-----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, B+tCfRTv80iGTZn4Xl/OH0EFS2XRymZlK85VLIcX8ys6C1WzryOovSe6z9eqdKye 0JI58R4G0bPVJd9UeGUTrQ== 0000891092-99-000649.txt : 19991027 0000891092-99-000649.hdr.sgml : 19991027 ACCESSION NUMBER: 0000891092-99-000649 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991026 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: 99733902 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 SEPTEMBER 30, 1999 ================================================================================ To the Stockholders of CENTRAL SECURITIES CORPORATION: Financial data for the quarter ended September 30, 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:
Sept. 30, 1999 June 30, 1999 Dec. 31, 1998 -------------- ------------- ------------- Net assets ................................. $500,498,395 $528,821,518 $476,463,575 Convertible Preference Stock at liquidation preference .............................. * (8,914,900) (8,986,125) ------------ ------------ ------------ Net assets applicable to Common Stock ...... $500,498,395 $519,906,618 $467,477,450 ============ ============ ============ Net asset coverage per share of Convertible Preference Stock ........................ * $ 1,482.97 $ 1,325.55 Net assets per share of Common Stock ....... $ 31.30 34.98 31.43 Pro forma net assets per share, reflecting conversion of the Convertible Preference Stock ................................... 31.30 32.72 29.44 Shares of Convertible Preference Stock outstanding ....................... * 356,596 359,445 Shares of Common Stock outstanding ... 15,991,310 14,860,933 14,872,742
Comparative figures of income are as follows:
Nine months ended September 30, ------------------------------- 1999 1998 ---- ----- Net investment income ..................................... $ 3,946,813 $ 4,019,830 Number of times Preferred dividend earned ............. 7.3 7.4 Per share of Common Stock ............................. .23** .25** Net realized gain on sale of investments .................. 31,582,633 20,569,234 Decrease in net unrealized appreciation of investments .... (3,185,175) (55,097,640) Increase (decrease) in net assets resulting from operations 32,344,271 (30,508,576)
- ---------- * On August 1, 1999 the Corporation redeemed the remaining shares of the $2.00 Series D Convertible Preference Stock. ** Per-share data are based on the average number of Common shares outstanding during the nine-month period and are after recognition of the dividend requirement on the Convertible Preference Stock. [2]
PRINCIPAL PORTFOLIO CHANGES* January 1 to September 30, 1999 (Common Stock unless specified otherwise) Number of Shares -------------------------------------------- Held September 30, Purchased Sold 1999 --------- ---- ------------- Analog Devices, Inc. ................................ 20,000 700,000 Arrow Electronics, Inc. ............................. 50,000 450,000 The Bank of New York Company, Inc. .................. 200,000 700,000 Brady Corporation ................................... 30,000 570,000 Church & Dwight Co., Inc. ........................... 300,000(a) 600,000 Cincinnati Bell Inc. ................................ 200,000 350,000 Conoco Inc. Class A ................................. 100,000 100,000 Convergys Corporation ............................... 280,000 680,000 The DII Group Incorporated .......................... 100,000 500,000 Electronic Data Systems Corporation ................. 100,000 -- Household International, Inc. ....................... 20,000 430,000 Intel Corporation ................................... 40,000 780,000 Internet SportStations, Inc. ........................ 100,000 100,000 Nextel Communications, Inc. Class A ................. 60,000 150,000 UnumProvident Corporation ........................... 200,000(b) 200,000 Vesta Insurance Group, Inc. ......................... 100,000 --
- ---------- * Excludes "Miscellaneous -- Other investments." (a)Stock split. (b)Of which 160,600 were received in exchange for 220,000 shares of Provident Companies, Inc. ---------- In the quarter ended September 30, 1999 the Corporation repurchased 154,417 shares of its Common Stock at an average price per share of $26.77. These shares were purchased on the American Stock Exchange or in private transactions with stockholders. 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 26, 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-----