Eaton Vance New York Municipal Income Trust Report of Earnings

Jan 29, 2010, 13:32 ET from Eaton Vance Management

BOSTON, Jan. 29 /PRNewswire-FirstCall/ -- Eaton Vance New York Municipal Income Trust (NYSE Amex: EVY) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three months and year ended November 30, 2009. The Trust's fiscal year ended on November 30, 2009.

For the three months ended November 30, 2009, the Trust had net investment income of $1,269,002 ($0.235 per common share).  From this amount, the Trust paid dividends on preferred shares of $36,993 (equal to $0.007 for each common share), resulting in net investment income after the preferred dividends of $1,232,009, or $0.228 per common share. The Trust's net investment income for the year ended November 30, 2009 was $5,174,285 ($0.960 per common share, before deduction of the preferred share dividends totaling $0.042 per common share), resulting in net investment income after the preferred dividends of $0.918 per common share. In comparison, for the three months ended November 30, 2008, the Trust had net investment income of $1,203,304 ($0.224 per common share).  From this amount, the Trust paid dividends on preferred shares of $380,369 (equal to $0.071 for each common share), resulting in net investment income after the preferred dividends of $822,935, or $0.153 per common share. The Trust's net investment income for the year ended November 30, 2008 was $5,305,250 ($0.987 per common share, before deduction of the preferred share dividends totaling $0.269 per common share), resulting in net investment income after the preferred dividends of $0.718 per common share.  

Net realized and unrealized gains for the three months ended November 30, 2009 were $1,960,092 ($0.371 per common share). The Trust's net realized and unrealized gains for the year ended November 30, 2009 were $18,776,230 ($3.493 per common share). In comparison, net realized and unrealized losses for the three months ended November 30, 2008 were $23,857,599 ($4.439 per common share). The Trust's net realized and unrealized losses for the year ended November 30, 2008 were $31,642,108 ($5.887 per common share).

On November 30, 2009, net assets of the Trust applicable to common shares were $69,856,699. The net asset value per common share on November 30, 2009 was $12.92 based on 5,408,323 common shares outstanding. In comparison, on November 30, 2008, net assets of the Trust applicable to common shares were $50,325,028.  The net asset value per common share on November 30, 2008 was $9.35 based on 5,380,419 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 $163.1 billion in assets as of December 31, 2009 offering individuals and institutions a broad array of investment products 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 NEW YORK MUNICIPAL INCOME TRUST               
                         SUMMARY OF RESULTS OF OPERATIONS                    
                     (in thousands, except per share amounts)                
                                                                             
                                                                 
                                        Three Months Ended   Year Ended    
                                           November 30,      November 30,    
                                           -------------     -------------   
                                           2009      2008     2009      2008 
                                           ----      ----     ----      ---- 
    Net investment income                $1,269    $1,203   $5,174    $5,305 
    Net realized and unrealized gains
     (losses) on investments              1,960   (23,858)  18,776   (31,642)
    Preferred dividends paid from net                                        
     investment income (1)                  (37)     (380)    (226)   (1,444)
                                            ---      ----     ----    ------ 
      Net increase (decrease) in net                                         
       assets from operations            $3,192  $(23,035) $23,724  $(27,781)
                                         ======  ========  =======  ======== 
                                                                             
    Earnings per Common Share Outstanding                                    
    -------------------------------------                                    
    Net investment income                $0.235    $0.224   $0.960    $0.987 
    Net realized and unrealized gains
     (losses) on investments              0.371    (4.439)   3.493    (5.887)
    Preferred dividends paid from net                                        
     investment income (1)               (0.007)   (0.071)  (0.042)   (0.269)
                                         ------    ------   ------    ------ 
      Net increase (decrease) in net                                         
       assets from operations            $0.599   $(4.286)  $4.411   $(5.169)
                                         ======   =======   ======   ======= 
                                                                             
    Net investment income                $0.235    $0.224   $0.960    $0.987 
    Preferred dividends paid from net                                        
     investment income (1)               (0.007)   (0.071)  (0.042)   (0.269)
                                         ------    ------   ------    ------ 
    Net investment income after                                              
     preferred dividends                 $0.228    $0.153   $0.918    $0.718 
                                         ======    ======   ======    ====== 
                                                                             
    Net Asset Value at November 30                                           
     (Common Shares)                                                         
    ------------------------------                                           
      Net assets                                           $69,857   $50,325 
      Shares outstanding                                     5,408     5,380 
      Net asset value per share                                              
       outstanding                                          $12.92     $9.35 
                                                                             
    Market Value Summary (Common Shares)                                     
    ------------------------------------                                     
      Market price on NYSE Amex at November 30              $13.20     $7.90 
      High market price (period ended November 30)          $14.43    $15.00 
      Low market price (period ended November 30)            $6.30     $7.90 
    
                                                                             
    (1) During the year ended November 30, 2008, the Trust made a partial
        redemption of its preferred shares. 

SOURCE Eaton Vance Management



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