Page 1
component excellence
q u a l i t y • p e r f o r m a n c e • d e p e n d a b i l i t y
2009 Annual Report

Page 2
As a North American manufacturer of
components used in a broad range
of products, we found 2009 to be a
very challenging year as the world economy
and the domestic manufacturing industry
in particular experienced further declines.
With revenues off 30% from the prior year,
we were aggressive in making additional
adjustments to our cost structure early in
the year. This required our operating team
to do more with less in the short term, but
has helped position us to realize significant
benefits for the business in the long term.
These cost changes, however, were not
sufficient to overcome the decline in
sales, as our gross margin percentage was
negatively impacted by the underutilization
of each of our facilities. We also experienced
the negative impact of $5.3 million in costs
relating to litigation expenses incurred
defending intellectual property matters and a
write-down in the value of certain assets held
for sale, resulting in a net loss for the year.
Despite the loss, we generated $15.3 million
in positive cash flow from operations. The
significant cash flow was made possible not
only by the concentration of effort on our
cost structure, but also through aggressive
management of working capital. We reduced
our days in inventory by 6 days compared
to the end of 2008, even at the significantly
lower sales pace. We also reduced accounts
receivable days sales outstanding by 4
days over the same period. Continuing to
generate cash flow from operations provided
us with the ability to maintain our quarterly
dividend payments as we returned 50¢ per
share to our shareholders during the year.
A great deal of effort was focused during
2009 on responding to the difficult
economic environment, but at the same
time our organization continued to invest to
enhance our product offering and expand
our customer base. Examples shown on
the front cover of this report represent
new electronic locks in our Security
Products division and the introduction
of digital technology to throttles in our
Marine Components division. Our Furniture
Components unit continues to broaden its
ergonomic product line for the office.
As we head into 2010 with the potential
of an improving economic environment, we
expect to leverage our lower cost structure,
enhanced product offering and expanded
customer base to begin to return to
acceptable levels of operating margins and
improved cash flows.
David A. Bowers
President and Chief Executive Officer
Cash Flow
from Operations
message to our stockholders
Sales (in millions)
Gross Margin %
Sales & Gross Margin
EBITDA
EBITDA (in millions)
EBITDA Margin %
* Excludes goodwill charge

Page 3

Page 4

Page 5

Page 6

Page 7

Page 8

Page 9

Page 10

Page 11

Page 12

Page 13

Page 14

Page 15

Page 16

Page 17

Page 18

Page 19

Page 20

Page 21

Page 22

Page 23

Page 24

Page 25

Page 26

Page 27

Page 28

Page 29

Page 30

Page 31

Page 32

Page 33

Page 34

Page 35

Page 36

Page 37

Page 38

Page 39

Page 40

Page 41

Page 42

Page 43

Page 44

Page 45

Page 46

Page 47

Page 48

Page 49

Page 50

Page 51

Page 52

Page 53

Page 54

Page 55

Page 56

Page 57

Page 58

Page 59

Page 60

Page 61

Page 62

Page 63

Page 64

Page 65

Page 66

Page 67

Page 68

Page 69

Page 70
Exchange Listing
CompX International Inc. Class A Common
Stock is traded on the New York Stock
Exchange under the Symbol “CIX”
Annual Meeting
The annual meeting of stockholders will
be held Wednesday, May 26, 2010, at
10:00 a.m. at:
Corporate Headquarters
CompX International Inc.
5430 LBJ Freeway, Suite 1700
Dallas, Texas 75240
972.448.1400
compxwaterloo.net
All stockholders are welcome to attend.
Transfer Agent & Registrar
Computershare Investor
Services, L.L.C.
PO Box 43036
Providence, RI 02940-3036
312.360.5481
Independent Auditors
PricewaterhouseCoopers LLP
2001 Ross Avenue, Suite 1800
Dallas, TX 75201
Form 10-K Report
The Company’s Annual Report on Form
10-K for the year ended December 31,
2009, as filed with the Securities and
Exchange Commission, is included as
part of this Annual Report. Copies of
the Annual Report are available free
of charge at the Company’s website at
compxwaterloo.net. Copies are also available
without charge upon written request to:
A. Andrew R. Louis
Secretary
CompX International Inc.
Three Lincoln Centre
5430 LBJ Freeway, Suite 1700
Dallas, TX 75240
stockholder information
board
of directors
executive
officers
Glenn R. Simmons
Chairman of the Board
David A. Bowers
Vice Chairman of the Board,
President and
Chief Executive Officer
Norman S. Edelcup
Mayor
Sunny Isles Beach, Florida
Edward J. Hardin
Partner
Rogers & Hardin LLP
Ann Manix
Principal
Summus, Ltd.
Steven L. Watson
President
Valhi, Inc.
Glenn R. Simmons
Chairman of the Board
Corey J. Boland
Vice President and President,
CompX Furniture Components
David A. Bowers
Vice Chairman of the Board,
President and
Chief Executive Officer
Darryl R. Halbert
Vice President,
Chief Financial Officer
and Controller
J. Mark Hollingsworth
Vice President, General Counsel
and Assistant Secretary
Scott C. James
Vice President and President
CompX Security Products,
CompX Marine
Kelly D. Luttmer
Vice President and Tax Director

Page 71
972.448.1400 | compxwaterloo.net
Copyright 2010 © CompX International Inc. / Three Lincoln Centre / 5430 LBJ Freeway / Suite 1700 / Dallas, TX 75240
Any companies and/or products referred to herein are marks or registered trademarks of their respective companies, owners and/or mark holders.