BALTIMORE, MARYLAND, January 11, 2007 -- The Board of Directors of The Adams Express Company (NYSE:ADX) declared a dividend payable March 1 and announced the Fund's investment returns for 2006.
DIVIDEND DECLARED
Adams Express declared a dividend of $0.05 per share, payable March 1, 2007, to stockholders of record, February 15, 2007, consisting of $0.03 investment income and $0.01 short-term capital gain, all realized in 2006, and $0.01 investment income realized in 2007.
2006 INVESTMENT RETURNS
For the twelve months ended December 31, 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 15%. Comparable figures for the S&P 500 Index and the Lipper Large Cap Core Mutual Fund Average were 15.8% and 13.5%, 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 17.9%.
NET ASSET VALUE ANNOUNCED
The net asset value of Adams Express at the end of 2006 is compared with the prior year in the following table:
12/31/2006 |
12/31/2008 |
|
Net assets |
$1,377,418,310 |
$1,266,728,652 |
Shares outstanding |
86,838,223 |
86,099,607 |
Net assets per share |
$15.86* |
$14.71 |
*After capital gains distributions of $0.67 per share paid in 2006.
SECURITIES TRANSACTIONS DURING THE FOURTH QUARTER
During the fourth quarter, Adams Express added one new name to its investment list with the purchase of Prosperity Bancshares Inc. The Company increased its holdings in Advanced Medical Optics, Dell, ENSCO International, Essex, Intel, and Teva Pharmaceutical Industries Ltd. Five holdings were eliminated from the investment list with the sales of Alcatel-Lucent ADR (received in merger), BP plc, Laboratory Corp. of America Holdings, Lucent Technologies, and Solectron. The Company reduced its holdings in AMBAC Financial Group, AT&T, Bunge Ltd., Cisco Systems, Dean Foods, Donnelley (R.R.) & Sons, Harley-Davidson, Oracle, Target, and Wilmington Trust.
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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