Taxes."
 Sales for the third quarter of this year were $56.5 million, up 10 percent from the third quarter sales of $51.4 million last year. For the first nine months of 1993 sales were $154.3 million compared to sales of $149.6 million for the first nine months of last year.
 William H. Lawson, chairman and chief executive officer, stated, "We are pleased with our record third quarter results. While sales continue to be a day-by-day fight, it is Franklin people and their steady focus on improving productivity and reducing costs that have made this performance possible. We are on track with our 1993 Business Plan. Additionally, throughout the year, we have accelerated new product developments and other projects that will contribute to building Franklin's long-term global strategic capability. We believe our strategy is working and are preparing for 1994 and beyond with prudent optimism."
 Franklin Electric 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.
 Financial Highlights
 Third Quarter Ended
 Oct. 2, Sept. 26 Percent
 1993 1992 Change
 Net sales $ 56,463 $ 51,393 10 pct
 Income before income taxes and
 extraordinary credit 6,947 7,137
 Income taxes 2,163 2,943
 Extraordinary credit--benefit of
 loss carryforward -- 23
 Net income $ 4,784 $ 4,217 13 pct
 Dividends on preferred stock 153 153
 Net income available to common shares $ 4,631 $ 4,064
 Weighted average common shares 6,550 6,515
 Net income per common share $ .71 $ .62
 Three Quarters Ended
 Oct. 2, Sept. 26 Percent
 1993 1992 Change
 Net sales $154,301 $149,589 3 pct
 Income before income taxes,
 extraordinary credit and change in
 accounting principal -- SFAS No. 109 17,285 17,997
 Income taxes 5,087 7,176
 Extraordinary credit--benefit of
 loss carryforward -- 120
 Cumulative effect of change in
 accounting principle SFAS No. 109
 "Accounting for Income Taxes" 993 --
 Net income $ 13,191 $ 10,941 21 pct
 Dividends on preferred stock 458 1,440
 Net income available to common shares $ 12,733 $ 9,501
 Weighted average common shares 6,535 6,506
 Net income per common share $ 1.95 $ 1.46
 -0- 10/14/93
 /CONTACT: D.W. Pfister of Franklin Electric, 219-824-2900/
 (FELE)


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

LG -- NY068 -- 2339 10/14/93 14:35 EDT
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Publication:PR Newswire
Date:Oct 14, 1993
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