BALTIMORE, MARYLAND, October 9, 2003 -- The Adams Express Company today announced its performance results for the nine-month period ended September 30, 2003. For the period, according to Lipper, the total return on Adams Express' net asset value, after adjusting for income dividends as well as the capital gain distributions paid in 2003, was 12.2%. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's Index of 500 Stocks were 13.2% and 14.7%, respectively.
For the twelve months ended September 30, according to Lipper, the total return on Adams Express' net asset value, after adjusting for income dividends as well as the capital gain distributions paid, was 19.1%. Comparable figures for the Dow Jones Industrial Average and the Standard & Poor's Index of 500 Stocks were 25.1% and 24.4%, respectively.
The net asset value of the Company at September 30, 2003 is compared with the year earlier in the table below.
9/30/03 |
9/30/02 |
|
Net assets |
$1,109,730,479 |
$984,611,772 |
Shares outstanding |
82,596,050 |
82,787,962 |
Net assets per share |
$13.44* |
$11.89 |
*After capital gain distributions of $0.03 per share paid in March 2003.
The net capital gain realized on investments for the nine months ended September 30, 2003 was $0.43 per share.
SECURITIES TRANSACTIONS
During the third quarter, Adams Express added five new names to its portfolio with the purchases of Bank of America Corp., Dell Inc., Medtronic Inc., Parker-Hannifin Corp., and Zimmer Holdings Inc. The Fund added to its positions in Compass Bancshares Inc., Fifth Third Bancorp, Laboratory Corp. of America Holdings, Microsoft Corp., Pfizer Inc., and Schlumberger Ltd.
Four positions were eliminated from the portfolio with the sales of Boeing Co., Federal Home Loan Mortgage Corp., GlaxoSmithKline plc ADR, and Northwestern Corp. Reductions were made in the holdings of American International Group, Inc., Cisco Systems, Inc., Genentech, Inc., General Electric Co., Intel Corp., Lilly (Eli) & Co., Nokia Corp. ADR, Symantec Corp, 3M Co., and United Technologies Corp.
The Adams Express Company is a Baltimore-based closed-end investment company. It is listed 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 17, 2003.
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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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