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July 11, 2002
THE ADAMS EXPRESS COMPANY DECLARES DIVIDEND, REPORTS PERFORMANCE FOR SIX MONTHS ENDING JUNE 30, 2002, AND ANNOUNCES RICHARD F. KOLOSKI TO RETIRE IN 2003
BALTIMORE, MARYLAND, July 11, 2002 - The Board of Directors of The Adams Express Company (symbol ADX) today declared a dividend of $.08 per share, payable September 1, 2002, to stockholders of record August 16, 2002.
For the six months ended June 30th, the total return on Adams Express' net asset value, after adjusting for income dividends and capital gain distributions paid, was -12.3 percent. Comparable figures for the Standard & Poor's Index of 500 Stocks and the Dow Jones Industrial Average were -13.2 percent and -6.9 percent, respectively.
For the twelve months ended June 30, 2002, the total return on Adams Express' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was -22.5 percent. Comparable figures for the Standard & Poor's Index of 500 Stocks and the Dow Jones Industrial Average were -18 percent and -10.4 percent, respectively.
Adams Express' net asset value at June 30, 2002 is compared with the year earlier in the following table:
Net Asset Value |
| |
6/30/02 |
6/30/01 |
Net Assets |
$1,170,806,941 |
$1,615,334,214 |
Shares outstanding |
84,186,862 |
81,621,562 |
Net assets per share |
$13.91* |
$19.79 |
*After capital gain distributions of $0.06 per share paid in March 2002. |
Securities Transactions
During the three months ended June 30, 2002, The Adams Express Company added one new name to its investment list with the purchase of Albemarle Corp. The Company increased its existing holdings in Bristol-Myers Squibb Co., Coca-Cola Co., Dean Foods Co., HCA Inc., Philadelphia Suburban Corp., Rohm & Haas Co., and Siebel Systems, Inc.
Four issues were eliminated from the investment list with the sales of Elan Corp., Engelhard Corp., Human Genome Sciences, Inc., and Motorola Inc. The Company reduced its holdings in AMBAC Financial Group, Inc., Black Hills Corp., Canadian National Railway Corp., Federal Home Loan Mortgage Corp., Greenpoint Financial Corp., ITT Industries, 3M Co., and Nextel Communications Inc.
Koloski To Retire in March 2003
Richard F. Koloski, Executive Vice President of the Company since 1986, and a member of the three-person portfolio management team, has announced that he intends to retire at the end of March 2003. Mr. Koloski is a highly regarded oil & gas industry analyst and is also the President of the Company's non-controlled affiliate, Petroleum & Resources Corp. He will continue serving the Companies in his full capacity until his retirement date.
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.
The Semi-Annual Report is expected to be released on or about July 19, 2002.
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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