General American Investors Reports Net Assets as of June 30, 2001.Business Editors NEW YORK--(BUSINESS WIRE)--July 25, 2001 General American Investors Company, Inc., a closed-end investment company closed-end investment company: see mutual fund. listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (GAM), today reported total net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. as of Jun. 30, 2001 of $1,290,633,681. Net assets applicable to the common stock of the Company as of Jun. 30, 2001 were $1,140,633,681 as compared with net assets applicable to common stock of $1,119,250,719 at Jun. 30, 2000. The figure for Jun. 30, 2001 is after deductions of (1) $57,425,612 representing the portion of dividends paid in cash on Dec. 21, 2000, (2) $18,673,594 representing the portion of the 2000 spill-over dividend paid in cash on Mar. 14, 2001, and (3) $20,912,825 representing the cost of 518,300 shares of the Company's common stock repurchased during the period from Jul. 1, 2000 through Jun. 30, 2001. Net asset value per share of common stock at Jun. 30, 2001 was $37.97, as compared with $37.83 per share at Dec. 31, 2000, adjusted to reflect a deduction for the dividend paid in Mar. 2001, and with $42.03 per share at Jun. 30, 2000. The Company reported that it had made new commitments during the second quarter of 2001 in Bangor Hydro-Electric and Bristol-Myers Squibb. In addition, it had increased its holdings in Coca-Cola Enterprises, Costco, IQE IQE Internal Quantum Efficiency IQE Institute of Quantum Electronics IQE International Quantum Epitaxy IQE Indefinite-Quadratic Estimation IQE Incoming Quality Evaluation IQE Initial Qualification Evaluation (US Air Force) plc, Mitel, Molex, Oberthur Card Systems, PartnerRe, Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Group of America and SunTrust Banks. Holdings of Cirrus Logic, Covance, Macromedia, MIPS Technologies, NCR (NCR Corporation, Dayton, OH, www.ncr.com) A technology company specializing in financial terminal transactions, retail systems and data warehousing. Until the late 1990s, NCR was heavily invested in the hardware side of the industry, known worldwide as a major manufacturer of computers , Parametric Technology, SPSS A statistical package from SPSS, Inc., Chicago (www.spss.com) that runs on PCs, most mainframes and minis and is used extensively in marketing research. It provides over 50 statistical processes, including regression analysis, correlation and analysis of variance. , SONICblue, Synopsys and XL Capital were eliminated, while reductions were made in the holdings of AmerUs Group, Annaly Mortgage Management, Annuity and Life Re, Avanex, Everest Re Group, First Midwest Bancorp, IDEC IDEC Instituto Brasileiro de Defesa do Consumidor (Portugese: Brazilian Consumer Protection Agency) IDEC Information Design & End-User Computing IDEC Interior Design Educators Council, Inc. Pharmaceuticals, M&T Bank, NTL NTL Nevertheless NTL National Transportation Library NTL Norsk Tjenestemannslag NTL National Training Laboratories NTL Never Too Late NTL Nothing to Lose NTL National Training Laboratory NTL None the Less NTL Number Theory Library , Transatlantic Holdings and Waste Management. The largest stock holdings in the Company's portfolio at Jun. 30, 2001 included The Home Depot, Inc., Everest Re Group, Ltd., IDEC Pharmaceuticals Corporation, The TJX Companies, Inc. and Pfizer Inc.
GENERAL AMERICAN INVESTORS COMPANY, INC.
AS OF OR FOR THE SIX MONTHS ENDED
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6/30/01 6/30/00
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Net Assets $1,290,633,681 $1,269,250,719
Net Assets Applicable to Common
Stock $1,140,633,681 $1,119,250,719
Net Assets Per Common Share $37.97(a) $42.03
Net Investment Income $7,598,270 $7,192,427
Per Share $.25 $.27
Net Investment Gain $2,762,211 $60,102,643
Per Share $.07 $2.19
Common Shares Outstanding 30,041,955 26,630,129
(a) After capital gain distributions of $5.63 per share, including
$1.49 per share from short-term gain, paid in Dec. 2000 and $2.08 per
share, including $.06 per share from short-term gain, paid in Mar.
2001 and after an income dividend of $.48 per share paid in Dec. 2000.
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