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
May
2, 2007
Date
of
Report (Date of the earliest event reported)
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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|
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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.
Item
7.01 Regulation
FD Disclosure.
Pursuant
to Items 2.02 and 7.01 of this current report, the registrant hereby furnishes
the information set forth in its press release issued on May 2, 2007, a
copy of
which is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
The
information, including the exhibit, the registrant furnishes in this 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 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.
(c) Exhibits.
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Item
No.
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Exhibit
Index
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99.1
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Press
Release dated May 2, 2007 issued by the
registrant.
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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.
COMPX
INTERNATIONAL INC.
(Registrant)
By: /s/
A.
Andrew R.
Louis
A.
Andrew
R. Louis
Secretary
Date:
May
2, 2007
INDEX
TO EXHIBITS
Exhibit
No. Description
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99.1
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Press
Release dated May 2, 2007 issued by the
registrant.
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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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David
A. Bowers
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5430
LBJ Freeway, Suite 1700
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President
& CEO
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Dallas,
Texas 75240
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Tel.
864-286-1122
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COMPX
REPORTS FIRST
QUARTER 2007 RESULTS
Dallas,
TEXAS … May 2, 2007 … CompX International Inc. (NYSE: CIX) announced today sales
of $43.6 million for the first quarter of 2007 compared to $47.0 million in
the
same period of 2006. Operating income improved to $5.4 million in the first
quarter of 2007 compared to $4.8 million in the same period of 2006. Earnings
per share for the first quarter of 2007 were $0.20 compared to $0.16 in the
same
period of 2006.
Net
sales
comparisons were negatively impacted by lower sales to the office furniture
market partially offset by additional sales volume resulting from the
acquisition of a
marine
components
business
in April 2006.
Despite
the lower sales and the effect of increasing raw material costs, operating
income improved due to a
more
favorable product mix and the continued benefit from cost improvement
initiatives.
“We
are
pleased with our ongoing progress in increasing gross margin as we focus on
providing products with value-added features to our customers,” commented David
A. Bowers, President & CEO. “Compared to the same quarter last year, we
improved our Security Products gross margin from 30% to 33% and Furniture
Components margin from 20% to 22%. We are especially pleased with the improved
margin at our Furniture Components segment which validates our strategy of
moving away from high volume, low margin products to higher margin
feature-oriented products.”
CompX
is
a leading manufacturer of security products and furniture components. It
operates from eight locations in the U.S., Canada and Taiwan and employs more
than 1,100 people.
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 new product development
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.
*
* * *
*
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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|||||||
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March
31,
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|||||||
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2006
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2007
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||||||
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Net
sales
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$
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47.0
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$
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43.6
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|||
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Cost
of goods sold
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35.4
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31.5
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|||||
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Gross
margin
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11.6
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12.1
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|||||
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Selling,
general and administrative
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6.7
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6.7
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|||||
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Other
operating expense, net
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0.1
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-
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|||||
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Operating
income
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4.8
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5.4
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|||||
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Other
non-operating income, net
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0.3
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0.3
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|||||
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Income
before income taxes
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5.1
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5.7
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|||||
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Income
tax expense
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2.6
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2.7
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|||||
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Net
income
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$
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2.5
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$
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3.0
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|||
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Net
income per diluted common share
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$
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0.16
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$
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0.20
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|||
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Weighted
average diluted common shares
outstanding
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15.2
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15.3
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|||||
COMPX
INTERNATIONAL INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
millions)
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December
31,
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March
31,
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||||||
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Assets
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2006
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2007
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|||||
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(Unaudited)
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|||||||
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Current
assets:
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|||||||
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Cash
and equivalents
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$
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29.7
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$
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30.9
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Accounts
receivable, net
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20.0
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20.8
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|||||
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Inventories
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21.7
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23.7
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|||||
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Deferred
income taxes and other
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3.5
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3.4
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|||||
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Note
receivable
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1.3
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1.3
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|||||
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Total
current assets
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76.2
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80.1
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|||||
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Intangibles
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43.9
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43.7
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|||||
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Net
property and equipment
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69.7
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67.9
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|||||
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Other
assets
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2.2
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2.2
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|||||
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Total
assets
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$
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192.0
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$
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193.9
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|||
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Liabilities
and Stockholders’ Equity
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|||||||
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Current
liabilities:
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|||||||
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Accounts
payable and accrued liabilities
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$
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16.8
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$
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16.8
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|||
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Income
taxes
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1.0
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1.6
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|||||
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Total
current liabilities
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17.8
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18.4
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|||||
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Deferred
income taxes
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20.5
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20.7
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|||||
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Stockholders’
equity
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153.7
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154.8
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|||||
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Total
liabilities and stockholders’ equity
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$
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192.0
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$
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193.9
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|||