-----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, PhSesbYXLovoPp8iH1NwM4q1cge1R5FAsgfKmm53Vvtr5TfzpzmjGXxBP8DZG7uW RXGuHPDIk7Ub1HHOiBVucg== 0000912057-96-023496.txt : 19961024 0000912057-96-023496.hdr.sgml : 19961024 ACCESSION NUMBER: 0000912057-96-023496 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961023 SROS: AMEX 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: 1940 Act SEC FILE NUMBER: 811-00179 FILM NUMBER: 96646561 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 N-30B-2 CENTRAL SECURITIES CORPORATION ------------ INTERIM REPORT TO STOCKHOLDERS AS OF SEPTEMBER 30, 1996 To the Stockholders of CENTRAL SECURITIES CORPORATION: Financial data for the quarter ended September 30, 1996 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, June 30, Dec. 31, 1996 1996 1995 ------------ ------------ ------------ Net assets.............................. $337,684,967 $321,908,144 $292,547,559 Convertible Preference Stock at liquidation preference................ (9,301,500) (9,437,375) (9,488,350) ------------ ------------ ------------ Net assets applicable to Common Stock... $328,383,467 $312,470,769 $283,059,209 ------------ ------------ ------------ ------------ ------------ ------------ Net asset coverage per share of Convertible Preference Stock.......... $ 907.61 $ 852.75 $ 770.81 Net assets per share of Common Stock.... 25.18 23.99 21.74 Pro forma net assets per share, reflecting conversion of the Convertible Preference Stock.......... 23.78 22.67 20.60 Shares of Convertible Preference Stock outstanding................. 372,060 377,495 379,534 Shares of Common Stock outstanding.. 13,041,700 13,024,744 13,018,389
Comparative operating results are as follows:
Nine months ended September 30, ------------------------------ 1996 1995 ----------- ----------- Net investment income............................ $ 3,574,380 $ 3,594,215 Number of times Preferred dividend earned.... 6.3 6.2 Per share of Common Stock.................... .23* .24* Net realized gain on sale of investments......... 13,525,604 18,979,614 Increase in net unrealized appreciation of investments................................. 31,209,728 49,622,284 Increase in net assets resulting from operations....................................... 48,309,712 72,196,113
- --------- * 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 July 1 to September 30, 1996 (Common Stock unless specified otherwise)
Number of Shares ----------------------------------------- Held September 30, Purchased Sold 1996 --------- ------- ------------- The Bank of New York Company, Inc. ...... 300,000(a) 600,000 Cliffs Drilling Company.................. 55,757 -- The DII Group, Inc. ..................... 200,000 200,000 Frontier Corporation..................... 27,461 -- GTE Corporation.......................... 60,000 40,000 Gallagher (Arthur J.) & Co. ............. 30,000 50,000(b) Hanna (M.A.) Company..................... 25,000 1,000,000 Hilb, Rogal and Hamilton Company......... 50,000 -- MGI Pharma, Inc. ........................ 100,000 100,000 Murphy Oil Corporation................... 10,000 195,000 Peerless Systems Corporation............. 181,132(c) 181,132 The Reynolds and Reynolds Company Class A................................ 330,000(a) 60,000(d) 630,000 Santa Fe Energy Resources, Inc. ......... 130,000 220,000 Tidewater Inc. .......................... 20,000 80,000 Vesta Insurance Group, Inc. ............. 8,900 160,000
- ------------ (a) Stock split. (b) Includes shares listed under "Miscellaneous" in the Statement of Investments at 6/30/96. (c) 133,254 of which were received in exchange for 197,302 shares of Series B Conv. Pfd. Stock and 47,878 of which were received upon exercise of Warrants to purchase Common Stock. (d) 30,000 of which were before stock split.
------------------------ In the quarter ended September 30, 1996 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, N.Y. 10152 October 23, 1996 [ 3 ] BOARD OF DIRECTORS DONALD G. CALDER DUDLEY D. JOHNSON Partner President G. L. Ohrstrom & Co. Young & Franklin Inc. New York, N. Y. Liverpool, N. Y. JAY R. INGLIS WILMOT H. KIDD Executive Vice President President Holt Corporation New York, N. Y. C. CARTER WALKER, JR. Washington, CT GARDINER S. ROBINSON Director Emeritus OFFICERS WILMOT H. KIDD, President CHARLES N. EDGERTON, Vice President and Treasurer KAREN E. RILEY, Secretary OFFICE 375 Park Avenue, New York, N. Y. 10152 212-688-3011 CUSTODIAN The Chase Manhattan Bank, N.A. 770 Broadway, New York, N. Y. 10003 TRANSFER AGENT AND REGISTRAR First Chicago Trust Company of New York P.O. Box 2500, Jersey City, N. J. 07303-2500 INDEPENDENT AUDITORS KPMG Peat Marwick LLP 345 Park Avenue, New York, N. Y. 10154 [ 4 ] -----END PRIVACY-ENHANCED MESSAGE-----