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Adams Express Declares Dividend and Announces Second Quarter Performance
Adams Express Company
Baltimore, MD, July 14, 2010 -- The Board of Directors of The Adams Express Company (NYSE: ADX) today declared a dividend of $0.05 per share, payable September 1, 2010, to stockholders of record on August 13, 2010, and announced performance of the Fund for the first half of 2010.
For the six months ended June 30th, the total return on Adams Express’ net asset value, with dividends and capital gains reinvested, was -9.1%. Comparable figures for the Standard & Poor's 500 Index (“S&P 500”) and the Lipper Large-Cap Core Mutual Fund Average were -6.7% and -7.9%, respectively. The total return on Adams Express’ market value was -9.7%.
For the twelve months ended June 30th, the total return on Adams Express’ net asset value, with dividends and capital gains reinvested, was 11.4%. Comparable figures for the S&P 500 and the Lipper Large-Cap Core Mutual Fund Average were 14.4% and 12.1%, respectively. The total return on Adams Express’ market value was 12.5%.
Adams Express’ net asset value at June 30, 2010, compared with the year earlier, was:
Net Asset Value
|Net asset value per share
The net capital gain realized through June 30, 2010, was $0.20 per share.
The Company repurchased 28,300 shares of its Common Stock during the six month period.
During the three months ended June 30, 2010, Adams Express added three new names to its investment portfolio through the purchases of American Express, Columbia Sportswear, and Dow Chemical, and increased its holdings in Bank of America, Cliffs Natural Resources, Freeport-McMoRan Copper & Gold, Gilead Sciences, Google, Hewlett-Packard, JPMorgan Chase, Norfolk Southern, State Street, T. Rowe Price Group, UnitedHealth Group, and Wells Fargo.
In addition, Adams Express eliminated four holdings from its investment portfolio with the sales of AT&T, Capital One Financial, Tata Motors Ltd. ADR, and WGL Holdings, and reduced its holdings in Halliburton, Hospira, Transocean, and Unilever plc ADR.
The Semi-Annual Report to Stockholders is expected to be released on or about July 23, 2010.
The Adams Express Company is a Baltimore-based closed-end investment company traded on the New York Stock Exchange under the symbol ADX.
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