NEW YORK, Oct. 11, 2007 (PRIME NEWSWIRE) -- PIMCO Corporate Income Fund (the "Fund") (NYSE:PCN), a closed-end management investment company which seeks to provide high current income with secondary objectives of capital preservation and appreciation, today announced its results for the fiscal quarter and nine months ended July 31, 2007.
At July 31,
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2007 2006
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Net Assets (a) $783,495,507 $814,956,088
Common Shares Outstanding 36,470,043 36,184,679
Net Asset Value ("NAV") $13.26 $14.23
Market Price $13.79 $15.58
Premium to NAV 4.00% 9.49%
Quarter ended July 31,
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2007 2006
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Net Investment Income (b) $12,210,927 $12,792,089
Per Common Share (b) $0.33 $0.35
Net Realized and Change in
Unrealized Loss (b) $(53,691,408) $(3,666,601)
Per Common Share (b) $(1.47) $(0.10)
Undistributed (Overdistributed)
Net Investment Income Per
Common Share (e) $(0.1060) (c) $0.0619 (d)
Nine months ended July 31,
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2007 2006
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Net Investment Income (b) $35,313,765 $38,338,906
Per Common Share (b) $0.97 $1.06
Net Realized and Change in
Unrealized Loss (b) $(41,879,403) $(5,743,306)
Per Common Share (b) $(1.15) $(0.16)
(a) Net assets are inclusive of $300 million Preferred Shares
issuance.
(b) The information provided is in accordance with generally
accepted accounting principles ("GAAP"), which requires the
Fund to treat amounts received (paid) by the Fund under swap
agreements as net realized gain (loss). However, these
amounts are treated as net income (loss) for federal income
tax purposes. By using GAAP, Net Investment Income for the
fiscal quarter and nine months ended July 31, 2007 was
$2,136,223 ($0.06 per common share) and $6,041,885
($0.17 per common share), respectively, lower (and Net
Realized and Change in Unrealized Loss correspondingly
lower) than those figures would have been if swap amounts
were treated as net income (loss) in accordance with federal
income tax treatment. By using GAAP, Net Investment Income
for the fiscal quarter and nine months ended July 31, 2006
was $1,656,225 ($0.04 per common share) and $9,440,159
($0.26 per common share), respectively, lower (and Net
Realized and Change in Unrealized Loss correspondingly
lower) than those figures would have been if swap amounts
were treated as net income (loss) in accordance with federal
income tax treatment.
(c) Calculated using the accumulated balance at July 31, 2007.
(d) Calculated using the average fiscal year-to-date month-end
balances for the three months ended July 31, 2006.
(e) Note that generally there is a close correlation between
what the Fund earns (net of expenses) and what it pays in
monthly dividends. However, since net earning rates
fluctuate from month to month while monthly dividends have
remained relatively stable, there will be periods when the
Fund may modestly over-earn or under-earn its monthly
dividend, which would have the effect of adding to or
subtracting from the Fund's undistributed (overdistributed)
net investment income balance. Fund management analyzes the
current and projected net earning rates prior to
recommending dividend amounts to the Fund's Board of Trustees
for declaration. There can be no assurance that the current
dividend rate or the undistributed (overdistributed) income
balance will remain constant. Inclusive of amounts earned
under swap agreements, in accordance with federal income
tax treatment.
Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). Pacific Investment Management Company LLC, an Allianz Global Investors Fund Management affiliate, serves as the Fund's sub-adviser.
The Fund's daily New York Stock Exchange closing price, net asset value per share, as well as other information, is available at www.allianzinvestors.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 331-1710.
The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to what is reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.