BALTIMORE, MARYLAND -- APRIL 10, 2003 - The Board of Directors of The Adams Express Company today declared an interim dividend of $0.05 per share, payable June 1, 2003, to stockholders of record May 16, 2003, 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 -4.1 percent. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's 500 Index were -3.6 percent and -3.2 percent, respectively.
For the twelve months ended March 31st, the total return on Adams Express' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was -21.3 percent. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's 500 Index were -21.5 percent and -24.8 percent, respectively.
Adams Express' net asset value at March 31, 2003, is compared with the year earlier in the following table:
3/31/03 |
3/31/02 |
|
Net assets |
$968,688,540 |
$1,342,888,441 |
Shares outstanding |
83,693,350 |
84,916,462 |
Net assets per share |
$11.57* |
$11.57* |
*After capital gain distribution of $0.03 per share paid in March 2003.
SECURITIES TRANSACTIONS
During the first quarter ended March 31, 2003, Adams Express added four new names to its investment list with purchases of Compass Bancshares Inc., Gannett Inc, Laboratory Corp. of America Holdings, and Microsoft Corp. Two holdings were eliminated from the investment list with the sales of Ericsson (L.M.) Telephone Co. ADR and Mellon Financial Corp. The Company added to its holdings in Albemarle Corp., Alltel Corp., BEA Systems Inc., BJ's Wholesale Club, Inc., Canadian National Railway Co., and Ingersoll-Rand Co. Ltd.. The Company reduced its holdings in Vertex Pharmaceuticals Inc. and Wells Fargo & Co.
The First Quarter Report is expected to be released on or about April 22, 2003.
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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