Eaton Vance Pennsylvania Municipal Income Trust Report Of Earnings

BOSTON, Nov. 26, 2013 /PRNewswire/ -- Eaton Vance Pennsylvania Municipal Income Trust (NYSE MKT: EVP) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three and nine-month periods ended August 31, 2013.  The Trust's fiscal year ends on November 30, 2013.

For the three months ended August 31, 2013, the Trust had net investment income of $508,055 ($0.186 per common share).  From this amount, the Trust paid dividends on preferred shares of $6,167 (equal to $0.003 for each common share), resulting in net investment income after the preferred dividends of $501,888, or $0.183 per common share. The Trust's net investment income for the nine months ended August 31, 2013 was $1,521,509 ($0.559 per common share, before deduction of the preferred share dividends totaling $0.011 per common share), resulting in net investment income after the preferred dividends of $0.548 per common share. In comparison, for the three months ended August 31, 2012, the Trust had net investment income of $537,502 ($0.198 per common share).  From this amount, the Trust paid dividends on preferred shares of $13,749 (equal to $0.005 for each common share), resulting in net investment income after the preferred dividends of $523,753, or $0.193 per common share. The Trust's net investment income for the nine months ended August 31, 2012 was $1,627,307 ($0.599 per common share, before deduction of the preferred share dividends totaling $0.015 per common share), resulting in net investment income after the preferred dividends of $0.584 per common share. 

Net realized and unrealized losses for the three months ended August 31, 2013 were $4,566,958 ($1.672 per common share). The Trust's net realized and unrealized losses for the nine months ended August 31, 2013 were $6,577,317 ($2.418 per common share). In comparison, net realized and unrealized gains for the three months ended August 31, 2012 were $609,809 ($0.217 per common share). The Trust's net realized and unrealized gains for the nine months ended August 31, 2012 were $3,072,598 ($1.130 per common share).

On August 31, 2013, net assets of the Trust applicable to common shares were $33,497,188. The net asset value per common share on August 31, 2013 was $12.31 based on 2,720,414 common shares outstanding. In comparison, on August 31, 2012, net assets of the Trust applicable to common shares were $38,997,220. The net asset value per common share on August 31, 2012 was $14.34 based on 2,719,037 common shares outstanding.

The Trust periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds").  Trust portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following month-end.

The Trust is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $280.7 billion in assets as of October 31, 2013, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors.  For more information about Eaton Vance, visit www.eatonvance.com.

 

EATON VANCE PENNSYLVANIA MUNICIPAL INCOME TRUST


SUMMARY OF RESULTS OF OPERATIONS


(in thousands, except per share amounts)














Three Months Ended


Nine Months Ended




August 31,


August 31,




2013


2012


2013


2012


Net investment income

$       508


$       538


$    1,522


$    1,627


Net realized and unrealized gains (losses)









  on investments

(4,567)


610


(6,577)


3,073


Preferred dividends paid from net investment income

(6)


(14)


(29)


(40)



Net increase (decrease) in net assets










  from operations

$  (4,065)


$    1,134


$  (5,084)


$    4,660












Earnings per Common Share Outstanding









Net investment income

$    0.186


$    0.198


$    0.559


$    0.599


Net realized and unrealized gains (losses)









  on investments

(1.672)


0.217


(2.418)


1.130


Preferred dividends paid from net investment income

(0.003)


(0.005)


(0.011)


(0.015)



Net increase (decrease) in net assets










  from operations

$  (1.489)


$    0.410


$  (1.870)


$    1.714












Net investment income

$    0.186


$    0.198


$    0.559


$    0.599


Preferred dividends paid from net investment income

(0.003)


(0.005)


(0.011)


(0.015)


Net investment income after preferred dividends

$    0.183


$    0.193


$    0.548


$    0.584












Net Asset Value at August 31 (Common Shares)










Net assets 





$33,497


$38,997



Shares outstanding 





2,720


2,719



Net asset value per share outstanding





$12.31


$14.34












Market Value Summary (Common Shares)










Market price on NYSE MKT at August 31





$11.01


$14.40



High market price (period ended August 31)





$15.53


$14.74



Low market price (period ended August 31)





$10.90


$13.35












 

SOURCE Eaton Vance Management



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