BOSTON, April 17, 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 nine months ended February 28, 2014. The Fund's fiscal year ends on
May 31, 2014.
For the three months ended February 28,
2014, the Fund had net investment income of $8,820,818 ($0.222
per common share). The net investment income includes a deduction
of $327,666 ($0.008 per common share) representing interest
expense paid on Variable Rate Term Preferred Shares (VRTP Shares).
For the nine months ended February 28,
2014, the Fund had net investment income of $26,913,852 ($0.676
per common share). The net investment income includes a deduction
of $1,004,244 ($0.025 per common share) representing interest
expense paid on VRTP Shares. In comparison, for the three
months ended February 28, 2013, the
Fund had net investment income of $9,852,634 ($0.261
per common share). From this amount, the Fund paid dividends on
Auction Preferred Shares (APS) of $370,658 (equal to $0.009 for each common share), resulting in net
investment income after the preferred dividends of $9,481,976 or $0.259 per common share. For the nine months
ended February 28, 2013, the Fund had
net investment income of $30,980,650
($0.824 per common share). From this
amount, the Fund paid dividends on APS of $1,188,719 (equal to $0.031 for each common share), resulting in net
investment income after the preferred dividends of $29,791,931 or $0.793 per common share. The Fund redeemed and
repurchased its APS on or prior to January
4, 2013.
Net realized and unrealized gains for the three months ended
February 28, 2014 were $1,070,166 ($0.021
per common share). The Fund's net realized and unrealized losses
for the nine months ended February 28,
2014 were $1,797,006
($0.045 per common share). In
comparison, net realized and unrealized gains for the three months
ended February 28, 2013 were
$7,565,039 ($0.196 per common share). The Fund's net realized
and unrealized losses for the nine months ended February 28, 2013 were $23,725,610 ($0.631
per common share).
On February 28, 2014, net assets
of the Fund applicable to common shares were $645,299,778. The net asset value per common
share on February 28, 2014 was
$16.19 based on 39,863,690 common
shares outstanding. In comparison, on February 28, 2013, net assets of the Fund
applicable to common shares were $617,468,849. The net asset value per common
share on February 28, 2013 was
$16.17 based on 38,197,165 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 $285.4 billion
in assets as of March 31, 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.
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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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2014
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2013
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2014
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2013
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Gross investment
income
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$12,197
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$12,783
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$37,209
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$39,703
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Operating
expenses
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(2,161)
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(2,088)
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(6,564)
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(6,147)
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Interest expense on
VRTP Shares*
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(328)
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-
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(1,004)
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-
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Other interest
expense
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(887)
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(842)
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(2,727)
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(2,575)
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Net investment
income
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$8,821
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$9,853
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$26,914
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$30,981
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Net realized and
unrealized gains (losses)
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on
investments
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$1,070
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$7,565
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($1,797)
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$23,726
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Dividends on APS paid
from net investment
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income
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-
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(371)
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-
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(1,189)
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Net increase
(decrease) in net assets
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from
operations
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$9,891
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$17,047
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$25,117
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$53,518
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Earnings per Common
Share Outstanding
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Gross investment
income
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$0.306
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$0.340
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$0.934
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$1.057
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Operating
expenses
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(0.054)
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(0.056)
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(0.165)
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(0.164)
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Interest expense on
VRTP Shares*
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(0.008)
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-
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(0.025)
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-
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Other interest
expense
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(0.022)
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(0.023)
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(0.068)
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(0.069)
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Net investment
income
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$0.222
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$0.261
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$0.676
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$0.824
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Net realized and
unrealized gains (losses)
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on
investments
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$0.021
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$0.196
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($0.045)
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$0.631
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Dividends on APS paid
from net investment
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income
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-
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(0.009)
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-
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(0.031)
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Net increase
(decrease) in net assets
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from
operations
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$0.243
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$0.448
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$0.631
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$1.424
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Net investment
income
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$0.222
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$0.261
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$0.676
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$0.824
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Dividends on APS paid
from net investment
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income
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-
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(0.009)
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-
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(0.031)
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Net investment income
after preferred dividends
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$0.222
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$0.252
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$0.676
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$0.793
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Net Asset Value at
February 28 (Common Share)
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Net assets
(000)
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$645,300
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$617,469
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Shares outstanding
(000)
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39,864
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38,197
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Net asset value per
share outstanding
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$16.19
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$16.17
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Market Value Summary
(Common Share)
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Market price on NYSE
at February 28
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$15.37
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$17.16
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High market price
(nine months ended February 28)
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$16.78
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$17.81
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Low market price
(nine months ended February 28)
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$15.17
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$14.87
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* 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.
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SOURCE Eaton Vance Management