Bluffton, Indiana – May 4, 2011 - Franklin Electric Co., Inc. (NASDAQ:FELE) reported first quarter 2011 diluted earnings per share (EPS) of $0.45, a record for any first quarter in the Company’s history, and an increase of 45 percent compared to 2010 first quarter diluted EPS of $0.31. In the first quarter of 2011, the Company’s adjusted EPS were $0.46, a 35 percent increase over the adjusted EPS during the first quarter 2010 (see table below for a reconciliation of GAAP EPS to the adjusted EPS). First quarter 2011 sales were $185.3 million, a record for any first quarter and an increase of 16 percent compared to 2010 first quarter sales of $160.0 million.

Scott Trumbull, Franklin Chairman and Chief Executive, commented:

“We were pleased with our record performance in the first quarter. We were able to increase gross profit margins by 110 basis points in spite of rapidly increasing commodity costs due to excellent productivity performance in our manufacturing facilities and sales growth of 16 percent.

Over the course of the first quarter we implemented price increases averaging 3 to 5 percent on product lines that account for about 75 percent of our global sales volume. The implementation of these increases has gone well and we expect them to be fully effective during the second quarter. We are monitoring our raw material costs closely and may implement price increases on the balance of our product lines over the course of the year.” 


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"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. Any forward looking statements contained herein involve risks and uncertainties, including but not limited to, general economic and currency conditions, various conditions specific to the Company's business and industry, market demand, competitive factors, supply constraints, technology factors, government and regulatory actions, the Company's accounting policies, future trends, and other risks which are detailed in the Company's Securities and Exchange Commission filings. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. We do not assume any obligation to update any forward-looking information. While we may elect to update the forward-looking statements at some point in the future, we specifically disclaim any obligation to do so.

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