BALTIMORE, MARYLAND, July 10, 2003 - The Board of Directors of The Adams Express Company (symbol ADX) today declared a dividend of $.05 per share, payable September 1, 2003, to stockholders of record August 15, 2003.
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 8.7 percent. Comparable figures for the Standard & Poor's Index of 500 Stocks and the Dow Jones Industrial Average were 11.8 percent and 8.9 percent, respectively.
For the twelve months ended June 30, 2003, the total return on Adams Express' net asset value, after adjusting for income dividends as well as capital gain distributions paid, was -0.9 percent. Comparable figures for the Standard & Poor's Index of 500 Stocks and the Dow Jones Industrial Average were 0.3 percent and -0.5 percent, respectively.
Adams Express' net asset value at June 30, 2003, is compared with the year earlier in the following table:
Net Asset Value
6/30/03 |
6/30/02 |
|
Net assets |
$1,082,405,702 |
$1,170,806,941 |
Shares outstanding |
82,909,150 |
84,186,862 |
Net assets per share |
$13.06* |
$13.91 |
*After capital gain distributions of $0.03 per share paid in March 2003.
Securities Transactions
During the three months ended June 30, 2003, The Adams Express Company added three new names to its investment list with the purchases of ConocoPhillips, Fifth Third Bancorp, and Schlumberger Ltd. The Company increased its existing holdings in BEA Systems Inc., Compass Bancshares Inc., Investors Financial Services Corp., Laboratory Corp. of America Holdings, Microsoft Corp., and Safeway, Inc. The Company also increased its holdings of Pfizer Inc. by its merger with Pharmacia Corp.
Two issues were eliminated from the investment list with the merger of Pharmacia Corp into Pfizer Inc. and the sale of Vertex Pharmaceuticals Inc. The Company reduced its holdings in Dean Foods Co., Genentech, Inc., General Electric Co., GlaxoSmithKline plc ADR, Lilly (Eli) & Co., Nokia Corp. Northwestern Corp. and 3M Co.
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 Semi-Annual Report is expected to be released on or about July 18, 2003.
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