BALTIMORE, MARYLAND, October 14, 2004 -- The Adams Express Company today announced its performance for the nine-month period ended September 30, 2004. For the period, the total return on net asset value, after adjusting for income dividends as well as the capital gain distribution paid in 2004, was 4.1%. Comparable figures for the Dow Jones Industrials and the Standard & Poor's Index of 500 Stocks were -2.1% and 1.5%, respectively.
For the twelve months ended September 30, 2004, the total return on Adams Express' net asset value, after adjusting for income dividends as well as the capital gain distributions paid, was 16.4%. Comparable figures for the Dow Jones Industrials and the Standard & Poor's Index of 500 Stocks were 11.0% and 13.9%, respectively.
The net asset value of the Company at September 30, 2004, is compared with the year earlier in the table below.
9/30/04 |
9/30/03 |
|
Net assets |
$1,236,603,645 |
$1,109,730,479 |
Shares outstanding |
83,731,662 |
82,596,050 |
Net assets per share |
$14.77* |
$13.44 |
*After capital gain distribution of $0.02 per share paid in March 2004.
The net capital gain realized on investments for the nine months ended September 30, 2004, was $0.59 per share.
SECURITIES TRANSACTIONS
During the third quarter, Adams Express added three new names to its portfolio list with the purchases of Clear Channel Communications Inc., Ryland Group Inc., and Unilever plc ADR. The Company added to its positions in Avaya Inc., Lucent Technologies Inc., Smurfit-Stone Container Corp., and Zimmer Holdings Inc.
Five positions were eliminated from the portfolio with the sales of Albemarle Corp., BankNorth Group, Inc., Black & Decker Corp., Hospira Inc., and Ingersoll-Rand Co. Ltd. Reductions were made in the holdings of AMBAC Financial Group, Inc., Aqua America, Inc., BellSouth Corp., Black Hills Corp., Dean Foods Co., Donnelley (R.R.) & Sons Co., Investors Financial Services Corp, Johnson & Johnson, Laboratory Corp. of America Holdings, MDU Resources Group, Inc., and United Technologies Corp.
The Adams Express Company is a Baltimore-based closed-end investment company. It is listed on the New York Stock Exchange and Pacific Exchange, and its symbol is ADX. The Third Quarter Report will be mailed to stockholders and posted to our website: www.adamsexpress.com on or about October 22, 2004.
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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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