0000038725-11-000046.txt : 20110506 0000038725-11-000046.hdr.sgml : 20110506 20110506162405 ACCESSION NUMBER: 0000038725-11-000046 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110506 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110506 DATE AS OF CHANGE: 20110506 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: 0725 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-00362 FILM NUMBER: 11820006 BUSINESS ADDRESS: STREET 1: 400 E SPRING ST CITY: BLUFFTON STATE: IN ZIP: 46714 BUSINESS PHONE: 2608242900 MAIL ADDRESS: STREET 1: 400 E SPRING STREET CITY: BLUFFTON STATE: IN ZIP: 46714 8-K/A 1 pressrelease.htm 8KA COVER SHEET pressrelease.htm


 
SECURITIES AND EXCHANGE COMMISSION
 
 
WASHINGTON, D.C. 20549
 
 
FORM 8-K/A
 
 
CURRENT REPORT
 
 
PURSUANT TO SECTION 13 OR 15 (d)
 
 
OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
 
 
May 6, 2011
 
 
FRANKLIN ELECTRIC CO., INC.
 
 
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 
INDIANA
0-362
35-0827455
     
(STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION)
(COMMISSION FILE NUMBER)
(I.R.S. EMPLOYER IDENTIFICATION NO.)
 
 
 
400 EAST SPRING STREET
BLUFFTON, INDIANA
46714
   
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(ZIP CODE)
 
(260) 824-2900
 
 
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
 
 
No Change
 
 
(Former name and former address, if changed since last report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 

 
 
 
 
 



Item 2.02  Results of Operations and Financial Condition

On May 4, 2011, the Company filed a current report on Form 8-K releasing certain financial information and attaching the Company’s unaudited cash flow statement for the quarters ended April 2, 2011 and April 3, 2010.   The Company is issuing this current report on Form 8-K/A to make the following changes:

·  
The operating cash flow for the quarter ended April 2, 2011 was previously presented as cash used of $20.4 million and is now correctly stated as cash used of $30.9 million.
·  
The effect of foreign exchange changes on cash flow was previously presented as a use of cash of $7.5 million and is now correctly stated as a source of cash of $3.0 million.

The cash flow statement attached to this current report on Form 8-K/A is a copy of the Company’s statement of cash flows reflecting the above changes.


Item 9.01  Financial Statements and Exhibits

Exhibit                      Exhibit
Number                      Description

99.1                      Condensed Consolidated Statements of Cash Flows









 
 
 

 



 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
FRANKLIN ELECTRIC CO., INC.
 
 
(Registrant)
 
Date: May 6. 2011
By /s/ John J. Haines
 
John J. Haines
 
Vice President, Chief Financial
 
Officer and Secretary (Principal
 
Financial and Accounting Officer)
 







 





 









 EX-99.1 2 cashflow.htm CASH FLOW cashflow.htm

EX-99 1 exhibit99.htm EX-99
 
 
Exhibit Index
 
 
EXHIBIT NO. (99) Condensed Consolidated Statements of Cash Flows as of April 2, 2011 and April 3, 2010.
 
 
EXHIBIT 99
 
 
ADDITIONAL EXHIBITS
 
 
Condensed Consolidated Statements of Cash Flows as of April 2, 2011 and April 3, 2010.
 

 
 
 

 
 
EXHIBIT 99.1
 
 
 
 
 
 

FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
  
(Unaudited)
  
   
First Quarter Ended
  
(In thousands)
  
April 2,
    
April 3,
  
   
2011
    
2010
  
Cash flows from operating activities:
            
Net income
   $ 10,902     $ 7,550 *
Adjustments to reconcile net income to net
                
cash flows from operating activities:
                
Depreciation and amortization
     5,840       6,379  
Share-based compensation
     1,174       1,139  
Deferred income taxes
     803       1,610  
(Gain)/loss on disposals of plant and equipment
     372       (1,204 )
Foreign exchange expense
     421       -  
Excess tax from share-based payment arrangements
     104       (226 )
Changes in assets and liabilities:
                
Receivables
     (26,720 )     (29,119 )
Inventory
     (13,712 )     (8,020 ) *
Accounts payable and accrued expenses
     (1,229 )     17,178  
Income taxes
     2,339       (2,330 ) *
Employee benefit plans
     (8,337 )     (5,597 )
Other
     (2,876 )     7  
                 
Net cash flows from operating activities
     (30,919 )     (12,633 )
                 
Cash flows from investing activities:
                
Additions to property, plant, and equipment
     (3,242 )     (1,746 )
Proceeds from sale of property, plant, and equipment
     -       1,338  
                 
Net cash flows from investing activities
     (3,242 )     (408 )
                 
Cash flows from financing activities:
                
Repayment of long-term debt
     (43 )     (96 )
Proceeds from issuance of common stock
     1,082       214  
Excess tax from share-based payment arrangements
     (104 )     226  
Purchases of common stock
     (4,068 )     -  
Dividends paid
     (3,024 )     (2,892 )
                 
Net cash flows from financing activities
     (6,157 )     (2,548 )
                 
Effect of exchange rate changes on cash
     3,038       (1,586 )
Net change in cash and equivalents
     (37,280 )     (17,175 )
Cash and equivalents at beginning of period
     140,070       86,875  
Cash and equivalents at end of period
   $ 102,790     $ 69,700  
                 
*Prior year amounts have been restated for the change in accounting method from LIFO to FIFO.