Eaton Vance Floating-Rate Income Trust Report of Earnings
BOSTON, April 17, 2014 /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, 2014. The Fund's fiscal year ends on May 31, 2014.
For the three months ended February 28, 2014, the Fund had net investment income of $8,820,818 ($0.222 per common share). The net investment income includes a deduction of $327,666 ($0.008 per common share) representing interest expense paid on Variable Rate Term Preferred Shares (VRTP Shares). For the nine months ended February 28, 2014, the Fund had net investment income of $26,913,852 ($0.676 per common share). The net investment income includes a deduction of $1,004,244 ($0.025 per common share) representing interest expense paid on VRTP Shares. In comparison, 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 Auction Preferred Shares (APS) of $370,658 (equal to $0.009 for each common share), resulting in net investment income after the preferred dividends of $9,481,976 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 APS of $1,188,719 (equal to $0.031 for each common share), resulting in net investment income after the preferred dividends of $29,791,931 or $0.793 per common share. The Fund redeemed and repurchased its APS on or prior to January 4, 2013.
Net realized and unrealized gains for the three months ended February 28, 2014 were $1,070,166 ($0.021 per common share). The Fund's net realized and unrealized losses for the nine months ended February 28, 2014 were $1,797,006 ($0.045 per common share). In comparison, 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).
On February 28, 2014, net assets of the Fund applicable to common shares were $645,299,778. The net asset value per common share on February 28, 2014 was $16.19 based on 39,863,690 common shares outstanding. In comparison, 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.
The Fund periodically makes performance data and certain 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 $285.4 billion in assets as of March 31, 2014 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) |
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| Three Months Ended |
Nine Months Ended |
||||||||||||
| February 28, |
February 28, |
||||||||||||
| 2014 |
2013 |
2014 |
2013 |
||||||||||
| Gross investment income |
$12,197 |
$12,783 |
$37,209 |
$39,703 |
|||||||||
| Operating expenses |
(2,161) |
(2,088) |
(6,564) |
(6,147) |
|||||||||
| Interest expense on VRTP Shares* |
(328) |
- |
(1,004) |
- |
|||||||||
| Other interest expense |
(887) |
(842) |
(2,727) |
(2,575) |
|||||||||
| Net investment income |
$8,821 |
$9,853 |
$26,914 |
$30,981 |
|||||||||
| Net realized and unrealized gains (losses) |
|||||||||||||
| on investments |
$1,070 |
$7,565 |
($1,797) |
$23,726 |
|||||||||
| Dividends on APS paid from net investment |
|||||||||||||
| income |
- |
(371) |
- |
(1,189) |
|||||||||
| Net increase (decrease) in net assets |
|||||||||||||
| from operations |
$9,891 |
$17,047 |
$25,117 |
$53,518 |
|||||||||
| Earnings per Common Share Outstanding |
|||||||||||||
| Gross investment income |
$0.306 |
$0.340 |
$0.934 |
$1.057 |
|||||||||
| Operating expenses |
(0.054) |
(0.056) |
(0.165) |
(0.164) |
|||||||||
| Interest expense on VRTP Shares* |
(0.008) |
- |
(0.025) |
- |
|||||||||
| Other interest expense |
(0.022) |
(0.023) |
(0.068) |
(0.069) |
|||||||||
| Net investment income |
$0.222 |
$0.261 |
$0.676 |
$0.824 |
|||||||||
| Net realized and unrealized gains (losses) |
|||||||||||||
| on investments |
$0.021 |
$0.196 |
($0.045) |
$0.631 |
|||||||||
| Dividends on APS paid from net investment |
|||||||||||||
| income |
- |
(0.009) |
- |
(0.031) |
|||||||||
| Net increase (decrease) in net assets |
|||||||||||||
| from operations |
$0.243 |
$0.448 |
$0.631 |
$1.424 |
|||||||||
| Net investment income |
$0.222 |
$0.261 |
$0.676 |
$0.824 |
|||||||||
| Dividends on APS paid from net investment |
|||||||||||||
| income |
- |
(0.009) |
- |
(0.031) |
|||||||||
| Net investment income after preferred dividends |
$0.222 |
$0.252 |
$0.676 |
$0.793 |
|||||||||
| Net Asset Value at February 28 (Common Share) |
|||||||||||||
| Net assets (000) |
$645,300 |
$617,469 |
|||||||||||
| Shares outstanding (000) |
39,864 |
38,197 |
|||||||||||
| Net asset value per share outstanding |
$16.19 |
$16.17 |
|||||||||||
| Market Value Summary (Common Share) |
|||||||||||||
| Market price on NYSE at February 28 |
$15.37 |
$17.16 |
|||||||||||
| High market price (nine months ended February 28) |
$16.78 |
$17.81 |
|||||||||||
| Low market price (nine months ended February 28) |
$15.17 |
$14.87 |
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| * 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 auction preferred shares 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 and are included in interest expense. The Fund's leverage amount did not change materially as a result of the VRTP Share issuance and the redemption of the auction preferred shares. |
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SOURCE Eaton Vance Management
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