Dividend, Earnings and Financial Update
Davis-Dinsmore Management Company
Morristown, NJ, April 12, 2005 -- Ellsworth Convertible Growth and Income Fund, Inc. (AMEX - ECF) today reported financial highlights and certain portfolio information for the six months ended March 31, 2005.
The Fund declared its seventy-fifth quarterly dividend today:
| Dividend |
|
Payable date |
|
Record date |
|
$0.07 per share
from ordinary income |
 |
May 27, 2005 |
|
May 13, 2005 |
| |
Three Months Ended
March 31 |
Six Months Ended
March 31 |
| Earnings Report |
2005 |
2004 |
2005 |
2004 |
| Net Income |
$700,000 |
$571,000 |
$1,597,000 |
$1,521,000 |
| Per Share |
$0.06 |
$0.05 |
$0.13 |
$0.12 |
| Shares Outstanding |
12,362,269 |
12,298,127 |
12,362,269 |
12,298,127 |
| Total Net Assets |
$108,478,000 |
$112,197,000 |
$108,478,000 |
$112,197,000 |
| Net Asset Value Per Share |
$8.77 |
$9.12 |
$8.77 |
$9.12 |
| Fund Statistics as of March 31, 2005 |
|
Top Ten Holdings by underlying common stock as of March 31, 2005 |
| |
|
|
|
|
|
|
% of |
| Market price |
|
|
$7.63 |
|
|
|
Net Assets |
| Net asset value (NAV) |
|
$8.77 |
|
The Walt Disney Company |
2.5 |
| Premium/(Discount) |
|
(13.00)% |
|
Weatherford International Ltd. |
|
2.4 |
| Total Net Assets |
|
$108,478,000 |
|
Chesapeake Energy Corp. |
|
2.1 |
| 12-Month income distribution |
$0.30 |
|
The Chubb Corp. |
2.0 |
| Yield on market price |
|
3.93% |
|
Comverse Technology, Inc. |
2.0 |
| Ratio of expenses |
|
1.19%* |
|
International Rectifier Corp. |
|
2.0 |
| Ratio of net income |
|
|
2.93%* |
|
Valero Energy Corp. |
|
2.0 |
| Portfolio Turnover |
|
31.84% |
|
Devon Energy Corp. |
1.9 |
| Shares outstanding |
|
|
12,362,269 |
|
GlobalSantaFe Corp. |
1.9 |
| * Annualized |
|
|
|
Lear Corp. |
1.9 |
| |
|
|
|
|
|
|
| Major Industry Exposure |
|
|
% of |
|
Portfolio Ratings from Moody's |
|
|
| as of March 31, 2005 |
|
|
Net Assets |
|
as of March 31, 2005 |
|
|
| Energy |
|
|
17.4 |
|
(From S&P when Moody's
is unavailable) |
|
% of
Portfolio |
| Pharmaceuticals |
|
11.5 |
|
Aa |
|
2 |
| Financial and Insurance |
|
|
11.2 |
|
A |
|
10 |
| Banking/Savings and Loan |
|
|
9.5 |
|
Baa |
|
28 |
| Health Care |
|
6.6 |
|
Ba |
|
13 |
| Technology |
|
|
6.5 |
|
B |
|
20 |
| Telecommunications |
|
|
6.2 |
|
<B |
|
1 |
| Entertainment |
|
|
4.4 |
|
NR |
|
26 |
| Retail |
|
|
4.4 |
|
|
|
|
| Automotive |
|
|
3.6 |
|
|
|
|
| |
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of March 31, 2005 |
|
|
Net Assets |
|
|
|
|
| Convertible Bonds & Notes |
|
|
55.4 |
|
|
|
|
| Convertible Preferred Stock |
|
|
20.8 |
|
|
|
|
| Mandatory Conv. Securities |
|
|
16.8 |
|
|
|
|
| Common Stock |
|
|
4.3 |
|
|
|
|
| Short-term Securities |
|
|
2.0 |
|
|
|
|
| Other Assets |
|
|
0.7 |
|
|
|
|
Data is unaudited and as of March 31, 2005. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report to Stockholders for the twelve months ended September 30, 2004.
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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