-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Cp9Vut7JmVZRbDj/+xQNDf1u2tCUs1C3kJp5u5NV7r3d5yffp5xQbtufRScGnmDJ OFGNZAIstn8rVaXCi/HvhQ== /in/edgar/work/20000627/0000038725-00-000011/0000038725-00-000011.txt : 20000920 0000038725-00-000011.hdr.sgml : 20000920 ACCESSION NUMBER: 0000038725-00-000011 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000627 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN ELECTRIC CO INC CENTRAL INDEX KEY: 0000038725 STANDARD INDUSTRIAL CLASSIFICATION: [3621 ] IRS NUMBER: 350827455 STATE OF INCORPORATION: IN FISCAL YEAR END: 0103 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-00362 FILM NUMBER: 661554 BUSINESS ADDRESS: STREET 1: 400 E SPRING ST CITY: BLUFFTON STATE: IN ZIP: 46714 BUSINESS PHONE: 2198242900 MAIL ADDRESS: STREET 1: 400 E SPRING STREET CITY: BLUFFTON STATE: IN ZIP: 46714 11-K 1 0001.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K --------- FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ COMMISSION FILE NUMBER 0-362 FRANKLIN ELECTRIC DIRECTED INVESTMENT SALARY PLAN (FULL TITLE OF THE PLAN) FRANKLIN ELECTRIC CO., INC. (EXACT NAME OF ISSUER AS SPECIFIED IN ITS CHARTER) INDIANA 35-0827455 (STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.) 400 EAST SPRING STREET 46714-3798 BLUFFTON, INDIANA (ZIP CODE) (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (219) 824-2900 (ISSUER'S TELEPHONE NUMBER, INCLUDING AREA CODE) 2 TABLE OF CONTENTS Page Independent Auditors' Report................................... 3 Financial Statements: Statements of Net Assets Available for Benefits as of December 31, 1999 and 1998.................. 4 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1999.......... 5 Notes to Financial Statements................................ 6-11 Supplemental Schedules at and for the Year Ended December 31, 1999: Form 5500, Schedule H, Part IV, Item 4(i), Schedule of Assets Held for Investment Purposes........................ 12-13 Form 5500, Schedule H, Part IV, Item 4(j), Schedule of Reportable Transactions.................................... 14 Signatures..................................................... 15 Exhibit 23-Independent Auditor's Consent....................... 16 Supplemental Schedules not listed are omitted due to the absence of conditions under which they are required. 3 INDEPENDENT AUDITORS' REPORT - ---------------------------- To the Employee Benefits Committee of Franklin Electric Co., Inc.: We have audited the accompanying financial statements of the Franklin Electric Directed Investment Salary Plan (the "Plan") as of December 31, 1999 and 1998 and for the year ended December 31, 1999, listed in the table of contents. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 1999 and 1998, and the changes in net assets available for benefits for the year ended December 31, 1999 in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed in the table of contents are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These schedules are the responsibility of the Plan's management. Such schedules have been subjected to the auditing procedures applied in our audit of the basic 1999 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. /s/ DELOITTE & TOUCHE LLP Deloitte & Touche LLP Chicago, Illinois May 25, 2000 4 FRANKLIN ELECTRIC DIRECTED INVESTMENT SALARY PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS 1999 1998 ---- ---- ASSETS - ------ Investments, at fair value (Note 3): Short-term investments $ 1,249,700 $ 3,387,800 Franklin Electric Common Stock 24,953,700 26,952,100 Other Common Stocks 22,135,900 24,832,400 U.S. Government & Government Agencies 4,088,200 3,082,000 Shares of Registered Investment Companies: Invesco Diversified Equity Fund 10,535,100 7,543,900 Bank One Intermediate Bond Fund 699,400 434,700 ---------- ---------- 63,662,000 66,232,900 Stable Return Fund: Insurance Company Contracts, at contract value (Note 5) 10,699,300 9,615,700 Collective Investment Fund 2,656,900 - Participant loans 1,246,200 1,052,400 ---------- ---------- Total investments 78,264,400 76,901,000 Receivables: Employer contribution 666,300 617,200 Employee contribution 157,400 210,200 Accrued investment income 175,700 687,900 ---------- ---------- Total receivables 999,400 1,515,300 Cash 18,600 37,200 ---------- ---------- TOTAL ASSETS 79,282,400 78,453,500 LIABILITIES - ----------- Fees payable 7,900 25,300 ---------- ---------- TOTAL LIABILITIES 7,900 25,300 NET ASSETS AVAILABLE FOR BENEFITS $79,274,500 $78,428,200 =========== =========== See notes to the financial statements. 5 FRANKLIN ELECTRIC DIRECTED INVESTMENT SALARY PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS 1999 ---- Additions: Interest and dividends $ 1,672,400 Net appreciation(depreciation) in fair value of investments: Franklin Electric Common Stock 925,200 Other Common Stocks (275,100) U.S. Government & Government Agencies (38,800) Diversified Equity Fund 1,829,300 Intermediate Bond Fund (31,100) Collective Investment Fund 177,800 ---------- 4,259,700 Contributions: Employer 666,300 Employee 3,641,000 Rollover 115,300 Transfer from ESOP Diversification 85,600 ---------- Total additions 8,767,900 Deductions: Benefits paid to participants 7,627,200 Administrative expenses 278,500 Loan fees 15,900 ---------- Total deductions 7,921,600 ---------- Net increase 846,300 Net assets available for benefits, beginning of year 78,428,200 ---------- Net assets available for benefits, end of year $79,274,500 =========== See notes to the financial statements. 6 FRANKLIN ELECTRIC DIRECTED INVESTMENT SALARY PLAN NOTES TO FINANCIAL STATEMENTS 1. PLAN DESCRIPTION - ---------------------- GENERAL - The Franklin Electric Directed Investment Salary Plan (the "Plan") is a defined contribution employee benefit plan covering substantially all eligible employees who elect to participate with the exception of hourly employees at the Jonesboro facility. Company matching contributions for Bluffton hourly and Siloam Springs hourly and non-exempt employees are made to the Plan. Company matching contributions for all other eligible employees are made to the Company-sponsored Employee Stock Ownership Plan ("ESOP"). The Plan is administered by the Franklin Electric Co., Inc. (the "Company") Employee Benefits Committee("Plan Administrator"), appointed by the Company, and National City Bank of Indiana("Plan Trustee"). The Plan is subject to the provisions of the Employee Retirement Income Security Act ("ERISA") of 1974. Participants should refer to the Plan Document and Summary Plan Description for more complete information. CONTRIBUTIONS - Participating employees may elect to contribute from 1 percent to 15 percent of their eligible compensation to the Plan, subject to IRS limitations. The Company will contribute to the Plan or the ESOP an amount equal to 100 percent of the first 1 percent and 50 percent of the next 4 percent of the participant's contribution, or up to 3 percent of each employee's eligible compensation for the year, provided the Company's pre-tax profits for the year exceed 6 percent of the Company's net worth at the beginning of each year. PARTICIPANT ACCOUNTS - Each participant's account is credited with: (a) the participant's contributions and withdrawals; and (b) Company matching contributions made to the Plan and Plan earnings, less expenses. Allocation of earnings and expenses are based on participants' account balances. VESTING - Participants are fully vested in their accounts at all times. INVESTMENT OPTIONS - Participating employees may invest their contributions in any or all of six different funds: Fund # 1 - Franklin Electric Common Stock Fund - Contributions are invested principally in common stock of the Company with dividends reinvested in the Company common stock. Fund # 2 - Aggressive Equity Fund - Contributions are invested principally in common stocks by a registered investment manager. Dividends and interest are reinvested. Fund # 3 - Stable Return Fund - Contributions are invested in either individual Insurance Company Contracts purchased specifically for the Plan or a Collective Investment Fund comprised of guaranteed investment contracts, bank investment contracts and security backed contracts. 7 Fund # 4 - Short Term U.S. Government Fund - Contributions are invested principally in U.S. Government securities with maturities of one year or less. Interest is reinvested. Fund # 5 - Diversified Equity Fund - Contributions are invested in a variety of equity securities of large publicly traded companies. Fund # 6 - Intermediate Bond Fund - Contributions are invested in medium and high-grade fixed income securities. DIVERSIFICATION ELECTION for ESOP - Participants who have attained the age of 55 and have at least 10 years of participation in the ESOP are given the opportunity to diversify up to 25% of their ESOP account balance into the Plan during the first 90 days after the close of the Plan year. PARTICIPANT LOANS - Participant loans may not exceed the lesser of $50,000 or 50 percent of the Participant's account. Loan transactions are treated as a transfer between the investment fund and the loan fund. Loan terms range from 1 to 4 1/2 years for general purpose loans or up to 10 years for the purchase of a primary residence and are repaid through payroll deductions. Interest is charged at the prime rate plus one percent and is credited to the participant's account. All loan fees are paid by the participant, being deducted directly from the assets of his account. BENEFITS - Participants may elect to receive a lump-sum distribution equal to the value of their account or receive equal monthly or annual installments over a specified period as defined by the Plan. ADMINISTRATIVE EXPENSES - Administrative expenses are paid by the Plan. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - ------------------------------------------------ BASIS OF ACCOUNTING - The financial statements of the Plan are prepared under the accrual method of accounting. USE OF ESTIMATES - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. INVESTMENT VALUATION - Investment in Franklin Electric Co., Inc. Common Stock is valued at the last quoted sale or bid price as reported on a recognized security exchange. Investments in the Insurance Company Contracts, which are fully benefit responsive, are valued at current participation unit value (Note 5). Investments in the Collective Investment Fund are valued at the last reported sale or bid price. 8 Investment in other Common Stocks and U.S. Government and Government Agencies are valued at the last reported sale or bid price for the securities traded on recognized security exchanges or in the over-the-counter markets. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex- dividend date. PARTICIPANT LOANS - Participant loans are valued at cost, which approximates fair value. 3. INVESTMENTS - ----------------- The following investments exceeded 5 percent of net assets at December 31, 1999 and 1998: 1999 1998 ---- ---- Franklin Electric Common Stock (355,527 and 399,290 shares, respectively) $24,953,700 $26,952,100 Invesco Diversified Equity Fund 10,535,100 7,543,900 4. TAX STATUS - ---------------- The Internal Revenue Service has stated in a determination letter dated May 6, 1996, that the Plan, as then designed, met the requirements of Section 401(a) of the Internal Revenue Code ("IRC"). The Plan's administrator and the Plan's counsel believe that the Plan is currently designed and being operated in compliance with applicable requirements of the IRC. Accordingly, they believe that the Plan is qualified and the Plan's trust is exempt from federal income tax under section 501(a). Therefore, no provision for income taxes has been included in the Plan's financial statements. 5. INSURANCE COMPANY CONTRACTS - --------------------------------- Under the contracts, guaranteed interest rates are established on a calendar year basis and may not be reduced lower than a specified amount. Guaranteed interest rates for the years ended December 31, 1999 and 1998 ranged from 5.98% to 8.10% and 5.65% to 8.10%, respectively, and the average collective yield for the years then ended was 6.51% and 6.59%, respectively. 6. PLAN TERMINATION - ---------------------- The Company has not expressed any intent to terminate the Plan. If the Plan was terminated, the termination would be subject to provisions set forth by ERISA, participants would be 100 percent vested, and the net assets of the Plan would be allocated among the participants and the beneficiaries of the Plan in the order provided for in ERISA. 7. STOCK PURCHASE - -------------------- On April 19, 1999 and May 24, 1999, Franklin Electric Co., Inc. purchased from the Plan 11,300 shares and 7,100 shares, respectively, of common stock for $730,658 and $450,211, respectively, at the average closing price for Franklin Electric Co., Inc. common stock for the prior 20 trading days preceding the date of sale. On March 22, 2000, Franklin Electric Co., Inc. purchased from the Plan 7,800 shares of common stock for $507,546 at the average closing price for Franklin Electric Co., Inc. common stock for the prior 20 trading days preceding the date of sale. 8. SUBSEQUENT EVENTS - ----------------------- Effective April 1, 2000, Norwest Bank Minnesota N.A. became the Plan Trustee. 9 9. STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS BY FUND AS OF - ------------------------------------------------------------------ DECEMBER 31, 1999 and 1998 - --------------------------
1999 - ----------------------------------------------------------------------------------------------------------------------------------- Franklin Aggressive Stable Short-term Diversified Intermediate Loan Electric Equity Return U.S. Gov't Equity Bond Account Cmn Stock Fund #1 Fund #2 Fund #3 Fund #4 Fund #5 Fund #6 Total - ----------------------------------------------------------------------------------------------------------------------------------- Assets: Investments, at fair value: Short-term investments...............$ 181,800 $ 658,600 $ 23,400 $ 312,500 $ 59,400 $ 14,000 $ - $ 1,249,700 Franklin Electric Common Stock....... 24,953,700 - - - - - - 24,953,700 Other Common Stocks.................. - 22,135,900 - - - - - 22,135,900 U.S. Government & Government Agencies - - - 4,088,200 - - - 4,088,200 Shares of Registered Investment Companies: Invesco Diversified Equity Fund..... - - - - 10,535,100 - - 10,535,100 Bank One Intermediate Bond Fund..... - - - - - 699,400 - 699,400 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- 25,135,500 22,794,500 23,400 4,400,700 10,594,500 713,400 - 63,662,000 Stable Return Fund: Insurance Company Contracts.......... - - 10,699,300 - - - - 10,699,300 Collective Investment Fund........... - - 2,656,900 - - - - 2,656,900 Participant loans..................... - - - - - - 1,246,200 1,246,200 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- Total Investments..................... 25,135,500 22,794,500 13,379,600 4,400,700 10,594,500 713,400 1,246,200 78,264,400 Receivables: Employer contribution................ 666,300 - - - - - - 666,300 Employee contribution................ 47,600 37,800 22,800 7,500 38,900 2,800 - 157,400 Accrued investment income............ 700 27,800 77,900 69,000 300 - - 175,700 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- Total Receivables..................... 714,600 65,600 100,700 76,500 39,200 2,800 - 999,400 Cash.................................. (7,600) 38,600 (6,300) (17,500) 11,800 (400) - 18,600 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- TOTAL ASSETS.......................... 25,842,500 22,898,700 13,474,000 4,459,700 10,645,500 715,800 1,246,200 79,282,400 Liabilities: Fees payable.......................... - - 2,500 - 5,400 - - 7,900 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- TOTAL LIABILITIES..................... - - 2,500 - 5,400 - - 7,900 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- NET ASSETS AVAILABLE FOR BENEFITS.....$25,842,500 $22,898,700 $13,471,500 $ 4,459,700 $10,640,100 $ 715,800 $ 1,246,200 $79,274,500 =========== =========== =========== =========== =========== ========= =========== ===========
10
1998 - ----------------------------------------------------------------------------------------------------------------------------------- Franklin Aggressive Stable Short-term Diversified Intermediate Loan Electric Equity Return U.S. Gov't Equity Bond Account Cmn Stock Fund #1 Fund #2 Fund #3 Fund #4 Fund #5 Fund #6 Total - ----------------------------------------------------------------------------------------------------------------------------------- Assets: Investments, at fair value: Short-term investments...............$ - $ 1,444,000 $ 1,653,500 $ 111,400 $ 112,800 $ 66,100 $ - $ 3,387,800 Franklin Electric Common Stock....... 26,952,100 - - - - - - 26,952,100 Other Common Stocks.................. - 24,832,400 - - - - - 24,832,400 U.S. Government & Government Agencies - - - 3,082,000 - - - 3,082,000 Shares of Registered Investment Companies: Invesco Diversified Equity Fund..... - - - - 7,543,900 - - 7,543,900 Bank One Intermediate Bond Fund..... - - - - - 434,700 - 434,700 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- 26,952,100 26,276,400 1,653,500 3,193,400 7,656,700 500,800 - 66,232,900 Stable Return Fund: Insurance Company Contracts.......... - - 9,615,700 - - - - 9,615,700 Collective Investment Fund........... - - - - - - - - Participant loans..................... - - - - - - 1,052,400 1,052,400 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- Total Investments..................... 26,952,100 26,276,400 11,269,200 3,193,400 7,656,700 500,800 1,052,400 76,901,000 Receivables: Employer contribution................ 617,200 - - - - - - 617,200 Employee contribution................ 70,400 54,100 30,000 7,200 44,500 4,000 - 210,200 Accrued investment income............ 100 24,100 620,400 42,900 200 200 - 687,900 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- Total Receivables..................... 687,700 78,200 650,400 50,100 44,700 4,200 - 1,515,300 Cash.................................. (3,200) - - 43,400 (3,000) - - 37,200 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- TOTAL ASSETS.......................... 27,636,600 26,354,600 11,919,600 3,286,900 7,698,400 505,000 1,052,400 78,453,500 Liabilities: Fees payable.......................... 2,900 21,600 600 (200) 300 100 - 25,300 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- TOTAL LIABILITIES..................... 2,900 21,600 600 (200) 300 100 - 25,300 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- NET ASSETS AVAILABLE FOR BENEFITS.....$27,633,700 $26,333,000 $11,919,000 $ 3,287,100 $ 7,698,100 $ 504,900 $ 1,052,400 $78,428,200 =========== =========== =========== =========== =========== ========= =========== ===========
11 10. STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND FOR THE - -------------------------------------------------------------------------------- YEAR ENDED DECEMBER 31, 1999 and 1998 - -------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- Franklin Aggressive Stable Short-term Diversified Intermediate Loan Electric Equity Return U.S. Gov't Equity Bond Account Cmn Stock Fund #1 Fund #2 Fund #3 Fund #4 Fund #5 Fund #6 Total - ----------------------------------------------------------------------------------------------------------------------------------- Additions: Interest and dividends................$ 301,400 $ 181,900 $ 712,700 $ 220,300 $ 119,600 $ 38,100 $ 98,400 $ 1,672,400 Net appreciation(depreciation) in fair value of investments: Franklin Electric Common Stock...... 925,200 - - - - - - 925,200 Other Common Stocks................. - (275,100) - - - - - (275,100) U.S. Government & Government Agencies - - - (38,800) - - - (38,800) Invesco Diversified Equity Fund..... - - - - 1,829,300 - - 1,829,300 Bank One Intermediate Bond Fund..... - - - - - (31,100) - (31,100) Collective Investment Fund.......... - - 177,800 - - - - 177,800 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- 1,226,600 (93,200) 890,500 181,500 1,948,900 7,000 98,400 4,259,700 Contributions: Employer............................ 666,300 - - - - - - 666,300 Employee............................ 1,149,700 926,800 519,000 120,200 852,500 72,800 - 3,641,000 Rollover............................ 22,300 18,900 25,200 19,300 24,100 5,500 - 115,300 Transfer from ESOP Diversification.. - 5,800 19,500 13,200 32,400 14,700 - 85,600 ---------- ---------- ---------- ---------- ---------- -------- ---------- ---------- 1,838,300 951,500 563,700 152,700 909,000 93,000 - 4,508,200 Total Additions....................... 3,064,900 858,300 1,454,200 334,200 2,857,900 100,000 98,400 8,767,900 Deductions: Benefits paid to participants....... 2,724,400 2,333,900 1,538,500 312,300 483,000 149,300 85,800 7,627,200 Administrative expenses............. 59,500 160,000 19,800 10,200 28,200 800 - 278,500 Loan fees........................... 1,800 5,700 4,600 1,300 2,200 300 - 15,900 ---------- ---------- ---------- ---------- ---------- -------- ---------- ---------- Total Deductions...................... 2,785,700 2,499,600 1,562,900 323,800 513,400 150,400 85,800 7,921,600 Interfund transfers - net............. (2,070,400) (1,793,000) 1,661,200 1,162,200 597,500 261,300 181,200 - ---------- ---------- ---------- ---------- ---------- -------- ---------- ---------- Net increase/(decrease)............... (1,791,200) (3,434,300) 1,552,500 1,172,600 2,942,000 210,900 193,800 846,300 Net assets available for benefits, beginning of year......... 27,633,700 26,333,000 11,919,000 3,287,100 7,698,100 504,900 1,052,400 78,428,200 ---------- ---------- ---------- ---------- ---------- --------- ---------- ---------- Net assets available for benefits, end of year...............$25,842,500 $22,898,700 $13,471,500 $ 4,459,700 $10,640,100 $ 715,800 $ 1,246,200 $79,274,500 =========== =========== =========== =========== =========== ========= =========== ===========
12 FRANKLIN ELECTRIC DIRECTED INVESTMENT SALARY PLAN FORM 5500, SCHEDULE H, PART IV, ITEM 4(i), SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1999 ---------------------------------------- Description of Investment Identity of Issue, Including Maturity Date, Borrower, Lessor Interest Rate, Collateral or Similar Party and Par or Maturity Value Cost Fair Value - ---------------- ------------------------- ---- ---------- * National City Bank Armada Money Market Fund $ 73,400 $ 73,400 of Indiana * U.S. Government Treasury Money Market Fund 1,176,300 1,176,300 * Franklin Electric Co., Inc. Common Stock 12,397,800 24,953,700 * National City Bank Other Common Stocks of Indiana American Intl. Group Inc. 206,700 608,200 AON Corp. 165,100 780,000 Associates First Capital Corp. 314,600 329,300 MBNA Corp. 229,800 1,103,600 Northern Tr Corp. 408,600 1,272,000 State Street Corp. 491,000 1,461,300 Avery Dennison Corp. 216,600 1,093,100 Illinois Tool Works Inc. 108,400 810,800 Molex Inc.-Cl A 340,000 1,131,200 Shared Medical Systems Corp. 728,900 764,100 Zebra Technologies Corp.- Cl A 185,000 585,000 Autozone Inc. 607,500 646,300 Cintas Corp. 283,000 811,600 Kohls Corp. 53,900 433,100 Wallace Computer Services, Inc. 464,000 266,000 Blyth Inds Inc. 169,200 184,200 CVS Corporation 405,800 797,500 U.S. Foodservice Inc. 337,500 502,500 Walgreen Company 66,900 936,000 Automatic Data Processing Inc. 126,400 1,077,500 Boise Cascade Office Product 292,300 300,000 Concord Efs, Inc. 108,300 1,351,900 Office Depot 372,100 412,500 Univision Comm Inc. 106,300 510,900 ABM Inds Inc 340,700 203,700 Unifirst Corp. 130,500 189,400 Littelfuse Inc Com. 204,400 242,700 Ackerly Group Inc Com. 381,800 453,100 Comcast Corp. 516,100 505,600 Fiserv Inc. Com. 299,200 383,100 Freddie Mac Com. 315,000 282,400 Household Int'l. Corp. Com. 778,600 745,000 First Data Corp. Com. 424,700 962,300 13 Description of Investment Identity of Issue, Including Maturity Date, Borrower, Lessor Interest Rate, Collateral or Similar Party and Par or Maturity Value Cost Fair Value - ---------------- ------------------------- ---- ---------- * National City Bank U.S. Treasury Notes of Indiana 4.625% due 11/30/00 350,700 345,600 6.000% due 8/15/00 510,700 500,500 Fed Home Loan 4.790% due 2/4/00 499,700 499,400 5.000% due 2/24/00 499,500 499,100 5.040% due 3/29/00 500,000 498,600 5.710% due 8/9/00 699,500 697,600 5.900% due 9/22/00 400,000 398,600 6.050% due 11/3/00 351,100 349,000 Fed National Mtg Association 6.290% due 10/4/00 300,600 299,800 Invesco Risk Controlled Alpha 8,937,400 10,535,100 Diversified Equity Bank One The One Group 724,100 699,400 Intermediate Bond Insurance Company Contracts: Lincoln National Life Insurance Co. 8.10% due 12/31/96 through 1/31/01 3,960,100 3,960,100 Allstate Life Insurance Co. 6.05% due 12/29/00 2,682,100 2,682,100 5.98% due 2/3/03 2,496,800 2,496,800 Security Life of Denver Insurance Co. 6.50% due 12/31/01 1,560,300 1,560,300 * Norwest Bank Indiana NA Collective Investment Fund 2,519,600 2,656,900 Participant loans (Interest rates ranging from 8.75 to 9.75 percent and maturities ranging from 2000 to 2010 1,246,200 1,246,200 ---------- ---------- $52,064,800 $78,264,400 =========== =========== * Represents a party-in-interest as defined by ERISA. 14 FRANKLIN ELECTRIC DIRECTED INVESTMENT SALARY PLAN FORM 5500, SCHEDULE H, PART IV, ITEM 4(j), SCHEDULE OF REPORTABLE TRANSACTIONS For the Year Ended December 31, 1999 ------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------- Description of Assets Current Value Identity of (Include Interest Rate of Asset on Party and Maturity in Number of Purchase Selling Cost of Transaction Net Gain Involved Case of Loan) Transactions Price Price Asset Date or (Loss) - -------------------------------------------------------------------------------------------------------------------------------- Series of Reportable Transactions U.S. Government Federated U.S. 114 Purchases $ 6,834,800 $ 6,834,800 $ - Treasury Fund 75 Sales $10,043,700 $10,043,700 10,043,700 - Foresight Short term CD Fund 8 Purchases 56,900 56,900 - 3 Sales 235,800 235,800 235,800 - U.S. Government Treasury Money Market 268 Purchases 10,774,300 10,774,300 - Fund 148 Sales 9,598,000 9,598,000 9,598,000 9,598,000 - Armada Money Market Fund 136 Purchases 2,492,600 2,492,600 - 66 Sales 2,419,200 2,419,200 2,419,200 -
15 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Employee Benefits Committee has duly cause this annual report to be signed on its behalf by the undersigned hereunto duly authorized. Franklin Electric Co., Inc. Directed Investment Salary Plan Date June 27, 2000 By /s/ GREGG C. SENGSTACK ---------------------------- --------------------------- Gregg C. Sengstack Member Employee Benefits Committee EX-23 2 0002.txt 16 EXHIBIT 23 ---------- INDEPENDENT AUDITOR'S CONSENT We consent to the incorporation by reference in Registration Statement No. 33- 35958 of Franklin Electric Co., Inc. on Form S-8 of our report dated May 25, 2000, appearing in the Annual Report on Form 11-K of the Franklin Electric Directed Investment Salary Plan for the year ended December 31, 1999. /s/ DELOITTE & TOUCHE LLP Deloitte & Touche LLP Chicago, Illinois June 27, 2000 -----END PRIVACY-ENHANCED MESSAGE-----