THE ADAMS EXPRESS COMPANY DECLARES DIVIDEND AND REPORTS PERFORMANCE FOR SIX MONTHS ENDING JUNE 30, 2001
BALTIMORE, MARYLAND, July 12, 2001 -- The Board of Directors of The Adams Express Company today declared a dividend of $.08 per share, payable September 1, 2001, to stockholders of record August 17, 2001.
For the six months ended June 30th, the total return on Adams Express' net asset value, after adjusting for income dividends and capital gain distributions paid, was -15.9 per cent. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's Index of 500 Stocks were -1.8 per cent and -6.7 per cent, respectively.
For the twelve months ended June 30, 2001, the total return on Adams Express' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was -24.8 per cent. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's Index of 500 Stocks were 2.2 per cent and -14.8 per cent, respectively.
Adams Express' net asset value at June 30, 2001 is compared with the year earlier in the following table:
6/30/01 |
6/30/00 |
|
Net assets |
$1,615,334,214 |
79,186,690 |
Shares outstanding |
81,621,562 |
79,186,690 |
Net assets per share |
$19.79* |
$28.43 |
**After capital gain distribution of $0.04 per share paid in March of 2001.
**Adjusted for the 3-for-2 stock split which was paid on October 19, 2000.
SECURITIES TRANSACTIONS
During the three months ended June 30, 2001, The Adams Express Company added six new names to its investment list with the purchases of Affymetrix Inc., Applera Corp. - Applied Biosystems Group, BEA Systems Inc., Caliper Technologies, HCA Inc., and Siebel Systems, Inc. The Company increased its existing holdings in Abbott Laboratories, Genentech, Inc., and Mirant Corp.
Two issues were eliminated from the investment list with the sales of ALZA Corp. and First Data Corp. Reductions were made in Annuity & Life Re (Holdings), Ltd., Calpine Capital Trust 5.75% Conv. Pfd. HIGH TIDES, Investors Financial Services Corp., Ivex Packaging Corp., Nortel Networks Corp., and Symantec 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
410-752-5900 or 800-638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com
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