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Dallas, May 07, 2019 (GLOBE NEWSWIRE) --
DALLAS, TEXAS … May 7, 2019 … CompX International Inc. (NYSE American: CIX) announced today sales of $31.2 million for the first quarter of 2019 compared to $28.4 million in the same period of 2018. Operating income was $4.3 million in the first quarter of 2019 compared to $4.4 million in the same period of 2018. Net income was $4.0 million, or $0.32 per basic and diluted common share, for the first quarter of 2019 compared to $3.7 million, or $0.30 per basic and diluted common share, in the same period of 2018.
Net sales increased for the quarter primarily due to higher Marine Component sales, mainly surf pipes and wake enhancement systems to an original equipment boat manufacturer. Security Products also contributed higher sales for the quarter, primarily to existing government security customers. Operating income decreased slightly for the quarter as the favorable effect of higher sales volumes at Marine Components was offset by increased labor rates and medical costs at Security Products as well as a less favorable customer and product mix at Marine Components.
CompX is a leading manufacturer of security products and recreational marine components. It operates from four locations in the U.S. and employs approximately 550 people.
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 CompX believes the expectations reflected in such forward-looking statements are reasonable, it 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, CompX continues 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:
Should one or more of these risks materialize (or the consequences of such development worsen), or should 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.
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COMPX INTERNATIONAL INC.
SUMMARY OF CONSOLIDATED OPERATIONS
(In millions, except per share amounts)
|Three months ended|
|Cost of goods sold||18.9||21.6|
|Selling, general and administrative expense||5.1||5.3|
|Income before taxes||4.9||5.1|
|Provision for income taxes||1.2||1.1|
|Basic and diluted net income per common share||$||0.30||$||0.32|
|Weighted average diluted common|
COMPX INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
|December 31,||March 31,|
|Cash and equivalents||$||45.4||$||36.1|
|Accounts receivable, net||12.1||15.4|
|Prepaid expenses and other||1.7||0.9|
|Total current assets||76.3||70.9|
|Note receivable from affiliate||34.0||40.0|
|Net property and equipment||31.8||31.2|
|Liabilities and Stockholders’ Equity|
|Accounts payable and accrued liabilities||$||12.5||$||9.2|
|Total current liabilities||13.7||10.4|
|Deferred income taxes||3.2||3.3|
|Total liabilities and stockholders’ equity||$||166.4||$||166.4|
Source: CompX International Inc. Contact: Janet G. Keckeisen, Investor Relations, 972.233.1700