Eaton Vance Floating-Rate Income Trust Report of Earnings

Oct 18, 2010, 15:05 ET from Eaton Vance Management

BOSTON, Oct. 18 /PRNewswire-FirstCall/ -- Eaton Vance Floating-Rate Income Trust (NYSE: EFT) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three months ended August 31, 2010.  The Trust's fiscal year ends on May 31, 2011.

For the three months ended August 31, 2010, the Trust had net investment income of $9,376,191 ($0.251 per common share).  From this amount, the Trust paid dividends on preferred shares of $320,173 (equal to $0.009 for each common share), resulting in net investment income after the preferred dividends of $9,056,018 or $0.242 per common share.  In comparison, for the three months ended August 31, 2009, the Trust had net investment income of $9,281,808 ($0.248 per common share).  From this amount, the Trust paid dividends on preferred shares of $569,173 (equal to $0.015 for each common share), resulting in net investment income after the preferred dividends of $8,712,635 or $0.233 per common share.    

Net realized and unrealized gains for the three months ended August 31, 2010 were $1,357,466 ($0.036 per common share).  In comparison, net realized and unrealized gains for the three months ended August 31, 2009 were $69,370,279 ($1.856 per common share).

On August 31, 2010, net assets of the Trust applicable to common shares were $557,606,244.  The net asset value per common share on August 31, 2010 was $14.90 based on 37,421,113 common shares outstanding.  In comparison, on August 31, 2009, net assets of the Trust applicable to common shares were $496,639,286.  The net asset value per common share on August 31, 2009 was $13.29 based on 37,378,350 common shares outstanding.

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 $180.7 billion in assets as of September 30, 2010, 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 FLOATING-RATE INCOME TRUST

SUMMARY OF RESULTS OF OPERATIONS

(in thousands, except per share amounts)

Three Months Ended

Three Months Ended

August 31,

August 31,

2010

2009

Gross investment income

$12,076

$11,140

Interest expense

(1,022)

(480)

Operating expenses

(1,678)

(1,378)

Net investment income

$9,376

$9,282

Net realized and unrealized gains (losses)

 on investments

$1,357

$69,370

Preferred dividends paid from net investment income

(320)

(569)

Net increase (decrease) in net assets

 from operations

$10,413

$78,083

Earnings per Common Share Outstanding

Gross investment income

$0.323

$0.298

Interest expense

(0.027)

(0.013)

Operating expenses

(0.045)

(0.037)

Net investment income

$0.251

$0.248

Net realized and unrealized gains (losses)

 on investments

$0.036

$1.856

Preferred dividends paid from net investment income

(0.009)

(0.015)

Net increase (decrease) in net assets

 from operations

$0.278

$2.089

Net investment income

$0.251

$0.248

Preferred dividends paid from net investment income

(0.009)

(0.015)

Net investment income after preferred dividends

$0.242

$0.233

Net Asset Value at August 31 (Common Share)

Net assets (000)

$557,606

$496,639

Shares outstanding (000)

37,421

37,378

Net asset value per share outstanding

$14.90

$13.29

Market Value Summary (Common Share)

Market price on NYSE at August 31

$15.31

$11.79

High market price (three months ended August 31)

$15.63

$12.18

Low market price (three months ended August 31)

$14.31

$10.24

SOURCE Eaton Vance Management



RELATED LINKS

http://www.eatonvance.com