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
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International 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 developm...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
SaaS companies can greatly expand revenue potential by pushing beyond their own borders. The challenge is how to do this without degrading service quality. In his session at 18th Cloud Expo, Adam Rogers, Managing Director at Anexia, discussed how IaaS providers with a global presence and both virtual and dedicated infrastructure can help companies expand their service footprint with low “go-to-market” costs.
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.