THE ADAMS EXPRESS COMPANY DECLARES DIVIDEND AND REPORTS PERFORMANCE FOR SIX MONTHS ENDING JUNE 30, 2001
BALTIMORE, MARYLAND, April 11, 2001 -- The Board of Directors of The Adams Express Company today declared an interim dividend of $0.08 per share, payable June 1, 2001, to stockholders of record May 18, 2001, and announced the fund's performance for the First Quarter.
For the three months ended March 31st, the total return on Adams Express' net asset value, after adjusting for income dividends and capital gain distributions paid, was -17.5 percent. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's Index of 500 Stocks were -8.0 percent and -11.9 percent, respectively.
For the twelve months ended March 31st, according to INDATA, the total return on Adams Express' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was -26.8 percent. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's Index of 500 Stocks were -8.2 percent and -21.7 percent, respectively.
Adams Express' net asset value at March 31, 2001, is compared with the year earlier in the following table:
3/31/01 |
3/31/00 |
|
Net assets |
$1,596,852,420 |
$2,303,559,444** |
Shares outstanding |
81,926,962 |
79,806,340 |
Net assets per share |
$19.49* |
$28.87 |
*After capital gain distribution of $0.04 per share paid in 2001.
**Adjusted for the 3-for-2 stock split which was paid on October 19, 2000.
SECURITIES TRANSACTIONS
During the three months ended March 31, 2001, Adams Express added five new names to its investment list with the purchases of Genentech, Inc., Human Genome Sciences Inc., ITT Industries, Keyspan Corp., and Mirant Corp. The Company increased its existing holdings in Canadian National Railway Co., Duke Energy Corp., Orion Power Holdings, Inc., TECO Energy, Inc., United Parcel Service, Inc., and United Technologies Corp.
Seven issues were eliminated from the investment list with the sales of Cabot Corp., Chiron Corp., Delphi Automotive, Inc., Dover Corp., Hewlett-Packard Co., McDonald's Corp., and National City Corp. Reductions were made in the holdings of First Data Corp. and Quest Communications International, Inc.
The First Quarter Report is expected to be released on or about April 20, 2001.
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
410-752-5900 or 800-638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com
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