Eaton Vance Floating-Rate Income Trust Report Of Earnings
BOSTON, April 29, 2013 /PRNewswire/ -- Eaton Vance Floating-Rate Income Trust (NYSE: EFT) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three months and the nine months ended February 28, 2013. The Fund's fiscal year ends on May 31, 2013.
For the three months ended February 28, 2013, the Fund had net investment income of $9,852,634 ($0.261 per common share). From this amount, the Fund paid dividends on preferred shares of $370,658 (equal to $0.009 for each common share), resulting in net investment income after the preferred dividends of $9,481,975 or $0.259 per common share. For the nine months ended February 28, 2013, the Fund had net investment income of $30,980,650 ($0.824 per common share). From this amount, the Fund paid dividends on preferred shares of $1,188,719 (equal to $0.031 for each common share), resulting in net investment income after the preferred dividends of $29,791,930 or $0.793 per common share. In comparison, for the three months ended February 29, 2012, the Fund had net investment income of $10,334,946 ($0.276 per common share). From this amount, the Fund paid dividends on preferred shares of $299,316 (equal to $0.008 for each common share), resulting in net investment income after the preferred dividends of $10,035,630 or $0.268 per common share. For the nine months ended February 29, 2012, the Fund had net investment income of $28,810,730 ($0.769 per common share). From this amount, the Fund paid dividends on preferred shares of $885,961 (equal to $0.024 for each common share), resulting in net investment income after the preferred dividends of $27,924,769 or $0.745 per common share.
Net realized and unrealized gains for the three months ended February 28, 2013 were $7,565,039 ($0.196 per common share). The Fund's net realized and unrealized losses for the nine months ended February 28, 2013 were $23,725,610 ($0.631 per common share). In comparison, net realized and unrealized gains for the three months ended February 29, 2012 were $19,180,619 ($0.510 per common share). The Fund's net realized and unrealized losses for the nine months ended February 29, 2012 were $10,644,096 ($0.284 per common share).
On February 28, 2013, net assets of the Fund applicable to common shares were $617,468,849. The net asset value per common share on February 28, 2013 was $16.17 based on 38,197,165 common shares outstanding. In comparison, on February 29, 2012, net assets of the Fund applicable to common shares were $584,440,081. The net asset value per common share on February 29, 2012 was $15.59 based on 37,486,982 common shares outstanding.
The Fund 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"). Fund portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following month-end.
The Fund 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 $255.1 billion in assets as of March 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 FLOATING-RATE INCOME TRUST |
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| SUMMARY OF RESULTS OF OPERATIONS |
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| (in thousands, except per share amounts) |
||||||||||||
| Three Months Ended |
Nine Months Ended |
|||||||||||
| February 28, |
February 29, |
February 28, |
February 29, |
|||||||||
| 2013 |
2012 |
2013 |
2012 |
|||||||||
| Gross investment income |
$12,783 |
$12,984 |
$39,703 |
$36,731 |
||||||||
| Operating expenses |
(2,088) |
(1,826) |
(6,147) |
(5,430) |
||||||||
| Interest expense |
(842) |
(823) |
(2,575) |
(2,490) |
||||||||
| Net investment income |
$9,853 |
$10,335 |
$30,981 |
$28,811 |
||||||||
| Net realized and unrealized gains (losses) |
||||||||||||
| on investments |
$7,565 |
$19,181 |
$23,726 |
($10,644) |
||||||||
| Preferred dividends paid from net investment income (1) |
(371) |
(299) |
(1,189) |
(886) |
||||||||
| Net increase (decrease) in net assets |
||||||||||||
| from operations |
$17,047 |
$29,217 |
$53,518 |
$17,281 |
||||||||
| Earnings per Common Share Outstanding |
||||||||||||
| Gross investment income |
$0.340 |
$0.347 |
$1.057 |
$0.980 |
||||||||
| Operating expenses |
(0.056) |
(0.049) |
(0.164) |
(0.145) |
||||||||
| Interest expense |
(0.023) |
(0.022) |
(0.069) |
(0.066) |
||||||||
| Net investment income |
$0.261 |
$0.276 |
$0.824 |
$0.769 |
||||||||
| Net realized and unrealized gains (losses) |
||||||||||||
| on investments |
$0.196 |
$0.510 |
$0.631 |
($0.284) |
||||||||
| Preferred dividends paid from net investment income (1) |
(0.009) |
(0.008) |
(0.031) |
(0.024) |
||||||||
| Net increase (decrease) in net assets |
||||||||||||
| from operations |
$0.448 |
$0.778 |
$1.424 |
$0.461 |
||||||||
| Net investment income |
$0.261 |
$0.276 |
$0.824 |
$0.769 |
||||||||
| Preferred dividends paid from net investment income (1) |
(0.009) |
(0.008) |
(0.031) |
(0.024) |
||||||||
| Net investment income after preferred dividends |
$0.252 |
$0.268 |
$0.793 |
$0.745 |
||||||||
| Net Asset Value at February 28/29 (Common Shares) |
||||||||||||
| Net assets (000) |
$617,469 |
$584,440 |
||||||||||
| Shares outstanding (000) |
38,197 |
37,487 |
||||||||||
| Net asset value per share outstanding |
$16.17 |
$15.59 |
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| Market Value Summary (Common Shares ) |
||||||||||||
| Market price on NYSE at February 28/29 |
$17.16 |
$15.22 |
||||||||||
| High market price (nine months ended February 28/29) |
$17.81 |
$16.57 |
||||||||||
| Low market price (nine months ended February 28/29) |
$14.87 |
$13.47 |
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| (1) On December 18, 2012, the Fund issued 800 Series C-1 Variable Rate Term Preferred Shares (VRTP Shares), with a par value of $80 million. The Fund used the net proceeds of the offering to redeem and repurchase all of its outstanding APS which it completed on or prior to January 4, 2013. The VRTP Shares are a form of preferred shares with a mandatory redemption date of December 18, 2015, unless extended. The VRTP Shares were issued to a commercial paper conduit sponsored by a large financial institution (the Conduit). Dividends on the VRTP Shares are determined each day based on a spread to the Conduit's current cost of funding. The Fund's leverage amount did not change materially as a result of the VRTP Share issuance and the APS redemption. |
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SOURCE Eaton Vance Management
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