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CENTRAL SECURITIES CORPORATION
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INTERIM REPORT TO STOCKHOLDERS
AS OF MARCH 31, 2008
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To the Stockholders of
CENTRAL SECURITIES CORPORATION:
Financial data for the quarter ended March 31, 2008 and other pertinent
information prepared by management without audit by independent auditors are
submitted herewith.
Comparative net assets are as follows:
Mar. 31, 2008 Dec. 31, 2007 Mar. 31, 2007
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Net assets........................................ $612,438,385 $644,822,724 $627,727,778
Net assets per share of Common Stock.............. $ 28.64 $ 30.15 $ 30.56
Shares of Common Stock outstanding............. 21,385,882 21,385,882 20,538,195
Comparative operating results are as follows:
Three months ended March 31,
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2008 2007
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Net investment income............................................. 4,008,845 5,698,854
Per share of Common Stock...................................... .19* .28*
Net realized gain on sale of investments.......................... 10,718,059 6,985,140
Decrease in net unrealized appreciation of investments............ (47,111,243) (2,123,243)
Increase (decrease) in net assets resulting from operations....... (32,384,339) 10,560,751
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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
12, 2008 with 94% 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 2008 was ratified. Detailed information will be
published in the June 30, 2008 Semi-Annual Report.
In the quarter ended March 31, 2008 the Corporation did not repurchase any
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 private 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, 2008
(Common Stock unless specified otherwise)
(unaudited)
Number of Shares
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Held
March 31,
Purchased Sold 2008
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Abbott Laboratories ...................... 10,000 110,000
American International Group, Inc. ....... 100,000 100,000
A.S.V., Inc. ............................. 800,000(a) --
Coherent, Inc. ........................... 150,000 850,000
Convergys Corporation .................... 15,000 1,730,800
GeoMet, Inc. ............................. 50,000 1,900,000
Heritage-Crystal Clean, Inc. ............. 75,000 75,000
McMoRan Exploration Co. .................. 50,000 650,000
Murphy Oil Corporation ................... 115,000 410,000
Precision Castparts Corporation .......... 69,000 69,000
Sonus Networks, Inc. ..................... 500,000 3,000,000
The TriZetto Group, Inc. ................. 20,000 970,000
Tyco International Ltd. .................. 100,000 --
Xerox Corporation ........................ 700,000 700,000
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(a) Shares tendered.
TEN LARGEST INVESTMENTS
(unaudited)
March 31, 2008
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Percent of Year First
Cost Value Net Assets Acquired
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(millions)
The Plymouth Rock Company, Inc. ...... $ 2.2 $140.0 22.9% 1982
The Bank of New York Company, Inc. ... 15.5 34.4 5.6 1993
Murphy Oil Corporation ............... 1.7 33.7 5.5 1974
Brady Corporation .................... 2.5 29.3 4.8 1984
Agilent Technologies, Inc. ........... 22.5 28.1 4.6 2005
Convergys Corporation ................ 25.3 26.1 4.3 1998
Coherent, Inc. ....................... 23.6 23.7 3.9 2007
Devon Energy Corporation ............. 14.9 20.9 3.4 2007
Roper Industries, Inc. ............... 7.2 20.8 3.4 2003
Intel Corporation .................... 0.4 19.1 3.1 1986
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BOARD OF DIRECTORS
Dudley D. Johnson, Chairman
Simms C. Browning
Donald G. Calder
Jay R. Inglis
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
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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