-----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, U4kug288oyqVz/YbbOdQX4DxvvpTZK4ycaUdAPviiE9CAo+qXSD9x0AF/O9WJ4ac 01yIUrzi5t06inwb61t31Q== 0000950168-97-001048.txt : 19970425 0000950168-97-001048.hdr.sgml : 19970425 ACCESSION NUMBER: 0000950168-97-001048 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970424 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: 97586098 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 N-30B-2 CENTRAL SECURITIES CORPORATION INTERIM REPORT TO STOCKHOLDERS AS OF MARCH 31, 1997 TO THE STOCKHOLDERS OF CENTRAL SECURITIES CORPORATION: Financial data for the quarter ended March 31, 1997 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, 1997 Dec. 31, 1996 Mar. 31, 1996 Net assets.......................................... $ 365,798,585 $ 356,685,785 $ 311,059,260 Convertible Preference Stock at liquidation preference........................................ (9,046,450) (9,102,050) (9,455,700) Net assets applicable to Common Stock............... $ 356,752,135 $ 347,583,735 $ 301,603,560 Net asset coverage per share of Convertible Preference Stock.................................. $ 1,010.89 $ 979.69 $ 822.41 Net assets per share of Common Stock................ 26.30 25.64 23.16 Pro forma net assets per share, reflecting conversion of the Convertible Preference Stock............................................. 24.83 24.21 21.90 Shares of Convertible Preference Stock outstanding.................................. 361,858 364,082 378,228 Shares of Common Stock outstanding............. 13,562,224 13,555,021 13,022,459
Comparative figures of income are as follows:
Three months ended March 31, 1997 1996 Net investment income............................................... $1,102,514 $1,303,192 Number of times Preferred dividend earned...................... 6.1 6.9 Per share of Common Stock...................................... .07* .09* Net realized gain on sale of investments............................ 12,211,844 3,209,834 Increase (decrease) in net unrealized appreciation of investments... (4,019,665) 14,188,522 Increase in net assets resulting from operations.................... 9,294,693 18,701,548
* 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, 1997 (Common Stock unless specified otherwise)
Number of Shares Held March 31, Purchased Sold 1997 American Management Systems, Inc............................. 92,500 462,500 Analog Devices, Inc.......................................... 185,000(a) 740,000 Deltic Timber Corporation.................................... 85,714(b) 85,714 IXC Communications Corporation............................... 56,905(c) 56,905 Integon Corporation.......................................... 100,000 100,000 Kelly Services Inc. Class A.................................. 20,000 30,000 Measurex Corporation......................................... 280,000(d) -- Media General, Inc. Class A.................................. 40,000 60,000 The Reynolds and Reynolds Company Class A.................................................... 125,000 500,000 Tidewater Inc................................................ 50,000 -- Trigon Healthcare, Inc....................................... 7,200 7,200
(a) Stock split. (b) Received from Murphy Oil Corporation. (c) Received from Grumman Hill Investments, L.P. (d) Tendered to Honeywell, Inc. The annual meeting of stockholders of the Corporation was held on March 12, 1997 with 91% and 98% of Common and Preference shares, respectively, being represented. At the meeting the Board of Directors was reelected and the selection of KPMG Peat Marwick LLP as auditors of the Corporation for the year 1997 was ratified. During the first three months of 1997 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 24, 1997 [ 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 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, NY 10152 212-688-3011 CUSTODIAN The Chase Manhattan Bank, N.A. 770 Broadway, New York, NY 10003 TRANSFER AGENT AND REGISTRAR First Chicago Trust Company of New York P. O. Box 2500, Jersey City, NJ 07303-2500 INDEPENDENT AUDITORS KPMG Peat Marwick LLP 345 Park Avenue, New York, NY 10154 [ 4 ] -----END PRIVACY-ENHANCED MESSAGE-----