Adams Express Declares Dividend And Announces First Quarter Performance

BALTIMORE, April 11, 2013 /PRNewswire/ -- The Board of Directors of The Adams Express Company (NYSE:ADX) today declared an interim dividend of $0.05 per share, payable June 3, 2013, to shareholders of record May 15, 2013. This dividend represents the second payment this year toward the Fund's commitment to pay out to shareholders an amount that will result in an annual distribution rate of at least 6% for the year. In 2012, the Fund paid out distributions at an annual distribution rate of 6.3%. Details regarding the 6% minimum annual distribution rate commitment can be found at www.adamsexpress.com.

The Company also announced the Fund's performance for the first quarter.

First Quarter Performance

For the three months ended March 31st, the total return on Adams Express' net asset value, with dividends and capital gains reinvested, was 9.7%. Comparable figures for the Standard & Poor's 500 Index (S&P 500) and the Lipper Large-Cap Core Mutual Fund Average (Lipper Peer Group) were 10.6% and 10.3%, respectively. The total return on Adams Express' market price was 11.3%.

For the twelve months ended March 31st, the total return on Adams Express' net asset value, with dividends and capital gains reinvested, was 11.9%. Comparable figures for the S&P 500 and the Lipper Peer Group were 14.0% and 12.9%, respectively. The total return on Adams Express' market price was 13.8%.

The net assets, shares outstanding, and net asset value per share of Adams Express at March 31, 2013, is compared with the year earlier in the following table:

The Fund realized a net capital loss of $0.10 per share from the securities transactions that it conducted during the first quarter of 2013.                                     

The First Quarter Report to Shareholders is expected to be released on or about April 19, 2013.

The Adams Express Company is a Baltimore-based closed-end fund that has been operating as an investment company since 1929.  Its stock trades on the New York Stock Exchange under the ticker symbol ADX.

For further information, please contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel and Secretary
410-752-5900 or 800-638-2479
E. Mail: [email protected]
Website: www.adamsexpress.com

For your convenience, all press releases are posted to our website.  If you would like to receive future press releases by e-mail, please let us know.

SOURCE The Adams Express Company

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED