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BLUFFTON, Ind., Feb. 22, 2013 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (Nasdaq:FELE) announced today that its Board of Directors approved a two-for-one stock split. The stock split will be effected in the form of a 100 percent stock distribution so that shareholders will receive one additional share of common stock for each outstanding share of common stock held of record on March 4, 2013. The additional shares will be distributed on or about March 18, 2013. On February 22, 2013, the Company had 23,632,574 shares of common stock outstanding.
R. Scott Trumbull, Chairman and Chief Executive Officer, stated, "We are taking this action in response to our record earnings and stock price performance. We want to make our stock accessible to a broader range of investors and improve its marketability. As we look forward, we believe the long-term growth opportunities for our company are robust and will continue."
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and automotive fuels. Recognized as a technical leader in its specialties, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.
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http://www.globenewswire.com/newsroom/prs/?pkgid=5939"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 regional or general economic and currency conditions, various conditions specific to the Company's business and industry, new housing starts, weather conditions, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs and availability, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company's accounting policies, 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, 2011, 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, except as required by law, the Company assumes no obligation to update any forward-looking statements.