-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OAb5Y+qKT7ONR17sod+akbsmllq+g4xrM26Vsy4i8uKT9RrdQWxS6Ia2uwatAWXD /W8wmWKUziibu/4P0qd9bA== 0000891092-00-000351.txt : 20000501 0000891092-00-000351.hdr.sgml : 20000501 ACCESSION NUMBER: 0000891092-00-000351 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTRAL SECURITIES CORP CENTRAL INDEX KEY: 0000018748 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 131875970 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30B-2 SEC ACT: SEC FILE NUMBER: 811-00179 FILM NUMBER: 611663 BUSINESS ADDRESS: STREET 1: 375 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10152 BUSINESS PHONE: 2126883011 MAIL ADDRESS: STREET 1: 375 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10152 FORMER COMPANY: FORMER CONFORMED NAME: TRANS CENTRAL SECURITIES CORP DATE OF NAME CHANGE: 19700722 FORMER COMPANY: FORMER CONFORMED NAME: BUERGER LADET & RADINSKY INC DATE OF NAME CHANGE: 19671026 N-30B-2 1 INTERIM REPORT CENTRAL SECURITIES CORPORATION ----------- INTERIM REPORT TO STOCKHOLDERS AS OF MARCH 31, 2000 TO THE STOCKHOLDERS OF CENTRAL SECURITIES CORPORATION: Financial data for the quarter ended March 31, 2000 and other pertinent information prepared by management without audit by independent auditors are submitted herewith. Comparative market values of net assets are as follows:
Mar.31, 2000 Dec.31, 1999 Mar.31, 1999 ------------ ------------ ------------ Net assets .................................... $715,779,188 $590,655,679 $479,606,205 Convertible Preference Stock at liquidation preference ...... .......................... * * (8,980,700) ------------ ------------ ------------ Net assets applicable to Common Stock ......... $715,779,188 $590,655,679 $470,625,505 ============ ============ ============ Net asset coverage per share of Convertible Preference Stock ........................... $ * $ * $ 1,335.10 Net assets per share of Common Stock. ......... 42.48 35.05 31.64 Pro forma net assets per share, reflecting conversion of the Convertible Preference Stock ...................................... * * 29.63 Shares of Convertible Preference Stock outstanding .......................... * * 359,228 Shares of Common Stock outstanding ...... 16,850,737 16,850,745 14,873,532
Comparative figures of income are as follows: Three months ended March 31, ------------------------------ 2000 1999 ------------ ------------ Net investment income ..................... $ 1,413,174 $ 1,424,929 Number of times Preferred dividend earned ..................... * 7.9 Per share of Common Stock ............. .08** .08** Net realized gain on sale of investments .......................... 37,424,118 9,247,292 Increase (decrease) in net unrealized appreciation of investments ............. 86,286,458 (7,349,768) Increase in net assets resulting from operations ......................... 125,123,750 3,322,453 - ---------- * On August 1, 1999 the Corporation redeemed the remaining shares of the $2.00 Series D Convertible Preference Stock. ** Per-share data are based on the average number of Common shares outstanding during the three-month period and in 1999 are after recognition of the dividend requirement on the Convertible Preference Stock. [2] PRINCIPAL PORTFOLIO CHANGES* January 1 to March 31, 2000 (Common Stock unless specified otherwise) Number of Shares --------------------------------------- Held March 31, Purchased Sold 2000 -------------- -------- -------------- Analog Devices, Inc. .................. 480,000(a) 150,000(b) 930,000 Broadwing Inc. ....................... 96,090(c) 884,217 The DII Group Incorporated ............ 30,000 470,000 Fort James Corporation ................ 100,000 100,000 Intel Corporation ..................... 60,000 700,000 JLG Industries, Inc. .................. 200,000 200,000 MGI Pharma, Inc. ..................... 70,000 80,000 MidAmerican Energy Holdings Company ... 300,000(d) -- Nextel Communications, Inc. Class A .. 10,000 140,000 Novell, Inc. .......................... 100,000 100,000 Omnicare, Inc. ........................ 100,000 -- Petroleum Geo-Services ASA Spon ADR ... 100,000 -- PharmChem Laboratories, Inc. ......... 18,347 -- Unisys Corporation .................... 800,000 900,000 UNUMProvident Corporation ............. 100,000 330,000 Watkins-Johnson Company ............... 500,000(d) -- - ---------- * Excludes stocks listed under "Miscellaneous--Other Investments" at 12/31/99. (a) Stock split. (b) 120,000 of which were pre-split. (c) Received on conversion of 10,743 shares of Broadwing Inc. 71/4% Ser. A Conv. Pfd. Stock. (d) Merger. ---------- The annual meeting of stockholders of the Corporation was held on March 8, 2000 with 93% of Common shares being represented. At the meeting the Board of Directors was reelected and the selection of KPMG LLP as auditors of the Corporation for the year 2000 was ratified. Detailed information will be published in the June 30, 2000 Semi-Annual Report. In the quarter ended March 31, 2000 the Corporation repurchased 8 shares of its Common Stock at $30.13 per share. These shares were purchased in a private transaction with a stockholder. The Corporation may from time to time purchase Common Stock in such amounts and at such prices as the Board of Directors may deem advisable in the best interests of stockholders. Stockholders' inquiries are welcome. CENTRAL SECURITIES CORPORATION WILMOT H. KIDD, PRESIDENT 375 Park Avenue New York, NY 10152 April 28, 2000 [3] BOARD OF DIRECTORS DONALD G. CALDER DUDLEY D. JOHNSON President President G. L. Ohrstrom & Co., Inc. Young & Franklin Inc. New York, NY Liverpool, NY JAY R. INGLIS WILMOT H. KIDD Executive Vice President President Holt Corporation New York, NY C. CARTER WALKER, JR. Washington, CT OFFICERS WILMOT H. KIDD, President CHARLES N. EDGERTON, Vice President and Treasurer KAREN E. RILEY, Secretary OFFICE 375 Park Avenue, New York, NY 10152 212-688-3011 www.centralsecurities.com CUSTODIAN UMB Bank, N.A. P.O. Box 419226, Kansas City, MO 64141-6226 TRANSFER AGENT AND REGISTRAR EquiServe, First Chicago Trust Division P. O. Box 2500, Jersey City, NJ 07303-2500 INDEPENDENT AUDITORS KPMG LLP 345 Park Avenue, New York, NY 10154 [4] -----END PRIVACY-ENHANCED MESSAGE-----