Adams Express Fund Declares Dividend And Announces First Quarter Performance

BALTIMORE, April 10, 2014 /PRNewswire/ -- The Board of Directors of Adams Express (NYSE:ADX) today declared an interim dividend of $0.05 per share, payable June 2, 2014, to shareholders of record May 14, 2014. This dividend represents the second payment this year toward the Fund's annual 6% minimum distribution rate commitment. In 2013, the Fund paid out distributions at an annual distribution rate of 7.1%. Details regarding the Fund's annual 6% minimum distribution rate commitment can be found at www.adamsexpress.com.

The Fund also announced its performance for the first quarter.

First Quarter Performance

For the three months ended March 31st, the total return on Adams Express's net asset value, with dividends and capital gains reinvested, was 1.0%. 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 1.8% and 1.7%, respectively. The total return on Adams Express's market price was (0.3)%.

For the twelve months ended March 31st, the total return on Adams Express's net asset value, with dividends and capital gains reinvested, was 19.3%. Comparable figures for the S&P 500 and the Lipper Peer Group were 21.9% and 21.2%, respectively. The total return on Adams Express's market price was 18.0%.

The Fund's net asset value at March 31, 2014, compared with the year earlier, was:              

The Fund repurchased 190,800 shares of its common stock during the first quarter at an average price per share of $12.87 and a weighted average discount to net asset value of 13.9%.

The Fund realized a net capital gain of $0.45 per share from the securities transactions that it conducted during the quarter.                                      

The First Quarter Report to Shareholders is expected to be released on or about April 21, 2014.

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

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SOURCE Adams Express