| For the quarter ended March 31, 2010 | Commission file number 1-13905 |
|--------------------------------------|--------------------------------|

| COMPX INTERNATIONAL INC.                               |
|--------------------------------------------------------|
| (Exact name of Registrant as specified in its charter) |

|                                                             |   |                             |
|------------------------------------------------------------------|--------|----------------------------------|
| Delaware                                                         |   | 57-0981653                       |
| (State or other jurisdiction ofIncorporation or organization)    |   | (IRS EmployerIdentification 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                   |
|                                                             |   |                             |

|   | * | The Registrant has not yet been phased into the interactive data requirements |
|--------|---|-------------------------------------------------------------------------------|

----

Index

| Part I.           FINANCIAL INFORMATION                                                  |  Page  |
|-------------------------------------------------------------------------------------------------------------------------------------------------|------------------|
|                                                                                                                                            |             |
| Item 1.            Financial Statements.                                            |             |
|                                                                                                                                            |             |
| Condensed Consolidated Balance Sheets –  December 31, 2009 - March 31, 2010 (unaudited)                                         | 3                |
|                                                                                                                                            |             |
| Condensed Consolidated Statements of Operations -  Three months ended March 31, 2009 and 2010 (unaudited)                             | 5                |
|                                                                                                                                            |             |
| Condensed Consolidated Statements of Cash Flows -  Three months ended March 31, 2009 and 2010 (unaudited)                             | 6                |
|                                                                                                                                            |             |
| Condensed Consolidated Statement of Stockholders' Equity and Comprehensive Loss -  Three months ended March 31, 2010 (unaudited) | 7                |
|                                                                                                                                            |             |
| Notes to Condensed Consolidated Financial Statements (unaudited)                                                                                | 8                |
|                                                                                                                                            |             |
| Item 2.    Management's Discussion and Analysis of Financial  Condition and Results of Operations.                     | 13               |
|                                                                                                                                            |             |
| Item 3.    Quantitative and Qualitative Disclosure About Market Risk.                                                       | 21               |
|                                                                                                                                            |             |
| Item 4.    Controls and Procedures.                                                                                         | 21               |
|                                                                                                                                            |             |
|                                                                                                                                            |             |
| Part II.   OTHER INFORMATION                                                                                                     |             |
|                                                                                                                                            |             |
| Item 1.     Legal Proceedings                                                                                          | 22               |
|                                                                                                                                            |             |
| Item 1A.   Risk Factors.                                                                                                              | 22               |
|                                                                                                                                            |             |
| Item 6.      Exhibits.                                                                                                 | 22               |
|                                                                                                                                            |             |
|                                                                                                                                            |             |
| Items 2, 3, 4 and 5 of Part II are omitted because there is no information to report.                                                           |             |
|                                                                                                                                            |             |

----

CONDENSED 

| ASSETS                                                  |   | December 31, 2009 |    |   | March 31, 2010 |   |
|---------------------------------------------------------|--------|------------------------|---------|--------|---------------------|--------|
|                                                    |   |                   |    |   | (unaudited)         |   |
| Current assets:                                         |   |                   |    |   |                |   |
|   Cash and cash equivalents                   |   | $                      | 20,788  |   |                | $      | 12,379 |   |
|   Accounts receivable, net                    |   |                   | 11,690  |   |                |   | 15,559 |   |
|   Receivables from affiliates                 |   |                   | 1,487   |   |                |   | 527 |   |
|   Refundable income taxes                     |   |                   | 1,844   |   |                |   | 1,941 |   |
|   Inventories, net                            |   |                   | 16,266  |   |                |   | 17,392 |   |
|   Prepaid expenses and other current assets   |   |                   | 1,132   |   |                |   | 2,012 |   |
|   Deferred income taxes                       |   |                   | 1,928   |   |                |   | 1,930 |   |
|   Interest and note receivable from affiliate |   |                   | -       |   |                |   | 4,001 |   |
|                                                    |   |                   |    |   |                |   |   |   |
|     Total current assets            |   |                   | 55,135  |   |                |   | 55,741 |   |
|                                                    |   |                   |    |   |                |   |   |   |
| Other assets:                                           |   |                   |    |   |                |   |   |   |
|   Goodwill                                    |   |                   | 30,949  |   |                |   | 31,034 |   |
|   Other intangible assets                     |   |                   | 1,408   |   |                |   | 1,260 |   |
|   Assets held for sale                        |   |                   | 2,800   |   |                |   | 2,800 |   |
|   Other assets                                |   |                   | 119     |   |                |   | 110 |   |
|                                                    |   |                   |    |   |                |   |   |   |
|     Total other assets              |   |                   | 35,276  |   |                |   | 35,204 |   |
|                                                    |   |                   |    |   |                |   |   |   |
| Property and equipment:                                 |   |                   |    |   |                |   |   |   |
|   Land                                        |   |                   | 12,051  |   |                |   | 12,157 |   |
|   Buildings                                   |   |                   | 39,201  |   |                |   | 39,574 |   |
|   Equipment                                   |   |                   | 120,574 |   |                |   | 122,822 |   |
|   Construction in progress                    |   |                   | 1,180   |   |                |   | 1,061 |   |
|                                                    |   |                   | 173,006 |   |                |   | 175,614 |   |
|                                                    |   |                   |    |   |                |   |   |   |
|   Less accumulated depreciation               |   |                   | 109,370 |   |                |   | 112,822 |   |
|                                                    |   |                   |    |   |                |   |   |   |
|     Net property and equipment      |   |                   | 63,636  |   |                |   | 62,792 |   |
|                                                    |   |                   |    |   |                |   |   |   |
| Total assets                                            |   | $                      | 154,047 |   |                | $      | 153,737 |   |
|                                                    |   |                   |    |   |                |   |   |   |

Index

----

| LIABILITIES AND STOCKHOLDERS' EQUITY                        |   | December 31, 2009 |         |   | March 31, 2010 |   |
|-------------------------------------------------------------|--------|------------------------|--------------|--------|---------------------|--------|
|                                                        |   |                   |         |   | (unaudited)         |   |
| Current liabilities:                                        |   |                   |         |   |                |   |
|   Current maturities of note payable to affiliate |   | $                      | -            |   |                | $      | 250 |   |
|   Accounts payable and accrued liabilities        |   |                   | 14,567       |   |                |   | 14,275 |   |
|   Income taxes                                    |   |                   | 15           |   |                |   | 81 |   |
|   Interest payable to affiliate                   |   |                   | -            |   |                |   | 442 |   |
|                                                        |   |                   |         |   |                |   |   |   |
|      Total current liabilities     |   |                   |  14,582 |   |                |   | 15,048 |   |
|                                                        |   |                   |         |   |                |   |   |   |
| Noncurrent liabilities:                                     |   |                   |         |   |                |   |   |   |
|   Note payable to affiliate                       |   |                   | 42,230       |   |                |   | 41,980 |   |
|   Deferred income taxes and other                 |   |                   | 11,897       |   |                |   | 13,587 |   |
|   Interest payable to affiliate                   |   |                   | 311          |   |                |   | - |   |
|                                                        |   |                   |         |   |                |   |   |   |
|      Total noncurrent liabilities  |   |                   | 54,438       |   |                |   | 55,567 |   |
|                                                        |   |                   |         |   |                |   |   |   |
| Stockholders' equity:                                       |   |                   |         |   |                |   |   |   |
|   Preferred stock                                 |   |                   | -            |   |                |   | - |   |
|   Class A common stock                            |   |                   | 24           |   |                |   | 24 |   |
|   Class B common stock                            |   |                   | 100          |   |                |   | 100 |   |
|   Additional paid-in capital                      |   |                   | 54,928       |   |                |   | 54,928 |   |
|   Retained earnings                               |   |                   | 19,621       |   |                |   | 17,112 |   |
|   Accumulated other comprehensive income          |   |                   | 10,354       |   |                |   | 10,958 |   |
|                                                        |   |                   |         |   |                |   |   |   |
|      Total stockholders' equity    |   |                   | 85,027       |   |                |   | 83,122 |   |
|                                                        |   |                   |         |   |                |   |   |   |
| Total liabilities and stockholders’ equity            |   | $                      | 154,047      |   |                | $      | 153,737 |   |
|                                                        |   |                   |         |   |                |   |   |   |

Index

----

CONDENSED 

|                                                                    |   | Three months ended March 31, |               |
|-------------------------------------------------------------------------|--------|-----------------------------------|--------------------|
|                                                                    |   | 2009                              |               |   | 2010 |   |
|                                                                    |   | (unaudited)                       |               |
|                                                                    |   |                              |               |   |   |   |
| Net sales                                                               |   | $                                 | 28,476             |   |   | $ | 32,800 |   |
| Cost of goods sold                                                      |   |                              | 23,703             |   |   |   | 23,701 |   |
|                                                                    |   |                              |               |   |   |   |   |   |
|     Gross margin                                    |   |                              | 4,773              |   |   |   | 9,099 |   |
|                                                                    |   |                              |               |   |   |   |   |   |
| Selling, general and administrative expense                             |   |                              | 5,678              |   |   |   | 7,305 |   |
| Other operating expense, net                                            |   |                              | 32                 |   |   |   | 58 |   |
|                                                                    |   |                              |               |   |   |   |   |   |
|     Operating income (loss)                         |   |                              | (937               | ) |   |   | 1,736 |   |
|                                                                    |   |                              |               |   |   |   |   |   |
| Other non-operating income, net                                         |   |                              | 18                 |   |   |   | 22 |   |
| Interest expense                                                        |   |                              | (323               | ) |   |   | (197 | ) |
|                                                                    |   |                              |               |   |   |   |   |   |
|     Income (loss) before income taxes               |   |                              | (1,242             | ) |   |   | 1,561 |   |
|                                                                    |   |                              |               |   |   |   |   |   |
| Provision (benefit) for income taxes                                    |   |                              | (662               | ) |   |   | 2,524 |   |
|                                                                    |   |                              |               |   |   |   |   |   |
|     Net loss                                        |   |                              | (580               | ) |   |   | (963 | ) |
|                                                                    |   |                              |               |   |   |   |   |   |
|                                                                    |   |                              |               |   |   |   |   |   |
| Basic and diluted loss per common share                                 |   | $                                 | (.05               | ) |   | $ | (.08 | ) |
|                                                                    |   |                              |               |   |   |   |   |   |
| Cash dividends per share                                                |   | $                                 | .125               |   |   | $ | .125 |   |
|                                                                    |   |                              |               |   |   |   |   |   |
|                                                                    |   |                              |               |   |   |   |   |   |
| Shares used in the calculation of basic and diluted loss per share |   |                              |   12,361 |   |   |   |   12,370 |   |
|                                                                    |   |                              |               |   |   |   |   |   |

Index

----

CONDENSED 

|                                                                      |   | Three months ended March 31, |   |
|---------------------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                                      |   | 2009                              |   |   | 2010 |   |
|                                                                      |   | (unaudited)                       |   |
| Cash flows from operating activities:                                     |   |                              |   |   |   |   |
|   Net loss                                                      |   | $                                 | (580   | ) |   | $ | (963 | ) |
|   Depreciation and amortization                                 |   |                              | 2,090  |   |   |   | 1,964 |   |
|   Deferred income taxes                                         |   |                              | (60    | ) |   |   | 1,546 |   |
|   Other, net                                                    |   |                              | 326    |   |   |   | 166 |   |
|   Change in assets and liabilities:                             |   |                              |   |   |   |   |   |   |
|     Accounts receivable, net                          |   |                              | 2,804  |   |   |   | (3,777 | ) |
|     Inventories, net                                  |   |                              | 1,517  |   |   |   | (1,134 | ) |
|     Accounts payable and accrued liabilities          |   |                              | (4,822 | ) |   |   | (436 | ) |
|     Accounts with affiliates                          |   |                              | (433   | ) |   |   | 960 |   |
|     Income taxes                                      |   |                              | (1,280 | ) |   |   | 34 |   |
|     Other, net                                        |   |                              | 143    |   |   |   | (856 | ) |
|                                                                      |   |                              |   |   |   |   |   |   |
|       Net cash used in operating activities |   |                              | (295   | ) |   |   | (2,496 | ) |
|                                                                      |   |                              |   |   |   |   |   |   |
| Cash flows from investing activities:                                     |   |                              |   |   |   |   |   |   |
|   Capital expenditures                                          |   |                              | (335   | ) |   |   | (446 | ) |
|   Note receivable from affiliate:                               |   |                              |   |   |   |   |   |   |
|     Advances                                          |   |                              | -      |   |   |   | (7,000 | ) |
|     Collections                                       |   |                              | -      |   |   |   | 3,000 |   |
|   Other, net                                                    |   |                              | 2      |   |   |   | - |   |
|                                                                      |   |                              |   |   |   |   |   |   |
|       Net cash used in investing activities |   |                              | (333   | ) |   |   | (4,446 | ) |
|                                                                      |   |                              |   |   |   |   |   |   |
| Cash flows from financing activities:                                     |   |                              |   |   |   |   |   |   |
|   Dividends paid                                                |   |                              | (1,545 | ) |   |   | (1,546 | ) |
|   Repayment of loan from affiliate                              |   |                              | (250   | ) |   |   | - |   |
|   Other, net                                                    |   |                              | (96    | ) |   |   | (28 | ) |
|                                                                      |   |                              |   |   |   |   |   |   |
|       Net cash used in financing activities |   |                              | (1,891 | ) |   |   | (1,574 | ) |
|                                                                      |   |                              |   |   |   |   |   |   |
| Cash and cash equivalents – net change from:                        |   |                              |   |   |   |   |   |   |
|   Operating, investing and financing activities                 |   |                              | (2,519 | ) |   |   | (8,516 | ) |
|   Currency translation                                          |   |                              | (73    | ) |   |   | 107 |   |
| Cash and cash equivalents at beginning of period                          |   |                              | 14,411 |   |   |   | 20,788 |   |
|                                                                      |   |                              |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                |   | $                                 | 11,819 |   |   | $ | 12,379 |   |
|                                                                      |   |                              |   |   |   |   |   |   |
| Supplemental disclosures – cash paid for:                           |   |                              |   |   |   |   |   |   |
|     Interest                                          |   | $                                 | 571    |   |   | $ | 47 |   |
|     Income taxes paid, net                            |   |                              | 1,111  |   |   |   | (7 | ) |
|                                                                      |   |                              |   |   |   |   |   |   |
| Non-cash investing and financing activity -                               |   |                              |   |   |   |   |   |   |
|   Accrual for capital expenditures                              |   | $                                 | 365    |   |   | $ | 112 |   |

Index

----

CONSOLIDATED 

|                               |   |         |   |   |   Additional |   |   |     |   |   | Accumulated other comprehensive income- |   |   |   Total |   |   |          |   |
|------------------------------------|--------|--------------|--------|--------|------------------------|--------|--------|----------|--------|--------|-----------------------------------------|--------|--------|-------------------|--------|--------|---------------|--------|
|                               |   | Common Stock |   |   | paid-in                |   |   | Retained |   |   | currency                                |   |   | stockholders'     |   |   | Comprehensive |   |
|                               |   | Class A      |   |   | Class B                |   |   | capital  |   |   | earnings                                |   |   | translation       |   |   | equity        |   |   | loss |   |
|                               |   |         |   |   |                   |   |   |     |   |   |                                    |   |   |              |   |   |          |   |   |   |   |
|  Balance at December 31, 2009 |   | $            | 24     |   |                   | $      | 100    |     |   | $      | 54,928                                  |   |   | $                 | 19,621 |   |          | $      | 10,354 |   |   | $ | 85,027 |   |   |   |   |
|                               |   |         |   |   |                   |   |   |     |   |   |                                    |   |   |              |   |   |          |   |   |   |   |   |   |   |   |   |   |
| Net loss                           |   |         | -      |   |                   |   | -      |     |   |   | -                                       |   |   |              | (963   | )      |          |   | - |   |   |   | (963 | ) |   | $ | (963 | ) |
|                               |   |         |   |   |                   |   |   |     |   |   |                                    |   |   |              |   |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Other comprehensive income, net    |   |         | -      |   |                   |   | -      |     |   |   | -                                       |   |   |              | -      |   |          |   | 604 |   |   |   | 604 |   |   |   | 604 |   |
|                               |   |         |   |   |                   |   |   |     |   |   |                                    |   |   |              |   |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Cash dividends                     |   |         | -      |   |                   |   | -      |     |   |   | -                                       |   |   |              | (1,546 | )      |          |   | - |   |   |   | (1,546 | ) |   |   |   |   |
|                               |   |         |   |   |                   |   |   |     |   |   |                                    |   |   |              |   |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Balance at March 31, 2010          |   | $            | 24     |   |                   | $      | 100    |     |   | $      | 54,928                                  |   |   | $                 | 17,112 |   |          | $      | 10,958 |   |   | $ | 83,122 |   |   |   |   |   |
|                               |   |         |   |   |                   |   |   |     |   |   |                                    |   |   |              |   |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive loss                 |   |         |   |   |                   |   |   |     |   |   |                                    |   |   |              |   |   |          |   |   |   |   |   |   |   |   | $ | (359 | ) |
|                               |   |         |   |   |                   |   |   |     |   |   |                                    |   |   |              |   |   |          |   |   |   |   |   |   |   |   |   |   |   |

Index

----

NOTES 

Index

----

|                                                  |   | Three months ended March 31, |   |
|-------------------------------------------------------|--------|-----------------------------------|--------|
|                                                  |   | 2009                              |   |   | 2010 |   |
|                                                  |   | (In thousands)                    |   |
|                                                  |   |                              |   |   |   |   |
| Net sales:                                            |   |                              |   |   |   |   |
|   Security Products                         |   | $                                 | 15,283 |   |   | $ | 16,662 |   |
|   Furniture Components                      |   |                              | 11,895 |   |   |   | 14,116 |   |
|   Marine Components                         |   |                              | 1,298  |   |   |   | 2,022 |   |
|                                                  |   |                              |   |   |   |   |   |   |
|     Total net sales               |   | $                                 | 28,476 |   |   | $ | 32,800 |   |
|                                                  |   |                              |   |   |   |   |   |   |
| Operating income (loss):                              |   |                              |   |   |   |   |   |   |
|   Security Products                         |   | $                                 | 1,576  |   |   | $ | 3,383 |   |
|   Furniture Components                      |   |                              | (22    | ) |   |   | 7 |   |
|   Marine Components                         |   |                              | (1,150 | ) |   |   | (369 | ) |
|   Corporate operating expenses              |   |                              | (1,341 | ) |   |   | (1,285 | ) |
|                                                  |   |                              |   |   |   |   |   |   |
|     Total operating income (loss) |   |                              | (937   | ) |   |   | 1,736 |   |
|                                                  |   |                              |   |   |   |   |   |   |
| Other non-operating income, net                       |   |                              | 18     |   |   |   | 22 |   |
| Interest expense                                      |   |                              | (323   | ) |   |   | (197 | ) |
|                                                  |   |                              |   |   |   |   |   |   |
|   Income (loss) before income taxes         |   | $                                 | (1,242 | ) |   | $ | 1,561 |   |

|                                          |   |                   |   |
|-----------------------------------------------|--------|------------------------|--------|
|                                          |   | December 31, 2009 |   |   | March 31, 2010 |   |
|                                          |   | (In thousands)         |   |
| Raw materials:                                |   |                   |   |   |   |   |
|   Security Products                 |   | $                      | 2,037  |   |   | $ | 2,063 |   |
|   Furniture Components              |   |                   | 1,964  |   |   |   | 2,760 |   |
|   Marine Components                 |   |                   | 829    |   |   |   | 926 |   |
|                                          |   |                   |   |   |   |   |   |   |
|     Total raw materials   |   |                   | 4,830  |   |   |   | 5,749 |   |
|                                          |   |                   |   |   |   |   |   |   |
| Work-in-process:                              |   |                   |   |   |   |   |   |   |
|   Security Products                 |   |                   | 4,917  |   |   |   | 5,192 |   |
|   Furniture Components              |   |                   | 948    |   |   |   | 1,088 |   |
|   Marine Components                 |   |                   | 286    |   |   |   | 320 |   |
|                                          |   |                   |   |   |   |   |   |   |
|     Total work-in-process |   |                   | 6,151  |   |   |   | 6,600 |   |
|                                          |   |                   |   |   |   |   |   |   |
| Finished products                             |   |                   |   |   |   |   |   |   |
|   Security Products                 |   |                   | 1,747  |   |   |   | 1,834 |   |
|   Furniture Components              |   |                   | 2,601  |   |   |   | 2,334 |   |
|   Marine Components                 |   |                   | 937    |   |   |   | 875 |   |
|                                          |   |                   |   |   |   |   |   |   |
|     Total finished goods  |   |                   | 5,285  |   |   |   | 5,043 |   |
|                                          |   |                   |   |   |   |   |   |   |
| Total inventories, net                        |   | $                      | 16,266 |   |   | $ | 17,392 |   |

Index

----

|                                           |   |                   |   |
|------------------------------------------------|--------|------------------------|--------|
|                                           |   | December 31, 2009 |   |   | March 31, 2010 |   |
|                                           |   | (In thousands)         |   |
|                                           |   |                   |   |   |   |   |
| Accounts payable                               |   | $                      | 4,309  |   |   | $ | 6,070 |   |
| Accrued liabilities:                           |   |                   |   |   |   |   |   |   |
|   Employee benefits                  |   |                   | 6,003  |   |   |   | 4,621 |   |
|   Professional fees                  |   |                   | 1,805  |   |   |   | 1,141 |   |
|   Customer tooling                   |   |                   | 761    |   |   |   | 662 |   |
|   Insurance                          |   |                   | 601    |   |   |   | 543 |   |
|   Taxes other than on income         |   |                   | 422    |   |   |   | 478 |   |
|   Other                              |   |                   | 666    |   |   |   | 760 |   |
|                                           |   |                   |   |   |   |   |   |   |
| Total accounts payable and accrued liabilities |   | $                      | 14,567 |   |   | $ | 14,275 |   |

|                                                                                 |   | Three months ended March 31, |   |
|--------------------------------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                                                 |   | 2009                              |   |   | 2010 |   |
|                                                                                 |   | (In thousands)                    |   |
|                                                                                 |   |                              |   |   |   |   |
| Expected tax expense (benefit), at the U.S. federal statutory income tax rate of 35% |   | $                                 | (435   | ) |   | $ | 546 |   |
| Non–U.S. tax rates                                                             |   |                              | 39     |   |   |   | (58 | ) |
| Incremental U.S. tax on earnings of foreign subsidiaries                        |   |                              | (226   | ) |   |   | 2,028 |   |
| State income taxes and other, net                                                    |   |                              | (40    | ) |   |   | 8 |   |
|                                                                                 |   |                              |   |   |   |   |   |   |
|     Total income tax expense (benefit)                           |   | $                                 | (662   | ) |   | $ | 2,524 |   |

Index

----

|                           |   | December 31, |   |   | March 31, |   |
|--------------------------------|--------|--------------|--------|--------|-----------|--------|
|                           |   | 2009         |   |   | 2010      |   |
|                           |   | Carrying     |   |   | Fair      |   |   | Carrying |   |   | Fair |   |
|                           |   | amount       |   |   | value     |   |   | amount |   |   | value |   |
|                           |   |         |   |   |      |   |   |   |   |   |   |   |
|                           |   |         |   |   |      |   |   |   |   |   |   |   |
| Cash and cash equivalents      |   | $            | 20,788 |   |      | $      | 20,788 |   |   | $ | 12,379 |   |   | $ | 12,379 |   |
| Accounts receivable, net       |   |         | 11,690 |   |      |   | 11,690 |   |   |   | 15,559 |   |   |   | 15,559 |   |
| Note receivable from affiliate |   |         | -      |   |      |   | - |   |   |   | 4,000 |   |   |   | 4,000 |   |
|                           |   |         |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable               |   |         | 4,309  |   |      |   | 4,309 |   |   |   | 6,070 |   |   |   | 6,070 |   |
| Note payable to affiliate      |   |         | 42,230 |   |      |   | 42,230 |   |   |   | 41,980 |   |   |   | 41,980 |   |
|                           |   |         |   |   |      |   |   |   |   |   |   |   |   |   |   |   |

Index

----

Index

----

MANAGEMENT'S 

|                                |   | Three months ended March 31, |   |
|-------------------------------------|--------|-----------------------------------|--------|
|                                |   | 2009                              |   |   | % |   |   | 2010 |   |   | % |   |
|                                |   | (Dollars in thousands)            |   |
|                                |   |                              |   |   |   |   |   |   |   |   |   |   |
| Net sales                           |   | $                                 | 28,476 |   |   |   | 100.0 | % |   | $ | 32,800 |   |   |   | 100.0 | % |
| Cost of goods sold                  |   |                              | 23,703 |   |   |   | 83.2 |   |   |   | 23,701 |   |   |   | 72.3 |   |
|                                |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Gross margin            |   |                              | 4,773  |   |   |   | 16.8 |   |   |   | 9,099 |   |   |   | 27.7 |   |
|                                |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating costs and expenses   |   |                              | 5,659  |   |   |   | 19.9 |   |   |   | 5,795 |   |   |   | 17.7 |   |
| Litigation expenses                 |   |                              | 51     |   |   |   | 0.2 |   |   |   | 1,568 |   |   |   | 4.8 |   |
|                                |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Operating income (loss) |   | $                                 | (937   | ) |   |   | (3.3 | %) |   | $ | 1,736 |   |   |   | 5.3 | % |
|                                |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

Index

----

| Impact of changes in currency exchange rates- 2010 vs 2009 (in thousands) |   |
|---------------------------------------------------------------------------|--------|
|                                                                      |   |
|                                                                      |   | Transaction gains/(losses) |   |   | Translation gain/loss-impact of rate |   |   | Total currency impact |   |
|                                                                      |   | 2009 |   |   | 2010 |   |   | Change |   |   | changes |   |   | 2010 vs 2009 |   |
| Impact on:                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net sales                                                                 |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | 470 |   |   | $ | 470 |   |
| Operating income                                                          |   |   | - |   |   |   | (55 | ) |   |   | (55 | ) |   |   | (635 | ) |   |   | (690 | ) |

Index

----

|                                           |   | Three months ended March 31, |   |   | %      |   |
|------------------------------------------------|--------|-----------------------------------|--------|--------|--------|--------|
|                                           |   | 2009                              |   |   | 2010   |   |   | Change |   |
|                                           |   | (In thousands)                    |   |   |   |   |
|                                           |   |                              |   |   |   |   |   |   |   |
| Net sales:                                     |   |                              |   |   |   |   |   |   |   |
|   Security Products                  |   | $                                 | 15,283 |   |   | $      | 16,662 |   |   |   | 9 | % |
|   Furniture Components               |   |                              | 11,895 |   |   |   | 14,116 |   |   |   | 19 | % |
|   Marine Components                  |   |                              | 1,298  |   |   |   | 2,022 |   |   |   | 56 | % |
|                                           |   |                              |   |   |   |   |   |   |   |   |   |   |
|     Total net sales        |   | $                                 | 28,476 |   |   | $      | 32,800 |   |   |   | 15 | % |
|                                           |   |                              |   |   |   |   |   |   |   |   |   |   |
| Gross margin:                                  |   |                              |   |   |   |   |   |   |   |   |   |   |
|   Security Products                  |   | $                                 | 3,750  |   |   | $      | 5,527 |   |   |   | 47 | % |
|   Furniture Components               |   |                              | 1,532  |   |   |   | 3,348 |   |   |   | 119 | % |
|   Marine Components                  |   |                              | (509   | )      |   |   | 224 |   |   |   | 144 | % |
|                                           |   |                              |   |   |   |   |   |   |   |   |   |   |
|     Total gross margin     |   | $                                 | 4,773  |   |   | $      | 9,099 |   |   |   | 91 | % |
|                                           |   |                              |   |   |   |   |   |   |   |   |   |   |
| Operating income (loss):                       |   |                              |   |   |   |   |   |   |   |   |   |   |
|   Security Products                  |   | $                                 | 1,576  |   |   | $      | 3,383 |   |   |   | 115 | % |
|   Furniture Components               |   |                              | (22    | )      |   |   | 7 |   |   |   | 132 | % |
|   Marine Components                  |   |                              | (1,150 | )      |   |   | (369 | ) |   |   | 68 | % |
|   Corporate operating expenses       |   |                              | (1,341 | )      |   |   | (1,285 | ) |   |   | 4 | % |
|                                           |   |                              |   |   |   |   |   |   |   |   |   |   |
|     Total operating income |   | $                                 | (937   | )      |   | $      | 1,736 |   |   |   | 285 | % |

Index

----

Index

----

| ·   | Higher operating income in the first quarter of 2010 of $2.7 million; |
|--------------------|-----------------------------------------------------------------------|

| ·   | Lower net cash provided by relative changes in our inventories, receivables, payables and non-tax related accruals of $4.8 million in 2010 primarily due to the impact of the increase in sales on accounts receivable, inventories and payables; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Lower cash paid for income taxes in the first quarter of 2010 of approximately $1.1 million due to the lower earnings on our Canadian subsidiary in 2009. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|                             | December 31, | March 31, | December 31, | March 31, |
|----------------------------------|--------------|-----------|--------------|-----------|
| Days Sales Outstanding:          | 2008         | 2009      | 2009         | 2010      |
|                             |         |      |         |      |
|   Security Products    | 39 Days      | 44 Days   | 34 Days      | 42 Days   |
|   Furniture Components | 43 Days      | 45 Days   | 40 Days      | 45 Days   |
|   Marine Components    | 43 Days      | 50 Days   | 33 Days      | 37 Days   |
|   Consolidated CompX   | 41 Days      | 44 Days   | 37 Days      | 43 Days   |

Index

----

|                             | December 31, | March 31, | December 31, | March 31, |
|----------------------------------|--------------|-----------|--------------|-----------|
| Days in Inventory:               | 2008         | 2009      | 2009         | 2010      |
|                             |         |      |         |      |
|   Security Products    | 77 Days      | 83 Days   | 77 Days      | 74 Days   |
|   Furniture Components | 53 Days      | 65 Days   | 44 Days      | 52 Days   |
|   Marine Components    | 180 Days     | 146 Days  | 109 Days     | 107 Days  |
|   Consolidated CompX   | 70 Days      | 80 Days   | 64 Days      | 67 Days   |

Index

----

Index

----

| ·   | Future supply and demand for our products, |
|--------------------|--------------------------------------------|

| ·   | Changes in our raw material and other operating costs (such as steel and energy costs), |
|--------------------|-----------------------------------------------------------------------------------------|

| ·   | General global economic and political conditions (such as changes in the level of gross domestic product in various regions of the world), |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Demand for office furniture, |
|--------------------|------------------------------|

| ·   | Service industry employment levels, |
|--------------------|-------------------------------------|

| ·   | Demand for high performance marine components, |
|--------------------|------------------------------------------------|

| ·   | Competitive products and prices, including competition from lower-cost manufacturing sources (such as China), |
|--------------------|---------------------------------------------------------------------------------------------------------------|

| ·   | Substitute products, |
|--------------------|----------------------|

| ·   | Customer and competitor strategies, |
|--------------------|-------------------------------------|

| ·   | The introduction of trade barriers, |
|--------------------|-------------------------------------|

| ·   | The impact of pricing and production decisions, |
|--------------------|-------------------------------------------------|

| ·   | Fluctuations in the value of the U.S. dollar relative to other currencies (such as the Canadian dollar and New Taiwan dollar), |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------|

| ·   | Potential difficulties in integrating completed or future acquisitions, |
|--------------------|-------------------------------------------------------------------------|

| ·   | Decisions to sell operating assets other than in the ordinary course of business, |
|--------------------|-----------------------------------------------------------------------------------|

| ·   | Uncertainties associated with the development of new product features, |
|--------------------|------------------------------------------------------------------------|

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

| ·   | Our ability to comply with covenants contained in our revolving bank credit facility, |
|--------------------|---------------------------------------------------------------------------------------|

| ·   | The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, |
|--------------------|---------------------------------------------------------------------------------------------|

| ·   | The impact of current or future government regulations, |
|--------------------|---------------------------------------------------------|

| ·   | Current and future litigation, |
|--------------------|--------------------------------|

| ·   | Possible disruption of our business or increases in the cost of doing business resulting from terrorist activities or global conflicts, and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Operating interruptions (including, but not limited to labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime and transportation interruptions). |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Index

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QUANTITATIVE 

CONTROLS 

| ·   | 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 our 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. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Index

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OTHER 

Legal 

Risk 

Exhibits

Index

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----