-----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, ELAnzhsVwCt4qW5DPp9hx/tCacmqnUmOROaIOylZrHoG7shORha2+hp8nbXvu9IO kL+HJBVIXGsZPpHI3bD3pQ== 0000891092-04-001826.txt : 20040422 0000891092-04-001826.hdr.sgml : 20040422 20040422090945 ACCESSION NUMBER: 0000891092-04-001826 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040331 FILED AS OF DATE: 20040422 EFFECTIVENESS DATE: 20040422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTRAL SECURITIES CORP CENTRAL INDEX KEY: 0000018748 IRS NUMBER: 131875970 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30B-2 SEC ACT: 1940 Act SEC FILE NUMBER: 811-00179 FILM NUMBER: 04746882 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 e17440n30b2.txt INTERIM REPORT TO STOCKHOLDERS ================================================================================ CENTRAL SECURITIES CORPORATION ---------- INTERIM REPORT TO STOCKHOLDERS AS OF MARCH 31, 2004 ================================================================================ To the Stockholders of CENTRAL SECURITIES CORPORATION: Financial data for the quarter ended March 31, 2004 and other pertinent information prepared by management without audit by independent auditors are submitted herewith. Comparative net assets are as follows:
Mar. 31, 2004 Dec. 31, 2003 Mar. 31, 2003 ------------- ------------- ------------- Net assets ................................................. $488,536,021 $478,959,218 $349,194,110 Net assets per share of Common Stock ....................... 24.89 24.32 18.18 Shares of Common Stock outstanding ....................... 19,631,277 19,692,777 19,207,784
Comparative operating results are as follows:
Three months ended March 31, ------------------------------ 2004 2003 ---- ---- Net investment income ............................................................ $ 1,222,555 $ 880,683 Per share of Common Stock ...................................................... .06* .05* Net realized gain on sale of investments ......................................... 16,501,813 5,410,861 Decrease in net unrealized appreciation of investments ........................... (6,817,589) (17,010,940) Increase (decrease) in net assets resulting from operations ...................... 10,906,779 (10,719,396)
- ---------- * Per-share data are based on the average number of Common shares outstanding during the three-month period. ---------- The annual meeting of stockholders of the Corporation was held on March 10, 2004 with 94% 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 2004 was ratified. Detailed information will be published in the June 30, 2004 Semi-Annual Report. In the quarter ended March 31, 2004 the Corporation repurchased 61,500 shares of its Common Stock at an average price per share of $21.63. 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 [2] PRINCIPAL PORTFOLIO CHANGES January 1 to March 31, 2004 (Common Stock unless specified otherwise)
Number of Shares ------------------------------------ Held March 31, Purchased Sold 2004 --------- ---- --------- Abbott Laboratories.................................... 100,000 100,000 Accenture Ltd.......................................... 120,000 400,000 American Management Systems, Inc....................... 1,255,498 364,502 Analog Devices, Inc.................................... 30,000 430,000 ArvinMeritor, Inc...................................... 100,000 600,000 The Bank of New York Company, Inc...................... 60,000 500,000 Capital One Financial Corporation...................... 60,000 370,000 Ceridian Corporation................................... 100,000 100,000 Convergys Corporation.................................. 220,000 1,220,000 FleetBoston Financial Corp............................. 100,000 -- Motorola, Inc.......................................... 130,000 200,000 Rohm and Haas Company.................................. 50,000 150,000 SunGard Data Systems Inc............................... 20,000 570,000 Unocal Corporation..................................... 150,000 150,000
TEN LARGEST INVESTMENTS
March 31, 2004 ----------------------------------- % of Year First Cost Value Net Assets Acquired ---- ----- ---------- --------- (millions) The Plymouth Rock Company, Inc............... $ 2.2 $58.9 12.1% 1982 Capital One Financial Corporation............ 1.8 27.9 5.7 1994 Intel Corporation............................ .4 26.7 5.5 1986 Flextronics International Ltd................ 3.8 20.7 4.2 1996 Analog Devices, Inc.......................... .5 20.6 4.2 1987 Brady Corporation............................ 2.3 19.6 4.0 1984 Murphy Oil Corporation....................... 3.1 18.9 3.9 1974 Convergys Corporation........................ 22.1 18.5 3.8 1998 Unisys Corporation........................... 12.6 16.4 3.4 1999 The Bank of New York Company, Inc............ 3.3 15.8 3.2 1993
[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 630 Fifth Avenue, New York, NY 10111 212-698-2020 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 P. O. Box 43069, Providence, RI 02940-3069 781-575-2724 www.equiserve.com INDEPENDENT AUDITORS KPMG LLP 757 Third Avenue, New York, NY 10017 [4] -----END PRIVACY-ENHANCED MESSAGE-----