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CENTRAL SECURITIES CORPORATION

 

 

 

 

 

INTERIM REPORT TO STOCKHOLDERS

AS OF SEPTEMBER 30, 2013

 

 

 

 

 

 

 

 
 

To the Stockholders of

CENTRAL SECURITIES CORPORATION:

     Financial data for the quarter ended September 30, 2013 prepared by management without audit by our independent registered public accounting firm and other pertinent information are submitted herewith.

     Comparative net assets are as follows:

   Sept. 30, 2013  June 30, 2013  Dec. 31, 2012
Net assets  $638,397,153   $613,622,946   $569,465,087 
Net assets per share of Common Stock   27.89    26.50    24.53 
Shares of Common Stock outstanding   22,885,973    23,153,852    23,218,307 

 

     Comparative operating results are as follows:

   Nine months ended September 30,
   2013  2012
Net investment income  $2,832,045   $6,496,263 
         Per share of Common Stock   .12*   .28*
Net realized gain on sale of investments   79,577,054    6,513,396 
Decrease in net unrealized appreciation of investments   (1,399,884)   (17,011,536)
Increase (decrease) in net assets resulting from operations   81,009,215    (4,001,877)

 

 

* Per-share data are based on the average number of Common shares outstanding during the nine-month period.

     In the quarter ended September 30, 2013 the Corporation purchased 267,879 shares of its Common Stock at an average price of $22.77 per share. 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 in the open market, or in private transactions directly with stockholders.

     We are pleased to report that during the third quarter, Central completed its previously announced sale of 35,000 shares of The Plymouth Rock Company, Inc.

     Stockholders’ inquiries are welcome.

Central Securities Corporation

Wilmot H. Kidd, President       

630 Fifth Avenue
New York, NY 10111
October 9, 2013

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PRINCIPAL PORTFOLIO CHANGES
July 1 to September 30, 2013
(Common Stock unless specified otherwise)
(unaudited)

   Number of Shares
   Purchased  Sold  Held
September 30,
2013
Canadian Oil Sands Ltd.        350,000  
CEVA, Inc.        19,000   829,900
Clean Harbors, Inc.   150,000        150,000
Coach, Inc.   150,000        150,000
Devon Energy Corporation        200,000  
Freeport–McMoRan Copper & Gold Inc.   100,000        400,000
GeoMet, Inc.        2,000,000  
GeoMet, Inc. Series A Convertible          
        Redeemable Preferred Stock   8,937(a)       294,941
International Business Machines Corporation   20,000        20,000
JP Morgan Chase & Co.   75,000        175,000
Medtronic, Inc.   100,000        200,000
Motorola Solutions, Inc   10,000        260,000
Murphy USA, Inc.   70,000(b)       70,000
The Plymouth Rock Company, Inc.        35,000   34,660
Primus Telecommunications Group, Inc.        145,425  
RadiSys Corporation        393,800   534,900
Vical Inc.        228,000  
Xerox Corporation        890,000   100,000

 

(a) Received as a dividend.

(b) Received as a spin off from Murphy Oil Corporation.

TEN LARGEST INVESTMENTS
September 30, 2013
(unaudited)

   Cost  Value  Percent of
Net Assets
  Year First
Acquired
   (millions)      
The Plymouth Rock Company, Inc.  $0.9   $91.8    14.4%   1982 
Coherent, Inc.   18.1    41.7    6.5    2007 
Intel Corporation   16.3    34.2    5.3    1986 
Agilent Technologies, Inc.   12.6    30.2    4.7    2005 
Analog Devices, Inc.   8.8    28.2    4.4    1987 
The Bank of New York Mellon Corporation   18.3    27.9    4.4    1993 
Brady Corporation   1.2    18.0    2.8    1984 
Murphy Oil Corporation   0.9    16.9    2.6    1974 
Capital One Financial Corporation   13.0    16.5    2.6    2013 
Motorola Solutions, Inc.   11.8    15.4    2.4    2000 

 

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BOARD OF DIRECTORS

Wilmot H. Kidd, Chairman
Simms C. Browning, Lead Independent Director
L. Price Blackford
Donald G. Calder
David C. Colander
Jay R. Inglis
 C. Carter Walker, Jr.

OFFICERS
Wilmot H. Kidd, President
Marlene A. Krumholz, Vice President and Secretary
Andrew J. O’Neill, Vice President
Lawrence P. Vogel, Vice President and Treasurer

OFFICE
630 Fifth Avenue
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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