Eaton Vance Reports Earnings
August 23, 1999
Eaton Vance Corp. of Boston reported diluted earnings per share of $0.70 in the third quarter of fiscal 1999, which ended July 31, up from diluted earnings per share of $0.36 in the third quarter of fiscal 1998. The earnings include a net gain resulting from the sale of three real estate properties and other investments valued at $7 million, or $0.11 per share. The company also adjusted the amortization period of its deferred sales commission assets for certain of its mutual funds in order to better match amortization expenses with projected distribution fee income. This resulted in an increase in amortization expense of $6.8 million, or ($0.11) per share.
Eaton Vance also reported that assets under management at the end of the third quarter were $39 billion, up 42 percent from $27.5 billion at the end of the third quarter of 1998. Eaton Vance attributed this growth to sales of stock funds, bank loan interval funds, taxable bond funds, nine new closed-end municipal bond funds and a $2.4 billion private placement of an equity fund.