CompX Reports Increased Sales and Operating Income.Business Editors HOUSTON--(BUSINESS WIRE)--April 18, 2000 CompX International Inc. (NYSE NYSE See: New York Stock Exchange :CIX (Commercial Internet Exchange Association, Herndon, VA, www.cix.org) Pronounced "kicks," it was a membership organization that promoted the development of a level playing field for ISPs. ) announced its first quarter 2000 results and reported a 20% increase in net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight and an 11% increase in operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from the same quarter a year ago. Net sales increased to $66.1 million in the first quarter of 2000 compared to $55.2 million in the first quarter of 1999. Operating income increased to $10.7 million in the first quarter of 2000 compared to $9.6 million in the first quarter of 1999. Net income in the first quarter of 2000 was $6.6 million, or $.41 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to net income of $5.9 million, or $.37 per diluted share, for the same quarter a year ago. The increase in net sales for the first quarter versus a year ago is due to increased demand for the Company's office furniture products, market share gains in slide products, and acquisitions. Excluding the effect of acquisitions, net sales increased 7% from the first quarter of 1999 with net sales of slides increasing 13%, ergonomics ergonomics, the engineering science concerned with the physical and psychological relationship between machines and the people who use them. The ergonomicist takes an empirical approach to the study of human-machine interactions. net sales increasing 7%, and security products net sales remaining essentially flat. During the first quarter of 2000 weakness in the Euro negatively impacted net sales and operating income. Excluding the effect of currency and acquisitions, net sales increased 9% over the first quarter of 1999. "Our sales growth rate continued to exceed the BIFMA BIFMA Business and Institutional Furniture Manufacturer's Association growth rate and we have continued to improve the operating performance of our recent acquisitions," said Joseph S. Compofelice, chairman and chief executive officer. Mr. Compofelice added that, "Our current backlog, inquiry rate, and feedback from our major customers all suggest a strong and improving level of activity for the rest of 2000." CompX is a leading manufacturer of ergonomic ergonomic - Concerning ergonomics or exhibitting good ergonimics. computer support systems, precision ball bearing slides and security products. Statements in this release relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc matters that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. based on management's belief and assumptions using currently available information. Although the Company 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, the Company 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, the introduction of tariff tariff, tax on imported and, more rarely, exported goods. It is also called a customs duty. Tariffs may be distinguished from other taxes in that their predominant purpose is not financial but economic—not to increase a nation's revenue but to protect domestic or non-tariff trade barriers, potential difficulties in integrating completed acquisitions and other risks and uncertainties detailed in the Company's Security and Exchange Commission filings. Should one or more of these risks materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. (or the consequences of such a development worsen wors·en tr. & intr.v. wors·ened, wors·en·ing, wors·ens To make or become worse. worsen Verb to make or become worse worsening adjn ), or should the underlying assumptions prove incorrect, actual results could differ materially from those forecast or expected. The Company disclaims any intention or obligation to update publicly 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
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March 31,
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1999 2000
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Total net sales $55.2 $66.1
Cost of sales 39.1 48.6
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Gross profit 16.1 17.5
Selling, general
and administrative 6.5 6.8
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Operating income 9.6 10.7
Interest expense .4 .5
Interest income .2 .1
Other income (expense) (.1) .2
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Income before income taxes 9.3 10.5
Income tax expense 3.4 3.9
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Net income $5.9 $6.6
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Net income per diluted
common share $0.37 $0.41
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Weighted average diluted
common shares outstanding 16.1 16.2
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