BALTIMORE, MARYLAND - JULY 9, 2009 - The Board of Directors of The Adams Express Company (NYSE: ADX) today declared a dividend of $0.05 per share, payable September 1, 2009, to stockholders of record on August 14, 2009, and announced the strong performance turned in by the Fund for the first half of 2009.
Adams Express Continues to Outperform its Benchmarks
For the six months ended June 30th, the total return on Adams Express’ net asset value, with dividends and capital gains reinvested, was 6.5%. Comparable figures for the Standard & Poor's 500 Index (“S&P 500”) and the Lipper Large-Cap Core Mutual Fund Average were 3.2% and 4.8%, respectively. The total return on Adams Express’ market value was 6.0%.
For the twelve months ended June 30th, the total return on Adams Express’ net asset value, with dividends and capital gains reinvested, was -20.6%. Comparable figures for the S&P 500 and the Lipper Large-Cap Core Mutual Fund Average were -26.2% and -25.9%, respectively. The total return on Adams Express’ market value was -23.5%.
Adams Express’ net asset value at June 30, 2009, compared with the year earlier, is:
| 6/30/09 | 6/30/08 | |
| Net assets | $870,825,075 | $1,190,420,881 |
| Shares outstanding | 86,182,914 | 86,647,623 |
| Net asset value per share | $10.10 | $13.74 |
The net capital gain realized through June 30, 2009, was $0.26 per share.
The Company repurchased 1,257,649 shares of its Common Stock during the six month period.
SECURITIES TRANSACTIONS
During the three months ended June 30, 2009, Adams Express added four new names to its investment portfolio through the purchases of Capital One Financial Corp., Gilead Sciences Inc., QUALCOMM Inc., and UnitedHealth Group Inc., and increased its holdings in Bank of America, Dean Foods, JPMorgan Chase, Medtronic, PNC Financial, and WGL Holdings.
In addition, Adams Express eliminated two issues from its investment portfolio with the sales of Atmos Energy Corp. and Schlumberger Ltd., and reduced its holdings in Goldman Sachs, Hansen Natural, and 3M.
The Adams Express Company is a Baltimore-based closed-end investment company traded on the New York Stock Exchange under the symbol ADX. The Semi-Annual Report to Stockholders is expected to be released on or about July 16, 2009.
* * * * * * * * * * * * * * * * *
For further information, please contact:
Joseph M. Truta, President
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
at (410) 752-5900 or (800) 638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com