CIX 8-K
Compx International Inc (CIX)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 2.02 | Results of Operations and Financial Condition. |
The registrant hereby furnishes the information set forth in its press release entitled “CompX Reports Fourth Quarter 2024 Results” that the registrant issued on March 5, 2025, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The press release the registrant furnishes as Exhibit 99.1 to this current report is not deemed “filed” for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Registration statements or other documents filed with the U.S. Securities and Exchange Commission shall not incorporate this information by reference, except as otherwise expressly stated in such filing.
Item 7.01 | Regulation FD Disclosure. |
The registrant hereby furnishes the information set forth in its press release entitled “CompX Declares Quarterly Dividend” that the registrant also issued on March 5, 2025, a copy of which is attached hereto as Exhibit 99.2 and incorporated herein by reference.
The press release the registrant furnishes as Exhibit 99.2 to this current report is not “filed” for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Registration statements or other documents filed with the U.S. Securities and Exchange Commission shall not incorporate this information by reference, except as otherwise expressly stated in such filing.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits | ||
Item No. | Description | ||
99.1 | |||
99.2 | |||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
COMPX INTERNATIONAL INC. | ||
(Registrant) | ||
Date: March 5, 2025 | By: | /s/ Amy A. Samford |
Amy A. Samford | ||
Executive Vice President and | ||
Chief Financial Officer |
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COMPX REPORTS FOURTH QUARTER 2024 RESULTS
DALLAS, TEXAS … March 5, 2025 … CompX International Inc. (NYSE American: CIX) announced today net sales of $38.4 million for the fourth quarter of 2024 compared to $43.2 million in the same period of 2023. Operating income was $4.9 million in the fourth quarter of 2024 compared to $7.4 million in the same period of 2023. Net income was $4.5 million, or $.37 per basic and diluted common share, for the fourth quarter of 2024 compared to $6.7 million, or $.54 per basic and diluted common share, in the same period of 2023.
Net sales for the year ended December 31, 2024 were $145.9 million compared to $161.3 million in the previous year. Operating income was $17.0 million for the year ended December 31, 2024 compared to $25.4 million in 2023. Net income for the year ended December 31, 2024 was $16.6 million, or $1.35 per basic and diluted common share, compared to $22.6 million, or $1.84 per basic and diluted common share, for the same period in 2023.
Fourth quarter 2024 net sales decreased over the comparable 2023 period predominantly due to lower Security Products sales to a government security customer, partially offset by higher Marine Components sales to the towboat and government markets. Security Products fourth quarter 2023 net sales include sales to a government security customer for a pilot project that did not continue in 2024. Operating income decreased in the fourth quarter of 2024 compared to the same period in 2023 due to lower sales and a lower gross margin percentage at Security Products, partially offset by higher Marine Components sales and gross margin percentage.
Net sales decreased for the full year of 2024 compared to the same period in 2023 primarily due to lower Marine Components sales to the towboat market and lower Security Products sales in the third and fourth quarters to a government security customer related to the pilot project noted above. Operating income for the full year of 2024 decreased compared to 2023 primarily due to lower sales and gross margin at both Security Products and 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 510 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.
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The factors that could cause our actual future results to differ materially include, but are not limited to, the following:
| ● | Future supply and demand for our products; |
| ● | Changes in our raw material and other operating costs (such as zinc, brass, aluminum, steel and energy costs) or the implementation of tariffs on imported raw materials 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 new product development and the development of new product features; |
| ● | Pending or possible future litigation (such as litigation related to our use of certain permitted chemicals in our production process) or other actions; |
| ● | 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, 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); |
| ● | The introduction of new, or changes in existing, tariffs, trade barriers or trade disputes (including tariffs imposed by the U.S. government on imports from China and Mexico); |
| ● | 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. |
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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. We disclaim 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. Hanley
Senior Vice President and Treasurer
Tel. 972-233-1700
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COMPX INTERNATIONAL INC.
SUMMARY OF CONSOLIDATED OPERATIONS
(In millions, except per share amounts)
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| Three months ended |
| Year ended | ||||||||
| | December 31, | | December 31, | ||||||||
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| 2023 |
| 2024 |
| 2023 |
| 2024 | ||||
| | (Unaudited) | | | | | | | ||||
Net sales | | $ | 43.2 | | $ | 38.4 | | $ | 161.3 | | $ | 145.9 |
Cost of sales | |
| 29.6 | |
| 27.4 | |
| 112.1 | |
| 104.6 |
Gross margin | |
| 13.6 | |
| 11.0 | |
| 49.2 | |
| 41.3 |
Selling, general and administrative expense | |
| 6.2 | |
| 6.1 | |
| 23.8 | |
| 24.3 |
Operating income | |
| 7.4 | |
| 4.9 | |
| 25.4 | |
| 17.0 |
Interest income | |
| 1.2 | |
| .9 | |
| 4.2 | |
| 4.7 |
Income before taxes | |
| 8.6 | |
| 5.8 | |
| 29.6 | |
| 21.7 |
Income tax expense | |
| 1.9 | |
| 1.3 | |
| 7.0 | |
| 5.1 |
Net income | | $ | 6.7 | | $ | 4.5 | | $ | 22.6 | | $ | 16.6 |
| | | | | | | | | | | | |
Basic and diluted net income per common share | | $ | .54 | | $ | .37 | | $ | 1.84 | | $ | 1.35 |
Weighted average diluted common shares | |
| 12.3 | |
| 12.3 | |
| 12.3 | |
| 12.3 |
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COMPX DECLARES REGULAR QUARTERLY DIVIDEND
DALLAS, TEXAS . . . March 5, 2025 . . . CompX International Inc. (NYSE American: CIX) announced today that its board of directors has declared CompX’s regular quarterly dividend of thirty cents ($0.30) per share on its class A common stock, payable on March 25, 2025 to stockholders of record at the close of business on March 17, 2025.
CompX is a leading manufacturer of security products and recreational marine components.
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Investor Relations Contact
Bryan A. Hanley
Senior Vice President and Treasurer
Tel. 972-233-1700