N-30B-2 1 e31183n30b2.txt INTERIM REPORT TO STOCKHOLDERS ================================================================================ CENTRAL SECURITIES CORPORATION ---------- INTERIM REPORT TO STOCKHOLDERS AS OF MARCH 31, 2008 ================================================================================ To the Stockholders of CENTRAL SECURITIES CORPORATION: Financial data for the quarter ended March 31, 2008 and other pertinent information prepared by management without audit by independent auditors are submitted herewith. Comparative net assets are as follows:
Mar. 31, 2008 Dec. 31, 2007 Mar. 31, 2007 ------------- ------------- ------------- Net assets........................................ $612,438,385 $644,822,724 $627,727,778 Net assets per share of Common Stock.............. $ 28.64 $ 30.15 $ 30.56 Shares of Common Stock outstanding............. 21,385,882 21,385,882 20,538,195
Comparative operating results are as follows:
Three months ended March 31, ---------------------------- 2008 2007 ---- ---- Net investment income............................................. 4,008,845 5,698,854 Per share of Common Stock...................................... .19* .28* Net realized gain on sale of investments.......................... 10,718,059 6,985,140 Decrease in net unrealized appreciation of investments............ (47,111,243) (2,123,243) Increase (decrease) in net assets resulting from operations....... (32,384,339) 10,560,751
---------- * 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 12, 2008 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 2008 was ratified. Detailed information will be published in the June 30, 2008 Semi-Annual Report. In the quarter ended March 31, 2008 the Corporation did not repurchase any of its Common Stock. However, it 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. Purchases may be made on the American Stock Exchange or in private transactions directly with stockholders. Stockholders' inquiries are welcome. CENTRAL SECURITIES CORPORATION WILMOT H. KIDD, President [2] PRINCIPAL PORTFOLIO CHANGES January 1 to March 31, 2008 (Common Stock unless specified otherwise) (unaudited) Number of Shares ---------------------------------- Held March 31, Purchased Sold 2008 --------- ---- --------- Abbott Laboratories ...................... 10,000 110,000 American International Group, Inc. ....... 100,000 100,000 A.S.V., Inc. ............................. 800,000(a) -- Coherent, Inc. ........................... 150,000 850,000 Convergys Corporation .................... 15,000 1,730,800 GeoMet, Inc. ............................. 50,000 1,900,000 Heritage-Crystal Clean, Inc. ............. 75,000 75,000 McMoRan Exploration Co. .................. 50,000 650,000 Murphy Oil Corporation ................... 115,000 410,000 Precision Castparts Corporation .......... 69,000 69,000 Sonus Networks, Inc. ..................... 500,000 3,000,000 The TriZetto Group, Inc. ................. 20,000 970,000 Tyco International Ltd. .................. 100,000 -- Xerox Corporation ........................ 700,000 700,000 ---------- (a) Shares tendered. TEN LARGEST INVESTMENTS (unaudited) March 31, 2008 -------------------------- Percent of Year First Cost Value Net Assets Acquired ---- ----- ---------- -------- (millions) The Plymouth Rock Company, Inc. ...... $ 2.2 $140.0 22.9% 1982 The Bank of New York Company, Inc. ... 15.5 34.4 5.6 1993 Murphy Oil Corporation ............... 1.7 33.7 5.5 1974 Brady Corporation .................... 2.5 29.3 4.8 1984 Agilent Technologies, Inc. ........... 22.5 28.1 4.6 2005 Convergys Corporation ................ 25.3 26.1 4.3 1998 Coherent, Inc. ....................... 23.6 23.7 3.9 2007 Devon Energy Corporation ............. 14.9 20.9 3.4 2007 Roper Industries, Inc. ............... 7.2 20.8 3.4 2003 Intel Corporation .................... 0.4 19.1 3.1 1986 [3] BOARD OF DIRECTORS Dudley D. Johnson, Chairman Simms C. Browning Donald G. Calder Jay R. Inglis Wilmot H. Kidd C. Carter Walker, Jr. OFFICERS Wilmot H. Kidd, President Charles N. Edgerton, Vice President and Treasurer William E. Sheeline, Vice President Marlene A. Krumholz, Secretary OFFICE 630 Fifth Avenue New York, NY 10111 212-698-2020 866-593-2507 (toll-free) www.centralsecurities.com TRANSFER AGENT AND REGISTRAR Computershare Trust Company, N.A. P. O. Box 43069, Providence, RI 02940-3069 800-756-8200 www.computershare.com CUSTODIAN UMB Bank, N.A. Kansas City, MO INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM KPMG LLP New York, NY [4]