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CENTRAL SECURITIES CORPORATION
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INTERIM REPORT TO STOCKHOLDERS
AS OF MARCH 31, 2005
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To the Stockholders of
CENTRAL SECURITIES CORPORATION:
Financial data for the quarter ended March 31, 2005 and other pertinent
information prepared by management without audit by independent auditors are
submitted herewith.
Comparative net assets are as follows:
Mar. 31, 2005 Dec. 31, 2004 Mar. 31, 2004
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Net assets........................................ $551,011,773 $529,468,675 $488,536,021
Net assets per share of Common Stock.............. 27.53 26.44 24.89
Shares of Common Stock outstanding.......... 20,015,909 20,023,209 19,631,277
Comparative operating results are as follows:
Three months ended March 31,
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2005 2004
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Net investment income............................................. $3,581,348 $ 1,222,555
Per share of Common Stock...................................... .18* .06*
Net realized gain on sale of investments.......................... 27,764,663 16,501,813
Decrease in net unrealized appreciation of investments............ (9,632,338) (6,817,589)
Increase in net assets resulting from operations.................. 21,713,673 10,906,779
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* Per-share data are based on the average number of Common shares
outstanding during the three-month period.
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The annual meeting of stockholders of the Corporation was held on March 9,
2005 with 91% of Common shares being represented. At the meeting the Board of
Directors was reelected and the selection of KPMG LLP as auditors of the
Corporation for the year 2005 was ratified. Detailed information will be
published in the June 30, 2005 Semi-Annual Report.
In the quarter ended March 31, 2005 the Corporation repurchased 7,300
shares of its Common Stock at an average price per share of $23.37. These shares
were purchased on the American Stock Exchange. The Corporation 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
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PRINCIPAL PORTFOLIO CHANGES
January 1 to March 31, 2005
(Common Stock unless specified otherwise)
Number of Shares
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Held
March 31,
Purchased Sold 2005
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Agilent Technologies, Inc.............................. 550,000 550,000
American International Group, Inc...................... 150,000 --
Brady Corporation...................................... 505,000(a) 140,000 870,000
Capital One Financial Corporation...................... 55,000 310,000
Dover Corporation...................................... 20,000 190,000
EnCana Corporation..................................... 160,000 --
Freescale Semiconductor, Inc. Class B.................. 22,083 --
Nexen Inc.............................................. 70,000 70,000
PolyOne Corporation.................................... 75,000 1,275,000
SunGard Data Systems Inc............................... 570,000 --
TransMontaigne Inc..................................... 1,000,000 1,000,000
Transport Corporation of America, Inc.................. 2,200 531,557
Wind River Systems, Inc................................ 50,000 --
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(a) Stock split.
TEN LARGEST INVESTMENTS
March 31, 2005
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% of Year First
Cost Value Net Assets Acquired
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(millions)
The Plymouth Rock Company, Inc............... $ 2.2 $105.0 19.1% 1982
Murphy Oil Corporation....................... 3.7 29.6 5.4 1974
Brady Corporation............................ 1.9 28.1 5.1 1984
Convergys Corporation........................ 28.1 25.2 4.6 1998
Unocal Corporation........................... 14.7 24.7 4.5 2004
Capital One Financial Corporation............ 1.5 23.2 4.2 1994
Intel Corporation............................ .4 22.8 4.1 1986
Kerr-McGee Corporation....................... 11.7 17.2 3.1 2001
Analog Devices, Inc.......................... .5 15.5 2.8 1987
Flextronics International Ltd................ 3.8 14.6 2.6 1996
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BOARD OF DIRECTORS
Jay R. Inglis, Chairman
Donald G. Calder
Dudley D. Johnson
Wilmot H. Kidd
C. Carter Walker, Jr.
OFFICERS
Wilmot H. Kidd, President
Charles N. Edgerton, Vice President and Treasurer
Marlene A. Krumholz, Secretary
OFFICE
630 Fifth Avenue
New York, NY 10111
212-698-2020
866-593-2507 (toll-free)
www.centralsecurities.com
TRANSFER AGENT AND REGISTRAR
EquiServe Trust Company
P. O. Box 43069, Providence, RI 02940-3069
781-575-2724
www.equiserve.com
CUSTODIAN
UMB Bank, N.A., Kansas City, MO
INDEPENDENT AUDITORS
KPMG LLP, New York, NY
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