BALTIMORE, April 10 /PRNewswire-FirstCall/ -- The Board of Directors of
The Adams Express Company (NYSE: ADX) today declared an interim dividend of
$0.05 per share, payable June 1, 2008, to stockholders of record May 15,
2008, and announced the Fund's performance for the first quarter.
First Quarter NAV Performance Tops Benchmarks
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 -7.5%. Comparable figures for the Standard &
Poor's 500 Index and the Lipper Large Cap Core Mutual Fund Average were
-9.4% and -10.2%, respectively. The total return on Adams Express' market
value, after adjustment, was -11.1%.
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 -3.3%. Comparable figures for the
Standard & Poor's 500 Index and the Lipper Large Cap Core Mutual Fund
Average were -5.1% and -5.6%, respectively. The total return on Adams
Express' market value, after adjustment, was -4.1%.
Adams Express' net asset value at March 31, 2008, is compared with the
year earlier in the following table:
Net Asset Value
Net assets $1,262,297,665 $1,386,292,178
Shares outstanding 87,133,182 86,079,089
Net assets per share $14.49* $16.10
*After capital gain distribution of $0.02 per share paid in March 2008.
The net capital gain realized on investments at the end of the first
quarter was $0.10 per share.
The Company repurchased 575,308 shares of its Common Stock during the
During the first quarter, three new names were added to the Company's
portfolio with the purchases of shares of Prudential Financial Inc.,
Transocean Inc., and Visa Inc. The Company added to its existing holdings
in CVS/Caremark, Morgan Stanley, Northeast Utilities, Oshkosh, Prosperity
Bancshares, Spirit AeroSystems, Tata Motors, Wachovia, Wells Fargo, and
Zimmer. The holdings in PepsiCo, Rohm & Haas, and State Street were
The First Quarter Report is expected to be released on or about April
The Adams Express Company is a Baltimore-based closed-end investment
company. It is traded on the New York Stock Exchange under the symbol ADX.
For further information, please contact
Joseph M. Truta, President
Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
410-752-5900 or 800-638-2479
E. Mail: firstname.lastname@example.org
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SOURCE The Adams Express Company