N-30B-2 1 file001.txt FORM N-30B-2 ================================================================================ CENTRAL SECURITIES CORPORATION ---------- INTERIM REPORT TO STOCKHOLDERS AS OF MARCH 31, 2001 ================================================================================ To the Stockholders of CENTRAL SECURITIES CORPORATION: Financial data for the quarter ended March 31, 2001 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, 2001 Dec. 31, 2000 Mar. 31, 2000 ------------- ------------- ------------- Net assets ...................... $522,970,934 $596,289,086 $715,779,188 Net assets per share of Common Stock ............... 28.95 32.94 42.48 Shares of Common Stock outstanding ................. 18,065,546 18,103,346 16,850,737 Comparative operating results are as follows: Three months ended March 31, --------------------------------- 2001 2000 ---- ---- Net investment income ................. $ 1,383,455 $ 1,413,174 Per share of Common Stock ........... .08* .08* Net realized gain on sale of investments ................. 7,350,509 37,424,118 Increase (decrease) in net unrealized appreciation of investments ...................... (81,031,248) 86,286,458 Increase (decrease) in net assets resulting from operations .......................... (72,297,284) 125,123,750 ---------- * Per-share data are based on the average number of Common shares outstanding during the three-month period. [2] PRINCIPAL PORTFOLIO CHANGES January 1 to March 31, 2001 (Common Stock unless specified otherwise) Number of Shares ------------------------------------- Held March 31, Purchased Sold 2001 --------- ---- --------- Analog Devices, Inc. ................... 40,000 730,000 Brady Corporation Class A .............. 9,600 560,400 Gartner Group, Inc. Class A ............ 160,000 -- Genuity Inc. ........................... 3,300,000 3,300,000 Household International, Inc. .......... 30,000 400,000 Impath Inc. ............................ 41,500 358,500 MSC Industrial Direct Co., Inc. Class A .................... 70,000 -- Motorola, Inc. ......................... 300,000 400,000 PartnerRe Ltd. ......................... 100,000 100,000 The Progressive Corporation ............ 20,000 -- Schlumberger Ltd. ...................... 100,000 100,000 SunGard Data Systems Inc. .............. 10,000 300,000 UnumProvident Corporation .............. 90,600 200,000 ---------- The annual meeting of stockholders of the Corporation was held on March 14, 2001 with 87% 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 2001 was ratified. Detailed information will be published in the June 30, 2001 Semi-Annual Report. In the quarter ended March 31, 2001 the Corporation repurchased 37,800 shares of its Common Stock at an average price per share of $27.01. These shares were purchased on the American Stock Exchange. 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 27, 2001 [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 National Marine Underwriters, Inc. New York, NY C. CARTER WALKER, JR. Washington, CT OFFICERS WILMOT H. KIDD, President CHARLES N. EDGERTON, Vice President and Treasurer MARLENE A. KRUMHOLZ, 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 767 Third Avenue, New York, NY 10017 [4]