BALTIMORE, MARYLAND, October 12, 2006 -- The Adams Express Company today announced its performance for the nine-month period ended September 30, 2006. The total return on net asset value, after adjusting for income dividends as well as capital gain distributions paid in 2006, was 8.2%. Comparable figures for the Standard & Poor's 500 Index and the Dow Jones Industrials were 8.5% and 10.9%, respectively.
For the twelve months ended September 30, 2006, the total return on Adams Express' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was 9.7%. Comparable figures for the Standard & Poor's 500 Index and the Dow Jones Industrials were 10.8% and 13.1%, respectively.
The Company's net asset value at September 30, 2006, is compared with the year earlier in the table below.
NET ASSET VALUE |
9/30/2006 |
9/30/2005 |
Net assets |
$1,338,665,366 |
$1,288,242,842 |
Shares outstanding |
85,117,815 |
84,090,383 |
Net assets per share |
$15.73* |
$15.32 |
*After capital gain distribution of $0.02 per share paid in March 2006.
The net capital gain realized on investments for the nine months was $0.39 per share.
Year-to-date, the Company has repurchased 1,040,700 shares of its Common Stock.
SECURITIES TRANSACTIONS
During the quarter, Adams Express added five new names to its portfolio through the purchases of ENSCO International, Inc., Essex Corp., Ryland Group Inc., and Teva Pharmaceutical Industries Ltd. ADR, and the receipt of Windstream Corp. in a spin-off from Alltel. The Company added to its positions in Advanced Medical Optics, Avon Products, Dell, Exxon Mobil, Florida Rock Industries, and Intel.
One position was eliminated from the portfolio with the sale of HCA Inc. Holdings were reduced in Abbott Laboratories, AMBAC Financial Group, Aqua America, BP plc, Caremark Rx, Cisco Systems, Dean Foods, Donnelley (R.R.) & Sons, Harley-Davidson, Laboratory Corp. of America Holdings, Newell Rubbermaid, Target, and Unilever plc.
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 20, 2006.
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For further information, please contact:
Joseph M. Truta, President
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
(410) 752-5900 or (800) 638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com
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