SEC Filing Html Data
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Item 2.02Results of Operations and Financial Condition.
The registrant hereby furnishes the information set forth in its press release entitled “CompX Reports Third Quarter 2022 Results” that the registrant issued on November 2, 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.
Item 7.01Regulation FD Disclosures.
The registrant hereby furnishes the information set forth in its press release entitled “CompX Declares Regular Quarterly Dividend” that the registrant also issued on November 2, 2022, 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 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 9.01Financial Statements and Exhibits.
(d) | Exhibits |
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Item No. | Description | ||
99.1 | |||
99.2 | |||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||
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.
COMPX INTERNATIONAL INC. | ||
(Registrant) | ||
By: | /s/ Amy A. Samford | |
Amy A. Samford | ||
Executive Vice President and | ||
Date: November 2, 2022 | Chief Financial Officer |
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PRESS RELEASE
FOR IMMEDIATE RELEASE: |
| CONTACT: |
| | |
CompX International Inc. | | Janet G. Keckeisen |
5430 LBJ Freeway, Suite 1700 | | Investor Relations |
Dallas, Texas 75240 | | Tel. 972-233-1700 |
| | |
COMPX REPORTS THIRD QUARTER 2022 RESULTS
DALLAS, TEXAS … November 2, 2022 … CompX International Inc. (NYSE American: CIX) announced today sales of $42.9 million for the third quarter of 2022 compared to $34.5 million in the same period of 2021. Operating income was $6.0 million in the third quarter of 2022 compared to $5.1 million in the same period of 2021. Net income was $4.9 million, or $.40 per basic and diluted common share, for the third quarter of 2022 compared to $4.1 million, or $.33 per basic and diluted common share, in the same period of 2021.
For the nine months ended September 30, 2022, sales were $126.6 million compared to $106.7 million in the previous year. Operating income was $20.0 million for the first nine months of 2022 compared to $16.7 million for the same period in 2021. Net income for the nine months ended September 30, 2022, was $16.1 million or $1.30 per diluted share, compared to $13.4 million, or $1.08 per diluted share, for the same period in 2021.
Third quarter and year-to-date 2022 net sales increased over the comparable 2021 periods primarily due to higher Marine Component sales predominantly to the towboat market and, to a lesser extent, higher Security Products sales across a variety of markets. Operating income increased for both comparative periods largely due to the strong performance of the Marine Segment, partially offset by increased production costs, particularly at Security Products, including increased raw material costs, higher shipping costs, and higher salary and employment related costs.
CompX is a leading manufacturer of security products and recreational marine components. It operates from three locations in the U.S. and employs approximately 640 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.
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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:
· | Future demand for our products, |
· | 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, |
· | Price and product competition from low-cost manufacturing sources (such as China), |
· | The impact of pricing and production decisions, |
· | Customer and competitor strategies including substitute products, |
· | Uncertainties associated with the development of new products and product features, |
· | Future litigation, |
· | Our ability to protect or defend our intellectual property rights, |
· | Potential difficulties in integrating future acquisitions, |
· | Decisions to sell operating assets other than in the ordinary course of business, |
· | Environmental matters (such as those requiring emission and discharge standards for existing and new facilities), |
· | The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform, |
· | The impact of current or future government regulations (including employee healthcare benefit related regulations), |
· | 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), |
· | 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 |
· | Possible disruption of our business or increases in the cost of doing business resulting from terrorist activities or global conflicts. |
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 |
| Nine months ended | ||||||||
| | September 30, | | September 30, | ||||||||
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| 2021 |
| 2022 |
| 2021 |
| 2022 | ||||
| | (unaudited) | ||||||||||
Net sales | | $ | 34.5 | | $ | 42.9 | | $ | 106.7 | | $ | 126.6 |
Cost of sales | |
| 23.6 | |
| 30.9 | |
| 73.4 | |
| 88.9 |
Gross margin | |
| 10.9 | |
| 12.0 | |
| 33.3 | |
| 37.7 |
Selling, general and administrative expense | |
| 5.8 | |
| 6.0 | |
| 16.6 | |
| 17.7 |
Operating income | |
| 5.1 | |
| 6.0 | |
| 16.7 | |
| 20.0 |
Interest income | |
| .3 | |
| .5 | |
| .9 | |
| 1.1 |
Income before taxes | |
| 5.4 | |
| 6.5 | |
| 17.6 | |
| 21.1 |
Provision for income taxes | |
| 1.3 | |
| 1.6 | |
| 4.2 | |
| 5.0 |
Net income | | $ | 4.1 | | $ | 4.9 | | $ | 13.4 | | $ | 16.1 |
| | | | | | | | | | | | |
Basic and diluted net income per common share | | $ | .33 | | $ | .40 | | $ | 1.08 | | $ | 1.30 |
Weighted average diluted common shares | |
| 12.4 | |
| 12.3 | |
| 12.4 | |
| 12.4 |
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PRESS RELEASE
FOR IMMEDIATE RELEASE: | CONTACT: |
| |
CompX International Inc. | Janet G. Keckeisen |
Three Lincoln Centre | Investor Relations |
5430 LBJ Freeway, Suite 1700 | Tel. 972-233-1700 |
Dallas, Texas 75240 | |
COMPX DECLARES REGULAR QUARTERLY DIVIDEND
DALLAS, TEXAS . . . November 2, 2022 . . . CompX International Inc. (NYSE American: CIX) announced today that its board of directors has declared CompX’s regular quarterly dividend of twenty-five cents ($0.25) per share on its class A common stock, payable on December 13, 2022 to stockholders of record at the close of business on December 1, 2022.
CompX is a leading manufacturer of security products and recreational marine components.
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