CENTRAL SECURITIES CORPORATION
INTERIM REPORT TO STOCKHOLDERS
AS OF SEPTEMBER 30, 2011
To the Stockholders of
CENTRAL SECURITIES CORPORATION:
Financial data for the quarter ended September 30, 2011 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, 2011 | June 30, 2011 | Dec. 31, 2010 | ||||||
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Net assets | $ | 540,337,227 | $ | 641,132,925 | $ | 593,524,167 | ||
Net assets per share of Common Stock | 23.72 | 28.15 | 26.06 | |||||
Shares of Common Stock outstanding | 22,779,391 | 22,779,391 | 22,779,391 |
Comparative operating results are as follows:
Nine months ended September 30, | |||||||
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2011
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2010
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Net investment income | $ | 9,731,428 | $ | 10,670,906 | |||
Per share of Common Stock | .43 | * | .47 | * | |||
Net realized gain on sale of investments | 12,316,242 | 6,390,807 | |||||
Increase (decrease) in net unrealized appreciation of investments | (70,678,733 | ) | 34,486,965 | ||||
Increase (decrease) in net assets resulting from operations | (48,631,063 | ) | 51,548,678 |
* |
Per-share data are based on the average number of Common shares outstanding during the nine-month period. |
In the quarter ended September 30, 2011 the Corporation did not repurchase any shares of its Common Stock. The Corporation may from time to time purchase its 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 5, 2011
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PRINCIPAL PORTFOLIO CHANGES
July 1 to September 30, 2011
(Common Stock unless specified otherwise)
(unaudited)
Number of Shares | |||||
Purchased | Sold | Held September 30, 2011 | |||
Abbott Laboratories | 120,000 | — | |||
Agilent Technologies, Inc. | 20,000 | 700,000 | |||
Analog Devices, Inc. | 50,000 | 720,000 | |||
AT &T Inc. | 200,000 | — | |||
The Bank of New York Mellon Corporation | 250,000 | 925,000 | |||
Carlisle Companies Inc. | 10,000 | 220,000 | |||
GeoMet, Inc. Series A Convertible Redeemable Preferred Stock | 6,987 | (a) | 230,585 | ||
McMoRan Exploration Co. | 22,800 | 627,200 | |||
Merck & Co., Inc. | 100,000 | 100,000 | |||
Mindspeed Technologies, Inc. | 150,000 | 1,050,000 | |||
Motorola Mobility Holdings, Inc. | 62,500 | — | |||
NewStar Financial, Inc. | 30,000 | 223,794 | |||
QEP Resources, Inc. | 59,500 | 320,000 | |||
Vical Inc. | 32,000 | 228,000 |
(a) | Received as a dividend. |
TEN LARGEST INVESTMENTS
September 30, 2011
(unaudited)
Cost | Value | Percent of Net Assets |
Year
First Acquired | |||||
(millions) | ||||||||
The Plymouth Rock Company, Inc. | $ 2.2 | $174.8 | 32.3 | % | 1982 | |||
Coherent, Inc. | 22.0 | 34.4 | 6.4 | 2007 | ||||
Intel Corporation | 16.3 | 32.0 | 5.9 | 1986 | ||||
Analog Devices, Inc. | 10.9 | 22.5 | 4.2 | 1987 | ||||
Agilent Technologies, Inc. | 15.4 | 21.9 | 4.0 | 2005 | ||||
CEVA, Inc. | 9.3 | 20.9 | 3.9 | 2009 | ||||
Brady Corporation | 2.0 | 19.6 | 3.6 | 1984 | ||||
The Bank of New York Mellon Corporation | 18.3 | 17.2 | 3.2 | 1993 | ||||
Convergys Corporation | 24.8 | 15.9 | 3.0 | 1998 | ||||
Precision Castparts Corporation | 10.0 | 15.5 | 2.9 | 2008 |
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BOARD OF DIRECTORS
Wilmot H. Kidd, Chairman
C. Carter Walker, Jr., Lead Independent Director
Simms C. Browning
Donald G. Calder
David C. Colander
Jay R. Inglis
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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