N-30B-2 1 e19199n30b2.txt FORM N-30B-2 ================================================================================ CENTRAL SECURITIES CORPORATION ---------- INTERIM REPORT TO STOCKHOLDERS AS OF SEPTEMBER 30, 2004 ================================================================================ To the Stockholders of CENTRAL SECURITIES CORPORATION: Financial data for the quarter ended September 30, 2004 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, 2004 June 30, 2004 Dec. 31, 2003 -------------- ------------- ------------- Net assets ................................ $507,270,691 $526,780,137 $478,959,218 Net assets per share of Common Stock ...... 25.93 26.87 24.32 Shares of Common Stock outstanding .. 19,562,777 19,606,477 19,692,777
Comparative operating results are as follows:
Nine months ended September 30, ------------------------------- 2004 2003 ---- ---- Net investment income .................................... $ 2,139,984 $ 1,737,273 Per share of Common Stock .......................... .11* .09* Net realized gain on sale of investments ................. 21,786,174 20,595,780 Increase in net unrealized appreciation of investments ... 10,135,449 59,380,203 Increase in net assets resulting from operations ......... 34,061,607 81,713,256
---------- * Per-share data are based on the average number of Common shares outstanding during the nine-month period. In the quarter ended September 30, 2004 the Corporation repurchased 43,700 shares of its Common Stock at an average price of $21.64. 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 630 Fifth Avenue New York, NY 10111 October 20, 2004 [2] PRINCIPAL PORTFOLIO CHANGES July 1 to September 30, 2004 (Common Stock unless specified otherwise)
Number of Shares --------------------------------------- Held September 30, Purchased Sold 2004 --------- ------- ------------- Ceridian Corporation ........................ 190,000 400,000 Convergys Corporation ....................... 410,000 1,630,000 Fifth Third Bancorp ......................... 85,000 285,000 Impath Inc. ................................. 490,000 -- Ingram Micro Inc. ........................... 180,000 -- Laboratory Corporation of America Holdings .. 100,000 -- McMoRan Exploration Co. ..................... 267,000 267,000 Merck & Co., Inc. ........................... 50,000 150,000 Primus Guaranty, Ltd. ....................... 250,000 250,000 Roper Industries, Inc. ...................... 40,300 165,000 The TriZetto Group, Inc. .................... 137,000 1,137,000 Unocal Corporation .......................... 150,000 400,000 Wind River Systems, Inc. .................... 113,000 327,000
TEN LARGEST INVESTMENTS
September 30, 2004 ----------------------------------- % of Year First Cost Value Net Assets Acquired ----- ----- ---------- ---------- (millions) The Plymouth Rock Company, Inc. ...... $ 2.2 $93.0 18.3% 1982 Capital One Financial Corporation .... 1.8 27.0 5.3 1994 Murphy Oil Corporation ............... 3.7 26.0 5.1 1974 Brady Corporation .................... 2.3 25.1 5.0 1984 Convergys Corporation ................ 27.4 21.9 4.3 1998 Intel Corporation .................... .4 19.7 3.9 1986 Unocal Corporation ................... 14.7 17.2 3.4 2004 Analog Devices, Inc. ................. .5 16.7 3.3 1987 Flextronics International Ltd. ....... 3.8 16.0 3.2 1996 Bank of New York Company, Inc. ....... 3.3 14.6 2.9 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. Annapolis, MD 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, 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]