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Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
July 18, 2006
Cusip 289074106 |
For Information:
Joshua P. Lake
(973) 631-1177 |
Ellsworth Fund Ltd. (AMEX - ECF)
today reported financial highlights and certain portfolio information for the nine months
ended June 30, 2006.
The Fund declared its eightieth quarterly dividend today:
|
|
Payable date |
|
Record date |
$0.07 per share
from ordinary income |
 |
August 30, 2006 |
|
August 16, 2006 |
| |
Three Months Ended
June 30 |
Nine Months Ended
June 30 |
| Earnings Report |
2006 |
2005 |
2006 |
2005 |
| Net Income |
$927,000 |
$1,178,000 |
$3,072,000 |
$2,775,000 |
| Per Share |
$0.07 |
$0.10 |
$0.25 |
$0.22 |
| Shares Outstanding |
12,429,083 |
12,362,269 |
12,429,083 |
12,362,269 |
| Total Net Assets |
$115,438,000 |
$108,694,000 |
$115,438,000 |
$108,694,000 |
| Net Asset Value Per Share |
$9.29 |
$8.79 |
$9.29 |
$8.79 |
| Fund
Statistics as of June 30, 2006 |
|
Top Ten Holdings by underlying common stock as of June 30, 2006 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$7.95 |
|
|
|
Net Assets |
| Net asset value (NAV) |
|
$9.29 |
|
The
Walt Disney Company |
3.6 |
| Premium/(Discount) |
|
(14.42)% |
|
Nuveen Investments, Inc. |
|
2.5 |
| Total Net Assets |
|
$115,438,000 |
|
Advanced Micro Devices, Inc. |
|
2.2 |
| 12-Month income distribution |
$0.3075 |
|
Chesapeake
Energy Corp. |
2.2 |
| Yield on market price |
|
3.87% |
|
Celanese
Corp. |
2.1 |
| Ratio of expenses |
|
1.26%* |
|
Euronet Worldwide, Inc. |
|
2.1 |
| Ratio of net income |
|
|
3.55%* |
|
Genworth Financial, Inc. |
|
2.1 |
| Portfolio turnover |
|
51.69% |
|
The St.
Paul Travelers Companies, Inc. |
2.1 |
| Shares outstanding |
|
|
12,429,083 |
|
The TJX
Companies, Inc. |
2.1 |
| * Annualized |
|
|
|
Manor
Care, Inc. |
1.9 |
|
|
|
|
|
|
|
| Major
Industry Exposure |
|
|
% of |
|
Portfolio Ratings from Moody's |
|
|
| as of June
30, 2006 |
|
|
Net Assets |
|
as of June 30, 2006 |
|
|
| Technology |
|
|
18.0 |
|
(From S&P when Moody's
is unavailable) |
|
% of
Portfolio |
| Financial and Insurance |
|
15.5 |
|
Aa |
|
10 |
| Pharmaceuticals |
|
|
10.2 |
|
A |
|
14 |
| Energy |
|
|
9.3 |
|
Baa |
|
20 |
| Banking/Savings and Loan |
|
5.7 |
|
Ba |
|
7 |
| Entertainment |
|
|
5.3 |
|
B |
|
19 |
| Aerospace
and Defense |
|
|
4.7 |
|
<B |
|
1 |
| Health
Care |
|
|
4.3 |
|
NR |
|
29 |
| Retail |
|
|
4.1 |
|
|
|
|
| Telecommunications |
|
|
3.6 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset
Allocation |
|
|
% of |
|
|
|
|
| as of June
30, 2006 |
|
|
Net Assets |
|
|
|
|
| Convertible
Bonds and Notes |
|
|
58.0 |
|
|
|
|
| Convertible
Preferred Stock |
|
|
18.5 |
|
|
|
|
| Mandatory
Conv. Securities |
|
|
17.1 |
|
|
|
|
| Common
Stock |
|
|
3.3 |
|
|
|
|
| Short-term
Securities |
|
|
1.0 |
|
|
|
|
| Other
Assets |
|
|
2.1 |
|
|
|
|
Data is unaudited and as of June 30, 2006. This selected
information should be read in conjunction with the financial statements and notes included
in the Company's Semi-Annual Report to Shareholders for the six months ended March 31,
2006.
Detailed portfolio information is available on our website (http://www.ellsworthfund.com). Contact us by
e-mail at info@ellsworthfund.com or call us at
(973) 631-1177.
Ellsworth is a diversified closed-end management investment company. Ellsworth's
investment objective is to seek a high level of total return on its assets through a
combination of current income and capital appreciation. It seeks to achieve this objective
by investing primarily in convertible securities.
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