-----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, JtnrFroPFd/ftEOHK4iULY7wERJUwd0/5r3KrSaxbcZFI1GsAz3U1US+RLGKzjsy TR5HYKAdzo4FfAiNYFKhNg== 0000950112-96-001211.txt : 19960425 0000950112-96-001211.hdr.sgml : 19960425 ACCESSION NUMBER: 0000950112-96-001211 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960424 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: 96550013 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 CENTRAL SECURITIES CORPORATION CENTRAL SECURITIES CORPORATION ---------- INTERIM REPORT TO STOCKHOLDERS AS OF MARCH 31, 1996 To the Stockholders of CENTRAL SECURITIES CORPORATION: Financial data for the quarter ended March 31, 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:
Mar. 31, Dec. 31, Mar. 31, 1996 1995 1995 ------------ ------------ ------------ Net assets.............................. $311,059,260 $292,547,559 $244,868,724 Convertible Preference Stock at liquidation preference................ (9,455,700) (9,488,350) (9,657,675) ------------ ------------ ------------ Net assets applicable to Common Stock... $301,603,560 $283,059,209 $235,211,049 ------------ ------------ ------------ ------------ ------------ ------------ Net asset coverage per share of Convertible Preference Stock.......... $ 822.41 $ 770.81 $ 633.87 Net assets per share of Common Stock.... 23.16 21.74 19.08 Pro forma net assets per share, reflecting conversion of the Convertible Preference Stock.......... 21.90 20.60 18.18 Shares of Convertible Preference Stock outstanding................. 378,228 379,534 386,307 Shares of Common Stock outstanding....................... 13,022,459 13,018,389 12,328,305
Comparative figures of income are as follows:
Three months ended March 31, --------------------------- 1996 1995 ----------- ----------- Net investment income................................. $ 1,303,192 $ 1,313,948 Number of times Preferred dividend earned......... 6.9 6.8 Per share of Common Stock......................... .09* .09* Net realized gain on sale of investments.............. 3,209,834 9,139,527 Increase in net unrealized appreciation of investments...................................... 14,188,522 7,969,847 Increase in net assets resulting from operations...... 18,701,548 18,423,322
- --------- * 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, 1996 (Common Stock unless specified otherwise)
Number of Shares ---------------------------------- Held March 31, Purchased Sold 1996 --------- ------ --------- American Management Systems, Inc. ................. 150,000(a) 10,000 440,000 Analog Devices, Inc. .............................. 205,000(a) 45,000 570,000 Church & Dwight Co., Inc. ......................... 310,000 360,000(b) Cliffs Drilling Company............................ 75,757(c) 75,757 IXC Communications, Inc. 10% Cum. Pfd. ............ 93(d) 93 Measurex Corporation............................... 15,000 280,000 Petroleum Geo-Services A/S ADR..................... 100,000 100,000 Provident Companies, Inc. ......................... 22,700 122,700 The Reynolds and Reynolds Company Class A.......................................... 50,000 400,000 Vesta Insurance Group, Inc. ....................... 56,300(a) 168,900
- ------------ (a) Stock split. (b) Includes shares listed under "Miscellaneous" in the Statement of Investments at 12/31/95. (c) Received on conversion of 40,000 shares of Conv. Exchg. Pfd. Stock. (d) Received from Grumman Hill Investments, L.P. ------------ During the first three months of 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 April 24, 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. Private Investor 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 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-----