BALTIMORE, MARYLAND -- APRIL 8, 2004 - The Board of Directors of The Adams Express Company (NYSE:ADX) today declared an interim dividend of $0.05 per share, payable June 1, 2004, to stockholders of record May 17, 2004, 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 1.8 percent. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's 500 Index were -0.4 percent and 1.7 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 33.4 percent. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's 500 Index were 32.6 percent and 35.1 percent, respectively.
Adams Express' net asset value at March 31, 2004, is compared with the year earlier in the following table:
Net Asset Value:
3/31/04 |
3/31/03 |
|
Net assets |
$1,232,356,639 |
$968,688,540 |
Shares outstanding |
84,629,512 |
83,693,350 |
Net assets per share |
$14.56* |
$11.57 |
*After capital gain distribution of $0.02 per share paid in March 2004.
SECURITIES TRANSACTIONS
During the First Quarter ended March 31, 2004, Adams Express added three new names to the portfolio with the addition of Cree, Inc., Emerson Electric Co., and Smurfit-Stone Container Corp. The Company increased its holdings in Air Products and Chemicals, Inc., Dell Inc., General Electric Co., and Illinois Tool Works Inc., and reduced its holdings in Affymetrix Inc., Aqua America, Inc., Black Hills Corp., Brinker International Inc., Genentech, Inc., Ingersoll-Rand Co. Ltd., Intel Corp., Investor Financial Services Corp., Solectron Corp., Symantec Corp., 3M Co., and United Technologies Corp.
The First Quarter Report is expected to be released on or about April 23, 2004.
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, General Counsel & Secretary
(410) 752-5900 or (800) 638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com
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