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 earliest event reported)
(Exact name of registrant as specified in its charter)
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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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(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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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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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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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Class A
($.01 par value per share)
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule
12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 |
Results of Operations and Financial Condition.
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| Item 7.01 |
Regulation FD Disclosure.
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The registrant hereby furnishes the information set forth in its press release issued on May 4, 2021, a copy of which is attached hereto
as Exhibit 99.1 and incorporated herein by reference.
The information, including Exhibit 99.1 the registrant furnishes in this current report under these items 2.02 and 7.01 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 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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Exhibit Index
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99.1
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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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/ Amy A. Samford
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Date: May 4, 2021
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Amy A. Samford
Vice President and Chief Financial Officer
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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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Janet G. Keckeisen
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5430 LBJ Freeway, Suite 1700
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Investor Relations
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Dallas, Texas 75240
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Tel. 972-233-1700
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DALLAS, TEXAS … May 4, 2021 … CompX International Inc. (NYSE American: CIX)
announced today sales of $35.9 million for the first quarter of 2021 compared to $32.3 million in the same period of 2020. Operating income was $5.8 million in the first quarter of 2021 compared to $5.0 million in the same period of 2020. Net income
was $4.7 million, or $0.38 per basic and diluted common share, for the first quarter of 2021 compared to $4.3 million, or $0.34 per basic and diluted common share, in the same period of 2020.
Net sales increased for the quarter primarily due to higher Marine Component sales to the towboat market and to a lesser extent higher
Security Products sales. Marine Components continues to benefit from an overall increase in demand in the recreational marine market which began in late spring 2020. Operating income increased during the first quarter of 2021 due to the higher Marine
Component sales as well as lower overall medical expenses, partially offset by higher costs of sales at Security Products.
CompX is a leading manufacturer of security products and recreational marine components. It operates from three locations in the U.S. and employs
approximately 535 people.
Forward-Looking Statements
The statements in this press release relating to matters that are not historical facts are forward-looking statements that represent management’s belief
and assumptions based on currently available information. Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will 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 predicted. While it is not possible to identify all factors, we continue to face
many risks and uncertainties. The factors that could cause our actual future results to differ materially include, but are not limited to, the following:
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Future demand for our products,
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Changes in our raw material and other operating costs (such as zinc, brass, aluminum, steel and energy costs) and our ability to
pass those costs on to our customers or offset them with reductions in other operating costs,
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Price and product competition from low-cost manufacturing sources (such as China),
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The impact of pricing and production decisions,
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Customer and competitor strategies including substitute products,
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Uncertainties associated with the development of new products and product features,
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Future litigation,
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Our ability to protect or defend our intellectual property rights,
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Potential difficulties in integrating future acquisitions,
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Decisions to sell operating assets other than in the ordinary course of business,
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Environmental matters (such as those requiring emission and discharge standards for existing and new facilities),
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The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform,
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The impact of current or future government regulations (including employee healthcare benefit related regulations),
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General global economic and political conditions that introduce instability into our supply chain, impact our customers’ level
of demand or our customers’ perception regarding demand or impair our ability to operate our facilities (including changes in the level of gross domestic product in various regions of the world, natural disasters, terrorist acts, global
conflicts and public health crises such as COVID-19),
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Operating interruptions (including, but not limited to labor disputes, hazardous chemical leaks, natural disasters, fires,
explosions, unscheduled or unplanned downtime, transportation interruptions, cyber-attacks and public health crises such as COVID-19); and
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Possible disruption of our business or increases in the cost of doing business resulting from terrorist activities or global
conflicts.
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Should one or more of these risks materialize (or the consequences of such development worsen), or should the underlying assumptions prove incorrect,
actual results could differ materially from those currently forecasted or expected. CompX disclaims any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or
otherwise.
* * * * *
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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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March 31,
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2020
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2021
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Net sales
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$
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32.3
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$
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35.9
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Cost of goods sold
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21.9
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24.9
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Gross profit
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10.4
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11.0
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Selling, general and administrative expense
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5.4
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5.2
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Operating income
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5.0
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5.8
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Interest income
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0.6
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0.4
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Income before taxes
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5.6
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6.2
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Provision for income taxes
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1.3
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1.5
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Net income
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$
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4.3
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$
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4.7
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Basic and diluted net income per common share
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$
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0.34
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$
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0.38
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Weighted average diluted common
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shares outstanding
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12.4
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12.4
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