COMPX REPORTS FOURTH QUARTER 2024 RESULTS

Core Points - CompX International Inc. reported a decline in net sales for both the fourth quarter and the full year of 2024 compared to 2023, with fourth quarter sales at $38.4 million, down from$43.2 million, and annual sales at $145.9 million, down from$161.3 million [1][2][4] - Operating income also decreased significantly, with fourth quarter operating income at $4.9 million compared to$7.4 million in the previous year, and annual operating income at $17.0 million, down from$25.4 million [1][2][4] - Net income for the fourth quarter was $4.5 million, or$0.37 per share, compared to $6.7 million, or$0.54 per share in the same period of 2023, while annual net income was $16.6 million, or$1.35 per share, down from $22.6 million, or$1.84 per share [1][2][11] Sales Performance - The decrease in fourth quarter net sales was primarily attributed to lower sales of Security Products to a government security customer, which was partially offset by increased sales of Marine Components [3] - For the full year, the decline in net sales was mainly due to reduced Marine Components sales to the towboat market and lower Security Products sales in the latter half of the year [4] Financial Metrics - Gross margin for the fourth quarter was $11.0 million, down from$13.6 million in the same period of 2023, while the annual gross margin decreased to $41.3 million from$49.2 million [9] - Selling, general and administrative expenses remained relatively stable, with slight variations year-over-year [9] Company Overview - CompX International Inc. is a leading manufacturer of security products and recreational marine components, operating from three locations in the U.S. and employing approximately 510 people [5]