Business Briefs - Feb. 10

February 10, 2013

Franklin Financial Services Corp.

CHAMBERSBURG, Pa. — The board of directors of Franklin Financial Services Corp. declared a $0.17 per share regular quarterly dividend for the first quarter of 2013.

The first-quarter 2013 cash dividend remains the same as the previous four regular quarterly cash dividends paid. The regular quarterly cash dividend will be paid Feb. 27 to shareholders of record at the close of business on Feb. 8.

Franklin Financial is the largest independent, locally owned and operated bank holding company headquartered in Franklin County, Pa., with assets of more than $1 billion. Its wholly owned subsidiary, F&M Trust, has community banking offices in Boiling Springs, Camp Hill, Carlisle, Chambersburg, Greencastle, Hustontown, McConnellsburg, Mechanicsburg, Mont Alto, Marion, Newville, Orbisonia, Shippensburg, St. Thomas and Waynesboro, Pa.


In addition, Franklin Financial Services Corp., the bank holding company of F&M Trust, reported earnings of $5.365 million for 2012 compared to 2011 earnings of $6.569 million, a decrease of 18.3 percent.

Net income for the quarter ended Dec. 31, 2012, was $344,000, compared to 2011 fourth-quarter earnings of $1.903 million. On a per-share basis, diluted earnings were $0.08 and $1.32 for the quarter and 12 months ended Dec. 31, compared to $0.47 and $1.66 for the same periods in 2011.

Total assets were $1.027 billion at Dec. 31, a 3.7 percent increase from assets at Dec. 31, 2011. Average deposits and repurchase agreements grew by 7.4 percent to $900.2 million, and average net loans slipped 0.5 percent to $751.5 million. At the year’s end, total deposits and repurchase agreements grew by 9 percent to $916.6 million, while net loans were down 1.8 percent to $743.2 million.

In addition, the market value of trust assets under management increased by 8.1 percent to $520.4 million at Dec. 31, 2012.

Franklin Financial stock is quoted on the OTCQB market tier of the OTC markets under the symbol FRAF.

Dovell & Williams Inc.

GLEN BURNIE, Md. — Dovell & Williams Inc. is expanding its operations in Frederick, Md.

It is opening an Isuzu truck sales, parts and service business at the site previously operated by Grimes Truck Center at 8016 Reichs Ford Road, where it will provide commercial truck sales, maintenance and repair services.

Dovell & Williams has been in business in Glen Burnie for 75 years and has been an Isuzu dealer for 27 years.

For customers who maintained accounts with Grimes Truck Center, payment for purchases through Jan. 4 should be made to Grimes Truck Center and mailed to P.O. Box 279, Frederick, MD 21705 or 8016 Reichs Ford Road, Frederick, MD 21704.

Payment for purchases made after Jan. 4 should be made payable to Dovell & Williams Inc. and mailed to 8016 Reichs Ford Road, Frederick, MD 21704.

The Manitowoc Co. Inc.

MANITOWOC, Wis. — The Manitowoc Co. Inc. sold its Jackson ware-washing business to Hoshizaki USA Holdings Inc., effective Jan. 28.

Specific terms of the asset sale were not disclosed. Jackson is a producer of ware-washing equipment systems primarily for institutions and commercial kitchen applications.

Manitowoc will use the net proceeds of the transaction of approximately $26 million to further reduce its secured long-term debt.

MANITOWOC, Wis. — The Manitowoc Co. Inc. on Jan. 31 reported sales of $1.1 billion for the fourth quarter of 2012, an increase of 10 percent compared to sales of $1 billion in the fourth quarter of 2011.

The sales increase was driven by an 11.6 percent increase in crane segment sales, coupled with a 6.7 percent increase in food-service segment sales.

On a Generally Accepted Accounting Principles, or GAAP, basis, the company reported net earnings of $34.5 million, or $0.26 per diluted share, in the fourth quarter versus earnings of $14.9 million, or $0.11 per diluted share, in the fourth quarter of 2011. Both periods included special items.

Excluding special items, the adjusted earnings from continuing operations were $35.4 million, or $0.27 per diluted share, in the fourth quarter of 2012, versus adjusted earnings of $18.9 million, or $0.14 per diluted share, in the fourth quarter of 2011.

For the full year 2012, sales were $3.9 billion, an 8.5 percent increase from $3.6 billion in 2011. GAAP net income in 2012 was $101.7 million, or $0.76 per share, versus a GAAP net loss of $11.2 million, or $0.08 per share, in the prior year. 

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