CompX Reports Second Quarter 2001 Operating Results.Business Editors DALLAS--(BUSINESS WIRE)--July 24, 2001 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 second quarter 2001 operating results. 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 of $53.4 million for the second quarter of 2001 declined 18% as compared to the second quarter of 2000. Second quarter 2001 net income was $2.7 million, or $0.18 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, as compared to $7.1 million, or $0.44 per diluted share, reported in the second quarter 2000. Net sales for the six-month period ended June June: see month. 30, 2001 were $113.0 million as compared to $131.2 million for the same period in the prior year. Net income for the same six-month period of 2001 was $6.4 million, or $0.42 per diluted share, as compared to $13.6 million, or $0.84 per diluted share, for the first six months of 2000. "The manufacturing recession worsened beyond our expectations during the second quarter of 2001," explained Brent Brent, outer borough (1991 pop. 226,100) of Greater London, SE England. The area is a rail and industrial center. Its manufactures include automobile parts, clocks and watches, and electrical equipment. Hagenbuch, Chief Executive Officer. "This further validates the actions we have undertaken to integrate and strengthen our global organization and economic structure." As previously announced, a conference call will be held on Wednesday, July 25, 2001 at 10:30 a.m. (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) regarding CompX's second quarter 2001 operating results. Participants can access the call by dialing 888/400-7916 (domestic) and 952/556-2842 (international) and request the operator to connect you to the CompX International Inc. second quarter earnings conference call. A taped replay of the call will be available until 11:59 p.m. (EDT) on August 25, 2001 by dialing 800/475-6701 (domestically) and 320/365-3844 (international) and using the access code of 594911. This call will also be available live via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . Link to StreetEvents.com to listen to a live webcast. 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 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 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 CompX's Securities 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. 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 Six months ended
June 30, June 30,
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2000 2001 2000 2001
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Total net sales $ 65.1 $ 53.4 $131.2 $113.0
Cost of sales 46.6 41.2 95.2 86.8
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Gross profit 18.5 12.2 36.0 26.2
Selling, general and
administrative 7.0 6.9 13.8 14.0
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Operating income 11.5 5.3 22.2 12.2
Interest expense 0.5 0.9 1.1 1.7
Interest income 0.1 0.1 0.3 0.3
Other income (expense) (0.1) 0.0 -- (0.1)
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Income before income taxes 11.0 4.5 21.4 10.7
Income tax expense 3.9 1.8 7.8 4.3
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Net income $ 7.1 $ 2.7 $ 13.6 $ 6.4
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Net income per diluted
common share $ 0.44 $ 0.18 $ 0.84 $ 0.42
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Weighted average diluted
common shares outstanding 16.2 15.1 16.2 15.2
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