SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
April 18, 2000
(Date of Report, date of earliest event reported)
COMPX INTERNATIONAL INC.
(Exact name of registrant as specified in its charter)
Delaware 1-13905 57-0981653
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
16825 Northchase Drive, Suite 1200, Houston, Texas 77060
(Address of principal executive offices) (Zip Code)
(281) 423-3377
(Registrant's telephone number, including area code)
(Former name or address, if changed since last report)
Item 5: Other Events
On April 18, 2000, the registrant, CompX International Inc., issued the
press release attached hereto as Exhibit 99.1, which is incorporated herein by
reference.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibit
Item No. Exhibit Index
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99.1 Press release dated April 18, 2000 issued by CompX
International Inc.
SIGNATURES
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/ Andrew Louis
-----------------------
Andrew Louis,
Secretary
Date: April 18, 2000
[LOGO GOES HERE]
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PRESS RELEASE
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FOR IMMEDIATE RELEASE: CONTACT:
CompX International Inc. John A. Miller
16825 Northchase Drive Chief Financial Officer
Houston, Texas 77060 Tel. 281-423-3391
COMPX REPORTS INCREASED SALES AND OPERATING INCOME
HOUSTON, TEXAS . . . April 18, 2000 . . . CompX International Inc. (NYSE: CIX)
announced its first quarter 2000 results and reported a 20% increase in net
sales and an 11% increase in operating income from the same quarter a year ago.
Net sales increased to $66.1 million in the first quarter of 2000 compared to
$55.2 million in the first quarter of 1999. Operating income increased to $10.7
million in the first quarter of 2000 compared to $9.6 million in the first
quarter of 1999. Net income in the first quarter of 2000 was $6.6 million, or
$.41 per diluted share, compared to net income of $5.9 million, or $.37 per
diluted share, for the same quarter a year ago. The increase in net sales for
the first quarter versus a year ago is due to increased demand for the Company's
office furniture products, market share gains in slide products, and
acquisitions. Excluding the effect of acquisitions, net sales increased 7% from
the first quarter of 1999 with net sales of slides increasing 13%, ergonomics
net sales increasing 7%, and security products net sales remaining essentially
flat. During the first quarter of 2000 weakness in the Euro negatively impacted
net sales and operating income. Excluding the effect of currency and
acquisitions, net sales increased 9% over the first quarter of 1999.
"Our sales growth rate continued to exceed the BIFMA growth rate and we have
continued to improve the operating performance of our recent acquisitions," said
Joseph S. Compofelice, Chairman and Chief Executive Officer. Mr. Compofelice
added that "Our current backlog, inquiry rate, and feedback from our major
customers all suggest a strong and improving level of activity for the rest of
2000."
CompX is a leading manufacturer of ergonomic computer support systems, precision
ball bearing slides and security products.
Statements in this release relating to matters that are not historical facts are
forward-looking statements based on management's belief and assumptions using
currently available information. Although the Company 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, the Company 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, demand for office furniture, service industry employment
levels, competitive products and prices, the introduction of tariff or
non-tariff trade barriers, potential difficulties in integrating completed
acquisitions and other risks and uncertainties detailed in the Company's
Security and Exchange Commission filings. Should one or more of these risks
materialize (or the consequences of such a development worsen), or should the
underlying assumptions prove incorrect, actual results could differ materially
from those forecast or expected. The Company disclaims any intention or
obligation to update publicly or revise such statements whether as a result of
new information, future events or otherwise.
********
COMPX INTERNATIONAL INC.
SUMMARY OF CONSOLIDATED OPERATIONS
(In millions, except per share amounts)
(Unaudited)
Three months ended
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March 31,
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1999 2000
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Total net sales $ 55.2 $ 66.1
Cost of sales 39.1 48.6
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Gross profit 16.1 17.5
Selling, general and administrative 6.5 6.8
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Operating income 9.6 10.7
Interest expense .4 .5
Interest income .2 .1
Other income (expense) (.1) .2
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Income before income taxes 9.3 10.5
Income tax expense 3.4 3.9
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Net income $ 5.9 $ 6.6
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Net income per diluted common share $0.37 $0.41
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Weighted average diluted common shares
outstanding 16.1 16.2
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