CompX Reports First Quarter 2001 Operating Results and Meets Company's EPS Expectations Amidst Weak Economic Environment

Apr 24, 2001, 01:00 ET from CompX International Inc.

    DALLAS, April 24 /PRNewswire Interactive News Release/ --  CompX
 International Inc. (NYSE:   CIX) announced first quarter 2001 operating results
 near the high end of the company's expectations and an improvement over fourth
 quarter 2000 during declining economic conditions.  Compared to the fourth
 quarter of 2000, first quarter 2001 operating income increased 14% and net
 income increased 28%.  For the first quarter of 2001, CompX's net sales
 declined 10% to $59.6 million compared to the first quarter of 2000.  CompX's
 net income for the first quarter of 2001 was $3.7 million compared to
 $6.6 million for the same period in the prior year.  Earnings per diluted
 share of $.24 in the first quarter of 2001 compared to $.41 for the first
 quarter of 2000 were in line with the company's previously announced
 expectations of $.20 to $.25.  First quarter 2001 operating income declined
 37% to $6.8 million compared to first quarter 2000 primarily due to the
 continued weak economic conditions in the manufacturing sector in North
 America and Europe.  Reductions in manufacturing fixed costs and selling,
 general and administrative expenses partially offset the effect of the decline
 in net sales.
     "Our operating teams have done a good job of managing in a tough economic
 environment.  We are encouraged that when compared to the fourth quarter of
 2000, net sales improved slightly and selling, general and administrative
 expenses declined 12%, resulting in an improvement in operating income of
 14%.  This resulted in earnings per share at the high end of our
 expectations," said Brent Hagenbuch, Chief Executive Officer.  "We continue to
 control costs appropriately throughout the organization to minimize the
 adverse impact of lower sales and position our company favorably as the
 economy recovers.  Simultaneously, we are accelerating our efforts and
 investment to tap new areas for future growth.  Nevertheless, we remain
 concerned regarding the duration and severity of the weak economic environment
 and its impact on our business."
     As previously announced, a conference call will be held on Wednesday,
 April 25, 2001 at 10:30 a.m. (EDT) regarding CompX's first quarter 2001
 operating results.  Participants can access the call by dialing 800-553-5260
 (domestic) and 612-332-1213 (international) and request the operator to
 connect you to the CompX International Inc. first quarter earnings call.  A
 taped replay of the call will be available until 11:59 p.m. on May 25, 2001 by
 dialing 800-475-6701 (domestically) and 320-365-3844 (internationally) and
 using the access code of 583021.  This call will also be available live via
 the Internet.  Link to StreetEvents.com to listen to a live webcast.
     CompX is a leading manufacturer of ergonomic computer support systems,
 precision ball bearing slides and security products.
     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, demand for office
 furniture, service industry employment levels, competitive products and
 prices, fluctuations in currency exchange rates, the introduction of tariff or
 non-tariff trade barriers, potential difficulties in integrating completed
 acquisitions and other risks and uncertainties detailed in CompX's Securities
 and Exchange Commission filings.  Should one or more of these risks
 materialize (or the consequences of such a development worsen), or should the
 underlying assumptions prove incorrect, actual results could differ materially
 from those forecast 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 OF CONSOLIDATED OPERATIONS
      (In millions, except per share amounts)
      (Unaudited)
 
 
                                                         Three months ended
                                                               March 31,
                                                         2000           2001
 
     Total net sales                                    $66.1          $59.6
     Cost of sales                                       48.6           45.7
     Gross profit                                        17.5           13.9
     Selling, general and administrative                  6.8            7.1
     Operating income                                    10.7            6.8
     Interest expense                                     0.5            0.8
     Interest income                                      0.1            0.1
     Other income (expense)                               0.2            0.1
     Income before income taxes                          10.5            6.2
     Income tax expense                                   3.9            2.5
 
     Net income                                          $6.6           $3.7
 
     Net income per diluted common share                $0.41          $0.24
     Weighted average diluted common
      shares outstanding                                 16.2           15.3
 
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SOURCE CompX International Inc.
    DALLAS, April 24 /PRNewswire Interactive News Release/ --  CompX
 International Inc. (NYSE:   CIX) announced first quarter 2001 operating results
 near the high end of the company's expectations and an improvement over fourth
 quarter 2000 during declining economic conditions.  Compared to the fourth
 quarter of 2000, first quarter 2001 operating income increased 14% and net
 income increased 28%.  For the first quarter of 2001, CompX's net sales
 declined 10% to $59.6 million compared to the first quarter of 2000.  CompX's
 net income for the first quarter of 2001 was $3.7 million compared to
 $6.6 million for the same period in the prior year.  Earnings per diluted
 share of $.24 in the first quarter of 2001 compared to $.41 for the first
 quarter of 2000 were in line with the company's previously announced
 expectations of $.20 to $.25.  First quarter 2001 operating income declined
 37% to $6.8 million compared to first quarter 2000 primarily due to the
 continued weak economic conditions in the manufacturing sector in North
 America and Europe.  Reductions in manufacturing fixed costs and selling,
 general and administrative expenses partially offset the effect of the decline
 in net sales.
     "Our operating teams have done a good job of managing in a tough economic
 environment.  We are encouraged that when compared to the fourth quarter of
 2000, net sales improved slightly and selling, general and administrative
 expenses declined 12%, resulting in an improvement in operating income of
 14%.  This resulted in earnings per share at the high end of our
 expectations," said Brent Hagenbuch, Chief Executive Officer.  "We continue to
 control costs appropriately throughout the organization to minimize the
 adverse impact of lower sales and position our company favorably as the
 economy recovers.  Simultaneously, we are accelerating our efforts and
 investment to tap new areas for future growth.  Nevertheless, we remain
 concerned regarding the duration and severity of the weak economic environment
 and its impact on our business."
     As previously announced, a conference call will be held on Wednesday,
 April 25, 2001 at 10:30 a.m. (EDT) regarding CompX's first quarter 2001
 operating results.  Participants can access the call by dialing 800-553-5260
 (domestic) and 612-332-1213 (international) and request the operator to
 connect you to the CompX International Inc. first quarter earnings call.  A
 taped replay of the call will be available until 11:59 p.m. on May 25, 2001 by
 dialing 800-475-6701 (domestically) and 320-365-3844 (internationally) and
 using the access code of 583021.  This call will also be available live via
 the Internet.  Link to StreetEvents.com to listen to a live webcast.
     CompX is a leading manufacturer of ergonomic computer support systems,
 precision ball bearing slides and security products.
     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, demand for office
 furniture, service industry employment levels, competitive products and
 prices, fluctuations in currency exchange rates, the introduction of tariff or
 non-tariff trade barriers, potential difficulties in integrating completed
 acquisitions and other risks and uncertainties detailed in CompX's Securities
 and Exchange Commission filings.  Should one or more of these risks
 materialize (or the consequences of such a development worsen), or should the
 underlying assumptions prove incorrect, actual results could differ materially
 from those forecast 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 OF CONSOLIDATED OPERATIONS
      (In millions, except per share amounts)
      (Unaudited)
 
 
                                                         Three months ended
                                                               March 31,
                                                         2000           2001
 
     Total net sales                                    $66.1          $59.6
     Cost of sales                                       48.6           45.7
     Gross profit                                        17.5           13.9
     Selling, general and administrative                  6.8            7.1
     Operating income                                    10.7            6.8
     Interest expense                                     0.5            0.8
     Interest income                                      0.1            0.1
     Other income (expense)                               0.2            0.1
     Income before income taxes                          10.5            6.2
     Income tax expense                                   3.9            2.5
 
     Net income                                          $6.6           $3.7
 
     Net income per diluted common share                $0.41          $0.24
     Weighted average diluted common
      shares outstanding                                 16.2           15.3
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X22169737
 
 SOURCE  CompX International Inc.