BOSTON, April 18, 2011 /PRNewswire/ -- Eaton Vance
Floating-Rate Income Trust (NYSE: EFT) (the "Trust"), a closed-end
management investment company, today announced the earnings of the
Trust for the three months and the nine months ended February 28, 2011. The Trust's fiscal year
ends on May 31, 2011.
For the three months ended February 28,
2011, the Trust had net investment income of $9,331,926 ($0.250
per common share). From this amount, the Trust paid dividends
on preferred shares of $301,350
(equal to $0.008 for each common
share), resulting in net investment income after the preferred
dividends of $9,030,576 or
$0.242 per common share. For
the nine months ended February 28,
2011, the Trust had net investment income of $27,756,224 ($0.742
per common share). From this amount, the Trust paid dividends
on preferred shares of $925,467
(equal to $0.025 for each common
share), resulting in net investment income after the preferred
dividends of $26,830,757 or
$0.717 per common share. In
comparison, for the three months ended February 28, 2010, the Trust had net investment
income of $9,142,270 ($0.244 per common share). From this amount,
the Trust paid dividends on preferred shares of $293,953 (equal to $0.008 for each common share), resulting in net
investment income after the preferred dividends of $8,848,317 or $0.236 per common share. For the nine
months ended February 28, 2010, the
Trust had net investment income of $27,821,678 ($0.744
per common share). From this amount, the Trust paid dividends
on preferred shares of $1,332,905
(equal to $0.036 for each common
share), resulting in net investment income after the preferred
dividends of $26,488,773 or
$0.708 per common share.
Net realized and unrealized gains for the three months ended
February 28, 2011 were $21,041,633 ($0.558
per common share). The Trust's net realized and unrealized
gains for the nine months ended February 28,
2011 were $42,909,815
($1.146 per common share). In
comparison, net realized and unrealized gains for the three months
ended February 28, 2010 were
$33,023,431 ($0.875 per common share). The Trust's net
realized and unrealized gains for the nine months ended
February 28, 2010 were $126,855,092 ($3.394 per common share).
On February 28, 2011, net assets
of the Trust applicable to common shares were $598,323,440. The net asset value per
common share on February 28, 2011 was
$15.97 based on 37,455,325 common
shares outstanding. In comparison, on February 28, 2010, net assets of the Trust
applicable to common shares were $553,484,849. The net asset value per
common share on February 28, 2010 was
$14.81 based on 37,384,240 common
shares outstanding.
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 $198.0
billion in assets as of March 31,
2011, 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
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Nine Months
Ended
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February
28,
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February
28,
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2011
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2010
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2011
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2010
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Gross investment
income
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$11,953
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$11,632
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$35,885
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$34,385
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Operating expenses
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(1,688)
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(1,516)
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(5,226)
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(4,412)
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Interest expense
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(933)
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(974)
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(2,903)
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(2,151)
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Net investment income
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$9,332
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$9,142
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$27,756
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$27,822
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Net realized and unrealized
gains (losses)
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on investments
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$21,042
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$33,023
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$42,910
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$126,855
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Preferred dividends paid from
net investment income
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(301)
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(294)
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(925)
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(1,333)
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Net increase (decrease) in net
assets
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from operations
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$30,073
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$41,871
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$69,741
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$153,344
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Earnings per Common Share
Outstanding
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Gross investment
income
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$0.319
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$0.312
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$0.959
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$0.920
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Operating expenses
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(0.045)
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(0.041)
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(0.140)
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(0.118)
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Interest expense
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(0.024)
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(0.027)
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(0.077)
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(0.058)
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Net investment income
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$0.250
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$0.244
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$0.742
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$0.744
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Net realized and unrealized
gains (losses)
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on investments
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$0.558
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$0.875
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$1.146
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$3.394
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Preferred dividends paid from
net investment income
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(0.008)
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(0.008)
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(0.025)
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(0.036)
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Net increase (decrease) in net
assets
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from operations
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$0.800
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$1.111
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$1.863
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$4.102
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Net investment income
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$0.250
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$0.244
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$0.742
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$0.744
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Preferred dividends paid from
net investment income
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(0.008)
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(0.008)
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(0.025)
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(0.036)
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Net investment income after
preferred dividends
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$0.242
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$0.236
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$0.717
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$0.708
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Net Asset Value at February 28
(Common Shares )
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Net assets (000)
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$598,323
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$553,485
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Shares outstanding
(000)
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37,455
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37,384
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Net asset value per share
outstanding
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$15.97
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$14.81
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Market Value Summary (Common
Shares )
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Market price on NYSE at February
28
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$17.29
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$15.45
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High market price (nine months
ended February 28)
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$17.50
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$15.45
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Low market price (nine months
ended February 28)
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$14.31
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$10.24
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SOURCE Eaton Vance Management