10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarter ended March 31, 2015

Commission file number 1-13905

COMPX INTERNATIONAL INC.

(Exact name of Registrant as specified in its charter)

Delaware	57-0981653
(State or other jurisdiction of Incorporation or organization)	(IRS Employer Identification No.)
5430 LBJ Freeway, Suite 1700, Three Lincoln Centre, Dallas, Texas	75240-2697
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (972) 448-1400

Indicate by checkmark:

Whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such a shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act). Large accelerated filer  ¨    Accelerated filer  ¨    Non-accelerated filer  x    Smaller reporting company  ¨

Whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x.

Number of shares of common stock outstanding on May 4, 2015:

Class A: 2,404,107

Class B: 10,000,000

COMPX INTERNATIONAL INC.

Index

Part I.	FINANCIAL INFORMATION	Page
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets – December 31, 2014 and March 31, 2015 (unaudited)	- 3 -
	Condensed Consolidated Statements of Income - Three months ended March 31, 2014 and 2015 (unaudited)	- 5 -
	Condensed Consolidated Statements of Cash Flows - Three months ended March 31, 2014 and 2015 (unaudited)	- 6 -
	Condensed Consolidated Statement of Stockholders’ Equity - Three months ended March 31, 2015 (unaudited)	- 7 -
	Notes to Condensed Consolidated Financial Statements (unaudited)	- 8 -
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	- 12 -
Item 3.	Quantitative and Qualitative Disclosure About Market Risk	- 16 -
Item 4.	Controls and Procedures	- 16 -
Part II.	OTHER INFORMATION
Item 1A.	Risk Factors	- 17 -
Item 6.	Exhibits	- 17 -
Items 2, 3, 4 and 5 of Part II are omitted because there is no information to report.

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COMPX INTERNATIONAL INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

	December 31,		March 31,
ASSETS	2014		2015
			(unaudited)
Current assets:
Cash and cash equivalents	$	45,570	$	41,155
Accounts receivable, net		8,747		12,167
Inventories, net		16,863		16,824
Deferred income taxes		2,444		2,444
Prepaid expenses and other		556		529
Total current assets		74,180		73,119
Other assets:
Goodwill		23,742		23,742
Other noncurrent		599		595
Total other assets		24,341		24,337
Property and equipment:
Land		4,928		4,928
Buildings		20,906		20,907
Equipment		61,835		62,397
Construction in progress		909		1,140
		88,578		89,372
Less accumulated depreciation		55,564		56,426
Net property and equipment		33,014		32,946
Total assets	$	131,535	$	130,402

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COMPX INTERNATIONAL INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(In thousands)

	December 31,		March 31,
LIABILITIES AND STOCKHOLDERS' EQUITY	2014		2015
			(unaudited)
Current liabilities:
Accounts payable and accrued liabilities	$	12,796	$	9,282
Income taxes payable to affiliates		433		1,121
Total current liabilities		13,229		10,403
Noncurrent liabilities -
Deferred income taxes		7,320		7,219
Stockholders' equity:
Preferred stock		—		—
Class A common stock		24		24
Class B common stock		100		100
Additional paid-in capital		55,342		55,342
Retained earnings		55,520		57,314
Total stockholders' equity		110,986		112,780
Total liabilities and stockholders’ equity	$	131,535	$	130,402

Commitments and contingencies (Note 1)

See accompanying Notes to Condensed Consolidated Financial Statements.

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COMPX INTERNATIONAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

	Three months ended
	March 31,
	2014		2015
	(unaudited)
Net sales	$	25,781	$	27,891
Cost of goods sold		18,032		19,325
Gross profit		7,749		8,566
Selling, general and administrative expense		4,461		4,866
Operating income		3,288		3,700
Interest income		5		9
Income before taxes		3,293		3,709
Provision for income taxes		1,153		1,295
Net income	$	2,140	$	2,414
Basic and diluted net income per common share	$	0.17	$	0.19
Cash dividends per share	$	0.05	$	0.05
Basic and diluted weighted average shares outstanding		12,397		12,404

See accompanying Notes to Condensed Consolidated Financial Statements.

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COMPX INTERNATIONAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Three months ended
	March 31,
	2014			2015
	(unaudited)
Cash flows from operating activities:
Net income	$	2,140		$	2,414
Depreciation and amortization		879			886
Deferred income taxes		(78	)		(101	)
Other, net		85			80
Change in assets and liabilities:
Accounts receivable, net		(4,194	)		(3,427	)
Inventories, net		(1,970	)		(34	)
Accounts payable and accrued liabilities		(199	)		(3,537	)
Accounts with affiliates		882			688
Other, net		117			26
Net cash used in operating activities		(2,338	)		(3,005	)
Cash flows from investing activities -
Capital expenditures		(747	)		(790	)
Cash flows from financing activities -
Dividends paid		(619	)		(620	)
Cash and cash equivalents - net change from:
Operating, investing and financing activities		(3,704	)		(4,415	)
Balance at beginning of period		38,753			45,570
Balance at end of period	$	35,049		$	41,155
Supplemental disclosures - cash paid for:
Income taxes		341			701

See accompanying Notes to Condensed Consolidated Financial Statements.

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COMPX INTERNATIONAL INC.

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

Three months ended March 31, 2015

(In thousands)

(unaudited)

					Additional					Total
	Common stock				paid-in		Retained			stockholders'
	Class A		Class B		capital		earnings			equity
Balance at December 31, 2014	$	24	$	100	$	55,342	$	55,520		$	110,986
Net income		—		—		—		2,414			2,414
Cash dividends		—		—		—		(620	)		(620	)
Balance at March 31, 2015	$	24	$	100	$	55,342	$	57,314		$	112,780

See accompanying Notes to Condensed Consolidated Financial Statements.

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COMPX INTERNATIONAL INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2015

(unaudited)

Note 1 – Organization and basis of presentation:

Organization. We (NYSE MKT: CIX) are 87% owned by NL Industries, Inc. (NYSE: NL) at March 31, 2015. We manufacture and sell component products (security products and recreational marine components). At March 31, 2014, (i) Valhi, Inc. (NYSE: VHI) owns 83% of NL’s outstanding common stock and (ii) a wholly-owned subsidiary of Contran Corporation owns 93% of Valhi’s outstanding common stock. Substantially all of Contran’s outstanding voting stock is held by family trusts established for the benefit of Lisa K. Simmons and Serena Simmons Connelly, daughters of Harold C. Simmons, and their children (for which Ms. Lisa Simmons and Ms. Connelly are co- trustees) or is held directly by Ms. Lisa Simmons and Ms. Connelly or persons or entities related to them, including their step-mother Annette C. Simmons, the widow of Mr. Simmons. Prior to his death in December 2013, Mr. Simmons served as sole trustee of the family trusts. Under a voting agreement entered into by all of the voting stockholders of Contran, effective in February 2014 and as amended, the size of the board of directors of Contran was fixed at five members, Ms. Lisa Simmons, Ms. Connelly and Ms. Annette Simmons (and in the event of their death, their heirs) each has the right to designate one of the five members of the Contran board and the remaining two members of the Contran board must consist of members of Contran management. Ms. Lisa Simmons, Ms. Connelly, and Ms. Annette Simmons each serve as members of the Contran board. The voting agreement expires in February 2017 (unless Ms. Lisa Simmons, Ms. Connelly and Ms. Annette Simmons otherwise unanimously agree), and the ability of Ms. Lisa Simmons, Ms. Connelly, and Ms. Annette Simmons to each designate one member of the Contran board is dependent upon each of their continued beneficial ownership of at least 5% of the combined voting stock of Contran. Consequently, Ms. Lisa Simmons, Ms. Connelly and Ms. Annette Simmons may be deemed to control Contran, Valhi, NL and us.

Basis of presentation. Consolidated in this Quarterly Report are the results of CompX International Inc. and its subsidiaries. The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have been prepared on the same basis as the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 that we filed with the Securities and Exchange Commission (“SEC”) on March 5, 2015 (the “2014 Annual Report”). In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments) in order to state fairly, in all material respects, our consolidated financial position, results of operations and cash flows as of the dates and for the periods presented. We have condensed the Consolidated Balance Sheet at December 31, 2014 contained in this Quarterly Report as compared to our audited Consolidated Financial Statements at that date, and we have omitted certain information and footnote disclosures (including those related to the Consolidated Balance Sheet at December 31, 2014) normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Our results of operations for the interim period ended March 31, 2015 may not be indicative of our operating results for the full year. The Condensed Consolidated Financial Statements contained in this Quarterly Report should be read in conjunction with our 2014 Consolidated Financial Statements contained in our 2014 Annual Report.  

Unless otherwise indicated, references in this report to “we”, “us” or “our” refer to CompX International Inc. and its subsidiaries, taken as a whole.

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Note 2 – Business segment information:

	Three months ended
	March 31,
	2014			2015
	(In thousands)
Net sales:
Security Products	$	22,964		$	24,658
Marine Components		2,817			3,233
Total net sales	$	25,781		$	27,891
Operating income (loss):
Security Products	$	4,699		$	4,946
Marine Components		(16	)		259
Corporate operating expenses		(1,395	)		(1,505	)
Total operating income		3,288			3,700
Interest income		5			9
Income before taxes	$	3,293		$	3,709

Intersegment sales are not material.

Note 3 – Accounts receivable, net:

	December 31,			March 31,
	2014			2015
	(In thousands)
Accounts receivable, net:
Security Products	$	7,912		$	10,946
Marine Components		913			1,307
Allowance for doubtful accounts		(78	)		(86	)
Total accounts receivable, net	$	8,747		$	12,167

Note 4 – Inventories, net:

	December 31,		March 31,
	2014		2015
	(In thousands)
Raw materials:
Security Products	$	2,805	$	2,789
Marine Components		588		529
Total raw materials		3,393		3,318
Work-in-process:
Security Products		8,889		9,351
Marine Components		1,382		1,378
Total work-in-process		10,271		10,729
Finished goods:
Security Products		2,331		1,785
Marine Components		868		992
Total finished goods		3,199		2,777
Total inventories, net	$	16,863	$	16,824

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Note 5 – Other noncurrent assets:

	December 31,		March 31,
	2014		2015
	(In thousands)
Assets held for sale	$	590	$	590
Other		9		5
Total other noncurrent assets	$	599	$	595

Note 6 – Accounts payable and accrued liabilities:

	December 31,		March 31,
	2014		2015
	(In thousands)
Accounts payable	$	3,850	$	3,634
Accrued liabilities:
Employee benefits		7,388		3,722
Customer tooling		407		354
Taxes other than on income		266		437
Insurance		217		232
Professional		231		411
Other		437		492
Total accounts payable and accrued liabilities	$	12,796	$	9,282

Note 7 – Provision for income taxes:

	Three months ended
	March 31,
	2014		2015
	(In thousands)
Expected tax expense, at the U.S. federal statutory    income tax rate of 35%	$	1,153	$	1,298
State income taxes and other, net		-		(3	)
Total income tax expense	$	1,153	$	1,295

Note 8 – Financial instruments:

The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure:

	December 31,				March 31,
	2014				2015
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
	(In thousands)
Cash and cash equivalents	$	45,570	$	45,570	$	41,155	$	41,155
Accounts receivable, net		8,747		8,747		12,167		12,167
Accounts payable		3,850		3,850		3,634		3,634

Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value.

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Note 9 – Recent Accounting Pronouncements:

In May 2014, FASB issued Accounting Standards Update (“ASU’) No. 2014-09, Revenue from Contracts with Customers (Topic 606).  This standard replaces existing revenue recognition guidance, which in many cases was tailored for specific industries, with a uniform accounting standard applicable to all industries and transactions.  The new standard is effective for us beginning in the first quarter of 2017.  Entities may elect to adopt ASU No. 2014-09 retrospectively for all periods for all contracts and transactions which occurred during the period (with a few exceptions for practical expediency) or retrospectively with a cumulative effect recognized as of the date of adoption.  ASU No. 2014-09 is a fundamental rewriting of existing GAAP with respect to revenue recognition, and we are still evaluating the effect the standard will have on our Consolidated Financial Statements.  In addition, we have not yet determined the method we will use to adopt the standard.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

We are a leading manufacturer of engineered components utilized in a variety of applications and industries. Through our Security Products segment we manufacture mechanical and electronic cabinet locks and other locking mechanisms used in recreational transportation, postal, office and institutional furniture, cabinetry, tool storage and healthcare applications. We also manufacture stainless steel exhaust systems, gauges and throttle controls for the recreational marine and other industries through our Marine Components segment.

We reported operating income of $3.7 million in the first quarter of 2015 compared to $3.3 million in the same period of 2014.  Our operating income increased in 2015 primarily due to the positive impact of higher sales in 2015, primarily from an increase in sales to existing Security Products customers.

Our product offerings consist of a significantly large number of products that have a wide variation in selling price and manufacturing cost, which results in certain practical limitations on our ability to quantify the impact of changes in individual product sales quantities and selling prices on our net sales, cost of goods sold and gross profit.  In addition, small variations in period-to-period net sales, cost of goods sold and gross profit can result from changes in the relative mix of our products sold.

Results of Operations

	Three months endedMarch 31,
	2014		%			2015		%
	(Dollars in thousands)
Net sales	$	25,781		100.0	%	$	27,891		100.0	%
Cost of goods sold		18,032		69.9			19,325		69.3
Gross profit		7,749		30.1			8,566		30.7
Operating costs and expenses		4,461		17.3			4,866		17.4
Operating income	$	3,288		12.8	%	$	3,700		13.3	%

Net sales. Net sales increased $2.1 million in the first quarter of 2015 compared to the same period of 2014, led by strong demand within Security Products for an existing government customer and to a lesser extent increased demand for fuel security products as well as increased sales to the office equipment market.  Sales of Marine Components also contributed to the increase in sales primarily as a result of improved demand for products sold to the waterski/wakeboard boat market.  Relative changes in selling prices did not have a material impact on net sales comparisons.

Cost of goods sold and gross profit. Cost of goods sold as a percentage of sales decreased by less than 1% in the first quarter of 2015 compared to the same period in 2014. As a result, gross profit as a percentage of sales increased over the same period. Gross profit dollars increased due to sales growth in both the Security Products and Marine Components segments.  The increase in gross profit percentage is attributable to Marine Components, which achieved improvement in manufacturing efficiencies as well as increased leverage of fixed manufacturing costs over increased production volumes.  

Operating costs and expenses. Operating costs and expenses consist primarily of sales and administrative related personnel costs, sales commissions and advertising expenses, as well as gains and losses on plant, property and equipment.  Operating costs and expenses increased in the first quarter of 2015 as compared to the same period in 2014 primarily due to increased administrative personnel costs to support the growth in volume for Security Products.

Operating income. As a percentage of net sales, operating income for the first quarter of 2015 increased slightly compared to the same period of 2014 and was primarily impacted by the factors impacting gross profit percentage and operating costs and expenses above.

Provision for income taxes.  A tabular reconciliation of our statutory income tax provision to our actual tax provision is included in Note 7 to the Condensed Consolidated Financial Statements. Our operations are wholly within the U.S. and therefore our effective income tax rate is primarily reflective of the U.S. federal statutory rate.

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Segment Results

The key performance indicator for our segments is operating income.

	Three months endedMarch 31,					%
	2014			2015		Change
	(In thousands)
Net sales:
Security Products	$	22,964		$	24,658		7	%
Marine Components		2,817			3,233		15	%
Total net sales	$	25,781		$	27,891		8	%
Gross profit:
Security Products	$	7,254		$	7,771		7	%
Marine Components		495			795		61	%
Total gross profit	$	7,749		$	8,566		11	%
Operating income (loss):
Security Products	$	4,699		$	4,946		5	%
Marine Components		(16	)		259		1719	%
Corporate operating expenses		(1,395	)		(1,505)		(8	)%
Total operating income	$	3,288		$	3,700		13	%

Security Products. Security Products net sales increased 7% in the first quarter of 2015 compared to the same period last year. The increase in sales is primarily due to an increase of approximately $1.2 million in sales of products to existing government customers as well as increased demand of $240,000 for fuel security products and increased sales of $239,000 to existing office equipment customers.  Gross profit as a percentage of sales in 2015 was comparable to the same period in 2014.  Operating income as a percentage of net sales in the first quarter of 2015 was slightly lower than the first quarter of 2014 due to increased operating costs and expenses, including increased administrative personnel and benefits costs of approximately $213,000.  

Marine Components. Marine Components net sales increased 15% in the first quarter of 2015 as compared to the same period last year. The increase in sales is primarily due to improved demand for products sold to the waterski/wakeboard boat market. Gross profit and operating income as a percentage of net sales improved in the first quarter of 2015 compared to the first quarter of 2014 due to improved manufacturing efficiencies and increased leverage of fixed costs as a result of higher volumes.

Outlook.First quarter sales reflect continued strong demand for our products. The primary driver continues to be existing original equipment manufacturer (“OEM”) customers, including requirements for certain government security applications. While demand has been particularly strong in certain markets, including electronic locks, office furniture and marine components, we have not experienced the consistently strong demand from our small business customers that we might expect in a broader economic upturn. We continue to experience the benefits of diversification in our product offerings and ongoing innovation to serve new markets. We anticipate continued strong demand for our products throughout 2015, though we expect security product demand for government security applications to decrease in the second half of the year.

As in prior periods, we will continue to monitor general economic conditions and sales order rates and respond to fluctuations in customer demand through continuous evaluation in staffing levels and consistent execution of our lean manufacturing and cost improvement initiatives. Additionally, we continue to seek opportunities to gain market share in markets we currently serve, to expand into new markets and to develop new product features in order to mitigate the impact of changes in demand as well as broaden our sales base.

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Liquidity and Capital Resources

Consolidated cash flows –

Operating activities. Trends in cash flows from operating activities, excluding changes in assets and liabilities have generally been similar to the trends in operating earnings. Changes in assets and liabilities result primarily from the timing of production, sales and purchases. Changes in assets and liabilities generally tend to even out over time. However, period-to-period relative changes in assets and liabilities can significantly affect the comparability of cash flows from operating activities.

We generally report a net use of cash from operating activities in the first three months of each year due to seasonal changes in the level of our working capital.  Our net cash used by operating activities for the first three months of 2015 increased by $667,000 as compared to the first three months of 2014 primarily due to the net effects of:

● The positive impact of higher operating income in 2015 of approximately $412,000;

● The negative impact of higher net cash paid for taxes in 2015 of approximately $360,000; and

● The negative impact of higher net cash used by relative changes in our inventories, receivables, payables and non-tax related accruals attributable to our operations of approximately $635,000 in 2015, primarily related to the timing of accounts payable payments.

Relative changes in working capital can have a significant effect on cash flows from operating activities.  As shown below, the change in our average days sales outstanding from December 31, 2014 to March 31, 2015 varied by segment.  Generally, we expect our average days sales outstanding to increase from December to March as the result of a seasonal increase in sales during the first quarter as compared to the fourth quarter.   Overall, our March 31, 2015 days sales outstanding compared to December 31, 2014 is in line with our expectations. For comparative purposes, we have provided December 31, 2013 and March 31, 2014 numbers below.

Days Sales Outstanding:	December 31, 2013	March 31, 2014	December 31, 2014	March 31, 2015
Security Products	35 Days	45 Days	32 Days	40 Days
Marine Components	35 Days	41 Days	32 Days	36 Days
Consolidated CompX	35 Days	45 Days	32 Days	40 Days

As shown below, our total average number of days in inventory decreased from December 31, 2014 to March 31, 2015 primarily as a result of intentional 2014 fourth quarter inventory builds in each of our segments to prepare for first quarter 2015 sales.  The variability in days in inventory among our segments primarily relates to the differences in the complexity of the production processes and therefore the length of time it takes to produce end-products.  For comparative purposes, we have provided December 31, 2013 and March 31, 2014 numbers below.

Days in Inventory:	December 31, 2013	March 31, 2014	December 31, 2014	March 31, 2015
Security Products	71 Days	72 Days	85 Days	75 Days
Marine Components	110 Days	107 Days	125 Days	108 Days
Consolidated CompX	76 Days	76 Days	90 Days	79 Days

Investing activities. Investing activities consisted only of those capital expenditures made in the normal course of business and were comparable for the noted periods.  

Financing activities.  Financing activities consisted only of quarterly cash dividends ($0.05 per share) and were comparable for the noted periods.

Future cash requirements –

Liquidity . Our primary source of liquidity on an on-going basis is our cash flow from operating activities, which is generally used to (i) fund capital expenditures, (ii) repay short-term or long-term indebtedness incurred primarily for capital expenditures, investment activities or reducing our outstanding stock and (iii) provide for the payment of dividends (if declared). From time-to-time, we will incur indebtedness, primarily to fund capital expenditures or business combinations. In addition, from time-to-time, we may also sell assets outside the ordinary course of business, the proceeds of which are generally used to repay indebtedness (including indebtedness which may have been collateralized by the assets sold) or to fund capital expenditures or business combinations.

Periodically, we evaluate liquidity requirements, alternative uses of capital, capital needs and available resources in view of, among other things, our capital expenditure requirements, dividend policy and estimated future operating cash flows. As a result of this process, we have in the past and may in the future seek to raise additional capital, refinance or restructure indebtedness, issue additional securities, modify our dividend policy or take a combination of such steps to manage our liquidity and capital resources. In the normal course of business, we may review opportunities for acquisitions, joint ventures or other business combinations in the

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component products industry. In the event of any such transaction, we may consider using available cash, issuing additional equity securities or increasing our indebtedness or that of our subsidiaries.

We believe that cash generated from operations together with cash on hand, as well as our ability to obtain external financing, will be sufficient to meet our liquidity needs for working capital, capital expenditures, debt service and dividends (if declared) for both the next 12 months and five years. To the extent that our actual operating results or other developments differ from our expectations, our liquidity could be adversely affected.

All of the $41.2 million aggregate cash and cash equivalents at March 31, 2015 were held in the U.S.

Capital Expenditures. Firm purchase commitments for capital projects in process at March 31, 2015 totaled $1.6 million.  Our 2015 capital investments are limited to those expenditures required to meet our expected customer demand and those required to properly maintain our facilities and technology infrastructure.

Commitments and Contingencies. There have been no material changes in our contractual obligations since we filed our 2014 Annual Report, and we refer you to that report for a complete description of these commitments.

Off-balance sheet financing arrangements –

We do not have any off-balance sheet financing agreements other than the operating leases discussed in our 2014 Annual Report.

Recent accounting pronouncements –

See Note 9 to the Condensed Consolidated Financial Statements.

Critical accounting policies –

There have been no changes in the first quarter of 2015 with respect to our critical accounting policies presented in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2014 Annual Report.

Forward-looking information –

As provided by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, we caution that the statements in this Quarterly Report on Form 10-Q relating to matters that are not historical facts are forward-looking statements that represent our beliefs and assumptions based on currently available information. Forward-looking statements can be identified by the use of words such as “believes,” “intends,” “may,” “should,” “anticipates,” “expects” or comparable terminology, or by discussions of strategies or trends. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we do not know if our expectations will prove to 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 described in such forward-looking statements. Among the factors that could cause actual future results to differ materially are the risks and uncertainties discussed in this Quarterly Report and those described from time to time in our other filings with the Securities and Exchange Commission. While it is not possible to identify all factors, we continue to face many risks and uncertainties including, but not limited to the following:

● Future demand for our products,

● Changes in our raw material and other operating costs (such as zinc, brass and energy costs) and our ability to pass those costs on to our customers or offset them with reductions in other operating costs,

● Price and product competition from low-cost manufacturing sources (such as China),

● The impact of pricing and production decisions,

● Customer and competitor strategies including substitute products,

● Uncertainties associated with the development of new product features,

● Future litigation,

● Potential difficulties in integrating future acquisitions,

● Decisions to sell operating assets other than in the ordinary course of business,

● Environmental matters (such as those requiring emission and discharge standards for existing and new facilities),

● The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters,

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● The impact of current or future government regulations (including employee healthcare benefit related regulations),

● Potential difficulties in upgrading or implementing new manufacturing and accounting software systems,

● General global economic and political conditions that introduce instability into the U.S. economy (such as changes in the level of gross domestic product in various regions of the world),

● Operating interruptions (including, but not limited to labor disputes, hazardous chemical leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime, transportation interruptions and cyber attacks); and

● Possible disruption of our business or increases in the cost of doing business resulting from terrorist activities or global conflicts.

Should one or more of these risks materialize or if the consequences worsen, or if the underlying assumptions prove incorrect, actual results could differ materially from those currently forecasted or expected. We disclaim any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or otherwise.

ITEM  3. QUANTITATIVE AND QUALITATITVE DISCLOSURES ABOUT MARKET RISK.

We are exposed to market risk from changes in interest rates and raw material prices. There have been no material changes in these market risks since we filed our 2014 Annual Report, and we refer you to Part I, Item 7A – “Quantitative and Qualitative Disclosure About Market Risk” in our 2014 Annual Report. See also Note 8 to the Condensed Consolidated Financial Statements.

ITEM  4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures. We maintain disclosure controls and procedures which, as defined in Exchange Act Rule 13a-15(e), means controls and other procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit to the SEC under the Securities Exchange Act of 1934, as amended (the “Act”), is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information we are required to disclose in the reports that we file or submit to the SEC under the Act is accumulated and communicated to our management, including our principal executive officer and our principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions to be made regarding required disclosure. Our management with the participation of David A. Bowers, our Vice Chairman of the Board and Chief Executive Officer, and James W. Brown, our Vice President, Chief Financial Officer and Controller, have evaluated the design and operating effectiveness of our disclosure controls and procedures as of March 31, 2015. Based upon their evaluation, these executive officers have concluded that our disclosure controls and procedures are effective as of the date of such evaluation.

Internal Control Over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting which, as defined in Exchange Act Rule 13a-15(f), means a process designed by, or under the supervision of, our principal executive and principal financial officers, or persons performing similar functions, and effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, and includes those policies and procedures that:

· Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets.

· Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors, and

· Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our Condensed Consolidated Financial Statements.

Changes in Internal Control Over Financial Reporting.  There have been no changes in our internal control over financial reporting during the quarter ended March 31, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

- 16 -

Part II. OTHER INFORMATION

ITEM  1A. Risk Factors.

Reference is made to the 2014 Annual Report for a discussion of the risk factors related to our businesses. There have been no material changes in such risk factors during the first three months of 2015.

ITEM  6. Exhibits.

Item No.	Exhibit Index
31.1	Certification
31.2	Certification
32.1	Certification
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

We have retained a signed original of any of the above exhibits that contains signatures, and we will provide such exhibit to the Commission or its staff upon request. We will also furnish, without charge, a copy of our Code of Business Conduct and Ethics, and Audit Committee Charter, each as adopted by our board of directors on February 22, 2012 and March 2, 2011 respectively, upon request. Such requests should be directed to the attention of our Corporate Secretary at our corporate offices located at 5430 LBJ Freeway, Suite 1700, Dallas, Texas 75240.

- 17 -

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		COMPX INTERNATIONAL INC.
		(Registrant)
Date:	May 6, 2015	By:	/s/ James W. Brown
			James W. Brown
			Vice President, Chief Financial Officer and Controller

- 18 -

EX-31.1

Exhibit 31.1

CERTIFICATION

I, David A. Bowers, certify that:

1) I have reviewed this quarterly report on Form 10-Q of CompX International Inc.;

2) Based on my knowledge, this reportdoes not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting  principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5) The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a) All significant deficiencies in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 6, 2015

By:	/s/ David A. Bowers
	David A. Bowers
	Vice Chairman of the Board and
	Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, James W. Brown, certify that:

1) I have reviewed this quarterly report on Form 10-Q of CompX International Inc.;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 13d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting  principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5) The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a) All significant deficiencies in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 6, 2015

By:	/s/ James W. Brown
	James W. Brown
	Vice President, Chief Financial Officer
	and Controller
	(Principal Accounting and Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CompX International Inc. (the Company) on Form 10-Q for the period ending March 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, David A. Bowers, Vice Chairman of the Board and Chief Executive Officer of the Company and I, James W. Brown, Vice President, Chief Financial Officer and Controller of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

By:	/s/ David A. Bowers
	David A. Bowers
	Vice Chairman of the Board and Chief Executive Officer
By:	/s/ James W. Brown
	James W. Brown
	Vice President, Chief Financial Officer and Controller

Date: May 6, 2015

Note:  The certification the registrant furnishes in this exhibit is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.  Registration Statements or other documents filed with the Securities and Exchange Commission shall not incorporate this exhibit by reference, except as otherwise expressly stated in such filing.

XML

Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Accounts Notes And Loans Receivable [Line Items]
Allowance for doubtful accounts	$ (86)	$ (78)
Total accounts receivable, net	12,167	8,747
Security Products
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable, gross	10,946	7,912
Marine Components
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable, gross	$ 1,307	$ 913

XML

Inventories, Net

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Inventories, Net

Note 4 – Inventories, net:

	December 31,		March 31,
	2014		2015
	(In thousands)
Raw materials:
Security Products	$	2,805	$	2,789
Marine Components		588		529
Total raw materials		3,393		3,318
Work-in-process:
Security Products		8,889		9,351
Marine Components		1,382		1,378
Total work-in-process		10,271		10,729
Finished goods:
Security Products		2,331		1,785
Marine Components		868		992
Total finished goods		3,199		2,777
Total inventories, net	$	16,863	$	16,824

XML

Provision for Income Taxes - Provision for Income Taxes (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Expected tax expense, at the U.S. federal statutory income tax rate of 35%	$ 1,298	$ 1,153
State income taxes and other, net	(3)
Total income tax expense	$ 1,295	$ 1,153

XML

Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Accounts payable	$ 3,634	$ 3,850
Accrued liabilities:
Employee benefits	3,722	7,388
Customer tooling	354	407
Taxes other than on income	437	266
Insurance	232	217
Professional	411	231
Other	492	437
Total accounts payable and accrued liabilities	$ 9,282	$ 12,796

XML

Provision for Income Taxes - Provision for Income Taxes (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	35.00%	35.00%

XML

Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]
Cash and cash equivalents, Carrying amount	$ 41,155	$ 45,570	$ 35,049	$ 38,753
Accounts receivable, net, Carrying amount	12,167	8,747
Accounts payable, Carrying amount	3,634	3,850
Cash and cash equivalents, Fair value	41,155	45,570
Accounts receivable, net, Fair value	12,167	8,747
Accounts payable, Fair value	$ 3,634	$ 3,850

XML

Accounts Receivable, Net

3 Months Ended

Mar. 31, 2015

Receivables [Abstract]

Accounts Receivable, Net

Note 3 – Accounts receivable, net:

	December 31,			March 31,
	2014			2015
	(In thousands)
Accounts receivable, net:
Security Products	$	7,912		$	10,946
Marine Components		913			1,307
Allowance for doubtful accounts		(78	)		(86	)
Total accounts receivable, net	$	8,747		$	12,167

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 41,155	$ 45,570
Accounts receivable, net	12,167	8,747
Inventories, net	16,824	16,863
Deferred income taxes	2,444	2,444
Prepaid expenses and other	529	556
Total current assets	73,119	74,180
Other assets:
Goodwill	23,742	23,742
Other noncurrent	595	599
Total other assets	24,337	24,341
Property and equipment:
Land	4,928	4,928
Buildings	20,907	20,906
Equipment	62,397	61,835
Construction in progress	1,140	909
Property, Plant and Equipment, Gross, Total	89,372	88,578
Less accumulated depreciation	56,426	55,564
Net property and equipment	32,946	33,014
Total assets	130,402	131,535
Current liabilities:
Accounts payable and accrued liabilities	9,282	12,796
Total current liabilities	10,403	13,229
Noncurrent liabilities -
Deferred income taxes	7,219	7,320
Stockholders' equity:
Preferred stock
Additional paid-in capital	55,342	55,342
Retained earnings	57,314	55,520
Total stockholders' equity	112,780	110,986
Total liabilities and stockholders’ equity	130,402	131,535
Commitments and contingencies (Note 1)
NL Industries
Current liabilities:
Income taxes payable to affiliates	1,121	433
Class A Common Stock
Stockholders' equity:
Common stock	24	24
Total stockholders' equity	24	24
Class B Common Stock
Stockholders' equity:
Common stock	100	100
Total stockholders' equity	$ 100	$ 100

XML

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2015

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Basis of Presentation

Note 1 – Organization and basis of presentation:

Organization. We (NYSE MKT: CIX) are 87% owned by NL Industries, Inc. (NYSE: NL) at March 31, 2015. We manufacture and sell component products (security products and recreational marine components). At March 31, 2014, (i) Valhi, Inc. (NYSE: VHI) owns 83% of NL’s outstanding common stock and (ii) a wholly-owned subsidiary of Contran Corporation owns 93% of Valhi’s outstanding common stock. Substantially all of Contran’s outstanding voting stock is held by family trusts established for the benefit of Lisa K. Simmons and Serena Simmons Connelly, daughters of Harold C. Simmons, and their children (for which Ms. Lisa Simmons and Ms. Connelly are co- trustees) or is held directly by Ms. Lisa Simmons and Ms. Connelly or persons or entities related to them, including their step-mother Annette C. Simmons, the widow of Mr. Simmons. Prior to his death in December 2013, Mr. Simmons served as sole trustee of the family trusts. Under a voting agreement entered into by all of the voting stockholders of Contran, effective in February 2014 and as amended, the size of the board of directors of Contran was fixed at five members, Ms. Lisa Simmons, Ms. Connelly and Ms. Annette Simmons (and in the event of their death, their heirs) each has the right to designate one of the five members of the Contran board and the remaining two members of the Contran board must consist of members of Contran management. Ms. Lisa Simmons, Ms. Connelly, and Ms. Annette Simmons each serve as members of the Contran board. The voting agreement expires in February 2017 (unless Ms. Lisa Simmons, Ms. Connelly and Ms. Annette Simmons otherwise unanimously agree), and the ability of Ms. Lisa Simmons, Ms. Connelly, and Ms. Annette Simmons to each designate one member of the Contran board is dependent upon each of their continued beneficial ownership of at least 5% of the combined voting stock of Contran. Consequently, Ms. Lisa Simmons, Ms. Connelly and Ms. Annette Simmons may be deemed to control Contran, Valhi, NL and us.

Basis of presentation. Consolidated in this Quarterly Report are the results of CompX International Inc. and its subsidiaries. The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have been prepared on the same basis as the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 that we filed with the Securities and Exchange Commission (“SEC”) on March 5, 2015 (the “2014 Annual Report”). In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments) in order to state fairly, in all material respects, our consolidated financial position, results of operations and cash flows as of the dates and for the periods presented. We have condensed the Consolidated Balance Sheet at December 31, 2014 contained in this Quarterly Report as compared to our audited Consolidated Financial Statements at that date, and we have omitted certain information and footnote disclosures (including those related to the Consolidated Balance Sheet at December 31, 2014) normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Our results of operations for the interim period ended March 31, 2015 may not be indicative of our operating results for the full year. The Condensed Consolidated Financial Statements contained in this Quarterly Report should be read in conjunction with our 2014 Consolidated Financial Statements contained in our 2014 Annual Report.  

Unless otherwise indicated, references in this report to “we”, “us” or “our” refer to CompX International Inc. and its subsidiaries, taken as a whole.

XML

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Carrying Value and Estimated Fair Value of Financial Instruments

The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure:

	December 31,				March 31,
	2014				2015
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
	(In thousands)
Cash and cash equivalents	$	45,570	$	45,570	$	41,155	$	41,155
Accounts receivable, net		8,747		8,747		12,167		12,167
Accounts payable		3,850		3,850		3,634		3,634

XML

Business Segment Information - Schedule of Business Segment Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net sales:
Total net sales	$ 27,891	$ 25,781
Operating income (loss):
Total operating income	3,700	3,288
Interest income	9	5
Income before taxes	3,709	3,293
Operating Segments | Security Products
Net sales:
Total net sales	24,658	22,964
Operating income (loss):
Total operating income	4,946	4,699
Operating Segments | Marine Components
Net sales:
Total net sales	3,233	2,817
Operating income (loss):
Total operating income	259	(16)
Corporate
Operating income (loss):
Total operating income	$ (1,505)	$ (1,395)

XML

Business Segment Information

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Business Segment Information

Note 2 – Business segment information:

	Three months ended
	March 31,
	2014			2015
	(In thousands)
Net sales:
Security Products	$	22,964		$	24,658
Marine Components		2,817			3,233
Total net sales	$	25,781		$	27,891
Operating income (loss):
Security Products	$	4,699		$	4,946
Marine Components		(16	)		259
Corporate operating expenses		(1,395	)		(1,505	)
Total operating income		3,288			3,700
Interest income		5			9
Income before taxes	$	3,293		$	3,709

Intersegment sales are not material.

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Net sales	$ 27,891	$ 25,781
Cost of goods sold	19,325	18,032
Gross profit	8,566	7,749
Selling, general and administrative expense	4,866	4,461
Operating income	3,700	3,288
Interest income	9	5
Income before taxes	3,709	3,293
Provision for income taxes	1,295	1,153
Net income	$ 2,414	$ 2,140
Basic and diluted net income per common share	$ 0.19	$ 0.17
Cash dividends per share	$ 0.05	$ 0.05
Basic and diluted weighted average shares outstanding	12,404	12,397

XML

Accounts Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2015

Receivables [Abstract]

Schedule of Accounts Receivable, Net

	December 31,			March 31,
	2014			2015
	(In thousands)
Accounts receivable, net:
Security Products	$	7,912		$	10,946
Marine Components		913			1,307
Allowance for doubtful accounts		(78	)		(86	)
Total accounts receivable, net	$	8,747		$	12,167

XML

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	May 04, 2015
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	CIX
Entity Registrant Name	COMPX INTERNATIONAL INC
Entity Central Index Key	0001049606
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Class A Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,404,107
Class B Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		10,000,000

XML

Inventories, Net (Tables)

3 Months Ended

Mar. 31, 2015

Inventory Disclosure [Abstract]

Inventories, Net

	December 31,		March 31,
	2014		2015
	(In thousands)
Raw materials:
Security Products	$	2,805	$	2,789
Marine Components		588		529
Total raw materials		3,393		3,318
Work-in-process:
Security Products		8,889		9,351
Marine Components		1,382		1,378
Total work-in-process		10,271		10,729
Finished goods:
Security Products		2,331		1,785
Marine Components		868		992
Total finished goods		3,199		2,777
Total inventories, net	$	16,863	$	16,824

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 2,414	$ 2,140
Depreciation and amortization	886	879
Deferred income taxes	(101)	(78)
Other, net	80	85
Change in assets and liabilities:
Accounts receivable, net	(3,427)	(4,194)
Inventories, net	(34)	(1,970)
Accounts payable and accrued liabilities	(3,537)	(199)
Accounts with affiliates	688	882
Other, net	26	117
Net cash used in operating activities	(3,005)	(2,338)
Cash flows from investing activities -
Capital expenditures	(790)	(747)
Cash flows from financing activities -
Dividends paid	(620)	(619)
Cash and cash equivalents - net change from:
Operating, investing and financing activities	(4,415)	(3,704)
Balance at beginning of period	45,570	38,753
Balance at end of period	41,155	35,049
Supplemental disclosures - cash paid for:
Income taxes	$ 701	$ 341

XML

Provision for Income Taxes

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Provision for Income Taxes

Note 7 – Provision for income taxes:

	Three months ended
	March 31,
	2014		2015
	(In thousands)
Expected tax expense, at the U.S. federal statutory    income tax rate of 35%	$	1,153	$	1,298
State income taxes and other, net		-		(3	)
Total income tax expense	$	1,153	$	1,295

XML

Accounts Payable and Accrued Liabilities

3 Months Ended

Mar. 31, 2015

Payables And Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Note 6 – Accounts payable and accrued liabilities:

	December 31,		March 31,
	2014		2015
	(In thousands)
Accounts payable	$	3,850	$	3,634
Accrued liabilities:
Employee benefits		7,388		3,722
Customer tooling		407		354
Taxes other than on income		266		437
Insurance		217		232
Professional		231		411
Other		437		492
Total accounts payable and accrued liabilities	$	12,796	$	9,282

XML

Organization and Basis of Presentation - Additional Information (Detail)	3 Months Ended	1 Months Ended
	Mar. 31, 2015	Feb. 28, 2014	Mar. 31, 2014
Contran Corporation
Basis Of Presentation And Significant Accounting Policies [Line Items]
Voting agreement expiration date	2017-02
Common stock voting rights	Under a voting agreement entered into by all of the voting stockholders of Contran, effective in February 2014 and as amended, the size of the board of directors of Contran was fixed at five members, Ms. Lisa Simmons, Ms. Connelly and Ms. Annette Simmons (and in the event of their death, their heirs) each has the right to designate one of the five members of the Contran board and the remaining two members of the Contran board must consist of members of Contran management. Ms. Lisa Simmons, Ms. Connelly, and Ms. Annette Simmons each serve as members of the Contran board. The voting agreement expires in February 2017
Contran Corporation | Valhi Inc
Basis Of Presentation And Significant Accounting Policies [Line Items]
Percentage of ownership held by parent company			93.00%
Contran Corporation | Minimum
Basis Of Presentation And Significant Accounting Policies [Line Items]
Minimum percentage of voting stock ownership required to designate a board member		5.00%
NL
Basis Of Presentation And Significant Accounting Policies [Line Items]
Percentage of ownership held by parent company	87.00%
NL | Valhi Inc
Basis Of Presentation And Significant Accounting Policies [Line Items]
Percentage of ownership held by parent company			83.00%

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Other Noncurrent Assets (Tables)

3 Months Ended

Mar. 31, 2015

Other Assets Noncurrent Disclosure [Abstract]

Schedule of Other Noncurrent Assets

	December 31,		March 31,
	2014		2015
	(In thousands)
Assets held for sale	$	590	$	590
Other		9		5
Total other noncurrent assets	$	599	$	595

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Organization and Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2015

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

Organization. We (NYSE MKT: CIX) are 87% owned by NL Industries, Inc. (NYSE: NL) at March 31, 2015. We manufacture and sell component products (security products and recreational marine components). At March 31, 2014, (i) Valhi, Inc. (NYSE: VHI) owns 83% of NL’s outstanding common stock and (ii) a wholly-owned subsidiary of Contran Corporation owns 93% of Valhi’s outstanding common stock. Substantially all of Contran’s outstanding voting stock is held by family trusts established for the benefit of Lisa K. Simmons and Serena Simmons Connelly, daughters of Harold C. Simmons, and their children (for which Ms. Lisa Simmons and Ms. Connelly are co- trustees) or is held directly by Ms. Lisa Simmons and Ms. Connelly or persons or entities related to them, including their step-mother Annette C. Simmons, the widow of Mr. Simmons. Prior to his death in December 2013, Mr. Simmons served as sole trustee of the family trusts. Under a voting agreement entered into by all of the voting stockholders of Contran, effective in February 2014 and as amended, the size of the board of directors of Contran was fixed at five members, Ms. Lisa Simmons, Ms. Connelly and Ms. Annette Simmons (and in the event of their death, their heirs) each has the right to designate one of the five members of the Contran board and the remaining two members of the Contran board must consist of members of Contran management. Ms. Lisa Simmons, Ms. Connelly, and Ms. Annette Simmons each serve as members of the Contran board. The voting agreement expires in February 2017 (unless Ms. Lisa Simmons, Ms. Connelly and Ms. Annette Simmons otherwise unanimously agree), and the ability of Ms. Lisa Simmons, Ms. Connelly, and Ms. Annette Simmons to each designate one member of the Contran board is dependent upon each of their continued beneficial ownership of at least 5% of the combined voting stock of Contran. Consequently, Ms. Lisa Simmons, Ms. Connelly and Ms. Annette Simmons may be deemed to control Contran, Valhi, NL and us.

Basis of Presentation

Basis of presentation. Consolidated in this Quarterly Report are the results of CompX International Inc. and its subsidiaries. The unaudited Condensed Consolidated Financial Statements contained in this Quarterly Report have been prepared on the same basis as the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 that we filed with the Securities and Exchange Commission (“SEC”) on March 5, 2015 (the “2014 Annual Report”). In our opinion, we have made all necessary adjustments (which include only normal recurring adjustments) in order to state fairly, in all material respects, our consolidated financial position, results of operations and cash flows as of the dates and for the periods presented. We have condensed the Consolidated Balance Sheet at December 31, 2014 contained in this Quarterly Report as compared to our audited Consolidated Financial Statements at that date, and we have omitted certain information and footnote disclosures (including those related to the Consolidated Balance Sheet at December 31, 2014) normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Our results of operations for the interim period ended March 31, 2015 may not be indicative of our operating results for the full year. The Condensed Consolidated Financial Statements contained in this Quarterly Report should be read in conjunction with our 2014 Consolidated Financial Statements contained in our 2014 Annual Report.  

Unless otherwise indicated, references in this report to “we”, “us” or “our” refer to CompX International Inc. and its subsidiaries, taken as a whole.

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Financial Instruments

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Financial Instruments

Note 8 – Financial instruments:

The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure:

	December 31,				March 31,
	2014				2015
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
	(In thousands)
Cash and cash equivalents	$	45,570	$	45,570	$	41,155	$	41,155
Accounts receivable, net		8,747		8,747		12,167		12,167
Accounts payable		3,850		3,850		3,634		3,634

Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value.

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Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2015

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Recent Accounting Pronouncements

Note 9 – Recent Accounting Pronouncements:

In May 2014, FASB issued Accounting Standards Update (“ASU’) No. 2014-09, Revenue from Contracts with Customers (Topic 606).  This standard replaces existing revenue recognition guidance, which in many cases was tailored for specific industries, with a uniform accounting standard applicable to all industries and transactions.  The new standard is effective for us beginning in the first quarter of 2017.  Entities may elect to adopt ASU No. 2014-09 retrospectively for all periods for all contracts and transactions which occurred during the period (with a few exceptions for practical expediency) or retrospectively with a cumulative effect recognized as of the date of adoption.  ASU No. 2014-09 is a fundamental rewriting of existing GAAP with respect to revenue recognition, and we are still evaluating the effect the standard will have on our Consolidated Financial Statements.  In addition, we have not yet determined the method we will use to adopt the standard.

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Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Schedule of Business Segment Information

	Three months ended
	March 31,
	2014			2015
	(In thousands)
Net sales:
Security Products	$	22,964		$	24,658
Marine Components		2,817			3,233
Total net sales	$	25,781		$	27,891
Operating income (loss):
Security Products	$	4,699		$	4,946
Marine Components		(16	)		259
Corporate operating expenses		(1,395	)		(1,505	)
Total operating income		3,288			3,700
Interest income		5			9
Income before taxes	$	3,293		$	3,709

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Provision for Income Taxes (Tables)

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Provision for Income Taxes

	Three months ended
	March 31,
	2014		2015
	(In thousands)
Expected tax expense, at the U.S. federal statutory    income tax rate of 35%	$	1,153	$	1,298
State income taxes and other, net		-		(3	)
Total income tax expense	$	1,153	$	1,295

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Inventories, Net - Inventories, Net (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Inventory [Line Items]
Total raw materials	$ 3,318	$ 3,393
Total work-in-process	10,729	10,271
Total finished goods	2,777	3,199
Total inventories, net	16,824	16,863
Security Products
Inventory [Line Items]
Total raw materials	2,789	2,805
Total work-in-process	9,351	8,889
Total finished goods	1,785	2,331
Marine Components
Inventory [Line Items]
Total raw materials	529	588
Total work-in-process	1,378	1,382
Total finished goods	$ 992	$ 868

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CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) In Thousands	Total	Class A Common Stock	Class B Common Stock	Additional paid-in Capital	Retained Earnings
Balance at Dec. 31, 2014	$ 110,986	$ 24	$ 100	$ 55,342	$ 55,520
Net income	2,414				2,414
Cash dividends	(620)				(620)
Balance at Mar. 31, 2015	$ 112,780	$ 24	$ 100	$ 55,342	$ 57,314

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Other Noncurrent Assets

3 Months Ended

Mar. 31, 2015

Other Assets Noncurrent Disclosure [Abstract]

Other Noncurrent Assets

Note 5 – Other noncurrent assets:

	December 31,		March 31,
	2014		2015
	(In thousands)
Assets held for sale	$	590	$	590
Other		9		5
Total other noncurrent assets	$	599	$	595

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Other Noncurrent Assets - Schedule of Other Noncurrent Assets (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Other Assets Noncurrent Disclosure [Abstract]
Assets held for sale	$ 590	$ 590
Other	5	9
Total other noncurrent assets	$ 595	$ 599

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Accounts Payable and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2015

Payables And Accruals [Abstract]

Accounts Payable and Accrued Liabilities

	December 31,		March 31,
	2014		2015
	(In thousands)
Accounts payable	$	3,850	$	3,634
Accrued liabilities:
Employee benefits		7,388		3,722
Customer tooling		407		354
Taxes other than on income		266		437
Insurance		217		232
Professional		231		411
Other		437		492
Total accounts payable and accrued liabilities	$	12,796	$	9,282