Dallas, Texas, May 07, 2024 (GLOBE NEWSWIRE) -- CompX International Inc. (NYSE American: CIX) announced today sales of $38.0 million for the first quarter of 2024 compared to $41.2 million in the same period of 2023. Operating income was $3.7 million in the first quarter of 2024 compared to $7.0 million in the same period of 2023. Net income was $3.7 million, or $.31 per basic and diluted common share, for the first quarter of 2024 compared to $6.1 million, or $.49 per basic and diluted common share, in the same period of 2023.
Net sales decreased in the first quarter of 2024 compared to the same period in 2023 due to lower Marine Components sales primarily to the towboat market, partially offset by higher Security Products sales to the government security market. Operating income decreased during the first quarter of 2024 predominantly due to lower Marine Components sales and gross margin.
CompX is a leading manufacturer of security products and recreational marine components. It operates from three locations in the U.S. and employs approximately 540 people.
COMPX INTERNATIONAL INC.
SUMMARY OF CONSOLIDATED OPERATIONS
(In millions, except per share amounts)
Three months ended | |||||
March 31, | |||||
2023 | 2024 | ||||
(unaudited) | |||||
Net sales | $ | 41.2 | $ | 38.0 | |
Cost of sales | 28.5 | 28.3 | |||
Gross margin | 12.7 | 9.7 | |||
Selling, general and administrative expense | 5.7 | 6.0 | |||
Operating income | 7.0 | 3.7 | |||
Interest income | 1.0 | 1.2 | |||
Income before taxes | 8.0 | 4.9 | |||
Provision for income taxes | 1.9 | 1.2 | |||
Net income | $ | 6.1 | $ | 3.7 | |
Basic and diluted net income per common share | $ | .49 | $ | .31 | |
Weighted average diluted common shares outstanding | 12.3 | 12.3 | |||