-----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, ShjW0AhSu2AwZwkIFupR8nLZ76KAqJqzn+TKh6R2aFJxkZma8NPXejuLddEaqMMj o1a/RaP/p41nWFI7okP8QQ== 0000950168-98-001303.txt : 19980424 0000950168-98-001303.hdr.sgml : 19980424 ACCESSION NUMBER: 0000950168-98-001303 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980422 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: SEC FILE NUMBER: 811-00179 FILM NUMBER: 98598402 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 N-30B-2 CENTRAL SECURITIES CORPORATION INTERIM REPORT TO STOCKHOLDERS AS OF MARCH 31, 1998 TO THE STOCKHOLDERS OF CENTRAL SECURITIES CORPORATION: Financial data for the quarter ended March 31, 1998 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, 1998 Dec. 31, 1997 Mar. 31, 1997 ------------- ------------- ------------- Net assets.......................................... $ 478,738,713 $ 434,423,053 $ 365,798,585 Convertible Preference Stock at liquidation preference........................................ (9,039,575) (9,040,850) (9,046,450) ------------- ------------- ------------- Net assets applicable to Common Stock............... $ 469,699,138 $ 425,382,203 $ 356,752,135 ============= ============= ============= Net asset coverage per share of Convertible Preference Stock.................................. $ 1,324.01 $ 1,201.28 $ 1,010.89 Net assets per share of Common Stock................ 33.10 29.97 26.30 Pro forma net assets per share, reflecting conversion of the Convertible Preference Stock............................................. 31.02 28.14 24.83 Shares of Convertible Preference Stock outstanding.................................. 361,583 361,634 361,858 Shares of Common Stock outstanding............. 14,191,918 14,191,745 13,562,224
Comparative figures of income are as follows:
Three months ended March 31, ---------------------------- 1998 1997 ---- ---- Net investment income............................................... $1,304,034 $1,102,514 Number of times Preferred dividend earned...................... 7.2 6.1 Per share of Common Stock...................................... .08* .07* Net realized gain on sale of investments............................ 11,039,373 12,211,844 Increase (decrease) in net unrealized appreciation of investments... 32,153,070 (4,019,665) Increase in net assets resulting from operations.................... 44,496,477 9,294,693
* 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, 1998 (Common Stock unless specified otherwise)
Number of Shares --------------------------------------- Held March 31, Purchased Sold 1998 --------- ---- ---- American Management Systems, Inc. ........................... 50,000 975,000 The Bank of New York Company, Inc. .......................... 50,000 550,000 Capital One Financial Corporation............................ 25,000 300,000 Deltic Timber Corporation.................................... 5,000 70,000 Gallagher (Arthur J.) & Co. ................................. 50,000 -- Household International, Inc. ............................... 2,000 150,000 IXC Communications Corporation 7 1/4% Junior Conv. Pfd. Due 2007....................................................... 191* 10,743 Intel Corporation............................................ 30,000 510,000 Morrison Knudsen Corporation................................. 5,000 305,000 Nextel Communications, Inc. Class A.......................... 100,000 300,000 USG Corporation.............................................. 100,000 --
* Received as a dividend. The annual meeting of stockholders of the Corporation was held on March 11, 1998 with 90% and 97% 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 1998 was ratified. In addition, stockholders approved a proposal amending the Certificate of Incorporation to increase the authorized number of shares of capital stock and the proposals relating to the fundamental and non-fundamental policies of the Corporation. Detailed information will be published in the June 30, 1998 Semi-Annual Report. During the first three months of 1998 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. It is with sadness that we note the passing of our former director Gardiner S. Robinson. His wise counsel was of great value to the Corporation and its stockholders for many years. CENTRAL SECURITIES CORPORATION WILMOT H. KIDD, PRESIDENT 375 Park Avenue New York, NY 10152 April 22, 1998 [ 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 The Chase Manhattan Bank, N.A. 4 New York Plaza, New York, NY 10004 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-----