Welcome!

Microsoft Cloud Authors: Andreas Grabner, Stackify Blog, Liz McMillan, David H Deans, Automic Blog

News Feed Item

Eaton Vance Michigan Municipal Income Trust Report of Earnings

BOSTON, Nov. 12, 2012 /PRNewswire/ -- Eaton Vance Michigan Municipal Income Trust (NYSE MKT: EMI) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three and nine-month periods ended August 31, 2012. The Trust's fiscal year ends on November 30, 2012.

For the three months ended August 31, 2012, the Trust had net investment income of $398,403 ($0.188 per common share).  From this amount, the Trust paid dividends on preferred shares of $11,316 (equal to $0.005 for each common share), resulting in net investment income after the preferred dividends of $387,087, or $0.183 per common share. The Trust's net investment income for the nine months ended August 31, 2012 was $1,217,551 ($0.575 per common share, before deduction of the preferred share dividends totaling $0.015 per common share), resulting in net investment income after the preferred dividends of $0.560 per common share. In comparison, for the three months ended August 31, 2011, the Trust had net investment income of $440,882 ($0.208 per common share).  From this amount, the Trust paid dividends on preferred shares of $8,994 (equal to $0.005 for each common share), resulting in net investment income after the preferred dividends of $431,888, or $0.203 per common share. The Trust's net investment income for the nine months ended August 31, 2011 was $1,334,028 ($0.630 per common share, before deduction of the preferred share dividends totaling $0.021 per common share), resulting in net investment income after the preferred dividends of $0.609 per common share. 

Net realized and unrealized gains for the three months ended August 31, 2012 were $524,453 ($0.239 per common share). The Trust's net realized and unrealized gains for the nine months ended August 31, 2012 were $2,901,160 ($1.371 per common share). In comparison, net realized and unrealized gains for the three months ended August 31, 2011 were $1,104,766 ($0.516 per common share). The Trust's net realized and unrealized gains for the nine months ended August 31, 2011 were $910,538 ($0.430 per common share).

On August 31, 2012, net assets of the Trust applicable to common shares were $31,223,455. The net asset value per common share on August 31, 2012 was $14.75 based on 2,116,293 common shares outstanding. In comparison, on August 31, 2011, net assets of the Trust applicable to common shares were $28,121,041. The net asset value per common share on August 31, 2011 was $13.29 based on 2,116,293 common shares outstanding.

The Trust periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds").  Trust portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following month-end.

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 $198.2 billion in assets as of September 30, 2012, 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 MICHIGAN MUNICIPAL INCOME TRUST
SUMMARY OF RESULTS OF OPERATIONS  
(in thousands, except per share amounts)

 



Three Months Ended


Nine Months Ended



August 31,


August 31,



2012


2011


2012


2011

Net investment income

$ 398


$ 441


$ 1,218


$ 1,334

Net realized and unrealized gains (losses)








  on investments

524


1,105


2,901


911

Preferred dividends paid from net investment income 

(11)


(9)


(32)


(44)


Net increase (decrease) in net assets









  from operations

$ 911


$  1,537


$  4,087


$  2,201










Earnings per Common Share Outstanding








Net investment income

$ 0.188


$ 0.208


$ 0.575


$  0.630

Net realized and unrealized gains (losses)








  on investments

0.239


0.516


1.371


0.430

Preferred dividends paid from net investment income 

(0.005)


(0.005)


(0.015)


(0.021)


Net increase (decrease) in net assets









  from operations

$  0.422


$  0.719


$   1.931


$  1.039










Net investment income

$   0.188


$  0.208


$  0.575


$  0.630

Preferred dividends paid from net investment income 

(0.005)


(0.005)


(0.015)


(0.021)

Net investment income after preferred dividends

$  0.183


$  0.203


$  0.560


$  0.609










Net Asset Value at August 31 (Common Shares)









Net assets 





$31,223


$28,121


Shares outstanding 





2,116


2,116


Net asset value per share outstanding





$14.75


$13.29










Market Value Summary (Common Shares)









Market price on NYSE MKT at August 31





$13.72


$12.06


High market price (period ended August 31)





$13.98


$12.18


Low market price (period ended August 31)





$12.49


$11.10

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.

@ThingsExpo Stories
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, discussed some of the security challenges of the IoT infrastructure and related how these aspects impact Smart Living. The material was delivered interac...
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
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 examined how DevOps helps to meet the de...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists looked at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deliver...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
SYS-CON Events announced today that Cloud Academy named "Bronze Sponsor" of 21st International Cloud Expo which will take place October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara, CA. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud com...
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 21st Int\ernational Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their ...
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
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...