CompX International Inc. (NYSE American: CIX) announced today sales
of $40.0 million for the fourth quarter of 2022 compared to $34.1
million in the same period of 2021. Operating income was $5.4
million in the fourth quarter of 2022 compared to $3.8 million in
the same period of 2021. Net income was $4.8 million, or $.39
per basic and diluted common share, for the fourth quarter of 2022
compared to $3.2 million, or $.25 per basic and diluted common
share, in the same period of 2021.
Net sales for the year ended December 31, 2022
were $166.6 million compared to $140.8 million in the previous
year. Operating income was $25.4 million for year ended December
31, 2022 compared to $20.5 million for the same period in 2021. Net
income for the year ended December 31, 2022, was $20.9 million or
$1.69 per basic and diluted common share, compared to $16.6
million, or $1.34 per basic and diluted common share, for the same
period in 2021.
Net sales increased in the fourth quarter and
for the full year of 2022 compared to the same periods in 2021
primarily due to higher Marine Component sales, predominantly to
the towboat market, and to a lesser extent higher Security Products
sales across a variety of markets. Operating income increased for
both comparative periods largely due to the strong performance of
the Marine Component Segment, partially offset by increased
production costs, particularly at Security Products as price
increases and surcharges did not fully offset higher cost inventory
sold in the latter half of the year.
CompX is a leading manufacturer of security
products and recreational marine components. It operates from three
locations in the U.S. and employs 609 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,
· Government laws
and regulations and possible changes therein including new
environmental health and safety or other 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.
Investor Relations Contact
Bryan A. HanleySenior Vice President and TreasurerTel.
972-233-1700
* * * * *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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2021 |
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2022 |
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2021 |
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2022 |
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(Unaudited) |
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Net sales |
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$ |
34.1 |
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$ |
40.0 |
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$ |
140.8 |
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$ |
166.6 |
Cost of sales |
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24.7 |
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28.9 |
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98.1 |
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117.8 |
Gross margin |
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9.4 |
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11.1 |
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42.7 |
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48.8 |
Selling, general and
administrative expense |
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5.6 |
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5.7 |
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22.2 |
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23.4 |
Operating income |
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3.8 |
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5.4 |
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20.5 |
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25.4 |
Interest income |
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.3 |
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.8 |
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1.2 |
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1.9 |
Income before taxes |
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4.1 |
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6.2 |
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21.7 |
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27.3 |
Provision for income
taxes |
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.9 |
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1.4 |
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5.1 |
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6.4 |
Net income |
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$ |
3.2 |
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$ |
4.8 |
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$ |
16.6 |
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$ |
20.9 |
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Basic and diluted net income
per common share |
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$ |
.25 |
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$ |
.39 |
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$ |
1.34 |
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$ |
1.69 |
Weighted average diluted
common shares outstanding |
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12.4 |
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12.3 |
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12.4 |
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12.3 |
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