The Adams Express Fund Reports Nine-Month Results

News provided by

Adams Express Company

Oct 09, 2013, 02:53 ET

BALTIMORE, Oct. 9, 2013 /PRNewswire/ -- The Adams Express Company (NYSE:ADX) today announced its results for the nine months ended September 30, 2013. The total return on its net asset value, with dividends and capital gains reinvested, was 17.3%.  Comparable figures for the Standard & Poor's 500 Composite Stock Index ("S&P 500") and the Lipper Large-Cap Core Mutual Fund Average were 19.8% and 19.5%, respectively. The total return on the Fund's market price was 18.5%.

For the twelve months ended September 30, 2013, the total return on Adams Express' net asset value, with dividends and capital gains reinvested, was 17.0%.  Comparable figures for the S&P 500 and the Lipper Large-Cap Core Mutual Fund Average were 19.3% and 19.7%, respectively.  The total return on the Fund's market price was 16.1%.

Net Asset Value

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

9/30/13

9/30/12

Net assets        

$1,327,695,459

$1,191,713,637

Shares outstanding   

92,216,170

91,106,376

Net assets per share           

$14.40

$13.08

The Fund repurchased 860,045 shares of its common stock during the nine-month period at an average price per share of $12.26 and a weighted average discount to net asset value of 13.6%.

The net capital gain realized by the Fund on its investments for the nine months was $0.58 per share.

Adams Express has committed to pay out distributions to its shareholders at an annual 6% minimum distribution rate, based on the trailing 12-month average market price.  Details regarding the annual 6% minimum distribution rate can be found at www.adamsexpress.com.      

The Third Quarter Report is expected to be released on or about October 18, 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, contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
at (410) 752-5900 or (800) 638-2479
e-mail: [email protected]   

SOURCE Adams Express Company

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