CompX International Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CompX International Inc. filed its Q1 2024 10-Q, detailing financial performance and operational segments.</b>

AI Summary

COMPX INTERNATIONAL INC (CIX) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. CompX International Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's SIC code is 3420 (Cutlery, Handtools & General Hardware). Key segments include Security Products and Marine Components. The company is incorporated in Delaware and headquartered in Dallas, TX.

Why It Matters

For investors and stakeholders tracking COMPX INTERNATIONAL INC, this filing contains several important signals. This filing provides investors with the latest financial snapshot of CompX International Inc. for the first quarter of 2024, enabling assessment of recent performance and trends. Understanding the performance of segments like Security Products and Marine Components is crucial for evaluating the company's core business drivers and future revenue potential.

Risk Assessment

Risk Level: low — COMPX INTERNATIONAL INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain information indicating significant new risks or immediate financial distress.

Analyst Insight

Monitor the performance of the Security Products and Marine Components segments in future filings to identify growth or decline trends.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period of Report (Quarterly report)
• 2024-05-07 — Filing Date (10-Q submission)
• 3420 — SIC Code (Industry classification)
• Security Products — Business Segment (Operating segment)
• Marine Components — Business Segment (Operating segment)

Key Players & Entities

• COMPX INTERNATIONAL INC (company) — Filer name
• CIX (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-07 (date) — Filing date
• 3420 (industry) — Standard Industrial Classification
• DALLAS (location) — Business address city
• Valhi Inc (company) — Related party
• NL Industries (company) — Related party

FAQ

Industry Context

CompX International Inc. operates in the manufacturing sector, specifically within the Cutlery, Handtools & General Hardware industry (SIC 3420).

Regulatory Implications

The filing is a Form 10-Q, a standard quarterly report required by the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze segment performance (Security Products, Marine Components) for trends in revenue and profitability.
3. Compare Q1 2024 results against Q1 2023 to identify year-over-year changes.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 annual report (10-K).

Key Financial Figures

• $3.7 million — r of 2024 operating income decreased to $3.7 million compared to $7.0 million in the first q
• $7.0 million — e decreased to $3.7 million compared to $7.0 million in the first quarter of 2023. The decre
• $3.2 million — 8 % Net sales . Net sales decreased $3.2 million in the first quarter of 2024 compared t
• $1.8 million — same period last year primarily due to $1.8 million higher sales to the government security

Filing Documents

• cix-20240331x10q.htm (10-Q) — 826KB
• cix-20240331xex31d1.htm (EX-31.1) — 13KB
• cix-20240331xex31d2.htm (EX-31.2) — 15KB
• cix-20240331xex32d1.htm (EX-32.1) — 10KB
• 0001558370-24-007052.txt (&nbsp;) — 3563KB
• cix-20240331.xsd (EX-101.SCH) — 24KB
• cix-20240331_cal.xml (EX-101.CAL) — 43KB
• cix-20240331_def.xml (EX-101.DEF) — 90KB
• cix-20240331_lab.xml (EX-101.LAB) — 239KB
• cix-20240331_pre.xml (EX-101.PRE) — 167KB
• cix-20240331x10q_htm.xml (XML) — 514KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets – December 31, 2023 and March 31, 2024 (unaudited) - 3 - Condensed Consolidated Statements of Income and Comprehensive Income (unaudited) – Three months ended March 31, 2023 and 2024 - 4 - Condensed Consolidated Statements of Stockholders' Equity (unaudited) – Three months ended March 31, 2023 and 2024 - 5 - Condensed Consolidated Statements of Cash Flows (unaudited) – Three months ended March 31, 2023 and 2024 - 6 - Notes to Condensed Consolidated Financial Statements (unaudited) - 7 - Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations - 11 - Item 3. Quantitative and Qualitative Disclosure About Market Risk - 16 - Item 4.

Controls and Procedures

Controls and Procedures - 16 - Part II. OTHER INFORMATION Item 1A.

Risk Factors

Risk Factors - 18 - Item 6. Exhibits - 18 - Items 2, 3, 4 and 5 of Part II are omitted because there is no information to report. - 2 - Table of Contents COMPX INTERNATIONAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) December 31, March 31, ASSETS 2023 2024 (unaudited) Current assets: Cash and cash equivalents $ 41,393 $ 51,866 Marketable securities 35,354 23,701 Accounts receivable, net 17,061 17,329 Inventories, net 30,712 27,543 Prepaid expenses and other 2,110 1,807 Total current assets 126,630 122,246 Other assets: Note receivable from affiliate 10,600 9,800 Goodwill 23,742 23,742 Other noncurrent assets 769 747 Total other assets 35,111 34,289 Property and equipment: Land 5,390 5,390 Buildings 23,239 23,262 Equipment 74,315 74,650 Construction in progress 676 536 103,620 103,838 Less accumulated depreciation 77,757 78,654 Net property and equipment 25,863 25,184 Total assets $ 187,604 $ 181,719 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 15,745 $ 9,697 Income taxes payable to affiliate 1,460 1,725 Total current liabilities 17,205 11,422 Noncurrent liabilities: Deferred income taxes 1,509 1,359 Other 41 34 Total noncurrent liabilities 1,550 1,393 Stockholders' equity: Preferred stock — — Class A common stock 123 123 Additional paid-in capital 53,275 53,275 Retained earnings 115,457 115,517 Accumulated other comprehensive loss - unrealized loss on marketable securities ( 6 ) ( 11 ) Total stockholders' equity 168,849 168,904 Total liabilities and stockholders' equity $ 187,604 $ 181,719 Commitments and contingencies (Note 1) See accompanying Notes to Condensed Consolidated Financial Statements. - 3 - Table of Contents COMPX INTERNATIONAL INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AN

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Business Overview We are a leading manufacturer of engineered components utilized in a variety of applications and industries. Through our Security Products segment we manufacture mechanical and electrical cabinet locks and other locking mechanisms used in postal, recreational transportation, office and institutional furniture, cabinetry, tool storage and healthcare applications. We also manufacture wake enhancement systems, stainless steel exhaust systems, gauges, throttle controls, trim tabs and related hardware and accessories for the recreational marine and other industries through our Marine Components segment. General This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Statements in this Quarterly Report that are not historical facts are forward-looking in nature and represent management's beliefs and assumptions based on currently available information. In some cases, you can identify forward-looking statements by the use of words such as "believes," "intends," "may," "should," "could," "anticipates," "expects" or comparable terminology, or by discussions of strategies or trends. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we do not know if these expectations will be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results. Actual future results could differ materially from those predicted. The factors that could cause actual future results to differ materially from those described herein are the risks and uncertainties discussed in this Quarterly Report and those described from time to time in our other filings with the SEC and include, but are not limited to, the following: Future demand for our products, Changes in our raw mate

View Full Filing

View this 10-Q filing on SEC EDGAR