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 the earliest event reported)
May
1, 2009
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
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Results
of Operations and Financial
Condition.
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Item
7.01
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Regulation
FD Disclosure.
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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 1, 2009, 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.
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Item
9.01
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Financial
Statements and Exhibits.
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(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 1, 2009 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
1, 2009
INDEX
TO EXHIBITS
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Exhibit
No.
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Description
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99.1
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Press
Release dated May 1, 2009 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 2009 RESULTS
DALLAS,
TEXAS … May 1, 2009 … CompX International Inc. (NYSE: CIX) announced today sales
of $28.5 million for the first quarter of 2009 compared to $40.5 million in the
same period of 2008. CompX reported an operating loss of
$937,000 in the first quarter of 2009 compared to operating income of $3.5
million in the same period of 2008. Net loss for the first quarter of
2009 was $580,000, or $0.05 per share, compared to net income of $1.6 million,
or $0.13 per share, for the same period of 2008.
Net sales
decreased principally due to lower order rates from our customers across all
business segments as a result of general unfavorable economic conditions in
North America. The decrease in operating income is primarily due to
the effects of the lower order rates and reduced coverage of overhead and fixed
manufacturing costs from the resulting under utilization of production capacity,
partially offset by the positive effects of cost reductions implemented in
response to the lower order rates and the favorable impact of relative changes
in foreign currency exchange rates.
“Market
demand continued to weaken in the first quarter resulting in additional cost
reduction actions within our operations as we worked to align our cost structure
with sales volume,” commented David A. Bowers, President &
CEO. “While a great deal of effort is being applied to controlling
costs, we have not been distracted from continuing to develop new solutions for
our customers and to work on winning new business. Although we
anticipate the remainder of the year to continue to be a challenge due to the
economic environment, we expect to be well positioned to take advantage of the
recovery when it occurs due to our lean cost structure and diversified product
offering.”
CompX is
a leading manufacturer of security products, furniture components and
performance marine components. It operates from eight locations in
the U.S., Canada and Taiwan and employs approximately 1,000 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 development of new product features 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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2008
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2009
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Net
sales
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$ | 40.5 | $ | 28.5 | ||||
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Cost
of goods sold
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30.6 | 23.7 | ||||||
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Gross
margin
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9.9 | 4.8 | ||||||
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Selling,
general and administrative
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6.4 | 5.7 | ||||||
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Operating
income (loss)
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3.5 | (0.9 | ) | |||||
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Other
non-operating expense, net
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(0.6 | ) | (0.4 | ) | ||||
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Income
(loss) before income taxes
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2.9 | (1.3 | ) | |||||
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Income
tax expense (benefit)
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1.3 | (0.7 | ) | |||||
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Net
income (loss)
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$ | 1.6 | $ | (0.6 | ) | |||
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Net
income (loss) per diluted common share
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$ | 0.13 | $ | (0.05 | ) | |||
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Weighted
average diluted common
shares
outstanding
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12.4 | 12.4 | ||||||
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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2008
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2009
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|||||||
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(Unaudited)
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Assets
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Current
assets:
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||||||||
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Cash
and equivalents
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$ | 14.4 | $ | 11.8 | ||||
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Accounts
receivable, net
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16.8 | 13.9 | ||||||
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Inventories,
net
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22.7 | 20.9 | ||||||
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Deferred
income taxes and other
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4.7 | 5.2 | ||||||
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Note
receivable
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0.9 | 0.9 | ||||||
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Total
current assets
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59.5 | 52.7 | ||||||
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Intangibles
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32.9 | 32.6 | ||||||
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Net
property and equipment
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67.4 | 65.9 | ||||||
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Assets
held for sale
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3.5 | 3.5 | ||||||
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Other
assets
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0.1 | 0.1 | ||||||
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Total
assets
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$ | 163.4 | $ | 154.8 | ||||
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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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Current
maturities of note payable to affiliate
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$ | 1.0 | $ | 1.0 | ||||
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Accounts
payable and accrued liabilities
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14.3 | 10.0 | ||||||
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Interest
payable to affiliate
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0.5 | 0.3 | ||||||
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Income
taxes
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1.2 | 0.1 | ||||||
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Total
current liabilities
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17.0 | 11.4 | ||||||
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Note
payable to affiliate
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42.0 | 41.7 | ||||||
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Deferred
income taxes
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13.1 | 13.1 | ||||||
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Stockholders’
equity
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91.3 | 88.6 | ||||||
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Total
liabilities and stockholders’ equity
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$ | 163.4 | $ | 154.8 | ||||