-----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, AcTIZ3gE/kZ47kOeSQUWAVR7SAcIcGyWR9PC4HJQT/tsg+diuw9MWjkDY3//hb2L E4TD0OgwER5UmazqIN0TsA== 0000950168-98-003275.txt : 19981022 0000950168-98-003275.hdr.sgml : 19981022 ACCESSION NUMBER: 0000950168-98-003275 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981021 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: 98728246 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 C E N T R A L S E C U R I T I E S C O R P O R A T I O N ---------- INTERIM REPORT TO STOCKHOLDERS AS OF SEPTEMBER 30, 1998 TO THE STOCKHOLDERS OF CENTRAL SECURITIES CORPORATION: Financial data for the quarter ended September 30, 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:
Sept. 30, 1998 June 30, 1998 Dec. 31, 1997 ---------------- ---------------- ---------------- Net assets .................................... $399,768,321 $462,071,326 $434,423,053 Convertible Preference Stock at liquidation preference .................................. (8,988,450) (8,988,575) (9,040,850) ------------ ------------ ------------ Net assets applicable to Common Stock ......... $390,779,871 $453,082,751 $425,382,203 ============ ============ ============ Net asset coverage per share of Convertible Preference Stock ............................ $ 1,111.89 $ 1,285.16 $ 1,201.28 Net assets per share of Common Stock .......... 27.58 31.91 29.97 Pro forma net assets per share, reflecting conversion of the Convertible Preference Stock ....................................... 25.95 29.94 28.14 Shares of Convertible Preference Stock outstanding .............................. 359,538 359,543 361,634 Shares of Common Stock outstanding ......... 14,166,949 14,198,932 14,191,745
Comparative figures of income are as follows:
Nine months ended September 30, --------------------------------- 1998 1997 --------------- --------------- Net investment income ............................................... $ 4,019,830 $ 3,543,806 Number of times Preferred dividend earned ........................ 7.4 6.5 Per share of Common Stock ........................................ .25* .22* Net realized gain on sale of investments ............................ 20,569,234 27,057,418 Increase (decrease) in net unrealized appreciation of investments ....................................................... (55,097,640) 74,709,835 Increase (decrease) in net assets resulting from operations ......... (30,508,576) 105,311,059
- --------- * 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, 1998 (Common Stock unless specified otherwise)
Number of Shares ----------------------------------------- Held September 30, Purchased Sold 1998 ----------- ---------- -------------- The Bank of New York Company, Inc. .............. 550,000* 1,100,000 Cabletron Systems, Inc. ......................... 180,000 180,000 Capital One Financial Corporation ............... 8,000 202,000 Cyprus Amax Minerals Company .................... 300,000 -- Deltic Timber Corporation ....................... 20,000 50,000 Electronic Data Systems Corporation ............. 200,000 100,000 First Data Corporation .......................... 100,000 -- Intel Corporation ............................... 55,000 450,000 Martin Color-Fi, Inc. ........................... 10,000 220,000 Mercantile International Petroleum Inc. ......... 300,000 -- Peerless Systems Corporation .................... 107,500 272,500 Rohm and Haas Company ........................... 200,000* 300,000
- --------- * Stock split. ----------- In the quarter ended September 30, 1998 the Corporation repurchased 32,000 shares of its Common Stock on the American Stock Exchange at an average price per share of $23.91. The Corporation 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 October 21, 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-----