CompX(CIX) - 2021 Q1 - Quarterly Report

Financial Performance - For the three months ended March 31, 2021, net sales increased to $35,924,000, up 11.5% from $32,311,000 in the same period of 2020[12] - Net income for the three months ended March 31, 2021, was $4,685,000, an increase of 9.7% from $4,271,000 in the prior year[12] - Basic and diluted net income per common share rose to $0.38, compared to $0.34 for the same period in 2020[12] - Total net sales increased from $32,311 thousand in Q1 2020 to $35,924 thousand in Q1 2021, representing an increase of 16.2%[25] - Operating income rose from $5,020 thousand in Q1 2020 to $5,817 thousand in Q1 2021, reflecting a growth of 15.9%[25] - Net income rose from $4,271 thousand in Q1 2020 to $4,685 thousand in Q1 2021, marking an increase of 9.7%[13] - Total net sales increased from $32,311 thousand in Q1 2020 to $35,924 thousand in Q1 2021, representing a growth of 8.1%[25] Gross Margin and Expenses - Gross margin for the same period improved to $11,035,000, representing a gross margin percentage of 30.7%, compared to $10,431,000 and 32.3% in 2020[12] - Total income tax expense increased from $1,356 thousand in Q1 2020 to $1,470 thousand in Q1 2021, an increase of 8.4%[29] Assets and Liabilities - Total current assets as of March 31, 2021, were $101,807,000, slightly up from $101,246,000 at December 31, 2020[10] - Total assets decreased to $183,801,000 as of March 31, 2021, from $184,045,000 at December 31, 2020[10] - Total stockholders' equity increased to $169,096,000 as of March 31, 2021, compared to $167,656,000 at December 31, 2020[10] - Total accounts payable and accrued liabilities decreased from $12,198 thousand as of December 31, 2020, to $9,497 thousand by March 31, 2021, a reduction of 22.1%[28] Cash Flow and Dividends - Cash and cash equivalents at the end of the period were $64,747,000, down from $70,637,000 at the beginning of the period[10] - The company paid cash dividends of $2,490,000 during the three months ended March 31, 2021, compared to $1,244,000 in the same period of 2020[19] - The company reported a net cash used in operating activities of $2,377,000 for the three months ended March 31, 2021, compared to a net cash used of $205,000 in the same period of 2020[19] - Cash and cash equivalents decreased from $70,637 thousand as of December 31, 2020, to $64,747 thousand by March 31, 2021, a decrease of 8.3%[32] Inventory and Receivables - Accounts receivable, net increased significantly from $10,731 thousand as of December 31, 2020 to $16,858 thousand by March 31, 2021, a rise of 57.2%[25] - Total inventories, net decreased slightly from $18,337 thousand as of December 31, 2020 to $18,153 thousand by March 31, 2021, a decline of 1.0%[26] Stock Repurchase and Other Notes - The company repurchased 50,000 shares of Class A common stock for approximately $755,000 during Q1 2021[31] - The outstanding principal balance receivable from Valhi under a promissory note was $29.2 million as of March 31, 2021[34] - Interest income from the loan to Valhi was $0.4 million for Q1 2020 and $0.3 million for Q1 2021, indicating a slight decrease[34]