-----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, MEG/33gMyNezWwrBEj6ct81yOpzbcAsfipX6S+bW7bSdK8eNoToVR1W+K46tFxZq QF8gNRPLLJWENIWkYbiQBw== 0000038725-01-500009.txt : 20010626 0000038725-01-500009.hdr.sgml : 20010626 ACCESSION NUMBER: 0000038725-01-500009 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001231 FILED AS OF DATE: 20010625 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN ELECTRIC CO INC CENTRAL INDEX KEY: 0000038725 STANDARD INDUSTRIAL CLASSIFICATION: MOTORS & GENERATORS [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: 1666540 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 r11-k.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, 2000 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, 2000 and 1999.................. 4 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2000.......... 5 Notes to Financial Statements................................ 6-12 Supplemental Schedules at and for the Year Ended December 31, 2000: Form 5500, Schedule H, Part IV, Item 4(i), Schedule of Assets Held for Investment Purposes........................ 13-14 Form 5500, Schedule H, Part IV, Item 4(j), Schedule of Reportable Transactions.................................... 15 Signatures..................................................... 16 Exhibit 23-Independent Auditor's Consent....................... 17 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, 2000 and 1999 and for the year ended December 31, 2000, 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 auditing standards generally accepted in the United States of America. 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, 2000 and 1999, and the changes in net assets available for benefits for the year ended December 31, 2000 in conformity with accounting principles generally accepted in the United States of America. 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 2000 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, 2001 4 FRANKLIN ELECTRIC DIRECTED INVESTMENT SALARY PLAN STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS As of December 31, 2000 and 1999 2000 1999 ---- ---- ASSETS - ------ Investments, at fair value (Note 3): Short-term investments $ 1,576,700 $ 1,249,700 Franklin Electric Common Stock 22,445,500 24,953,700 Other Common Stocks 23,743,300 22,135,900 U.S. Government & Government Agencies 3,883,000 4,088,200 Shares of Registered Investment Companies: Invesco Diversified Equity Fund 11,601,200 10,535,100 Bank One Intermediate Bond Fund 593,500 699,400 ---------- ---------- 63,843,200 63,662,000 Stable Return Fund: Insurance Company Contracts, at contract value (Note 5) 5,364,700 10,699,300 Collective Investment Fund 8,680,500 2,656,900 Participant loans 1,433,600 1,246,200 ---------- ---------- Total investments 79,322,000 78,264,400 Receivables: Employer contribution 743,500 666,300 Employee contribution -0- 157,400 Accrued investment income 282,000 175,700 ---------- ---------- Total receivables 1,025,500 999,400 Cash -0- 18,600 ---------- ---------- TOTAL ASSETS 80,347,500 79,282,400 LIABILITIES - ----------- Fees payable -0- 7,900 ---------- ---------- TOTAL LIABILITIES -0- 7,900 NET ASSETS AVAILABLE FOR BENEFITS $80,347,500 $79,274,500 =========== =========== See notes to the financial statements. 5 FRANKLIN ELECTRIC DIRECTED INVESTMENT SALARY PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS For the Year Ended December 31, 2000 2000 ---- Additions: Interest and dividends $ 1,460,100 Net appreciation(depreciation) in fair value of investments: Franklin Electric Common Stock (529,400) Other Common Stocks 4,389,500 U.S. Government & Government Agencies 53,700 Diversified Equity Fund (1,397,700) Intermediate Bond Fund (32,500) Collective Investment Fund 854,700 ---------- 4,798,400 Contributions: Employer 743,500 Employee 3,975,800 Rollover 126,200 Transfer from ESOP Diversification 65,100 ---------- 4,910,600 Total additions and contributions 9,709,000 ---------- Deductions: Benefits paid to participants 8,359,100 Administrative expenses 265,100 Loan fees 11,800 ---------- Total deductions 8,636,000 ---------- Net increase 1,073,000 Net assets available for benefits, beginning of year 79,274,500 ---------- Net assets available for benefits, end of year $80,347,500 =========== See notes to the financial statements. 6 FRANKLIN ELECTRIC DIRECTED INVESTMENT SALARY PLAN NOTES TO FINANCIAL STATEMENTS As of December 31, 2000 and 1999 and for the Year Ended December 31, 2000 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. 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"), which is appointed by the Company, and Wells Fargo Bank of Minnesota, N.A. ("Plan Trustee"), which became the Plan Trustee on April 1, 2000. Prior to April 1, 2000, National City Bank of Indiana was the 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. Company contributions to the participant accounts are funded in the first quarter following the plan 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 (c) Plan earnings, less expenses. Allocation of earnings and expenses are based on participants' account balances. Participants may change their investment options at any time upon written notification to the Plan Administrator, provided that only one transfer may be directed in any 90 day time period. VESTING - Participants are fully vested in their accounts at all times. INVESTMENT OPTIONS - Participating employees may invest their contributions and account balances in any or all of six different funds: Fund # 1 - Franklin Electric Common Stock Fund - Investments consist principally of common stock of the Company with dividends reinvested in the Company common stock. Fund # 2 - Aggressive Equity Fund - Investments consist principally of common stocks by a registered investment manager. Dividends and interest are reinvested. 7 Fund # 3 - Stable Return Fund - Investments consist of 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. Fund # 4 - Short Term U.S. Government Fund - Investments consist principally of U.S. Government securities with maturities of one year or less. Interest is reinvested. Fund # 5 - Diversified Equity Fund - Investments consist of a variety of equity securities of large publicly traded companies. Fund # 6 - Intermediate Bond Fund - Investments consist of 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, and are 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 securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for plan benefits. 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. 8 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. 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, 2000 and 1999: 2000 1999 ---- ---- Franklin Electric Common Stock (327,672 and 355,527 shares, respectively) $22,445,500 $24,953,700 Invesco Diversified Equity Fund 11,601,200 10,535,100 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"). On May 30, 2001, the Internal Revenue Service stated in a determination letter that the Plan continues to meet the requirements of the IRC. Therefore, the Plan's trust is exempt from federal income tax under section 501(a), and 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 each of the years ended December 31, 2000 and 1999 ranged from 5.98% to 8.10% and the average collective yield for each of the years then ended was 6.51%. 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, 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. 9 7. RELATED-PARTY TRANSACTIONS - -------------------------------- 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 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 20 trading days preceding the date of sale. Certain Plan investments are shares of mutual funds managed by the Plan Trustee. These transactions qualify as party-in-interest transactions. Fees paid by the Plan for the investment management services amounted to $22,000 for the year ended December 31, 2000. 10 8. STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS BY FUND AS OF - ------------------------------------------------------------------ DECEMBER 31, 2000 and 1999 - --------------------------
2000 - ----------------------------------------------------------------------------------------------------------------------------------- Franklin Aggressive Stable Short-term Diversified Intermediate Loan Electric Equity Return U.S. Gov't Equity Bond Account Cmn Stock Fund #1 Fund #2 Fund #3 Fund #4 Fund #5 Fund #6 Total - ----------------------------------------------------------------------------------------------------------------------------------- Assets: Investments, at fair value: Short-term investments...............$ 279,900 $ 1,111,900 $ - $ - $ 184,900 $ - $ - $ 1,576,700 Franklin Electric Common Stock....... 22,445,500 - - - - - - 22,445,500 Other Common Stocks.................. - 23,743,300 - - - - - 23,743,300 U.S. Government & Government Agencies - - - 3,883,000 - - - 3,883,000 Shares of Registered Investment Companies: Invesco Diversified Equity Fund..... - - - - 11,601,200 - - 11,601,200 Bank One Intermediate Bond Fund..... - - - - - 593,500 - 593,500 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- 22,725,400 24,855,200 - 3,883,000 11,786,100 593,500 - 63,843,200 Stable Return Fund: Insurance Company Contracts.......... - - 5,364,700 - - - - 5,364,700 Collective Investment Fund........... - - 8,680,500 - - - - 8,680,500 Participant loans..................... - - - - - - 1,433,600 1,433,600 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- Total Investments..................... 22,725,400 24,855,200 14,045,200 3,883,000 11,786,100 593,500 1,433,600 79,322,000 Receivables: Employer contribution................ 743,500 - - - - - - 743,500 Accrued investment income............ 1,900 35,600 226,000 17,600 900 - - 282,000 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- Total Receivables..................... 745,400 35,600 226,000 17,600 900 - - 1,025,500 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- TOTAL ASSETS.......................... 23,470,800 24,890,800 14,271,200 3,900,600 11,787,000 593,500 1,433,600 80,347,500 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- NET ASSETS AVAILABLE FOR BENEFITS.....$23,470,800 $24,890,800 $14,271,200 $ 3,900,600 $11,787,000 $ 593,500 $ 1,433,600 $80,347,500 =========== =========== =========== =========== =========== ========= =========== ===========
11 8. STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS BY FUND AS OF - ------------------------------------------------------------------ DECEMBER 31, 2000 and 1999 - --------------------------
1999 - ----------------------------------------------------------------------------------------------------------------------------------- Franklin Aggressive Stable Short-term Diversified Intermediate Loan Electric Equity Return U.S. Gov't Equity Bond Account Cmn Stock Fund #1 Fund #2 Fund #3 Fund #4 Fund #5 Fund #6 Total - ----------------------------------------------------------------------------------------------------------------------------------- Assets: Investments, at fair value: Short-term investments...............$ 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 $79,274,500 =========== =========== =========== =========== =========== ========= =========== ===========
12 9. STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY FUND FOR THE - -------------------------------------------------------------------------------- YEAR ENDED DECEMBER 31, 2000 - ----------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- Franklin Aggressive Stable Short-term Diversified Intermediate Loan Electric Equity Return U.S. Gov't Equity Bond Account Cmn Stock Fund #1 Fund #2 Fund #3 Fund #4 Fund #5 Fund #6 Total - ----------------------------------------------------------------------------------------------------------------------------------- Additions: Interest and dividends................$ 310,500 $ 226,200 $ 529,000 $ 222,300 $ 19,600 $ 37,700 $ 114,800 $ 1,460,100 Net appreciation(depreciation) in fair value of investments: Franklin Electric Common Stock...... (529,400) - - - - - - (529,400) Other Common Stocks................. - 4,389,500 - - - - - 4,389,500 U.S. Government & Government Agencies - - - 53,700 - - - 53,700 Invesco Diversified Equity Fund..... - - - - (1,397,700) - - (1,397,700) Bank One Intermediate Bond Fund..... - - - - - (32,500) - (32,500) Collective Investment Fund.......... - - 854,700 - - - - 854,700 ---------- ---------- ---------- ---------- ---------- -------- --------- ---------- (218,900) 4,615,700 1,383,700 276,000 (1,378,100) 5,200 114,800 4,798,400 Contributions: Employer............................ 743,500 - - - - - - 743,500 Employee............................ 1,086,300 1,006,200 557,100 133,700 1,111,700 80,800 - 3,975,800 Rollover............................ 21,000 53,100 2,500 7,600 36,600 5,400 - 126,200 Transfer from ESOP Diversification.. - 8,600 49,700 1,200 5,600 - - 65,100 ---------- ---------- ---------- ---------- ---------- -------- ---------- ---------- 1,850,800 1,067,900 609,300 142,500 1,153,900 86,200 - 4,910,600 Total Additions....................... 1,631,900 5,683,600 1,993,000 418,500 (224,200) 91,400 114,800 9,709,000 Deductions: Benefits paid to participants....... 2,364,900 1,957,100 2,154,900 927,400 795,600 69,600 89,600 8,359,100 Administrative expenses............. 32,200 134,300 22,000 5,800 70,200 600 - 265,100 Loan fees........................... - 4,700 3,200 1,000 2,700 200 - 11,800 ---------- ---------- ---------- ---------- ---------- -------- ---------- ---------- Total Deductions...................... 2,397,100 2,096,100 2,180,100 934,200 868,500 70,400 89,600 8,636,000 Interfund transfers - net............. (1,606,500) (1,595,400) 986,800 (43,400) 2,239,600 (143,300) 162,200 - ---------- ---------- ---------- ---------- ---------- -------- ---------- ---------- Net increase/(decrease)............... (2,371,700) 1,992,100 799,700 (559,100) 1,146,900 (122,300) 187,400 1,073,000 Net assets available for benefits, beginning 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 ---------- ---------- ---------- ---------- ---------- --------- ---------- ---------- Net assets available for benefits, end of year...............$23,470,800 $24,890,800 $14,271,200 $ 3,900,600 $11,787,000 $ 593,500 $ 1,433,600 $80,347,500 =========== =========== =========== =========== =========== ========= =========== ===========
13 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, 2000 ---------------------------------------- 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 - ---------------- ------------------------- ---- ---------- * U.S. Government Federated Government $ 3,883,000 $ 3,883,000 Obligations Fund * Wells Fargo Bank Short Term Investment Fund 1,576,700 1,576,700 of Minnesota * Franklin Electric Co., Inc. Common Stock 11,788,400 22,445,500 * Wells Fargo Bank Other Common Stocks of Minnesota Avery Dennison Corp. 173,200 658,500 Illinois Tool Works Inc. 108,400 714,800 Littelfuse Inc. 204,400 286,200 Autozone, Inc. 607,500 570,000 Cintas Corp. 283,000 1,218,800 Kohls Corp. 26,900 366,000 O'Reilly Automotive Inc. 295,200 535,000 Unifirst Corp 130,500 153,700 ABM Inds. Inc. 238,500 214,400 AT&T Corp - Liberty Media 443,400 271,200 Comcast Corp. 685,600 626,300 CVS Corp. 405,800 1,198,800 Walgreen Co. 66,900 1,338,000 American Express 348,400 329,600 American Intl. Group 206,600 831,600 AON Corp. 165,100 667,900 Citigroup, Inc. 396,000 561,700 Freddie Mac 315,000 413,200 Household Intl. Inc. 778,600 1,100,000 MBNA Corp. 201,400 1,311,300 Mellon Financial Corp. 580,300 737,800 Northern Trust Corp. 187,300 897,200 State Street Corp. 245,500 1,242,100 Automatic Data Processing Inc. 113,800 1,139,600 Concord EFS Inc. 56,700 1,208,300 First Data Corp. 424,700 1,028,100 F I Serv Inc. 299,300 474,400 Intuit, Co. 353,600 394,400 Molex, Inc. 299,200 699,500 Tellabs Operations 334,800 339,000 United Parcel Service 355,500 352,500 Baxter International Inc. 679,200 883,100 Unitedhealth Group, Inc. 354,600 368,300 Zebra Technologies Corp. 470,900 612,000 ---------- ---------- Total Other Common Stocks 10,835,800 23,743,300 14 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 - ---------------- ------------------------- ---- ---------- Invesco Structured Core Equity 11,246,300 11,601,200 Bank One The One Group Intermediate Bond Fund 586,300 593,500 Insurance Company Contracts: Lincoln National Life Insurance Co. 8.10% due 1/30/01 1,226,900 1,226,900 Allstate Life Insurance Co. 5.98% due 2/3/03 2,557,500 2,557,500 Security Life of Denver Insurance Co. 6.50% due 12/31/01 1,580,300 1,580,300 * Wells Fargo Bank of Minnesota Stable Return Fund 8,672,300 8,680,500 Participant loans (Interest rates ranging from 8.75 to 10.50 percent and maturities ranging from 2001 to 2011 1,433,600 1,433,600 ---------- ---------- $55,387,100 $79,322,000 =========== =========== * Represents a party-in-interest as defined by ERISA. 15 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, 2000 ------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------- 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 - --------------------------------- Wells Fargo Stable Return Fund 3 Purchases $ 8,676,053 $ 8,676,053 $ - 3 Sales $ 6,172,062 $ 5,935,720 5,935,720 236,342 Wells Fargo Stable Value Fd G/Stable 51 Purchases 7,084,181 7,084,181 - Return Net 53 Sales 7,311,539 7,084,181 7,084,181 227,358 Wells Fargo NWADV Short Term 277 Purchases 17,824,273 17,824,273 - Investment Fund 228 Sales 16,247,574 16,247,574 16,247,574 - U.S. Government Treasury Money Market 114 Purchases 6,918,568 6,918,568 - Fund 78 Sales 8,094,848 8,094,848 8,094,848 -
16 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Employee Benefits Committee has duly caused 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 25, 2001 By /s/ GREGG C. SENGSTACK ---------------------------- --------------------------- Gregg C. Sengstack Member Employee Benefits Committee EX-23 2 r11-k_con.txt 17 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, 2001, appearing in the Annual Report on Form 11-K of the Franklin Electric Directed Investment Salary Plan for the year ended December 31, 2000. /s/ DELOITTE & TOUCHE LLP Deloitte & Touche LLP Chicago, Illinois June 25, 2001 -----END PRIVACY-ENHANCED MESSAGE-----