COMPX REPORTS FOURTH QUARTER 2024 RESULTS

March 05, 2025 16:15 ET | Source: Compx International Inc Dallas, Texas, March 05, 2025 (GLOBE NEWSWIRE) -- 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. 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 or 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; andPossible 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 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. HanleySenior Vice President and TreasurerTel. 972-233-1700 * * * *COMPX INTERNATIONAL INC.SUMMARY OF CONSOLIDATED OPERATIONS(In millions, except per share amounts) Three months ended Year ended December 31, December 31, 2023 2024 2023 2024 (Unaudited) Net sales $ 43.2 $ 38.4 $ 161.3 $ 145.9Cost of sales 29.6 27.4 112.1 104.6Gross margin 13.6 11.0 49.2 41.3Selling, general and administrative expense 6.2 6.1 23.8 24.3Operating income 7.4 4.9 25.4 17.0Interest income 1.2 .9 4.2 4.7Income before taxes 8.6 5.8 29.6 21.7Income tax expense 1.9 1.3 7.0 5.1Net income $ 6.7 $ 4.5 $ 22.6 $ 16.6 Basic and diluted net income per common share $ .54 $ .37 $ 1.84 $ 1.35Weighted average diluted common shares outstanding 12.3 12.3 12.3 12.3

COMPX REPORTS FOURTH QUARTER 2024 RESULTS

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