DALLAS — CompX Intl Inc. announced sales of $35.7 million for the third quarter of 2010 compared to $29.4 million in the same period of 2009. Operating income was $3.1 million in the third quarter of 2010 compared to an operating loss of $159,000 in the same period in 2009. Net income for the third quarter of 2010 was $1.7 million, or $0.13 per diluted share, compared to net income of $511,000, or $0.04 per diluted share, in the third quarter of 2009.
"We are very pleased with the 22% increase in sales and an improvement in gross margin percentage during the quarter compared to the third quarter of 2009," commented David A. Bowers, President & CEO. "We continue to see gains in our gross margin percentage as a result of the positive impact of right sizing our business during the downturn and working to maintain an efficient cost structure as customer demand returns. While the improvement in demand so far during 2010 has been significant, the future rate of improvement remains uncertain as does the overall economy. Given this environment, we expect to continue to focus our efforts on gaining market share and maintaining an efficient cost structure."
Read CompX’s press release.
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