NEW YORK, April 8, 2009 (GLOBE 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 ended January 31, 2009.
At January 31, -------------- 2009 2008 ---- ---- Net Assets (a) $581,387,663 $792,785,609 Common Shares Outstanding 36,843,369 36,591,139 Net Asset Value ("NAV") $8.45 $13.47 Market Price $11.39 $15.79 Premium to NAV 34.79% 17.22% Overdistributed Net Investment Income Per Common Share (c) $(0.0333) $(0.0044) Quarter ended January 31, ------------------------- 2009 2008 ---- ---- Net Investment Income (b) $13,326,411 $12,016,101 Per Common Share (b) $0.36 $0.33 Net Realized and Change in Unrealized Loss (b) $(1,681,667) $(7,051,917) Per Common Share (b) $(0.05) $(0.19) (a) Net assets are inclusive of market value of Preferred Shares of $270 million and $300 million at January 31, 2009 and January 31, 2008. The Fund redeemed $62 million of its Preferred Shares from March 16, 2009 through March 20, 2009 and respectively $39 million of its Preferred Shares from March 30, 2009 through April 3, 2009. (b) The information provided is in accordance with generally accepted accounting principles ("GAAP"), which requires the Fund to treat amounts accrued 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 ended January 31, 2009 was $1,482,381 ($0.04 per common share), 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 ended January 31, 2008 was $3,322,139 ($0.09 per common share), 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) 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 over-earn or under-earn its monthly dividend, which would have the effect of adding to or subtracting from the Fund's 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 overdistributed income balance will remain constant. In accordance with federal income tax treatment, inclusive of amounts accrued under swap agreements. Inclusive of net realized losses from foreign currency transactions of $0.05 per common share at January 31, 2009.
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. There can be no assurance that the Fund will meet its objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, By-laws and other governing documents, as well as the Investment Company Act of 1940. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.