Compx International (CIX) has reported 36.36 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $3 million, or $0.24 a share in the quarter, compared with $2.20 million, or $0.18 a share for the same period last year.     

Revenue during the quarter grew 7.17 percent to $28.40 million from $26.50 million in the previous year period. Gross margin for the quarter expanded 253 basis points over the previous year period to 33.10 percent. Total expenses were 84.15 percent of quarterly revenues, down from 87.17 percent for the same period last year. This has led to an improvement of 301 basis points in operating margin to 15.85 percent.

Operating income for the quarter was $4.50 million, compared with $3.40 million in the previous year period.

"The Security Products and Marine Components segments posted exceptional third quarter results, following a very solid first half of 2016," commented David A. Bowers, chief executive officer. "During the third quarter of 2016, Security Products was awarded a new project which began to ship in August, and which effectively replaced the nonrecurring 2015 sales for a government security customer. In addition, our Marine Components segment continues to grow its sales and earnings through diversification and innovation in product offerings. While these factors bode well for a similarly favorable fourth quarter, the expected conclusion of the recently awarded project by the end of 2016 and the continued sluggish economy somewhat temper our outlook for early 2017. Meanwhile, we continue to seek opportunities to gain market share in existing markets, to expand into new markets and to further develop new and current customers and products."

Days sales outstanding were almost stable at 42 days for the quarter, when compared with the last year period.

Days inventory outstanding has decreased to 35 days for the quarter compared with 79 days for the previous year period.