COMPX REPORTS FOURTH QUARTER 2023 RESULTS
28 Février 2024 - 10:15PM
CompX International Inc. (NYSE American: CIX) announced today sales
of $43.2 million for the fourth quarter of 2023 compared to $40.0
million in the same period of 2022. Operating income was $7.4
million in the fourth quarter of 2023 compared to $5.4 million in
the same period of 2022. Net income was $6.7 million, or $.54
per basic and diluted common share, for the fourth quarter of 2023
compared to $4.8 million, or $.39 per basic and diluted common
share, in the same period of 2022.
Net sales for the year ended December 31, 2023
were $161.3 million compared to $166.6 million in the previous
year. Operating income was $25.4 million for each of the years
ended December 31, 2023 and December 31, 2022. Net income for the
year ended December 31, 2023 was $22.6 million, or $1.84 per basic
and diluted common share, compared to $20.9 million, or $1.69 per
basic and diluted common share, for the same period in 2022.
Net sales increased in the fourth quarter of
2023 compared to the same period in 2022 primarily due to higher
Security Products sales related to a pilot project for a government
security customer, partially offset by lower Marine Components
sales primarily to the towboat market. Operating income increased
in the fourth quarter of 2023 compared to the same period in 2022
due to higher sales and improved gross margin percentage at
Security Products, partially offset by lower Marine Components
sales and gross margin percentage. Net sales decreased for the full
year of 2023 compared to the same period in 2022 due to lower
Marine Components sales predominantly to the towboat market,
partially offset by higher Security Products sales to the
government security market largely in the fourth quarter related to
the pilot project noted above. Operating income for the full year
of 2023 was comparable to 2022 as lower Marine Components sales
were offset by higher gross margin percentages across both
segments, primarily due to lower production costs, and higher
Security Products sales.
CompX is a leading manufacturer of security
products and recreational marine components. It operates from three
locations in the U.S. and employs approximately 555 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, safety, sustainability or other
regulations,
- General global
economic and political conditions that disrupt our supply chain,
reduce demand or perceived demand for component products 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),
- Operating
interruptions (including, but not limited to labor disputes, leaks,
natural disasters, fires, explosions, unscheduled or unplanned
downtime, transportation interruptions, certain regional and world
events or economic conditions and public health crises);
- Technology
related disruptions (including, but not limited to, cyber-attacks;
software implementation, upgrades or improvements; technology
processing failures; or other events) related to our technology
infrastructure that could impact our ability to continue
operations, or at key vendors which could impact our supply chain,
or at key customers which could impact their operations and cause
them to curtail or pause orders; 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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2022 |
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2023 |
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2022 |
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2023 |
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(Unaudited) |
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Net sales |
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$ |
40.0 |
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$ |
43.2 |
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$ |
166.6 |
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$ |
161.3 |
Cost of
sales |
|
|
28.9 |
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29.6 |
|
|
117.8 |
|
|
112.1 |
Gross
margin |
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|
11.1 |
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13.6 |
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|
48.8 |
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|
49.2 |
Selling, general
and administrative expense |
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5.7 |
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6.2 |
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23.4 |
|
|
23.8 |
Operating
income |
|
|
5.4 |
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7.4 |
|
|
25.4 |
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|
25.4 |
Interest
income |
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|
.8 |
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1.2 |
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1.9 |
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|
4.2 |
Income before
taxes |
|
|
6.2 |
|
|
8.6 |
|
|
27.3 |
|
|
29.6 |
Income tax
expense |
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1.4 |
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1.9 |
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6.4 |
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7.0 |
Net income |
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$ |
4.8 |
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$ |
6.7 |
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$ |
20.9 |
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$ |
22.6 |
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Basic and
diluted net income per common share |
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$ |
.39 |
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$ |
.54 |
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$ |
1.69 |
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$ |
1.84 |
Weighted average
diluted common shares outstanding |
|
|
12.3 |
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|
12.3 |
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|
12.3 |
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12.3 |
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