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April 12, 2007
THE ADAMS EXPRESS COMPANY DECLARES DIVIDEND AND ANNOUNCES FIRST QUARTER PERFORMANCE
BALTIMORE, MARYLAND -- APRIL 12, 2007 - The Board of Directors of The Adams Express Company (NYSE:ADX) today declared an interim dividend of $0.05 per share, payable June 1, 2007, to stockholders of record May 17, 2007, and announced the Fund's strong performance for the first quarter.
FIRST QUARTER PERFORMANCE BESTS BENCHMARKS
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 1.9 %. Comparable figures for the Standard & Poor's 500 Index and the Lipper Large Cap Core Mutual Fund Average were 0.6 % and 0.5 %, respectively. The total return on Adams Express' market value, after adjustment, was 1.5 %.
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 11.5%. Comparable figures for the Standard & Poor's 500 Index and the Lipper Large Cap Core Mutual Fund Average were 11.8 % and 9.9 %, respectively. The total return on Adams Express' market value, after adjustment, was 12.4 %.
Adams Express' net asset value at March 31, 2007, is compared with the year earlier in the following table: |
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Net Asset Value |
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3/31/07 |
3/31/06 |
Net assets |
$1,386,292,178 |
$1,320,511,116 |
Shares outstanding |
86,079,089 |
85,308,628 |
Net assets per share |
$16.10* |
$15.48 |
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*After capital gain distribution of $0.01 per share paid in March 2007.
The net capital gain realized on investments at the end of the first quarter was $0.16 per share.
The Company repurchased 804,174 shares of its Common Stock during the quarter.
SECURITIES TRANSACTIONS
During the first quarter, four new names were added to the Company's portfolio with the purchases of shares of Oshkosh Truck Corp. and PNC Financial Services Group, Inc., the receipt of shares of CVS/Caremark Corp. via merger, and the receipt of shares of Spectra Energy Corp. via spin-off from Duke Energy. The Company added to its existing holding in Ryland Group. Three holdings were eliminated with the sales of Donnelley (R.R.) & Sons, the merger of Caremark Rx Inc. into CVS/Caremark, and the merger of Essex Corp. with Northrop Grumman. The holdings in Bunge, Clear Channel Communications, Comcast, Harley Davidson, Martin Marietta Materials, Morgan Stanley, Safeway, and Target were reduced.
The First Quarter Report is expected to be released on or about April 20, 2007.
The Adams Express Company is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange under the symbol ADX.
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For further information, please contact:
Joseph M. Truta, President
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
(410) 752-5900 or (800) 638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com
For your convenience, all press releases are posted to our website. If you would like to receive future press releases by fax or e-mail, please let us know.
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