SALT LAKE CITY, July 29 /PRNewswire/ -- Franklin Covey (NYSE: FC)
announced today that its annual shareholders meeting for fiscal 1997 will be
held on January 9, 1998, in Salt Lake City, Utah.  In recent years, the annual
shareholders' meeting has been held in November for the fiscal year ending
August 31.  The Board of Directors believes the scheduled date of January 9,
1998, aligns the Company more closely with other NYSE companies and allows a
more appropriate period for preparation, review and filing of relevant SEC
documents.
    The Company also commented on expected results for the fiscal 1997 year.
"It appears now with 10 months in the books and the eleventh nearly complete,
that we will be in the $1.90 to $1.95 earnings per share range, excluding our
one-time write-off related to the merger," said Jon H. Rowberry, President of
Franklin Covey.  "We estimate that the one-time merger costs will be
approximately $5 million.  These projected results mean an increase of
earnings per share of approximately 15% compared to fiscal 1996."
    In addition, the Company announced the repurchase of 750,000 shares from
Hyrum Smith, Chairman of the Board and Chief Executive Officer.  Mr. Smith's
sale of shares satisfies a charitable commitment made several years ago.  The
Company has agreed to repurchase the shares at a price equal to the lower of
$24 per share or the average closing price during the 20 day period commencing
August 1, 1997.  Mr. Smith will still own approximate 950,000 shares or 3.8%
of the Company's common stock.  This will leave 795,000 shares available under
the Company's current share repurchase program.  Mr. Rowberry said, "The
Company is very interested in accumulating shares at these price levels.  This
transaction not only enables Mr. Smith to meet his personal obligations, but
also benefits current shareholders with a reduced share count."
    Commenting on the circumstances surrounding the sale of shares, Mr. Smith
stated, "I have a profound respect for the arts and have been committed to
providing an opportunity for more of our youth to excel in the arts.  This
donation, which I committed to several years ago, is the realization of a
dream to help those who have great talents, but lack the financial means to
develop them."
    This Statement contains some forward-looking statements within the meaning
of that term in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are inherently subject to risks and uncertainties,
some of which cannot be predicted or quantified based on current expectations.
Future events and actual results could differ materially from those set forth
due to factors that could contribute to or cause such differences.  These
include, but are not limited to, unanticipated developments in any one or more
of the following:  the integration of acquired or merged businesses,
management of growth, dependence on products or services, the rate and
consumer acceptance of new product introductions, competition, the number and
nature of customers and their product orders, pricing and other factors which
may be detailed from time to time.  Readers are cautioned not to place undue
reliance on any forward-looking statements contained herein, which speak only
as of the date hereof.  The Company undertakes no obligation to publicly
release the results of any revisions to these forward looking statements or to
reflect the occurrence of unexpected events.
    Franklin Covey is the world's leading productivity and time management
training company with more than 15 million students and individuals using
agendas, organizers and planners and training products and materials printed
in 28 languages throughout the world.  Franklin Covey has more than 12 million
books in print with more than 1.5 million being sold each year.  Business Week
magazine listed Franklin Covey's "The 7 Habits of Highly Effective People" as
the #1 best selling trade business book for the year 1996.  Franklin Covey has
more than 7,000 licensed client facilitators teaching its curriculum within
their organizations and trains in excess of 750,000 participants annually in
training seminars teaching principles to help them become more effective.

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