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Convertible Fund Announces Dividend, Earnings and Financial Update
FOR IMMEDIATE RELEASE
Morristown, NJ
November 22, 2004
Cusip 059695106 |
For Information:
Joshua P. Lake
(973) 631-1177 |
Bancroft Convertible Fund, Inc. (AMEX
- BCV) today reported financial highlights and certain portfolio information for the
twelve months ended October 31, 2004.
The Fund declared its one hundred thirty-sixth quarterly
dividend today:
|
|
Payable date |
|
Record date |
$0.188 per share
from ordinary income |
 |
December 28, 2004 |
|
December 3, 2004 |
No net capital gains were realized during the
fiscal year ended October 31, 2004.
Shareholders who are not members of the Company's Automatic
Dividend Investment Plan will be given the option to receive the dividend either in cash
or in shares of common stock of the Company. Because of this option, the dividend is
taxable to all shareholders whether or not they choose to receive cash.
Shareholders Meeting Date: The directors
also set February 14, 2005 as the date of the annual shareholders meeting with a record
date of December 22, 2004.
|
Three
Months Ended
October 31 |
Twelve
Months Ended
October 31 |
| Earnings Report |
2004 |
2003 |
2004 |
2003 |
| Net Income |
$892,000 |
$1,027,000 |
$3,879,000 |
$3,352,000 |
| Per Share |
$0.16 |
$0.22 |
$0.70 |
$0.71 |
| Shares
Outstanding |
5,557,138 |
4,725,858 |
5,557,138 |
4,725,858 |
| Total Net Assets |
$113,373,000 |
$98,486,000 |
$113,373,000 |
$98,486,000 |
| Net Asset Value
Per Share |
$20.40 |
$20.84 |
$20.40 |
$20.84 |
| Fund
Statistics as of October 31, 2004 |
|
Top Ten Holdings by underlying common stock as of October 31, 2004 |
|
|
|
|
|
|
|
% of |
| Market price |
|
|
$18.23 |
|
|
|
Net Assets |
| Net asset value
(NAV) |
|
$20.40 |
|
Capital One Financial Corp. |
2.1 |
| Premium/(Discount) |
|
(10.64)% |
|
Sovereign Bancorp, Inc. |
|
2.1 |
| Total Net Assets |
|
$113,373,000 |
|
Leucadia National Corp. |
|
2.0 |
| 12-Month income distribution |
$0.72 |
|
The St. Paul Travelers Companies, Inc. |
2.0 |
| Yield on market value |
|
3.95% |
|
Amerada
Hess Corp. |
1.9 |
| Ratio of expenses |
|
1.14% |
|
Church & Dwight Co., Inc. |
|
1.9 |
| Ratio of net income |
|
3.43% |
|
Conexant Systems, Inc. |
|
1.9 |
| Portfolio turnover |
|
65.89% |
|
Kerr-McGee Corp. |
|
1.8 |
| Shares outstanding |
|
5,557,138 |
|
Lucent Technologies, Inc. |
|
1.8 |
|
|
|
|
|
The TJX Companies, Inc. |
|
1.8 |
|
|
|
|
|
|
|
|
| Major Industry Exposure |
|
% of |
|
Portfolio Ratings from Moody's |
|
| as of
October 31, 2004 |
|
|
Net Assets |
|
as of October 31, 2004 |
|
| Financial & Insurance |
|
11.6 |
|
(From
S&P when Moody's
is unavailable) |
% of
Portfolio |
| Banking/Savings & Loan |
|
10.2 |
|
Aa |
|
7 |
| Pharmaceuticals |
|
|
9.5 |
|
A |
|
7 |
| Technology |
|
|
9.0 |
|
Baa |
|
27 |
| Energy |
|
|
8.8 |
|
Ba |
|
18 |
| Retail |
|
7.4 |
|
B |
|
20 |
| Telecommunications |
|
|
6.9 |
|
<B |
|
2 |
| Health Care |
|
|
5.0 |
|
NR |
|
19 |
| Automotive |
|
4.4 |
|
|
|
|
| Entertainment |
|
|
4.3 |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Allocation |
|
|
% of |
|
|
|
|
| as of October 31, 2004 |
|
|
Net
Assets |
|
|
|
|
| Convertible Bonds & Notes |
|
|
55.6 |
|
|
|
|
| Convertible Preferred Stock |
|
|
19.3 |
|
|
|
|
| Mandatory Convertible Securities |
|
|
18.9 |
|
|
|
|
| Short-term Securities |
|
|
6.0 |
|
|
|
|
| Other Assets |
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Data is unaudited and as of October 31, 2004. This selected
information should be read in conjunction with the financial statements and notes included
in the Company's Semi-Annual Report
to Stockholders (PDF 462 Kb) for the six months
ended April 30, 2004.
Detailed portfolio information is available on our website (http://www.bancroftfund.com). Visit us there or
contact us by e-mail at info@bancroftfund.com
or call us at (973) 631-1177.
Bancroft is a diversified closed-end management investment company. Bancroft'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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