BALTIMORE, MARYLAND, October 10, 2002 -- The Adams Express Company today announced its performance results for the nine-month period ended September 30. For that period, the total return on Adams Express' net asset value, after adjusting for income dividends as well as the capital gain distributions paid in 2002, was -25.1%. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's Index of 500 Stocks were -23.1% and -28.2%, respectively.
For the twelve months ended September 30, the total return on Adams Express' net asset value, after adjusting for income dividends as well as the capital gain distributions paid, was -19.8%. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's Index of 500 Stocks were -12.5% and -20.5%, respectively.
The net asset value of The Adams Express Company at September 30, 2002 is compared with a year earlier in the table below.
9/30/02 |
9/30/01 |
|
Net assets |
$984,611,772 |
$1,320,680,032 |
Shares outstanding |
82,787,962 |
80,980,062 |
Net assets per share |
$11.89* |
$16.31 |
*After capital gain distributions of $0.06 per share paid in March 2002.
The net capital gain realized on investments for the nine months ended September 30, 2002 was $0.37 per share.
SECURITIES TRANSACTIONS
During the Third Quarter, Adams Express added two new names to its portfolio with the purchases of Alltel Corp. and Murphy Oil Corp.
The Fund added to its positions in Albemarle Corp., American International Group, Inc., Brinker International Inc., Bristol-Myers Squibb Co., Coca-Cola Co., PepsiCo., Inc., Pfizer Inc., Philadelphia Suburban Corp., Safeway, Inc., Siebel Systems Inc., and Target Corp.
Reductions were made in the holdings of AMBAC Financial Group, Inc., Black Hills Corp., Exxon Mobil Corp., General Electric Co., Hershey Foods Corp., SBC Communications Inc. and 3M Co. Several positions were eliminated from the portfolio with the sales of Caliper Technologies, Canadian National Railway Co. (after conversion to common from the preferred), Citigroup Inc., Ericsson (L.M.) Telephone Co. ADR (rights), Greenpoint Financial Corp., ITT Industries, Merck & Co., Inc., Monsanto Co. (after receipt for shares of Pharmacia Corp. held)., Nextel Communications Inc. 5.25% Conv. Notes due 2010, Nextel Communications Inc., and Tiffany & Co.
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 on or about October 18, 2002.
* * * * * * * * * * * * * * * * *
For further information please contact:
Joseph M. Truta, President
Lawrence L. Hooper, Jr., Vice President, Secretary & General Counsel
410-752-5900 or 800-638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com
For your convenience, all press releases are posted to our website. If you would like to receive future press releases by fax or e-mail, please let us know.