Wednesday, May 09, 2012

FIRST QUARTER 2012 RESULTS OF COMPX

CompX International Inc.  announced sales of $35.5 million for the first quarter of 2012 compared to $34.8 million in the same period of 2011. Operating income was $2.9 million in the first quarter of 2012 compared to $8.8 million in the same period of 2011. Net income for the first quarter of 2012 was $1.5 million, or $0.12 per diluted share, compared to $4.0 million, or $0.32 per diluted share in the first quarter of 2011.

Net sales increased in 2012 principally due to $1.1 million in new sales during the quarter from the Furniture Components ergonomics healthcare product line acquired in 2011 and from growth in customer demand within our Security Products and Marine segments, partially offset by lower other Furniture Component sales. The decrease in operating income, however, is primarily due to the net effects of:

- The 2011 litigation settlement gain, net of related expenses;

- Facility consolidation costs of $1.0 million in the first quarter of 2011 related to the consolidation of our precision slides manufacturing facilities; and

- The 2012 impact of higher sales and margin improvement from production efficiencies related to the facility consolidation.

        
SOURCE: MarketWatch


 

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