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Arpil 11, 2002
THE ADAMS EXPRESS COMPANY DECLARES DIVIDEND, ANNOUNCES FIRST QUARTER PERFORMANCE
Baltimore, MD, April 11, 2002-The Board of Directors of The Adams Express Company today declared an interim dividend of $0.08 per share, payable June 1, 2002, to stockholders of record May 17, 2002, and announced the fund's performance for the First Quarter.
For the three months ended March 31st, the total return on Adams Express' net asset value, after adjusting for income dividends and capital gain distributions paid, was -1.0 percent. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's Index of 500 Stocks were -4.3 percent and 0.2 percent, respectively.
For the twelve months ended March 31st, the total return on Adams Express' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was -10.7 percent. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's Index of 500 Stocks were 5.3 percent and 0.2 percent, respectively.
Adams Express' net asset value at March 31, 2002, is compared with the year earlier in the following table: |
*After capital gain distribution of $0.06 per share paid in 2002.
SECURITIES TRANSACTIONS
During the first quarter ended March 31, 2002, Adams Express added two new names to its investment list with purchases of Rohm & Haas Co. and Target Corp. Five holdings were eliminated from the investment list with the sales of Ivex Packaging Corp., Mirant Corp., Qwest Communications International, Inc. 5.75% TRENDS Pfd. Due 2003, RCN Corp. and Time Warner Telecom Inc. The Company added to its holdings in BEA Systems Inc., BJ's Wholesale Club, Inc., Brinker International Inc., Bristol -Myers Squibb Co., CINergy Corp., Dean Foods Co., PepsiCo, Inc., Pfizer Inc., Safeway, Inc., and Siebel Systems Inc. The Company reduced its holdings in Black Hills Corp., Cisco Systems, Inc., Citigroup Inc., Engelhard Corp., Genentech, Inc., General Electric Co., Investors Financial Services Corp., ITT Industries, Minnesota Mining & Manufacturing Co., Oracle Corp., Symantec Corp., and Tiffany & Co.
The First Quarter Report is expected to be released on or about April 19, 2002.
The Adams Express Company is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange and Pacific Exchange, and its symbol is ADX.
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For further information, please contact
Joseph M. Truta, President
Lawrence L. Hooper, Jr., Vice President, Secretary & General Counsel
410-752-5900 or 800-638-2479
E. Mail: contact@adamsexpress.com
Website: www.adamsexpress.com
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