CENTRAL SECURITIES CORPORATION
INTERIM REPORT TO STOCKHOLDERS
AS OF SEPTEMBER 30, 2010
To the Stockholders of
CENTRAL SECURITIES CORPORATION:
Financial data for the quarter ended September 30, 2010 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, 2010 | June 30, 2010 | Dec. 31, 2009 | ||||||
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Net assets | $ | 548,821,439 | $ | 499,948,837 | $ | 504,029,743 | ||
Net assets per share of Common Stock | 24.43 | 22.22 | 22.32 | |||||
Shares of Common Stock outstanding | 22,461,092 | 22,502,416 | 22,585,259 |
Comparative operating results are as follows:
Nine months ended September 30, | |||||||
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2010
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2009
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Net investment income | $ | 10,670,906 | $ | 6,624,597 | |||
Per share of Common Stock | .47 | * | .30 | * | |||
Net realized gain on sale of investments | 6,390,807 | 6,408,852 | |||||
Increase in net unrealized appreciation of investments | 34,486,965 | 69,124,343 | |||||
Increase in net assets resulting from operations | 51,548,678 | 82,157,792 |
* |
Per-share data are based on the average number of Common shares outstanding during the nine-month period. |
In the quarter ended September 30, 2010 the Corporation repurchased 41,324 shares of its Common Stock at an average price of $18.42. The Corporation may from time to time purchase Common Stock in such amounts and at such prices as the Board of Directors deems advisable in the best interests of stockholders. Purchases may be made on the NYSE Amex, or in private transactions directly with stockholders.
Stockholders inquiries are welcome.
CENTRAL SECURITIES CORPORATION | |
WILMOT H. KIDD, President |
630 Fifth Avenue
New York, NY 10111
October 20, 2010
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PRINCIPAL PORTFOLIO CHANGES*
July 1 to September 30, 2010
(Common Stock unless specified otherwise)
(unaudited)
Number of Shares
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Purchased | Sold | Held September 30, 2010 |
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Analog Devices, Inc. | 6,900 | 684,900 | |||
Carlisle Companies Inc. | 100,000 | 300,000 | |||
CEVA, Inc. | 93,700 | 896,800 | |||
Coherent, Inc. | 13,400 | 817,600 | |||
Dover Corporation | 90,000 | 200,000 | |||
Erie Indemnity Company | 10,000 | | |||
GeoMet, Inc. Series A Convertible Preferred Stock | 202,722 | 202,722 | |||
Home Federal Bancorp, Inc. | 2,700 | 235,000 | |||
Intel Corporation | 155,000 | 965,000 | |||
Roper Industries, Inc. | 10,000 | 220,000 | |||
Vical, Inc. | 10,000 | 270,000 |
* |
Excludes Miscellaneous Other Investments. |
TEN LARGEST INVESTMENTS
(unaudited)
September 30, 2010
|
% of Net Assets |
Year First Acquired |
||||||||
Cost
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Value
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(millions) | ||||||||||
The Plymouth Rock Company, Inc. | $ | 2.2 | $ | 168.0 | 30.6 | % | 1982 | |||
Coherent, Inc. | 22.5 | 32.7 | 6.0 | 2007 | ||||||
Agilent Technologies, Inc. | 21.9 | 30.7 | 5.6 | 2005 | ||||||
Brady Corporation | 2.3 | 21.9 | 4.0 | 1984 | ||||||
Analog Devices, Inc. | 9.6 | 21.5 | 3.9 | 1987 | ||||||
Intel Corporation | 5.2 | 18.5 | 3.4 | 1986 | ||||||
Convergys Corporation | 24.8 | 17.8 | 3.2 | 1998 | ||||||
The Bank of New York Mellon Corporation | 12.2 | 17.6 | 3.2 | 1993 | ||||||
Murphy Oil Corporation | 1.0 | 17.3 | 3.2 | 1974 | ||||||
Roper Industries, Inc. | 4.5 | 14.3 | 2.6 | 2003 |
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BOARD OF DIRECTORS
Wilmot H. Kidd, Chairman
Jay R. Inglis, Lead Independent Director
Simms C. Browning
Donald G. Calder
David C. Colander
C. Carter Walker, Jr.
OFFICERS
Wilmot H. Kidd, President
Marlene A. Krumholz, Vice President and Secretary
Lawrence P. Vogel, Vice President and Treasurer
OFFICE
630 Fifth Avenue
Eighth Floor
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, NY
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