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
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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.
The registrant hereby furnishes the information set forth in its press release issued on May 3, 2022, 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.
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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/ Michael S. Simmons
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Date: May 3, 2022
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Michael S. Simmons
Senior 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 3, 2022 … CompX International Inc. (NYSE American: CIX) announced today sales of $42.1 million for the first quarter
of 2022 compared to $35.9 million in the same period of 2021. Operating income was $6.3 million in the first quarter of 2022 compared to $5.8 million in the first quarter of 2021. Net income was $5.0 million, or $.40 per basic and diluted common
share, for the first quarter of 2022 compared to $4.7 million, or $.38 per basic and diluted common share, in the same period of 2021.
Net sales increased for the quarter primarily due to higher Security Products sales across a variety of markets and to a lesser extent higher Marine
Components sales primarily to the towboat market. Operating income increased during the first quarter of 2022 due to the higher sales offset by increased production costs including increased raw material costs, higher shipping costs, and increased
labor costs due to higher wages, overtime and increased headcount.
CompX is a leading manufacturer of security products and recreational marine components. It operates from three locations in the U.S.
and employs approximately 600 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.
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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 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 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)
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Three months ended
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March 31,
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2021
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2022
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(unaudited)
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Net sales
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$
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35.9
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$
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42.1
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Cost of sales
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24.9
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30.0
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Gross margin
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11.0
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12.1
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Selling, general and administrative expense
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5.2
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5.8
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Operating income
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5.8
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6.3
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Interest income
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.4
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.2
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Income before taxes
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6.2
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6.5
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Provision for income taxes
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1.5
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1.5
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Net income
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$
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4.7
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$
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5.0
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Basic and diluted net income per common share
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$
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.38
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$
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.40
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Weighted average diluted common shares outstanding
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12.4
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12.4
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