N-30B-2 1 e13863n30b2.txt INTERIM REPORT ================================================================================ CENTRAL SECURITIES CORPORATION ---------- INTERIM REPORT TO STOCKHOLDERS AS OF SEPTEMBER 30, 2002 ================================================================================ To the Stockholders of CENTRAL SECURITIES CORPORATION: Financial data for the quarter ended September 30, 2002 prepared by management without audit by independent auditors and other pertinent information are submitted herewith. Comparative market values of net assets are as follows:
Sept. 30, 2002 June 30, 2002 Dec. 31, 2001 -------------- ------------- ------------- Net assets ................................................. $365,395,560 $450,557,971 $539,839,060 Net assets per share of Common Stock ....................... 19.64 23.97 28.54 Shares of Common Stock outstanding ....................... 18,604,499 18,799,499 18,914,599
Comparative operating results are as follows:
Nine months ended September 30, ---------------------------------------- 2002 2001 ------------- ------------- Net investment income ........................................................ $ 2,383,772 $ 3,125,682 Per share of Common Stock .................................................. .13* .17* Net realized gain on sale of investments ..................................... 18,895,235 28,165,621 Decrease in net unrealized appreciation of investments ....................... (187,342,733) (156,446,481) Decrease in net assets resulting from operations ............................. (166,063,726) (125,155,178)
---------- * Per-share data are based on the average number of Common shares outstanding during the nine-month period. In the quarter ended September 30, 2002 the Corporation repurchased 195,000 shares of its Common Stock at an average price of $19.07. 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 October 16, 2002 [2] PRINCIPAL PORTFOLIO CHANGES July 1 to September 30, 2002 (Common Stock unless specified otherwise) Number of Shares ------------------------------------ Held September 30, Purchased Sold 2002 --------- ------- ------------- The Bank of New York Company, Inc. ....... 20,000 580,000 Concord EFS, Inc. ........................ 100,000 100,000 Convergys Corporation .................... 10,000 780,000 Everest Re Group Ltd. .................... 30,000 50,000 FleetBoston Financial Corporation ........ 100,000 100,000 Genuity Inc. ............................. 230,000 -- Impath Inc. .............................. 10,000 420,000 Kerr-McGee Corporation ................... 10,000 220,000 Murphy Oil Corporation ................... 10,000 240,000 PolyOne Corporation ...................... 227,600 1,372,400 ProBusiness Services, Inc. ............... 60,000 240,000 Solectron Corporation .................... 200,000 700,000 The TriZetto Group, Inc. ................. 264,700 264,700 Wachovia Corporation ..................... 300,000 -- [3] BOARD OF DIRECTORS DONALD G. CALDER DUDLEY D. JOHNSON President Chairman 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 Trust Company, N.A. P.O. Box 43069, Providence, RI 02940-3069 201-324-0313 www.equiserve.com INDEPENDENT AUDITORS KPMG LLP 757 Third Avenue, New York, NY 10017 [4]