SEC Filing Html Data
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of the earliest event reported)
November 5, 2014
CompX International Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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1-13905
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57-0981653
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(State or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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5430 LBJ Freeway, Suite 1700, Dallas, Texas
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75240-2697
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code
(972) 448-1400
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(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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| Item 2.02 | Results of Operations and Financial Condition. |
The registrant hereby furnishes the information set forth in its press release entitled "CompX Reports Third Quarter 2014 Results" that the registrant issued on November 5, 2014, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The press release the registrant furnishes as Exhibit 99.1 to this current report is not deemed "filed" for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Registration statements or other documents filed with the U.S. Securities and Exchange Commission shall not incorporate this information by reference, except as otherwise expressly stated in such filing.
Item 7.01 Regulation FD Disclosures.
The registrant hereby furnishes the information set forth in its press release entitled "CompX Declares Quarterly Dividend" that the registrant also issued on November 5, 2014, a copy of which is attached hereto as Exhibit 99.2 and incorporated herein by reference.
The press release the registrant furnishes as Exhibit 99.2 to this current report is not "filed" for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Registration statements or other documents filed with the U.S. Securities and Exchange Commission shall not incorporate this information by reference, except as otherwise expressly stated in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
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(d)
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Exhibits
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Item No.
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Description
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99.1*
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Press release dated November 5, 2014 entitled "CompX Reports Third Quarter 2014 Results" and issued by the registrant.
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99.2*
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Press release dated November 5, 2014 entitled "CompX Declares Quarterly Dividend" and issued by the registrant.
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| * | Filed herewith |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CompX International Inc.
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(Registrant)
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By: /s/ A. Andrew R. Louis
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Date: November 5, 2014
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A. Andrew R. Louis, Secretary
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INDEX TO EXHIBITS
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(d)
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Exhibits
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Item No.
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Description
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99.1*
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Press release dated November 5, 2014 entitled "CompX Reports Third Quarter 2014 Results" and issued by the registrant.
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99.2*
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Press release dated November 5, 2014 entitled "CompX Declares Quarterly Dividend" and issued by the registrant.
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| * | Filed herewith |
PRESS RELEASE
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FOR IMMEDIATE RELEASE:
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CONTACT:
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CompX International Inc.
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David A. Bowers
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5430 LBJ Freeway, Suite 1700
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Chief Executive Officer
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Dallas, Texas 75240
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Tel. 864-286-1122
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COMPX REPORTS THIRD QUARTER 2014 RESULTS
DALLAS, TEXAS …November 5, 2014 … CompX International Inc. (NYSE MKT: CIX) announced today sales of $26.5 million for the third quarter of 2014 compared to $24.2 million in the same period of 2013. Operating income was $3.4 million in the third quarter of 2014 compared to $3.0 million in the same period in 2013. Net income for the third quarter of 2014 was $2.2 million, or $0.18 per diluted share, compared to $2.0 million, or $0.16 per diluted share, in the third quarter of 2013.
For the nine months ended September 30, 2014, sales were $79.1 million compared to $69.7 million in the previous year. Operating income was $10.6 million for the first nine months of 2014 compared to $7.3 million for 2013. Net income for the nine months ended September 30, 2014 was $6.9 million or $0.56 per diluted share, compared to $4.7 million, or $0.38 per diluted share, in 2013.
Net sales increased in 2014 principally due to strong demand within Security Products including a new initiative for an existing government customer, increased market penetration in electronic locks and strong demand in transportation markets. Operating income increased as a result of the positive impact of the higher sales and related improvement in fixed manufacturing cost coverage with higher production volumes, partially offset by the impact of lower variable margins due to relative changes in customer and product mix as well as increased personnel costs and depreciation within Security Products.
"Third quarter sales continued the strong performance in both our Security Products and Marine Components segments, with year-to-date sales growth of 13% and 17%, respectively," commented David A. Bowers, CEO. "Even as seasonal demand subsides in a number of our markets, we anticipate continued strong demand from our larger commercial and government customers for the remainder of the year. And because we recognize that the robust demand from those larger customers is not necessarily indicative of economic conditions for our small business customer base, we will continue to carefully monitor sales order rates and economic conditions in all of our markets as we develop our plans and allocate resources for the remainder of the year and into 2015."
CompX is a leading manufacturer of security products and recreational marine components. It operates from four locations in the U.S. and employs approximately 500 people.
Forward-Looking Statements
Statements in this release relating to matters that are not historical facts are forward-looking statements based upon management's belief and assumptions using currently available information. Although CompX believes the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurances that these expectations will prove to be correct. Such statements, by their nature, involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such forward-looking statements. While it is not possible to identify all factors, CompX continues to face many risks and uncertainties. Among the factors that could cause actual future results to differ materially include, but are not limited to, general economic and political conditions, changes in raw material and other operating costs, demand for office furniture, service industry employment levels, competitive products and prices, fluctuations in currency exchange rates, the introduction of trade barriers, potential difficulties in integrating completed acquisitions, the ability to sustain or increase operating income improvement resulting from cost control initiatives, uncertainties associated with the development of new product features and other risks and uncertainties detailed in CompX's Securities and Exchange Commission filings. Should one or more of these risks materialize or if the consequences worsen, or if the underlying assumptions prove incorrect, actual results could differ materially from those currently forecasted or expected. CompX disclaims any intention or obligation to publicly update or revise such statements whether as a result of new information, future events or otherwise.
- 2 -
COMPX INTERNATIONAL INC.
SUMMARY OF CONSOLIDATED OPERATIONS
(In millions, except per share amounts)
(Unaudited)
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Three months ended
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Nine months ended
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September 30,
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September 30,
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2013
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2014
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2013
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2014
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Net sales
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$
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24.2
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$
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26.5
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$
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69.7
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$
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79.1
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Cost of goods sold
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16.7
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18.4
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48.6
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54.6
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Gross profit
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7.5
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8.1
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21.1
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24.5
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Selling, general and administrative expense
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4.5
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4.7
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13.8
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13.9
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Operating income/income before taxes
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3.0
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3.4
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7.3
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10.6
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Provision for income taxes
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1.0
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1.2
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2.6
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3.7
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Net income
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$
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2.0
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$
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2.2
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$
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4.7
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$
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6.9
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Basic and diluted net income
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per common share
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$
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0.16
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$
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0.18
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$
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0.38
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$
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0.56
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Weighted average diluted common
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||||||||||||||||
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shares outstanding
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12.4
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12.4
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12.4
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12.4
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COMPX INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
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December 31,
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September 30,
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2013
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2014
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Assets
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(Unaudited)
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Current assets:
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Cash and equivalents
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$
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38.8
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$
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41.9
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Accounts receivable, net
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8.5
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11.6
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Inventories, net
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13.2
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15.1
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Deferred income taxes and other
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3.1
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3.0
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Total current assets
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63.6
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71.6
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Goodwill
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23.7
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23.7
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Net property and equipment
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33.8
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33.1
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Other noncurrent
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0.6
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0.7
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Total assets
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$
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121.7
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$
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129.1
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Liabilities and Stockholders' Equity
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Current liabilities:
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Accounts payable and accrued liabilities
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$
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9.7
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$
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11.5
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Income taxes
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0.4
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1.1
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Total current liabilities
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10.1
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12.6
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Deferred income taxes
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6.9
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6.6
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Stockholders' equity
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104.7
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109.9
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Total liabilities and stockholders' equity
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$
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121.7
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$
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129.1
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- 4 -
PRESS RELEASE
FOR IMMEDIATE RELEASE: CONTACT:
CompX International Inc. David A. Bowers
Three Lincoln Centre Chief Executive Officer
5430 LBJ Freeway, Suite 1700 Tel.: 864.286.1122
Dallas, Texas 75240-2697
COMPX DECLARES REGULAR QUARTERLY DIVIDEND
DALLAS, TEXAS . . . November 5, 2014 . . . CompX International Inc. (NYSE MKT: CIX) announced today that its board of directors has declared CompX's regular quarterly dividend of five cents ($0.05) per share on its class A and class B common stock, payable on December 16, 2014 to stockholders of record at the close of business on December 4, 2014.
CompX is a leading manufacturer of security products and recreational marine components.
* * * * *