COMPX REPORTS FIRST QUARTER 2017 RESULTS
May 05 2017 - 4:15PM
DALLAS, TEXAS . May 5, 2017 .
CompX International Inc. (NYSE MKT: CIX) announced today sales of
$29.9 million for the first quarter of 2017 compared to $27.1
million in the same period of 2016. Operating income was $4.5
million in the first quarter of 2017 compared to $3.4 million in
the same period of 2016. Net income was $3.1 million, or
$0.25 per basic and diluted common share, for the first quarter of
2017 compared to $2.2 million, or $0.18 per basic and diluted
common share, in the same period of 2016.
Net sales increased primarily due
to higher Security Products sales volumes to existing government
security customers, partially offset by a decrease in sales of
security products to an original equipment manufacturer of
recreational transportation products. Operating income
increased primarily due to the higher sales and manufacturing
efficiencies facilitated by the higher production volumes at
Security Products.
"The first quarter featured solid sales performances in both the
Security Products and Marine Components segments," commented David
A. Bowers, CEO, "including exceptional demand for government
security applications. We continue to benefit from innovation and
diversification in our product offerings, particularly with respect
to the recreational boat markets served by our growing Marine
Components segment. We believe that continuous development of new
product features companywide will broaden our sales base and help
mitigate the impact of general market
fluctuations."
CompX is a leading manufacturer of
security products and recreational marine components. It
operates from four locations in the U.S. and employs approximately
500 people.
Forward-Looking
Statements
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, competitive products and
prices, the impact of current or future government regulations, the
ability to sustain or increase operating income improvement
resulting from cost control initiatives, uncertainties associated
with the development of new product features, potential
difficulties in implementing new manufacturing and accounting
software, 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)
|
|
|
|
Three months ended |
|
|
|
|
March 31, |
|
|
|
|
2016 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
$
27.1 |
|
$
29.9 |
Cost of goods sold |
|
|
|
18.9 |
|
20.2 |
Gross profit |
|
|
|
8.2 |
|
9.7 |
Selling, general and
administrative expense |
|
|
|
4.8 |
|
5.2 |
Operating income |
|
|
|
3.4 |
|
4.5 |
Interest income |
|
|
|
- |
|
0.3 |
Income before taxes |
|
|
|
3.4 |
|
4.8 |
Provision for income taxes |
|
|
|
1.2 |
|
1.7 |
Net income |
|
|
|
$ 2.2 |
|
$ 3.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income
per common share |
|
|
|
$ 0.18 |
|
$ 0.25 |
|
|
|
|
|
|
|
Weighted average diluted
common |
|
|
|
|
|
|
shares outstanding |
|
|
|
12.4 |
|
12.4 |
|
|
|
|
|
|
|
COMPX
INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions)
|
December 31, |
|
March 31, |
|
2016 |
|
2017 |
Assets |
|
|
(Unaudited) |
|
|
|
|
Current assets: |
|
|
|
Cash and equivalents |
$
33.2 |
|
$
30.1 |
Accounts receivable,
net |
10.3 |
|
13.0 |
Inventories, net |
15.0 |
|
15.3 |
Prepaid expenses and
other |
0.7 |
|
0.8 |
Total current assets |
59.2 |
|
59.2 |
|
|
|
|
Note receivable from
affiliate |
27.4 |
|
29.0 |
Goodwill |
23.7 |
|
23.7 |
Net property and equipment |
33.1 |
|
32.7 |
Other noncurrent |
0.6 |
|
0.7 |
|
|
|
|
Total assets |
$ 144.0 |
|
$ 145.3 |
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
Accounts payable and
accrued liabilities |
$
11.9 |
|
$
9.6 |
Income taxes |
1.4 |
|
2.5 |
Total current
liabilities |
13.3 |
|
12.1 |
|
|
|
|
Deferred income taxes |
4.9 |
|
4.9 |
Stockholders' equity |
125.8 |
|
128.3 |
|
|
|
|
Total liabilities and
stockholders' equity |
$ 144.0 |
|
$ 145.3 |
|
|
|
|
SOURCE: CompX International Inc.
CONTACT: David A. Bowers, Chief Executive Officer,
864-286-1122
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Compx International Inc via Globenewswire
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