The Adams Express Fund Declares Dividend And Reports Performance For The First Half Of 2013

News provided by

The Adams Express Company

Jul 10, 2013, 03:14 ET

BALTIMORE, July 10, 2013 /PRNewswire/ -- The Board of Directors of Adams Express (NYSE: ADX) today declared a dividend of $0.05 per share, payable September 3, 2013, to shareholders of record on August 15, 2013.  This dividend represents the third payment toward the Fund's annual 6% minimum distribution rate commitment for the year. Details regarding the annual 6% minimum distribution rate commitment can be found at www.adamsexpress.com.

Performance

For the six months ended June 30th, the total return on the Fund's net asset value, with dividends and capital gains reinvested, was 11.4%. Comparable figures for the Standard & Poor's 500 Index (S&P 500) and the Lipper Large-Cap Core Mutual Funds Average (Lipper Peer Group) were 13.8% and 13.2%, respectively. The total return on the Fund's market price was 14.0%. The net capital gain realized by the Fund on its investments for the six months was $0.29 per share.

For the twelve months ended June 30th, the total return on the Fund's net asset value, with dividends and capital gains reinvested, was 18.2%.  Comparable figures for the S&P 500 and the Lipper Peer Group were 20.6% and 20.4%, respectively. The total return on the Fund's market price was 20.7%.

Net Asset Value

The Fund's net asset value at June 30, 2013, compared with the year earlier, was:                                                             

                                                                                                 


6/30/13

6/30/12

Net assets                            

$1,272,697,559

$1,125,291,245

Shares outstanding                  

92,687,368

91,106,318

Net assets per share                         

$13.73

$12.35

During the period, the Fund resumed its share repurchases and repurchased 389,822 shares of its common stock at an average price per share of $12.12 and a weighted average discount to net asset value of 13.1%.

The Semi-Annual Report to Shareholders is expected to be released on or about July 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 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

SOURCE The Adams Express Company

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