BALTIMORE, MARYLAND, January 13, 2005 -- The Board of Directors of The Adams Express Company (NYSE:ADX) announced the Fund's investment returns for 2004 and declared a dividend.
2004 INVESTMENT RETURNS
In 2004 the Fund outperformed the S&P 500 Index and the Dow Jones Industrial Average. 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, was 12.1%. Comparable figures for the S&P 500 Index and for the Dow Jones Industrial Average were 10.9% and 5.3%, respectively.
"We are pleased with the returns earned for our shareholders in 2004. The portfolio particularly benefited from good stock selection, including an emphasis on higher-dividend paying stocks and low beta stocks," said Douglas G. Ober, Chairman and Chief Executive Officer.
DIVIDEND DECLARED
Adams Express declared a dividend of $.05 per share, payable March 1, 2005, to stockholders of record February 17, 2005. The $.05 consists of $.03 investment income and $.01 short-term capital gain, all realized in 2004 and $.01 investment income realized in 2005.
NET ASSET VALUE ANNOUNCED
The net asset value of Adams Express at the end of 2004 is compared with the prior year in the following table:
12/31/04 |
12/31/03 |
|
Net assets |
$1,295,548,900 |
$1,218,862,456 |
Shares outstanding |
86,135,292 |
84,886,412 |
Net assets per share |
$15.04* |
$14.36 |
*After capital gains distributions of $0.66 per share paid in 2004.
SECURITIES TRANSACTIONS DURING THE FOURTH QUARTER
During the three months ended December 31, 2004, Adams Express added three new names to its investment list with the purchases of Martin Marietta Materials, Inc., Murphy Oil Corp., and North Fork Bancorporation, Inc. The Company increased its holdings in Clear Channel Communications Inc., Pfizer Inc., Ryland Group Inc., Unilever plc ADR and Zimmer Holdings Inc. One holding was eliminated from the investment list with the sale of Hershey Foods Corp. The Company reduced its holdings in AMBAC Financial Group, Inc., BellSouth Corp, BMC Software Inc., Donnelly (R.R.) & Sons Co., Enzon Pharmaceuticals, Inc., Illinois Tool Works Inc., Investors Financial Services Corp., Keyspan Corp., Laboratory Corp. of America Holdings, Parker-Hannifin Corp., Symantec Corp., 3M Co., and United Technologies Corp.
The Adams Express Company is a Baltimore-based closed-end investment company. It is traded on the New York Stock Exchange and Pacific Exchange, and its symbol is 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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