0000038725-20-000104.txt : 20200428 0000038725-20-000104.hdr.sgml : 20200428 20200428080448 ACCESSION NUMBER: 0000038725-20-000104 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200428 DATE AS OF CHANGE: 20200428 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: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00362 FILM NUMBER: 20822385 BUSINESS ADDRESS: STREET 1: 9255 COVERDALE ROAD CITY: FORT WAYNE STATE: IN ZIP: 46809 BUSINESS PHONE: 2608242900 MAIL ADDRESS: STREET 1: 9255 COVERDALE ROAD CITY: FORT WAYNE STATE: IN ZIP: 46809 8-K 1 fele-20200428.htm 8-K fele-20200428
0000038725false00000387252020-04-282020-04-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2020

FRANKLIN ELECTRIC CO., INC.
(Exact name of registrant as specified in its charter)
Indiana 0-362 35-0827455
(State of incorporation) (Commission File Number) (IRS employer identification no.)

9255 Coverdale Road
Fort Wayne,Indiana46809
(Address of principal executive offices)(Zip code)

(260) 824-2900
(Registrant's telephone number, including area code)
 
Not Applicable
(Former name or 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:

☐   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))

Securities registered pursuant to Section 12(b) of the Act:

Common Stock, $0.10 par valueFELENASDAQGlobal Select Market
(Title of each class)(Trading symbol)(Name of each exchange on which registered)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition

On April 28, 2020, Franklin Electric Co., Inc. issued a press release announcing its earnings for the first quarter of 2020 and providing an update on the effects of the global pandemic. A copy of the release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. This Current Report on Form 8-K and the press release attached hereto are being furnished pursuant to Item 2.02 of Form 8-K.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits:

Exhibit NumberDescription
99.1  
101  Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104  The cover page from this Current Report on Form 8-K, formatted as Inline XBRL



SIGNATURE

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 hereunto duly authorized.

FRANKLIN ELECTRIC CO., INC.
(Registrant)

Date: April 28, 2020By/s/ John J. Haines
John J. Haines
Vice President, Chief Financial Officer
(Principal Financial and Accounting Officer)



EXHIBIT INDEX

Exhibit NumberDescription
99.1  
101.SCH  Inline XBRL Taxonomy Extension Schema
101.CAL  Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF  Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB  Inline XBRL Taxonomy Extension Label Linkbase
101.PRE  Inline XBRL Taxonomy Extension Presentation Linkbase
101.INS  XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.



 EX-99.1 2 a202004288-kexhibit991.htm EX-99.1 Document


Exhibit 99.1

For Immediate Release 

For Further Information
Refer to: John J. Haines
260-824-2900

FRANKLIN ELECTRIC REPORTS FIRST
QUARTER 2020 SALES AND EARNINGS AND PROVIDES AN UPDATE ON EFFECTS OF THE GLOBAL PANDEMIC
Fort Wayne, IN – April 28, 2020 - Franklin Electric Co., Inc. (NASDAQ: FELE) reported first quarter 2020 GAAP fully diluted earnings per share (EPS) of $0.23, versus a GAAP fully diluted EPS in the first quarter 2019 of $0.19. First quarter 2020 sales were $266.8 million, compared to 2019 first quarter sales of $290.7 million. First quarter EPS before the impact of restructuring expenses was $0.24 compared to 2019 first quarter EPS before restructuring of $0.21 (see table below for a reconciliation of GAAP EPS to EPS before restructuring).

Gregg Sengstack, Franklin Electric’s Chairman and Chief Executive Officer, commented:

“Our first quarter results were better than our expectations. While manufacturing revenue was down double digits, improved mix, margins and reduced operating expenses produced an improvement in our operating income that was higher than our expectations. With more normal weather, our distribution revenue was ahead of expectations and results were better than last year. Overall, operating income before restructuring expense was up 11 percent on 8 percent lower sales and our earnings per share before restructuring expenses increased 14 percent versus the first quarter 2019..

As we look forward to the remainder of 2020, the Global Pandemic has created significant uncertainty in our outlook and caused disruptions to both our top and bottom lines. We are pleased to report that our employees around the globe are safe and Franklin Electric products are considered critical to the world’s infrastructure. Our Company’s balance sheet is strong, and whatever the eventual impact of this crisis, we are confident we can emerge even stronger and better prepared to serve our customers.”


















Key Performance Indicators:

Earnings Before and After RestructuringFor the First Quarter
(in millions)20202019Change
Net Income attributable to FE Co., Inc. Reported$10.6  $9.1  16 %
Allocated Earnings$—  $(0.1) 
Earnings for EPS Calculations$10.6  $9.0  18 %
Restructuring (before tax):$0.9  $1.1  
Restructuring, net of tax:$0.7  $0.9  
Earnings Before Restructuring$11.3  $9.9  14 %
Earnings Per ShareFor the First Quarter
Before and After Restructuring20202019Change
(in millions except Earnings Per Share)
Average Fully Diluted Shares Outstanding46.8  46.7  — %
Fully Diluted Earnings Per Share (“EPS”) Reported$0.23  $0.19  21 %
Restructuring Per Share, net of tax$0.01  $0.02  
Fully Diluted EPS Before Restructuring$0.24  $0.21  14 %




Net Sales
(in millions)United States & CanadaLatin AmericaEurope, Middle East & AfricaAsia PacificTotal WaterFuelingDistributionOther/ElimsConsolidated
Q1 2019$98.0  $30.5  $37.7  $22.2  $188.4  $60.2  $53.3  $(11.2) $290.7  
Q1 2020$83.9  $28.2  $38.2  $13.8  $164.1  $55.3  $60.4  $(13.0) $266.8  
Change$(14.1) $(2.3) $0.5  $(8.4) $(24.3) $(4.9) $7.1  $(1.8) $(23.9) 
% Change(14)%(8)%1 %(38)%(13)%(8)%13 %(8)%
Foreign currency translation$0.1  $(4.8) $(2.6) $(0.4) $(7.7) $(0.4) $—  
% Change— %(16)%(7)%(2)%(4)%(1)%— %
Acquisitions$3.9  $—  $—  $—  $3.9  $—  $—  
Volume/Price$(18.1) $2.5  $3.1  $(8.0) $(20.5) $(4.5) $7.1  
% Change(18)%8 %8 %(36)%(11)%(7)%13 %



Operating Income and Margins
(in millions)For the First Quarter 2020
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$18.8  $12.1  $(2.2) $(14.9) $13.8  
% Operating Income To Net Sales11.5 %21.9 %(3.6)%5.2 %
Restructuring$0.6  $0.2  $0.1  $—  $0.9  
Operating Income/(Loss) Before Restructuring$19.4  $12.3  $(2.1) $(14.9) $14.7  
% Operating Income to Net Sales Before Restructuring11.8 %22.2 %5.5 %
Operating Income and Margins
(in millions)For the First Quarter 2019
WaterFuelingDistributionOther/ElimsConsolidated
Operating Income/(Loss)$19.2  $12.3  $(4.3) $(15.1) $12.1  
% Operating Income To Net Sales10.2 %20.4 %(8.1)%4.2 %
Restructuring$0.5  $—  $0.6  $—  $1.1  
Operating Income/(Loss) Before Restructuring$19.7  $12.3  $(3.7) $(15.1) $13.2  
% Operating Income to Net Sales Before Restructuring10.5 %20.4 %4.5 %


Water Systems

Water Systems sales in the U.S. and Canada decreased by 14 percent overall compared to the first quarter 2019, primarily due to lower sales of dewatering equipment. Sales of dewatering equipment decreased by nearly 54 percent due to lower sales in rental channels and substantial uncertainty in oil production end markets. Sales of groundwater pumping equipment increased by 2 percent versus the first quarter 2019. Sales of surface pumping equipment decreased by 14 percent on lower sales of both wastewater and water transfer systems as customers in this channel began to feel the impact of the Global Pandemic and lowered their own inventory levels.

Water Systems sales in markets outside the U.S. and Canada decreased by 11 percent overall. Foreign currency translation decreased sales by 9 percent. Outside the U.S. and Canada, Water Systems organic sales decreased by 2 percent, primarily driven by the Asia Pacific markets as customers in Korea, Japan and China were impacted by the Global Pandemic.

Water Systems operating income was $18.8 million in the first quarter 2020, compared to $19.2 million in the first quarter 2019 primarily driven by lower revenues.

Fueling Systems

Fueling Systems sales in the U.S. and Canada increased by 7 percent compared to the first quarter 2019. The increase was principally in piping, pumping and fuel management systems product lines. Outside the U.S. and Canada, Fueling Systems revenues declined by 30 percent, driven by lower sales in Asia Pacific, primarily China.

Fueling Systems operating income was $12.1 million in the first quarter of 2020, compared to $12.3 million in the first quarter of 2019.

Distribution

Distribution sales were $60.4 million in the first quarter 2020, versus first quarter 2019 sales of $53.3 million. The Distribution segment organic sales increased 13 percent compared to the first quarter of 2019. More favorable weather conditions versus the first quarter last year contributed to the revenue growth.

The Distribution segment recorded an operating loss of $2.2 million in the first quarter of 2020, compared to a loss of $4.3 million in the first quarter of 2019.

Overall

The Company’s consolidated gross profit was $90.3 million for the first quarter of 2020, an increase from the first quarter of 2019 gross profit of $89.5 million. The gross profit as a percentage of net sales was 33.9 percent in the first quarter of 2020 versus 30.8 percent in the first quarter of 2019 and improved primarily due to better price realization and product sales mix.

Selling, general, and administrative (SG&A) expenses were $75.6 million in the first quarter of 2020 compared to $76.3 million in the first quarter of 2019. SG&A expenses were lower in part because of foreign currency translation versus the prior year and companywide efforts to lower spending in response to the impacts of the Global Pandemic.




Liquidity

The Company ended the first quarter of 2020 with a cash balance of $40 million and had total incremental borrowing capacity of $478 million as follows:

(In Million USD)At 3/31/20
Current Leverage Ratio Per Bank Agreements (a)0.63  
Trailing Twelve Month Free Cash Flow (b)$154.5  
Trailing Twelve Month Free Cash Flow Conversion (b)158 %
Additional Borrowing Capacity Available (a)$478.4  
Cash On Hand$40.0  
Total Liquidity Available518.4  
(a) Per Bank Borrowing Agreements currently in place.
(b) Free Cash Flow is Net Cash Flows from Operating Activities, less net additions to property, plant and equipment. Free Cash Flow Conversion is Free Cash Flow divided by Net Income.

The Company believes it has enough liquidity to meet its operating and cash flow requirements for the foreseeable future.

Effects of the Global Pandemic

The top priority of the Company is the health and welfare of its employees and partners around the world. In response to the health risks posed by the Global Pandemic, the Company implemented and has been following the recommended hygiene and social distancing practices promulgated by the United States Centers for Disease Control and the World Health Organization.

The Company’s products and services are generally viewed as essential in most jurisdictions in which the Company operates. Accordingly, the Company’s global manufacturing and distribution operations generally remain open subject to temporary government mandated closures which have occurred in China, Italy, South Africa, India and several countries in South America. These temporary closures have not had a material impact on the ability to supply products to the Company’s customers.

The Company has assessed the end markets it serves to determine changes in demand patterns and customer behaviors. From this assessment, the Company currently believes that the most significant risks to the previously provided financial outlook for 2020 are a reduction of large dewatering equipment sales in the Water Systems segment; Water Systems customers “de-stocking” their inventory, particularly in the U.S. and Canada plumbing channel; and, the deferral or cancellation of the construction of new filling stations in the Fueling Systems segment in the U.S and Canada. Additionally, the strengthening of the U.S. dollar versus most international currencies will result in lower translations of both Net Sales and earnings from many of the Company’s businesses outside the U.S. Beyond these specific end market considerations, the Company may experience other negative impacts to profitability from various government mandated closures and related customer behavior.

Additional adverse financial impacts from these risks include lost operational efficiencies, de-leveraging of the manufacturing fixed costs base due to lower manufactured volumes, and the potential for higher bad debt expense.



The Company has taken action to offset the negative impacts of these risks by implementing various reductions in all discretionary spending.

Commenting on the outlook for 2020 and the effects of the Global Pandemic, Mr. Sengstack said:

“After considering the impacts of the Global Pandemic that we have outlined here, we are  withdrawing our 2020 financial guidance. We will revisit the subject of guidance after
the second quarter.

Despite the unprecedented and rapidly evolving environment we’re in, I remain confident
in our Company’s ability to serve our customers and meet whatever marketplace
demands we face. Our people are our greatest strength and are proving once again
why Franklin Electric is such a great company.”

A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The first quarter 2020 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to:

https://edge.media-server.com/mmc/p/thsfw4zo

If you intend to ask questions during the call, please dial in using 877.643.7158 for domestic calls and 914.495.8565 for international calls. The conference ID is: 5472646.

A replay of the conference call will be available Tuesday, April 28, 2020 at 12:00 noon ET through noon ET on Tuesday, May 5, 2020, by dialing 855.859.2056 for domestic calls and 404.537.3406 for international calls. The replay passcode is: 5472646.

Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and fuel. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
First Quarter Ended
March 31, 2020March 31, 2019
Net sales$266,754  $290,715  
Cost of sales176,437  201,209  
Gross profit90,317  89,506  
Selling, general, and administrative expenses75,623  76,299  
Restructuring expense873  1,086  
Operating income13,821  12,121  
Interest expense(1,234) (2,342) 
Other income/(expense), net(202) 239  
Foreign exchange income/(expense)962  589  
Income before income taxes13,347  10,607  
Income tax expense2,555  1,480  
Net income$10,792  $9,127  
Less: Net (income)/loss attributable to noncontrolling interests(149) (71) 
Net income attributable to Franklin Electric Co., Inc.$10,643  $9,056  
Income per share:
Basic$0.23  $0.19  
Diluted$0.23  $0.19  








FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
March 31, 2020December 31, 2019
ASSETS
Cash and equivalents$39,987  $64,405  
Receivables, net167,590  173,327  
Inventories310,006  300,246  
Other current assets25,472  29,466  
Total current assets543,055  567,444  
Property, plant, and equipment, net188,646  201,328  
Right-of-use asset, net26,583  27,621  
Goodwill and other assets391,249  398,350  
Total assets$1,149,533  $1,194,743  
LIABILITIES AND EQUITY
Accounts payable$88,388  $82,593  
Accrued expenses and other current liabilities51,828  71,454  
Current lease liability9,451  9,838  
Current maturities of long-term debt and short-term borrowings41,720  21,879  
Total current liabilities191,387  185,764  
Long-term debt92,563  93,141  
Long-term lease liability17,134  17,785  
Income taxes payable non-current11,964  11,965  
Deferred income taxes27,117  27,598  
Employee benefit plans37,057  38,288  
Other long-term liabilities19,090  21,769  
Redeemable noncontrolling interest(245) (236) 
Total equity753,466  798,669  
Total liabilities and equity$1,149,533  $1,194,743  



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
(In thousands)
March 31, 2020March 31, 2019
Cash flows from operating activities:
Net income$10,792  $9,127  
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization9,199  9,268  
Non-Cash Lease Expense1,962  2,805  
Share-based compensation4,352  3,230  
Other(938) (96) 
Changes in assets and liabilities:
Receivables(2,574) (6,517) 
Inventory(19,952) (20,986) 
Accounts payable and accrued expenses(4,223) 1,309  
Operating Leases(1,962) (2,804) 
Other(1,312) 1,729  
Net cash flows from operating activities(4,656) (2,935) 
Cash flows from investing activities:
Additions to property, plant, and equipment(5,535) (5,220) 
Proceeds from sale of property, plant, and equipment25  64  
Acquisitions and investments(5,626) (5,405) 
Other investing activities—  3  
Net cash flows from investing activities(11,136) (10,558) 
Cash flows from financing activities:
Change in debt19,670  19,669  
Proceeds from issuance of common stock871  1,251  
Purchases of common stock(16,981) (4,329) 
Dividends paid(7,240) (6,723) 
Net cash flows from financing activities(3,680) 9,868  
Effect of exchange rate changes on cash(4,946) (1,184) 
Net change in cash and equivalents(24,418) (4,809) 
Cash and equivalents at beginning of period64,405  59,173  
Cash and equivalents at end of period$39,987  $54,364  





"Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2019, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.


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Cover
Apr. 28, 2020
Cover [Abstract]  
Document Type 8-K
Document Period End Date Apr. 28, 2020
Entity Registrant Name FRANKLIN ELECTRIC CO., INC.
Entity Incorporation, State or Country Code IN
Entity File Number 0-362
Entity Tax Identification Number 35-0827455
Entity Address, Address Line One 9255 Coverdale Road
Entity Address, City or Town Fort Wayne,
Entity Address, State or Province IN
Entity Address, Postal Zip Code 46809
City Area Code 260
Local Phone Number 824-2900
Entity Information, Former Legal or Registered Name Not Applicable
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.10 par value
Trading Symbol FELE
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0000038725
Amendment Flag false