BALTIMORE, MARYLAND, January 10, 2008 -- The Board of Directors of The Adams Express Company (NYSE:ADX) declared a dividend payable March 1 and announced the Fund's benchmark-beating investment returns for 2007.
DIVIDEND DECLARED
Adams Express declared a dividend of $0.05 per share, payable March 1, 2008, to stockholders of record February 14, 2008, consisting of $0.02 investment income, $0.01 short-term capital gain, and $0.01 long-term capital gain, all realized in 2007, and $0.01 investment income realized in 2008.
2007 INVESTMENT RETURNS
For the twelve months ended December 31, 2007, the total return on Adams Express' net asset value, after adjusting for income dividends as well as capital gains distributions paid during the year, was 6.5%. Comparable figures for the S&P 500 Index and the Lipper Large Cap Core Mutual Fund Average were 5.5% and 5.8%, respectively. The total return on Adams Express' market value, after adjusting for income dividends as well as capital gains distributions paid during the year, was 9.4%.
NET ASSET VALUE ANNOUNCED
The net asset value of Adams Express at the end of 2007 is compared with the prior year in the following table:
12/31/2007 |
12/31/2006 |
|
Net assets |
$1,378,693,044 |
$1,377,418,310 |
Shares outstanding |
87,668,847 |
86,838,223 |
Net assets per share |
$15.73* |
$15.86 |
*After capital gains distributions of $0.71 per share paid in 2007.
SECURITIES TRANSACTIONS DURING THE FOURTH QUARTER
During the fourth quarter, Adams Express added one new name to its investment list with the purchase of Tata Motors Ltd. ADR The Company increased its holdings in Bank of America, Harley-Davidson, Lowe's Companies, Lubrizol, Morgan Stanley, Northeast Utilities, Oshkosh Truck, Senomyx, Spirit AeroSystems Holdings, Wachovia, and Zimmer Holdings. Six holdings were eliminated from the investment list with the sales of Advanced Medical Optics, Alltel, AMBAC Financial Group, BankAtlantic Bancorp, BEA Systems, and Murphy Oil. The Company reduced its holdings in Avon Products, BJ's Wholesale Club, Bunge, ConocoPhillips, General Electric, Intel, Rohm & Haas, and Teva Pharmaceutical Industries.
The Adams Express Company is a Baltimore-based closed-end investment company. Its stock trades on the New York Stock Exchange under the ticker symbol ADX.
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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
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