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
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which in...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
SYS-CON Events announced today that A&I Solutions has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 1999, A&I Solutions is a leading information technology (IT) software and services provider focusing on best-in-class enterprise solutions. By partnering with industry leaders in technology, A&I assures customers high performance levels across all IT environments including: mai...
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
SYS-CON Events announced today that Tappest will exhibit MooseFS at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. MooseFS is a breakthrough concept in the storage industry. It allows you to secure stored data with either duplication or erasure coding using any server. The newest – 4.0 version of the software enables users to maintain the redundancy level with even 50% less hard drive space required. The software func...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
SYS-CON Events announced today that EARP will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "We are a software house, so we perfectly understand challenges that other software houses face in their projects. We can augment a team, that will work with the same standards and processes as our partners' internal teams. Our teams will deliver the same quality within the required time and budget just as our partn...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that Systena America will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Systena Group has been in business for various software development and verification in Japan, US, ASEAN, and China by utilizing the knowledge we gained from all types of device development for various industries including smartphones (Android/iOS), wireless communication, security technology and IoT serv...
SYS-CON Events announced today that Outscale will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outscale's technology makes an automated and adaptable Cloud available to businesses, supporting them in the most complex IT projects while controlling their operational aspects. You boost your IT infrastructure's reactivity, with request responses that only take a few seconds.