Adams Express Company
Baltimore, October 13, 2005 -- The Adams Express Company (ADX) today announced its performance for the nine-month period ended September 30, 2005. The total return on net asset value, after adjusting for income dividends as well as the capital gain distribution paid in 2005, was 3.0%. Comparable figures for the Dow Jones Industrials and the Standard & Poor's Index of 500 Stocks were -0.5% and 2.8%, respectively.
For the twelve months ended September 30, 2005, the total return on Adams Express' net asset value, after adjusting for income dividends as well as the capital gain distributions paid, was 10.4%. Comparable figures for the Dow Jones Industrials and the Standard & Poor's Index of 500 Stocks were 7.2% and 12.3%, respectively.
The Company's net asset value at September 30, 2005, is compared with the year earlier in the table below.
Net Asset Value
9/30/2005 9/30/2004
Net assets $1,288,242,842 $1,236,603,645
Shares outstanding 84,090,383 83,731,662
Net assets per share $15.32* $14.77
*after capital gain distribution of $0.01 per share paid in March 2005. |
The net capital gain realized on investments for the nine months ended September 30, 2005, was $0.45 per share.
The Company repurchased 870,200 shares of its Common Stock during the quarter, and 2,065,600 shares during the nine-month period.
Securities Transactions
During the quarter, Adams Express added one new name to its portfolio with the purchase of Curtiss-Wright Corp. The Company added to its positions in Comcast, Gannett, Microsoft, and Outback Steakhouse.
Five positions were eliminated from the portfolio with the sales of Brinker International, Canadian National Railway, CINergy, Sun Microsystems, and Treehouse Foods. The Company reduced its holdings in Alltel, American International Group, Corning, R. R. Donnelley, DuPont, Genentech, HCA, Martin Marietta Materials, Murphy Oil, Provident Bankshares, and Target Corp.
Adams Express is a Baltimore-based closed-end investment company. It is listed on the New York Stock Exchange and Pacific Exchange under the symbol ADX. The Third Quarter Report will be mailed to stockholders and posted to our website: http://www.adamsexpress.com on or about October 19, 2005
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