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CENTRAL SECURITIES CORPORATION
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INTERIM REPORT TO STOCKHOLDERS
AS OF SEPTEMBER 30, 2007
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To the Stockholders of
CENTRAL SECURITIES CORPORATION:
Financial data for the quarter ended September 30, 2007 prepared by
management without audit by our independent registered public accounting firm
and other pertinent information are submitted herewith.
Comparative market values of net assets are as follows:
Sept. 30, 2007 June 30, 2007 Dec. 31, 2006
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Net assets........................................ $671,426,934 $678,277,359 $617,167,026
Net assets per share of Common Stock.............. 32.69 33.03 30.05
Shares of Common Stock outstanding.......... 20,538,195 20,538,195 20,538,195
Comparative operating results are as follows:
Nine months ended September 30,
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2007 2006
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Net investment income............................................. $ 7,704,867 $ 7,018,095
Per share of Common Stock................................... .38* .35*
Net realized gain on sale of investments.......................... 37,419,803 34,340,340
Increase in net unrealized appreciation of investments............ 13,242,876 4,366,522
Increase in net assets resulting from operations.................. 58,367,546 45,724,957
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* Per-share data are based on the average number of Common shares
outstanding during the nine-month period.
In the quarter ended September 30, 2007 the Corporation did not repurchase
any shares of its Common Stock. However, it may from time to time purchase
Common Stock in such amounts and at such prices as the Board of Directors may
deem advisable in the best interests of stockholders. Purchases may be made on
the American Stock Exchange or in transactions directly with stockholders.
Stockholders' inquiries are welcome.
CENTRAL SECURITIES CORPORATION
WILMOT H. KIDD, President
630 Fifth Avenue
New York, NY 10111
October 17, 2007
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PRINCIPAL PORTFOLIO CHANGES
July 1 to September 30, 2007
(Common Stock unless specified otherwise)
(unaudited)
Number of Shares
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Held
September 30,
Purchased Sold 2007
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A.S.V., Inc............................................ 386,000 680,000
The Bank of New York Mellon Corporation................ 49,525(b) 825,475
Brady Corporation...................................... 34,400 875,600
Carlisle Companies Inc................................. 140,000 140,000
Chevron Corporation.................................... 234,328 --
Coherent, Inc.......................................... 100,000 100,000
Convergys Corporation.................................. 715,800 1,715,800
Covidien Ltd........................................... 100,000(a) 100,000
Devon Energy Corporation............................... 200,000 200,000
GeoMet, Inc............................................ 220,000 1,000,000
Hewitt Associates, Inc................................. 200,000 --
IMS Health Inc......................................... 120,000 80,000
Intel Corporation...................................... 80,000 900,000
Meritage Homes Corporation............................. 10,000 90,000
Murphy Oil Corporation................................. 50,000 550,000
Neoware, Inc........................................... 1,400,000(b) --
Radisys Corporation.................................... 390,000 1,000,000
Tyco Electronics Ltd................................... 100,000(a) 10,000 90,000
Tyco International Ltd................................. 300,000(c) 100,000
Verigy Ltd............................................. 20,001 60,000
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(a) Received in a distribution from Tyco International Ltd.
(b) Merger.
(c) Reverse stock split.
TEN LARGEST INVESTMENTS
(unaudited)
September 30, 2007
------------------ % of Year First
Cost Value Net Assets Acquired
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(millions)
The Plymouth Rock Company, Inc............... $ 2.2 $148.4 22.1% 1982
Murphy Oil Corporation....................... 2.8 38.4 5.7 1974
The Bank of New York Mellon Corporation...... 15.5 36.4 5.4 1993
Agilent Technologies, Inc.................... 22.5 34.8 5.2 2005
Brady Corporation............................ 2.5 31.4 4.7 1984
Convergys Corporation........................ 25.1 29.8 4.4 1998
Roper Industries, Inc........................ 9.0 26.9 4.0 2003
Intel Corporation............................ 0.4 23.3 3.5 1986
Capital One Financial Corporation............ 5.1 22.6 3.4 1994
Dover Corporation............................ 13.0 20.4 3.0 2003
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BOARD OF DIRECTORS
Donald G. Calder, Chairman
Simms C. Browning
Jay R. Inglis
Dudley D. Johnson
Wilmot H. Kidd
C. Carter Walker, Jr.
OFFICERS
Wilmot H. Kidd, President
Charles N. Edgerton, Vice President and Treasurer
William E. Sheeline, Vice President
Marlene A. Krumholz, Secretary
OFFICE
630 Fifth Avenue
Suite 820
New York, NY 10111
212-698-2020
866-593-2507 (toll free)
www.centralsecurities.com
TRANSFER AGENT AND REGISTRAR
Computershare Trust Company, N.A.
P. O. Box 43069, Providence, RI 02940-3069
800-756-8200
www.computershare.com
CUSTODIAN
UMB Bank, N.A.
Kansas City, MO
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
KPMG LLP, New York
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