CompX International Inc. (NYSE American: CIX) announced today sales
of $34.1 million for the fourth quarter of 2021 compared to $30.0
million in the same period of 2020. Operating income was $3.8
million in the fourth quarter of 2021 compared to $2.3 million in
the same period of 2020. Net income was $3.2 million, or $0.25 per
diluted share, for the fourth quarter of 2021 compared to $2.3
million, or $0.17 per diluted share, in the same period of 2020.
Net sales for the year ended December 31, 2021
were $140.8 million compared to $114.5 million in the previous
year. Operating income was $20.5 million for the year ended
December 31, 2021 compared to $11.8 million for 2020. Net income
for the year ended December 31, 2021 was $16.6 million, or $1.34
per diluted share, compared to $10.3 million, or $0.83 per diluted
share, for the year ended December 31, 2020.
Fourth quarter 2021 net sales increased over the
2020 comparable period primarily due to higher Security Products
sales, largely increased sales to the government security and
transportation markets and, to a lesser extent, higher Marine
Component sales, predominantly to the towboat market. Operating
income increased for the fourth quarter of 2021 compared to the
fourth quarter of 2020 as higher costs, specifically increased raw
material, shipping and labor costs, were more than offset by higher
sales.
Net sales increased for the full year of 2021
compared to the full year of 2020 primarily due to higher sales
volumes at both of our segments. Our net sales and operating income
were negatively impacted by the COVID-19 pandemic in the second and
third quarters of 2020, which significantly impacts the comparisons
for the full year. Beginning in the third quarter of 2020 and
continuing through 2021, our sales generally improved at both our
business segments and our operating income increased for the full
year of 2021 as compared to 2020 primarily due to the favorable
effect of higher sales and production volumes, partially offset by
higher production costs including increased raw material, shipping
and labor 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 570 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. 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.
* * * * *
COMPX INTERNATIONAL
INC.SUMMARY OF CONSOLIDATED
OPERATIONS(In millions, except per share
amounts)
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Three months ended |
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Year ended |
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December 31, |
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December 31, |
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2020 |
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2021 |
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2020 |
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2021 |
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(Unaudited) |
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Net sales |
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$ |
30.0 |
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$ |
34.1 |
|
$ |
114.5 |
|
$ |
140.8 |
Cost of
sales |
|
|
22.3 |
|
|
24.7 |
|
|
81.7 |
|
|
98.1 |
Gross
margin |
|
|
7.7 |
|
|
9.4 |
|
|
32.8 |
|
|
42.7 |
Selling, general
and administrative expense |
|
|
5.4 |
|
|
5.6 |
|
|
21.0 |
|
|
22.2 |
Operating
income |
|
|
2.3 |
|
|
3.8 |
|
|
11.8 |
|
|
20.5 |
Interest
income |
|
|
0.4 |
|
|
0.3 |
|
|
1.7 |
|
|
1.2 |
Income before
taxes |
|
|
2.7 |
|
|
4.1 |
|
|
13.5 |
|
|
21.7 |
Provision for
income taxes |
|
|
0.4 |
|
|
0.9 |
|
|
3.2 |
|
|
5.1 |
Net income |
|
$ |
2.3 |
|
$ |
3.2 |
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$ |
10.3 |
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$ |
16.6 |
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Basic and
diluted net income per common share |
|
$ |
0.17 |
|
$ |
0.25 |
|
$ |
0.83 |
|
$ |
1.34 |
Weighted average
diluted common shares outstanding |
|
|
12.5 |
|
|
12.4 |
|
|
12.4 |
|
|
12.4 |
SOURCE: CompX International Inc.
CONTACT: Janet G. Keckeisen, Investor Relations, 972.233.1700
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