ADAMS EXPRESS NINE MONTHS PERFORMANCE REPORTED
BALTIMORE, MARYLAND, October 11, 2001 -- 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 2001, was -30.3%. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's Index of 500 Stocks were -17.0% and -20.3%, 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 -37.0%. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's Index of 500 Stocks were -15.6% and -26.6%, respectively.
The net asset value of The Adams Express Company at September 30, 2001 is compared with a year earlier in the table below.
9/30/01 |
9/30/00** |
|
Net assets |
$1,320,680,032 |
78,800,350 |
Shares outstanding |
80,980,0622 |
82,292,262 |
Net assets per share |
$16.31* |
$28.41 |
*After capital gain distribution of $1.39 per share paid in 2001.
The net capital gain realized on investments for the nine months ended September 30, 2001 was $1.37 per share.
SECURITIES TRANSACTIONS
During the third quarter, Adams Express added five new names to its portfolio with the purchases of BJ's Wholesale Club, Inc., Bristol-Myers Squibb Co., Hershey Foods Corp., Pfizer Inc., and Philadelphia Suburban Corp.
The Fund added to its positions in BEA Systems Inc., HCA Inc., and Siebel Systems Inc., and received additional shares in Vodafone Group plc ADS in exchange for MediaOne Group, Inc. 6.25% PIES due 2001.
Reductions were made in the holdings of Ericsson (L.M.) Telephone Co. ADR, General Electric Co., Investors Financial Services Corp., Ivex Packaging Corp., and SBC Communications Inc., and four positions were eliminated from the portfolio with the sales of Nortel Networks Corp., Pall Corp., Schlumberger Ltd., and WorldCom, Inc.
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. The Third Quarter Report will be mailed to stockholders on or about October 19, 2001.
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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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