BOSTON, March 9 /PRNewswire-FirstCall/ --
Eaton Vance Tax-Managed Buy-Write Income Fund (NYSE:ETB), a diversified closed-end investment company, today announced the earnings of the Fund for the three months ended December 31, 2008 and for the year ended December 31, 2008. The Fund's fiscal year ended on December 31, 2008.
For the three months ended December 31, 2008, the Fund had net investment income of $2,034,441 ($0.083 per common share). For the year ended December 31, 2008, the Fund had net investment income of $6,915,955 ($0.281 per common share). In comparison, for the three months ended December 31, 2007, the Fund had net investment income of $1,879,983 ($0.077 per common share). For the year ended December 31, 2007, the Fund had net investment income of $5,659,187 ($0.230 per common share).
Net realized and unrealized losses for the three months ended December 31, 2008 were $55,614,723 ($2.269 per common share) and net realized and unrealized losses for the year ended December 31, 2008 were $112,690,502 ($4.591 per common share). In comparison, net realized and unrealized losses for the three months ended December 31, 2007 were $2,030,647 ($0.083 per common share) and net realized and unrealized gains for the year ended December 31, 2007 were $24,713,130 ($1.010 per common share).
On December 31, 2008, net assets of the Fund were $335,611,206. The net asset value per share on December 31, 2008 was $13.65 based on 24,581,806 shares outstanding. In comparison, on December 31, 2007, net assets applicable to common shares of the Fund were $485,633,004. The net asset value per common share on December 31, 2007 was $19.76 based on 24,581,806 common shares outstanding.
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 $121.9 billion in assets as of January 31, 2009, offering individuals and institutions a broad array of investment products 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 http://www.eatonvance.com/.
EATON VANCE TAX MANAGED BUY-WRITE INCOME FUND
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
2008 2007 2008 2007
Gross investment income $2,981 $3,216 $11,466 $11,105
Operating expenses ($947) ($1,336) ($4,550) ($5,446)
Net investment income $2,034 $1,880 $6,916 $5,659
Net realized and unrealized
gains (losses) on investments ($55,615) ($2,031) ($112,691) $24,713
Net increase (decrease) in
net assets from operations ($53,581) ($151) ($105,775) $30,372
Earnings per Share Outstanding
Gross investment income $0.121 $0.131 $0.466 $0.452
Operating expenses ($0.038) ($0.054) ($0.185) ($0.222)
Net investment income $0.083 $0.077 $0.281 $0.230
Net realized and unrealized
gains (losses) on investments ($2.269) ($0.083) ($4.591) $1.010
Net increase (decrease) in
net assets from operations ($2.186) ($0.006) ($4.310) $1.240
Net Asset Value at December 31
(Common Shares)
Net assets (000) $335,611 $485,633
Shares outstanding (000) 24,582 24,582
Net asset value per share
outstanding $13.65 $19.76
Market Value Summary
(Common Shares )
Market price on NYSE at
December 31 $12.53 $17.43
High market price (year
ended December 31) $18.11 $21.65
Low market price (year
ended December 31) $8.79 $16.35
DATASOURCE: Eaton Vance Management
CONTACT: Investor Contact: +1-800-262-1122
Web Site: http://www.eatonvance.com/