Welcome!

News Feed Item

Eaton Vance Floating-Rate Income Trust Report Of Earnings

BOSTON, Aug. 6, 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 fiscal year ended May 31, 2014.

For the three months ended May 31, 2014, the Fund had net investment income of $8,488,413 ($0.213 per common share). The net investment income includes a deduction of $336,394 ($0.009 per common share) representing interest expense paid on Variable Rate Term Preferred Shares (VRTP Shares). For the year ended May 31, 2014, the Fund had net investment income of $35,402,265 ($0.889 per common share). The net investment income includes a deduction of $1,340,638 ($0.034 per common share) representing interest expense paid on VRTP Shares. In comparison, for the three months ended May 31, 2013, the Fund had net investment income of $9,431,751 ($0.241 per common share).  The net investment income includes a deduction of $339,899 ($0.009 per common share) representing interest expense paid on VRTP Shares. 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 (APS) 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. The net investment income includes a deduction of $613,427 ($0.016 per common share) representing interest expense paid on VRTP Shares.

Net realized and unrealized losses for the three months ended May 31, 2014 were $4,018,827 ($0.100 per common share). The Fund's net realized and unrealized losses for the year ended May 31, 2014 were $5,815,833 ($0.145 per common share). In comparison, 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). 

On May 31, 2014, net assets of the Fund applicable to common shares were $641,079,081. The net asset value per common share on May 31, 2014 was $16.08 based on 39,863,690 common shares outstanding. In comparison, 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. 

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 $293.6 billion in assets as of June 30, 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


SUMMARY OF RESULTS OF OPERATIONS


(in thousands, except per share amounts)














Three Months Ended


Year Ended





May 31,


May 31,





2014


2013


2014


2013



Gross investment income

$11,921


$12,841


$49,130


$52,544



Operating expenses

(2,182)


(2,225)


(8,746)


(8,372)



Interest expense on VRTP Shares*

(336)


(340)


(1,341)


(613)



Other interest expense

(915)


(844)


(3,641)


(3,420)




Net investment income

$8,488


$9,432


$35,402


$40,139



Net realized and unrealized gains (losses)










  on investments

($4,019)


$2,776


($5,816)


$26,502



Dividends on APS paid from net investment










  income

-


-


-


(915)



Discount on redemption and repurchase of APS (1)

-


1,379


-


1,379




Net increase (decrease) in net assets











  from operations

$4,469


$13,587


$29,586


$67,105














Earnings per Common Share Outstanding










Gross investment income

$0.299


$0.329


$1.233


$1.385



Operating expenses

(0.055)


(0.057)


(0.220)


(0.221)



Interest expense on VRTP Shares*

(0.009)


(0.009)


(0.034)


(0.016)



Other interest expense

(0.022)


(0.021)


(0.090)


(0.090)




Net investment income 

$0.213


$0.242


$0.889


$1.058



Net realized and unrealized gains (losses)










  on investments

($0.100)


$0.076


($0.145)


$0.707



Dividends on APS paid from net investment










  income

-


-


-


(0.024)



Discount on redemption and repurchase of APS (1)

-


0.036


-


0.036




Net increase (decrease) in net assets











  from operations

$0.113


$0.354


$0.744


$1.777














Net investment income

$0.213


$0.242


$0.889


$1.058



Dividends on APS paid from net investment










  income

-


-


-


(0.024)



Net investment income after preferred dividends

$0.213


$0.242


$0.889


$1.034














Net Asset Value at May 31 (Common Share)











Net assets (000)





$641,079


$646,842




Shares outstanding (000)





39,864


39,673




Net asset value per share outstanding





$16.08


$16.30














Market Value Summary (Common Share)











Market price on NYSE at May 31





$15.18


$16.68




High market price (year ended May 31)





$16.31


$16.46




Low market price (year  ended May 31)





$16.02


$15.43














(1) On or shortly prior to January 4, 2013, the Trust redeemed and repurchased all of its outstanding auction preferred shares.


* 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.

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 many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the protocols that communicate data and the emerging data analy...
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
We’ve been doing it for years, decades for some. How many websites have you created accounts on? Your bank, your credit card companies, social media sites, hotels and travel sites, online shopping sites, and that’s just the start. We do it often without even thinking about it, quickly entering our personal information, our data, in a plethora of systems. Sometimes we’re not even aware of the information we are providing. It could be very personal information (think of the security questions you ...