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Dallas, Aug. 06, 2019 (GLOBE NEWSWIRE) -- DALLAS, TEXAS …August 6, 2019 … CompX International Inc. (NYSE American: CIX) announced today sales of $33.7 million for the second quarter of 2019 compared to $32.4 million in the same period of 2018. Operating income was $5.6 million in the second quarter of 2019 compared to $6.0 million in the same period in 2018. Net income for the second quarter of 2019 was $4.9 million, or $0.39 per diluted share, compared to $5.0 million, or $0.40 per diluted share, in the second quarter of 2018.
For the six months ended June 30, 2019, sales were $64.9 million compared to $60.8 million in the previous year. Operating income was $9.9 million for the first six months of 2019 compared to $10.3 million for 2018. Net income for the six months ended June 30, 2019 was $8.9 million or $0.71 per diluted share, compared to $8.7 million, or $0.70 per diluted share, in 2018.
Second quarter and year-to-date 2019 net sales increased over the comparable 2018 periods primarily due to higher Marine Component sales, primarily surf pipes and wake enhancement systems to an original equipment boat manufacturer. Operating income decreased for both comparative periods as the favorable effect of higher sales volumes at Marine Components was offset by regional wage increases 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 three locations in the U.S. and employs approximately 560 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||Six months ended|
|June 30,||June 30,|
|Cost of goods sold||21.2||22.8||40.1||44.3|
|Selling, general and administrative expense||5.2||5.3||10.4||10.7|
|Income before taxes||6.6||6.4||11.5||11.6|
|Provision for income taxes||1.6||1.5||2.8||2.7|
|Basic and diluted net income|
|per common share||$||0.40||$||0.39||$||0.70||$||0.71|
|Weighted average diluted common|
COMPX INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
|December 31,||June 30,|
|Cash and equivalents||$||45.4||$||41.9|
|Accounts receivable, net||12.1||14.9|
|Prepaid expenses and other||1.7||1.0|
|Total current assets||76.3||75.6|
|Note receivable from affiliate||34.0||40.0|
|Net property and equipment||31.8||31.5|
|Liabilities and Stockholders’ Equity|
|Accounts payable and accrued liabilities||$||12.5||$||10.5|
|Total current liabilities||13.7||11.2|
|Deferred income taxes||3.2||3.4|
|Total liabilities and stockholders’ equity||$||166.4||$||171.4|
SOURCE: CompX International Inc. CONTACT: Janet G. Keckeisen, Investor Relations, 972.233.1700