N-30B-2 1 e15847n_30b-2.txt FORM N-30B-2 ================================================================================ CENTRAL SECURITIES CORPORATION ---------- INTERIM REPORT TO STOCKHOLDERS AS OF SEPTEMBER 30, 2003 ================================================================================ To the Stockholders of CENTRAL SECURITIES CORPORATION: Financial data for the quarter ended September 30, 2003 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, 2003 June 30, 2003 Dec. 31, 2002 -------------- ------------- ------------- Net assets........................................ $435,952,050 $421,972,928 $361,942,568 Net assets per share of Common Stock.............. 22.91 22.06 18.72 Shares of Common Stock outstanding.......... 19,031,684 19,124,984 19,337,284 Comparative operating results are as follows:
Nine months ended September 30, ------------------------------- 2003 2002 ---- ---- Net investment income............................................... $ 1,737,273 $ 2,383,772 Per share of Common Stock..................................... .09* .13* Net realized gain on sale of investments............................ 20,595,780 18,895,235 Increase (decrease) in net unrealized appreciation of investments... 59,380,203 (187,342,733) Increase (decrease) in net assets resulting from operations......... 81,713,256 (166,063,726)
---------- * Per-share data are based on the average number of Common shares outstanding during the nine-month period. In the quarter ended September 30, 2003 the Corporation repurchased 93,300 shares of its Common Stock at an average price of $19.57. 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 14, 2003 [2] PRINCIPAL PORTFOLIO CHANGES July 1 to September 30, 2003 (Common Stock unless specified otherwise)
Number of Shares --------------------------------------- Held September 30, Purchased Sold 2003 --------- ---- ------------- Analog Devices, Inc.................................... 10,000 490,000 ArvinMeritor, Inc...................................... 60,000 700,000 Capital One Financial Corporation...................... 10,000 430,000 Erie Indemnity Company Class A......................... 10,000 10,000 Flextronics International Ltd.......................... 70,000 1,230,000 Intel Corporation...................................... 50,000 1,000,000 Marsh & McLennan Companies, Inc........................ 20,000 70,000 Medco Health Solutions, Inc............................ 12,060* 12,060 Peerless Systems Corporation........................... 200,000 -- Rohm and Haas Company.................................. 50,000 200,000 Schering-Plough Corporation............................ 50,000 450,000
---------- * Received in a distribution from Merck & Co., Inc. TEN LARGEST INVESTMENTS
September 30, 2003 ------------------------------------------------ % of Year First Cost Value Net Assets Acquired ---- ----- ---------- ---------- (millions) The Plymouth Rock Company, Inc............... $ 2.2 $51.9 11.9% 1982 Intel Corporation............................ .4 27.5 6.3 1986 Capital One Financial Corporation............ 2.1 24.5 5.6 1994 American Management Systems, Inc............. 22.2 20.8 4.8 1984 Analog Devices, Inc.......................... .6 18.6 4.3 1987 Murphy Oil Corporation....................... 3.1 17.6 4.0 1974 Flextronics International Ltd................ 3.9 17.5 4.0 1996 Brady Corporation............................ 2.4 16.5 3.8 1984 The Bank of New York Company, Inc............ 4.1 16.3 3.7 1993 Convergys Corporation........................ 16.7 16.1 3.7 1998
[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 866-593-2507 (toll free) 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 781-575-2754 www.equiserve.com INDEPENDENT AUDITORS KPMG LLP 757 Third Avenue, New York, NY 10017 [4]