Click here to close now.

Welcome!

News Feed Item

Eaton Vance Michigan Municipal Income Trust Report Of Earnings

BOSTON, Feb. 14, 2014 /PRNewswire/ -- Eaton Vance Michigan Municipal Income Trust (NYSE MKT: EMI) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three months and year ended November 30, 2013. The Trust's fiscal year ended on November 30, 2013.

For the three months ended November 30, 2013, the Trust had net investment income of $383,643 ($0.181 per common share).  From this amount, the Trust paid dividends on preferred shares of $5,272 (equal to $0.002 for each common share), resulting in net investment income after the preferred dividends of $378,371, or $0.179 per common share. The Trust's net investment income for the year ended November 30, 2013 was $1,541,662 ($0.728 per common share, before deduction of the preferred share dividends totaling $0.014 per common share), resulting in net investment income after the preferred dividends of $0.714 per common share. In comparison, for the three months ended November 30, 2012, the Trust had net investment income of $391,732 ($0.185 per common share).  From this amount, the Trust paid dividends on preferred shares of $12,389 (equal to $0.006 for each common share), resulting in net investment income after the preferred dividends of $379,343, or $0.179 per common share. The Trust's net investment income for the year ended November 30, 2012 was $1,609,283 ($0.760 per common share, before deduction of the preferred share dividends totaling $0.021 per common share), resulting in net investment income after the preferred dividends of $0.739 per common share. 

Net realized and unrealized gains for the three months ended November 30, 2013 were $1,510,626 ($0.707 per common share). The Trust's net realized and unrealized losses for the year ended November 30, 2013 were $4,990,387 ($2.365 per common share). In comparison, net realized and unrealized gains for the three months ended November 30, 2012 were $1,195,198 ($0.573 per common share). The Trust's net realized and unrealized gains for the year ended November 30, 2012 were $4,096,358 ($1.944 per common share).

On November 30, 2013, net assets of the Trust applicable to common shares were $27,327,615. The net asset value per common share on November 30, 2013 was $12.91 based on 2,116,294 common shares outstanding. In comparison, on November 30, 2012, net assets of the Trust applicable to common shares were $32,391,135. The net asset value per common share on November 30, 2012 was $15.31 based on 2,116,294 common shares outstanding.

The Trust 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").  Trust portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following month-end.

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 $283.3 billion in assets as of December 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 MICHIGAN MUNICIPAL INCOME TRUST 

SUMMARY OF RESULTS OF OPERATIONS

(in thousands, except per share amounts)












Three Months Ended


Year Ended



November 30, 


November 30, 



2013


2012


2013


2012

Net investment income

$        384


$        392


$     1,542


$     1,609

Net realized and unrealized gains (losses)








  on investments

1,511


1,195


(4,990)


4,096

Preferred dividends paid from net investment income 

(5)


(12)


(30)


(45)


Net increase (decrease) in net assets









  from operations

$     1,890


$     1,575


$   (3,478)


$     5,660










Earnings per Common Share Outstanding








Net investment income

$     0.181


$     0.185


$     0.728


$     0.760

Net realized and unrealized gains (losses)








  on investments

0.707


0.573


(2.365)


1.944

Preferred dividends paid from net investment income 

(0.002)


(0.006)


(0.014)


(0.021)


Net increase (decrease) in net assets









  from operations

$     0.886


$     0.752


$   (1.651)


$     2.683










Net investment income

$     0.181


$     0.185


$     0.728


$     0.760

Preferred dividends paid from net investment income 

(0.002)


(0.006)


(0.014)


(0.021)

Net investment income after preferred dividends

$     0.179


$     0.179


$     0.714


$     0.739










Net Asset Value at November 30 (Common Shares)









Net assets 





$27,328


$32,391


Shares outstanding 





2,116


2,116


Net asset value per share outstanding





$12.91


$15.31










Market Value Summary (Common Shares)









Market Price on NYSE MKT at November 30





$11.00


$14.69


High market price (period ended November 30)





$14.85


$14.69


Low market price (period ended November 30)





$10.60


$12.49

 

 

SOURCE Eaton Vance Management

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are ra...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager - Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, reviewed next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discussed how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has been engaged in t...
SYS-CON Events announced today that WHOA.com, an ISO 27001 Certified secure cloud computing company, participated as “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which took place June 9-11, 2015, at the Javits Center in New York City, NY. WHOA.com is a leader in next-generation, ISO 27001 Certified secure cloud solutions. WHOA.com offers a comprehensive portfolio of best-in-class cloud services for business including Infrastructure as a Service (IaaS), Secure Cloud Desk...
Containers are revolutionizing the way we deploy and maintain our infrastructures, but monitoring and troubleshooting in a containerized environment can still be painful and impractical. Understanding even basic resource usage is difficult – let alone tracking network connections or malicious activity. In his session at DevOps Summit, Gianluca Borello, Sr. Software Engineer at Sysdig, will cover the current state of the art for container monitoring and visibility, including pros / cons and liv...
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies drivi...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
"The idea of polyglot persistence is you have to apply the right database for the job - you always have to have many different databases in play. We offer that whole system as a service," explained Raj Singh, Developer Advocate for IBM Cloud Data Services, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations migh...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI In...
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.