Eaton Vance Floating-Rate Income Trust Report Of Earnings
BOSTON, July 24, 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 fiscal year ended May 31, 2013.
For the three months ended May 31, 2013, the Fund had net investment income of $9,431,751 ($0.242 per common share). For the year ended May 31, 2013, the Fund had net investment income of $40,138,873 ($1.058 per common share). From this amount, the Fund paid dividends on auction preferred shares of $915,192 (equal to $0.024 for each common share), resulting in net investment income after the preferred dividends of $39,223,681 or $1.034 per common share. In comparison, for the three months ended May 31, 2012, the Fund had net investment income of $9,961,955 ($0.265 per common share). From this amount, the Fund paid dividends on auction preferred shares of $300,521 (equal to $0.008 for each common share), resulting in net investment income after the preferred dividends of $9,661,434 or $0.257 per common share. For the year ended May 31, 2012, the Fund had net investment income of $38,772,685 ($1.034 per common share). From this amount, the Fund paid dividends on auction preferred shares of $1,186,482 (equal to $0.032 for each common share), resulting in net investment income after the preferred dividends of $37,586,203 or $1.002 per common share.
Net realized and unrealized gains for the three months ended May 31, 2013 were $2,776,424 ($0.076 per common share). The Fund's net realized and unrealized gains for the year ended May 31, 2013 were $26,502,034 ($0.707 per common share). In comparison, net realized and unrealized losses for the three months ended May 31, 2012 were $2,933,936 ($0.084 per common share). The Fund's net realized and unrealized losses for the year ended May 31, 2012 were $13,578,032 ($0.368 per common share).
On May 31, 2013, net assets of the Fund applicable to common shares were $646,842,386. The net asset value per common share on May 31, 2013 was $16.30 based on 39,673,357 common shares outstanding. In comparison, on May 31, 2012, net assets of the Fund applicable to common shares were $582,010,790. The net asset value per common share on May 31, 2012 was $15.51 based on 37,512,921 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 $260.6 billion in assets as of June 30, 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) |
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| Three Months Ended |
Year Ended |
||||||||
| May 31, |
May 31, |
||||||||
| 2013 |
2012 |
2013 |
2012 |
||||||
| Gross investment income |
$12,841 |
$12,748 |
$52,544 |
$49,479 |
|||||
| Operating expenses |
(2,225) |
(1,921) |
(8,372) |
(7,351) |
|||||
| Interest expense |
(1,184) |
* |
(865) |
(4,033) |
* |
(3,355) |
|||
| Net investment income |
$9,432 |
$9,962 |
$40,139 |
$38,773 |
|||||
| Net realized and unrealized gains (losses) |
|||||||||
| on investments |
$2,776 |
($2,934) |
$26,502 |
($13,578) |
|||||
| Dividends on auction preferred shares paid from |
|||||||||
| net investment income |
- |
(301) |
(915) |
(1,186) |
|||||
| Discount on redemption and repurchase of auction |
1,379 |
- |
1,379 |
- |
|||||
| preferred shares (1) |
|||||||||
| Net increase (decrease) in net assets |
|||||||||
| from operations |
$13,587 |
$6,727 |
$67,105 |
$24,009 |
|||||
| Earnings per Common Share Outstanding |
|||||||||
| Gross investment income |
$0.329 |
$0.340 |
$1.385 |
$1.320 |
|||||
| Operating expenses |
(0.057) |
(0.051) |
(0.221) |
(0.196) |
|||||
| Interest expense |
(0.030) |
(0.024) |
(0.106) |
(0.090) |
|||||
| Net investment income |
$0.242 |
$0.265 |
$1.058 |
$1.034 |
|||||
| Net realized and unrealized gains (losses) |
|||||||||
| on investments |
$0.076 |
($0.084) |
$0.707 |
($0.368) |
|||||
| Dividends on auction preferred shares paid from |
|||||||||
| net investment income |
0.000 |
(0.008) |
(0.024) |
(0.032) |
|||||
| Discount on redemption and repurchase of auction |
0.036 |
0.000 |
0.036 |
0.000 |
|||||
| preferred shares (1) |
|||||||||
| Net increase (decrease) in net assets |
|||||||||
| from operations |
$0.354 |
$0.173 |
$1.777 |
$0.634 |
|||||
| Net investment income |
$0.242 |
$0.265 |
$1.058 |
$1.034 |
|||||
| Dividends on auction preferred shares paid from |
|||||||||
| net investment income |
0.000 |
(0.008) |
(0.024) |
(0.032) |
|||||
| Net investment income after preferred dividends |
$0.242 |
$0.257 |
$1.034 |
$1.002 |
|||||
| Net Asset Value at May 31 (Common Share) |
|||||||||
| Net assets (000) |
$646,842 |
$582,011 |
|||||||
| Shares outstanding (000) |
39,673 |
37,513 |
|||||||
| Net asset value per share outstanding |
$16.30 |
$15.51 |
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| Market Value Summary (Common Share) |
|||||||||
| Market price on NYSE at May 31 |
$16.68 |
$15.79 |
|||||||
| High market price (year ended May 31) |
$16.46 |
$16.69 |
|||||||
| Low market price (year ended May 31) |
$15.43 |
$13.47 |
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| (1) On or shortly prior to January 4, 2013, the Trust redeemed and repurchased all of its outstanding auction preferred shares. |
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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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