BALTIMORE, MARYLAND – OCTOBER 13, 2011 – The Adams Express Company (NYSE:ADX) today announced its results for the nine months ended September 30, 2011. The total return on net asset value, with dividends and capital gains reinvested, was -13.8%. Comparable figures for the Standard & Poor's 500 Composite Stock Index (“S&P 500”) and the Lipper Large-Cap Core Mutual Fund Average were -8.7% and -10.6%, respectively. The total return on Adams Express’ market price was -12.9%.
For the twelve months ended September 30, 2011, the total return on Adams Express’ net asset value, with dividends and capital gains reinvested, was -4.2%. Comparable figures for the S&P 500 and the Lipper Large-Cap Core Mutual Fund Average were 1.1% and -1.5%, respectively. The total return on Adams Express’ market price was -3.0%.
Adams Express’ net asset value at September 30, 2011, compared with the year earlier, is:
Net Asset Value
| 9/30/11 | 9/30/10 | |
| Net assets | $957,010,424 | $1,029,561,550 |
| Shares outstanding | 88,924,926 | 87,428,532 |
| Net asset value per share | $10.76 | $11.78 |
The net capital gain realized on investments for the nine months was $0.40 per share.
Commenting on the results announced today, Douglas G. Ober, Chairman and CEO, said “This keeps us on target to generate sufficient gains to pay out to our stockholders this year a total of 6% of our average month-end stock price (for the 12 months ended October 31, 2011), consistent with our past track record and our distribution commitment that we announced in September.”
Securities Transactions
Mr. Ober continued, “Consistent with our active management strategy, we made some adjustments to our portfolio in the third quarter to reflect our current views on the economy and the changing outlook for individual companies and industries.” During the quarter, Adams Express added seven new names to its investment portfolio through the purchases of shares of ACE Ltd., BorgWarner, Inc., Capital One Financial Corp., Honeywell International Inc., Philip Morris International Inc., Schlumberger Ltd., and United Rentals, Inc., and increased its holdings in Avon Products, Caterpillar, Celgene, F5 Networks, FedEx, Peabody Energy, and T. Rowe Price.
In addition, Adams Express sold its position in State Street Corp., and reduced its holdings in American Express, ADP, CF Industries, Cliffs Natural Resources, Coca-Cola, Curtiss-Wright, Dow Chemical, Emerson Electric, Exxon Mobil, Freeport-McMoRan, General Electric, Goodrich, Intel, McDonald’s, MDU Resources, Morgan Stanley, Oracle, PNC Financial, Potash Corp., Praxair, Procter & Gamble, Unilever, UnitedHealth, and United Technologies.
Adams Express is a Baltimore-based closed-end investment company. It is listed on the New York Stock Exchange under the symbol ADX. The Third Quarter Report will be mailed to stockholders and posted to our website: www.adamsexpress.com on or about October 21, 2011.
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For further information, please contact:
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