BALTIMORE, MARYLAND, January 8, 2004 -- The Board of Directors of The Adams Express Company (NYSE:ADX) announced the fund's performance for 2003 and declared a dividend.
2003 PERFORMANCE
The Fund's performance in 2003 was strong, closely trailing the returns produced by 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 26.3 percent. Comparable figures for the S&P 500 and the DJIA were 28.6 percent and 28.2 percent, respectively.
DIVIDEND DECLARED
Adams Express declared a dividend of $.05 per share, payable March 1, 2004, to stockholders of record February 17, 2004. The $.05 consists of $.03 investment income, $.01 short-term capital gain and $.01 of long-term capital gain, all realized in 2003.
NET ASSET VALUE ANNOUNCED
The net asset value of Adams Express at the end of 2003 is compared with the prior year in the following table:
12/31/03 |
12/31/02 |
|
Net assets |
$1,218,862,456 |
$1,024,810,092 |
Shares outstanding |
84,886,412 |
84,536,250 |
Net assets per share |
$14.36* |
$12.12 |
*After capital gains distributions of $0.61 per share paid in 2003.
PRINCIPAL CHANGES IN PORTFOLIO DURING FOURTH QUARTER
During the three months ended December 31, 2003, Adams Express added five new names to its investment list with the purchases of Air Products and Chemicals, Inc., Illinois Tool Works Inc., Mattel, Inc., MedImmune, Inc., and Newell Rubbermaid Inc. The Company increased its holdings in Bank of America Corp., BEA Systems Inc., Compass Bancshares Inc., Dell Inc., Lucent Technologies Inc., Medtronic Inc., and Siebel Systems Inc. One holding was eliminated from the investment list with the sale of Lilly (Eli) & Co. The Company reduced its holdings in Symantec Corp., Cisco Systems, Inc., Donnelley (R.R.) & Sons Co., Intel Corp., Nokia Corp., 3M Co., United Technologies Corp., and Wachovia 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, Secretary & General Counsel
at (410) 752-5900 or (800) 638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com
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