COMPX REPORTS FIRST QUARTER 2023 RESULTS

Dallas, Texas, May 02, 2023 (GLOBE NEWSWIRE) -- CompX International Inc. (NYSE American: CIX) announced today sales of $41.2 million for the first quarter of 2023 compared to $42.1 million in the same period of 2022. Operating income was $7.0 million in the first quarter of 2023 compared to $6.3 million in the same period of 2022. Net income was $6.1 million, or $.49 per basic and diluted common share, for the first quarter of 2023 compared to $5.0 million, or $.40 per basic and diluted common share, in the same period of 2022.

Net sales decreased in the first quarter of 2023 compared to the same period in 2022 primarily due to lower Security Products sales to the government security and healthcare industry markets, partially offset by higher Marine Components sales predominantly to the industrial market. Operating income increased during the first quarter of 2023 due to higher Marine Components sales and gross margins which more than offset lower Security Products sales. Interest income increased in the first quarter of 2023 compared to the same period in prior year due to higher average interest rates and increased investment balances, somewhat offset by lower average balances on the revolving promissory note receivable with Valhi, which also impacted net income over the comparative period.

CompX is a leading manufacturer of security products and recreational marine components. It operates from three locations in the U.S. and employs approximately 600 people.

Forward-Looking Statements

The statements in this press release relating to matters that are not historical facts are forward-looking statements that represent management’s belief and assumptions based on currently available information. Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will 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 predicted. While it is not possible to identify all factors, we continue to face many risks and uncertainties.