-----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, Ds4wyas1xYdXVH662RyfwRyB3tuI4vq7pdrKRQobjY/OB5tbSOaSBeiSD4nwwDzT 05HOdSJ/1Fy/no8ScuOLug== 0000891092-99-000199.txt : 19990423 0000891092-99-000199.hdr.sgml : 19990423 ACCESSION NUMBER: 0000891092-99-000199 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTRAL SECURITIES CORP CENTRAL INDEX KEY: 0000018748 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 131875970 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30B-2 SEC ACT: SEC FILE NUMBER: 811-00179 FILM NUMBER: 99598638 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 FORM N-30B-2 ================================================================================ CENTRAL SECURITIES CORPORATION ---------------- INTERIM REPORT TO STOCKHOLDERS AS OF MARCH 31, 1999 ================================================================================ To the Stockholders of CENTRAL SECURITIES CORPORATION: Financial data for the quarter ended March 31, 1999 and other pertinent information prepared by management without audit by independent auditors are submitted herewith. Comparative market values of net assets are as follows:
Mar. 31, 1999 Dec. 31, 1998 Mar. 31, 1998 ------------- ------------- ------------- Net assets ................................. $ 479,606,205 $ 476,463,575 $ 478,738,713 Convertible Preference Stock at liquidation preference .............................. (8,980,700) (8,986,125) (9,039,575) ------------- ------------- ------------- Net assets applicable to Common Stock ...... $ 470,625,505 $ 467,477,450 $ 469,699,138 ============= ============= ============= Net asset coverage per share of Convertible Preference Stock ........................ $ 1,335.10 $ 1,325.55 $ 1,324.01 Net assets per share of Common Stock ....... 31.64 31.43 33.10 Pro forma net assets per share, reflecting conversion of the Convertible Preference Stock ................................... 29.63 29.44 31.02 Shares of Convertible Preference Stock outstanding ....................... 359,228 359,445 361,583 Shares of Common Stock outstanding ... 14,873,532 14,872,742 14,191,918
Comparative figures of income are as follows: Three months ended March 31, ---------------------------- 1999 1998 -------- -------- Net investment income ............................. $1,424,929 $ 1,304,034 Number of times Preferred dividend earned ..... 7.9 7.2 Per share of Common Stock ..................... .08* .08* Net realized gain on sale of investments .......... 9,247,292 11,039,373 Increase (decrease) in net unrealized appreciation of investments ..................... (7,349,768) 32,153,070 Increase in net assets resulting from operations .. 3,322,453 44,496,477 - ---------- * Per-share data are based on the average number of Common shares outstanding during the three-month period and are after recognition of the dividend requirement on the Convertible Preference Stock. [2] PRINCIPAL PORTFOLIO CHANGES January 1 to March 31, 1999 (Common Stock unless specified otherwise) Number of Shares --------------------------------- Held March 31, Purchased Sold 1999 --------- ------ ------------ Allmerica Financial Corporation ............. 20,000 70,000 Analog Devices, Inc. ........................ 20,000 720,000 Arrow Electronics, Inc. ..................... 100,000 100,000 The Bank of New York Company, Inc. .......... 80,000 920,000 Church & Dwight Co., Inc. ................... 41,100 325,000 First Union Corporation ..................... 20,000 280,000 Intel Corporation ........................... 10,000 410,000 Kerr-McGee Corporation ...................... 20,000 70,000 MidAmerican Energy Holdings Co.* ............ 100,000 300,000 Morrison Knudsen Corporation ................ 100,000 700,000 Mutual Risk Management Ltd. ................. 26,666 240,000 Nextel Communications, Inc. Class A ......... 60,000 240,000 Omnicare, Inc. .............................. 100,000 100,000 Peerless Systems Corporation ................ 5,000 395,000 Petroleum GeoServices ASA Spon-ADR .......... 100,000 100,000 The Reynolds and Reynolds Company Class A ... 45,000 555,000 - ----------- * Formerly known as CalEnergy Company, Inc. The annual meeting of stockholders of the Corporation was held on March 10, 1999 with 92% and 96% of Common and Preference shares, respectively, 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 1999 was ratified. Detailed information will be published in the June 30, 1999 Semi-Annual Report. During the first three months of 1999 the Corporation did not repurchase any of its Common or Preference Stock. However, it may from time to time purchase Common or Preference 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 April 22, 1999 [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 Holt Corporation New York, NY C. CARTER WALKER, JR. Washington, CT OFFICERS WILMOT H. KIDD, President CHARLES N. EDGERTON, Vice President and Treasurer KAREN E. RILEY, 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, First Chicago Trust Division P. O. Box 2500, Jersey City, NJ 07303-2500 INDEPENDENT AUDITORS KPMG LLP 345 Park Avenue, New York, NY 10154 [4] -----END PRIVACY-ENHANCED MESSAGE-----