BALTIMORE, Oct. 9 /PRNewswire-FirstCall/ -- The Adams Express Company (NYSE:ADX) today announced its performance for the nine-month period ended September 30, 2008. The total return on net asset value, with dividends and capital gains reinvested, was (17.6)%. Comparable figures for the Standard & Poor's 500 Index and the Lipper Large Cap Core Mutual Fund Average were (19.3)% and (19.7)%, respectively. The total return on Adams Express' market value was (22.7)%.
For the twelve months ended September 30, 2008, the total return on Adams Express' net asset value, with dividends and capital gains reinvested, was (20.5)%. Comparable figures for the Standard & Poor's 500 Index and the Lipper Large Cap Core Mutual Fund Average were both (22.0)%. The total return on Adams Express' market value was (22.4)%.
The Company's net asset value at September 30, 2008, is compared with the year earlier in the table below.
Net Asset Value
9/30/2008 9/30/2007 Net assets $1,094,622,017 $1,481,145,080
Shares outstanding 85,506,641 85,490,774
Net assets per share $12.80 $17.33
The net capital gain realized on investments for the nine months was $0.34 per share.
Year-to-date, the Company has repurchased 2,206,439 shares of its Common Stock.
Securities Transactions During the quarter, Adams Express added three new names to its portfolio through the purchases of CONSOL Energy Inc., Harsco Corp., and McDonald's Corp. The Company added to its positions in Bunge, CVS/Caremark, Intel, Prudential Financial, Target, Transocean, and Visa.
Eight positions were eliminated from the portfolio with the sales of American International Group, Inc., Comcast Corp., Duke Energy Corp., Lubrizol Corp., Morgan Stanley, Rohm & Haas Co., Wachovia Corp., and Windstream Corp. Holdings were reduced in Avon Products, Procter & Gamble, and Wells Fargo.
Adams Express is a Baltimore-based closed-end investment company. It is listed on the New York Stock 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 17, 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
email:
website: http://www.adamsexpress.com/ DATASOURCE: The Adams Express Company CONTACT: Joseph M. Truta, President, or Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary, both of The Adams Express Company, +1-410-752-5900, +1-800-638-2479, Web site: http://www.adamsexpress.com/
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