BALTIMORE, July 10 /PRNewswire-FirstCall/ -- The Board of Directors of
The Adams Express Company (NYSE: ADX) today declared a dividend of $.05 per
share, payable September 1, 2008, to stockholders of record on August 12,
2008, and announced the Fund's performance for the first half of 2008.
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 -11.9%. Comparable figures for the Standard &
Poor's 500 Index and the Lipper Large Cap Core Mutual Fund Average were
-11.6% and -11.5%, respectively. The total return on Adams Express' market
value, after adjustment, was -15.4%.
For the twelve months ended June 30th, the total return on Adams
Express' net asset value, after adjusting for income dividends as well as
capital gain distributions paid, was -13.4%. Comparable figures for the
Standard & Poor's 500 Index and the Lipper Large Cap Core Mutual Fund
Average were -13.1% and -12.3%, respectively. The total return on Adams
Express' market value, after adjustment, was -14.4%.
Adams Express' net asset value at June 30, 2008, compared with the year
Net Asset Value
Net assets $1,190,420,881 $1,465,249,907
Shares outstanding 86,647,623 85,893,132
Net assets per share $13.74* $17.06
*After capital gain distribution of $0.02 per share paid in March 2008.
The net capital gain realized through June 30, 2008, was $0.22 per share.
The Company repurchased 1,063,308 shares of its Common Stock during the
six month period.
During the three months ended June 30, 2008, the Company added three
new names to its investment list with the additions of Chevron Corp.,
Halliburton Co., and Hansen Natural Corp. The Company increased its
holdings in Oshkosh, Prudential Financial, Spirit AeroSystems, Tata Motors,
Seven issues were eliminated from the investment list with the sales of
Aqua America, BJ's Wholesale Club, ENSCO International, Fifth Third
Bancorp., Gannett, Marathon Oil, and United Parcel Service. The Company
reduced its holdings in Emerson Electric and Rohm & Haas.
The Adams Express Company is a Baltimore-based closed-end investment
company traded on the New York Stock Exchange under the symbol ADX. The
Semi-Annual Report is expected to be released on or about July 18, 2008.
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
SOURCE The Adams Express Company