COMPX REPORTS FOURTH QUARTER 2014 RESULTS
06 March 2015 - 9:15AM
DALLAS, TEXAS .March 5, 2015 .
CompX International Inc. (NYSE MKT: CIX) announced today sales of
$24.7 million for the fourth quarter of 2014 compared to $22.3
million in the same period of 2013. Operating income was $3.0
million in the fourth quarter of 2014 compared to $2.0 million in
the same period of 2013. Net income was $1.7 million, or
$0.14 per diluted share, for the fourth quarter of 2014 compared to
$1.3 million, or $0.11 per diluted share, in the same period of
2013.
Net sales for the year ended
December 31, 2014 were $103.8 million compared to $92.0 million in
the previous year. Operating income was $13.6 million for the
year ended December 31, 2014 compared to $9.3 million for
2013. Net income was $8.7 million, or $0.70 per diluted
share, for the year ended December 31, 2014 compared to $6.0
million, or $0.49 per diluted share, for the year ended December
31, 2013.
Net sales increased for both the
fourth quarter and full year of 2014 principally due to strong
demand within the Security Products segment, including a new
initiative for an existing government customer, increased market
penetration in electronic locks and strong demand in transportation
markets. Operating income increased for the
fourth quarter and full year of 2014 primarily as a result of the
positive impact of the higher sales and related improvement in
fixed manufacturing cost coverage with higher production volumes,
partially offset by the impact of lower variable margins due to
relative changes in customer and product mix as well as increased
personnel costs and depreciation within Security Products.
"We are very pleased with
the strong performance of both our Security Products and Marine
Components segments for 2014," commented David A. Bowers, CEO, "and
particularly with the ability to successfully manage the
operations, materials and infrastructure necessary to accommodate
the accelerated demand experienced throughout the year. While we
recognize a portion of the 2014 volume growth is nonrecurring, we
look forward to continued strong demand for our products as we
enter 2015. We remain committed to continuing to serve the
component needs of our customer base through product innovation,
quality and service."
CompX is a leading manufacturer of security products and
recreational marine components. It operates from four
locations in the U.S. and employs approximately 500 people.
Forward-Looking
Statements
Statements in this release relating to matters that are not
historical facts are forward-looking statements based upon
management's belief and assumptions using 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 prove to 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 described in such forward-looking statements.
While it is not possible to identify all factors, CompX continues
to face many risks and uncertainties. Among the factors that
could cause actual future results to differ materially include, but
are not limited to, general economic and political conditions,
changes in raw material and other operating costs, competitive
products and prices, uncertainties associated with the development
of new product features, potential difficulties in integrating
future acquisitions, the ability to sustain or increase operating
income improvement resulting from cost control initiatives, the
impact of employee healthcare benefit related regulations,
potential difficulties with implementing new enterprise wide
software, and other risks and uncertainties detailed in CompX's
Securities and Exchange Commission filings. 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
publicly update or revise such statements whether as a result of
new information, future events or otherwise.
COMPX
INTERNATIONAL INC.
SUMMARY CONSOLIDATED STATEMENTS OF
INCOME
(In millions, except per share amounts)
|
Three
months ended |
|
Year
ended |
|
December 31, |
|
December 31, |
|
2013 |
|
2014 |
|
2013 |
|
2014 |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$22.3 |
|
$24.7 |
|
$92.0 |
|
$103.8 |
Cost of goods sold |
15.8 |
|
16.9 |
|
64.5 |
|
71.6 |
Gross profit |
6.5 |
|
7.8 |
|
27.5 |
|
32.2 |
Selling, general and administrative expense |
4.5 |
|
4.8 |
|
18.2 |
|
18.6 |
Operating income |
2.0 |
|
3.0 |
|
9.3 |
|
13.6 |
Other non-operating expenses, net |
- |
|
- |
|
(0.1) |
|
0.1 |
Income before taxes |
2.0 |
|
3.0 |
|
9.2 |
|
13.7 |
Provision for income taxes |
0.7 |
|
1.3 |
|
3.2 |
|
5.0 |
Net income |
$1.3 |
|
$1.7 |
|
$6.0 |
|
$8.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income |
|
|
|
|
|
|
|
per common share |
$0.11 |
|
$0.14 |
|
$0.49 |
|
$0.70 |
|
|
|
|
|
|
|
|
Weighted average diluted common |
|
|
|
|
|
|
|
shares outstanding |
12.4 |
|
12.4 |
|
12.4 |
|
12.4 |
COMPX
INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions)
|
December
31, |
|
December
31, |
|
2013 |
|
2014 |
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
Cash and equivalents |
$38.8 |
|
$45.6 |
Accounts receivable, net |
8.5 |
|
8.7 |
Inventories, net |
13.2 |
|
16.9 |
Deferred income taxes and other |
3.1 |
|
3.0 |
Total current assets |
63.6 |
|
74.2 |
|
|
|
|
Goodwill |
23.7 |
|
23.7 |
Net property and equipment |
33.8 |
|
33.0 |
Other noncurrent assets |
0.6 |
|
0.6 |
|
|
|
|
Total assets |
$121.7 |
|
$131.5 |
|
|
|
|
Liabilities and Stockholders'
Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
Accounts payable and accrued liabilities |
$9.7 |
|
$12.8 |
Income taxes |
0.4 |
|
0.4 |
Total current liabilities |
10.1 |
|
13.2 |
|
|
|
|
Deferred income taxes |
6.9 |
|
7.3 |
Stockholders' equity |
104.7 |
|
111.0 |
|
|
|
|
Total liabilities and stockholders'
equity |
$121.7 |
|
$131.5 |
SOURCE: CompX International Inc.
CONTACT: David A. Bowers, President & CEO
864-286-1122
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Compx International Inc via Globenewswire
HUG#1899481