| For the quarter ended March 31, 2011 | 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. |
|--------|---|--------------------------------------------------------------------------------|

----

| Part I.                                                                               | FINANCIAL INFORMATION                                                                                                                       | Page          |
|---------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|                                                                                  |                                                                                                                                        |          |
| Item 1.                                                                               | Financial Statements                                                                                                                        |          |
|                                                                                  |                                                                                                                                        |          |
|                                                                                  | Condensed Consolidated Balance Sheets –December 31, 2010 and March 31, 2011 (unaudited)                                               |  3       |
|                                                                                  |                                                                                                                                        |          |
|                                                                                  | Condensed Consolidated Statements of Operations -    Three months ended March 31, 2010 and 2011 (unaudited)             |  5       |
|                                                                                  |                                                                                                                                        |          |
|                                                                                  | Condensed Consolidated Statements of Cash Flows -Three months ended March 31, 2010 and 2011 (unaudited)                                     |  6       |
|                                                                                  |                                                                                                                                        |          |
|                                                                                  | Condensed Consolidated Statement of Stockholders' Equity andComprehensive Income – Three months ended March 31, 2011 (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. |                                                                                                                                        |

----

|            ASSETS |   | December 31, 2010 |    |   | March 31, 2011 |   |
|--------------------------------------------------------------------------|--------|------------------------|---------|--------|---------------------|--------|
|                                                                     |   |                   |    |   | (unaudited)         |   |
|                                                                     |   |                   |    |   |                |   |
| Current assets:                                                          |   |                   |    |   |                |   |
|   Cash and cash equivalents                                    |   | $                      | 13,919  |   |                | $      | 4,664 |   |
|   Accounts receivable, net                                     |   |                   | 14,601  |   |                |   | 15,844 |   |
|   Inventories, net                                             |   |                   | 18,424  |   |                |   | 19,434 |   |
|   Other current assets                                         |   |                   | 1,050   |   |                |   | 2,378 |   |
| Deferred income taxes                                                    |   |                   | 2,366   |   |                |   | 2,366 |   |
|   Promissory note receivable                                   |   |                   | 15,000  |   |                |   | 15,000 |   |
|                                                                     |   |                   |    |   |                |   |   |   |
| Total current assets                                                     |   |                   | 65,360  |   |                |   | 59,686 |   |
|                                                                     |   |                   |    |   |                |   |   |   |
| Other assets:                                                            |   |                   |    |   |                |   |   |   |
|   Goodwill                                                     |   |                   | 31,452  |   |                |   | 31,434 |   |
|   Other intangible assets                                      |   |                   | 840     |   |                |   | 701 |   |
|   Assets held for sale                                         |   |                   | 2,415   |   |                |   | 2,415 |   |
|   Other assets                                                 |   |                   | 102     |   |                |   | 100 |   |
|                                                                     |   |                   |    |   |                |   |   |   |
|      Total other assets                         |   |                   | 34,809  |   |                |   | 34,650 |   |
|                                                                     |   |                   |    |   |                |   |   |   |
| Property and equipment:                                                  |   |                   |    |   |                |   |   |   |
|   Land                                                         |   |                   | 12,646  |   |                |   | 12,641 |   |
|   Buildings                                                    |   |                   | 39,934  |   |                |   | 40,424 |   |
|   Equipment                                                    |   |                   | 123,725 |   |                |   | 125,226 |   |
|   Construction in progress                                     |   |                   | 965     |   |                |   | 1,456 |   |
|                                                                     |   |                   | 177,270 |   |                |   | 179,747 |   |
|                                                                     |   |                   |    |   |                |   |   |   |
|   Less accumulated depreciation                                |   |                   | 117,367 |   |                |   | 120,552 |   |
|                                                                     |   |                   |    |   |                |   |   |   |
| Net property and equipment                                               |   |                   | 59,903  |   |                |   | 59,195 |   |
|                                                                     |   |                   |    |   |                |   |   |   |
| Total assets                                                             |   | $                      | 160,072 |   |                | $      | 153,531 |   |
|                                                                     |   |                   |    |   |                |   |   |   |

----

|  LIABILITIES AND STOCKHOLDERS' EQUITY                  |   | December 31, 2010 |    |   | March 31, 2011  |   |
|-------------------------------------------------------------|--------|------------------------|---------|--------|---------------------------|--------|
|                                                        |   |                   |    |   | (unaudited)               |   |
| Current liabilities:                                        |   |                   |    |   |                      |   |
|   Current maturities of note payable to affiliate |   | $                      | 1,000   |   |                      | $      | 1,000 |   |
|   Accounts payable and accrued liabilities        |   |                   | 16,182  |   |                      |   | 12,413 |   |
|   Interest payable to affiliate                   |   |                   | 876     |   |                      |   | 4 |   |
|   Income taxes payable to affiliate               |   |                   | 1,087   |   |                      |   | 846 |   |
|   Income taxes                                    |   |                   | 907     |   |                      |   | 1,752 |   |
|                                                        |   |                   |    |   |                      |   |   |   |
|      Total current liabilities     |   |                   | 20,052  |   |                      |   | 16,015 |   |
|                                                        |   |                   |    |   |                      |   |   |   |
| Noncurrent liabilities:                                     |   |                   |    |   |                      |   |   |   |
|   Long-term debt                                  |   |                   | 44,230  |   |                      |   | 36,980 |   |
|   Deferred income taxes                           |   |                   | 11,889  |   |                      |   | 13,892 |   |
|   Other noncurrent liabilities                    |   |                   | 6       |   |                      |   | 8 |   |
|                                                        |   |                   |    |   |                      |   |   |   |
|      Total noncurrent liabilities  |   |                   | 56,125  |   |                      |   | 50,880 |   |
|                                                        |   |                   |    |   |                      |   |   |   |
| Stockholders' equity:                                       |   |                   |    |   |                      |   |   |   |
|   Preferred stock                                 |   |                   | -       |   |                      |   | - |   |
|   Class A common stock                            |   |                   | 24      |   |                      |   | 24 |   |
|   Class B common stock                            |   |                   | 100     |   |                      |   | 100 |   |
|   Additional paid-in capital                      |   |                   | 54,982  |   |                      |   | 54,982 |   |
|   Retained earnings                               |   |                   | 16,486  |   |                      |   | 18,930 |   |
|   Accumulated other comprehensive income          |   |                   | 12,303  |   |                      |   | 12,600 |   |
|                                                        |   |                   |    |   |                      |   |   |   |
|      Total stockholders' equity    |   |                   | 83,895  |   |                      |   | 86,636 |   |
|                                                        |   |                   |    |   |                      |   |   |   |
| Total liabilities and stockholders’ equity            |   | $                      | 160,072 |   |                      | $      | 153,531 |   |

----

|                                                                             |   | Three months ended March 31, |               |
|----------------------------------------------------------------------------------|--------|-----------------------------------|--------------------|
|                                                                             |   | 2010                              |               |   | 2011 |   |
|                                                                             |   | (unaudited)                       |               |
|                                                                             |   |                              |               |   |   |   |
| Net sales                                                                        |   | $                                 | 32,800             |   |   | $ | 34,777 |   |
| Cost of goods sold                                                               |   |                              | 23,701             |   |   |   | 26,096 |   |
|                                                                             |   |                              |               |   |   |   |   |   |
|     Gross profit                                             |   |                              | 9,099              |   |   |   | 8,681 |   |
|                                                                             |   |                              |               |   |   |   |   |   |
| Selling, general and administrative expense                                      |   |                              | 5,795              |   |   |   | 6,156 |   |
| Other operating income (expense):                                                |   |                              |               |   |   |   |   |   |
|   Litigation settlement gain                                           |   |                              | -                  |   |   |   | 7,468 |   |
|   Litigation expense                                                   |   |                              | (1,568             | ) |   |   | (227 | ) |
|   Facility consolidation costs                                         |   |                              | -                  |   |   |   | (1,006 | )  |
|                                                                             |   |                              |               |   |   |   |   |   |
|     Operating income                                         |   |                              | 1,736              |   |   |   | 8,760 |   |
|                                                                             |   |                              |               |   |   |   |   |   |
| Other non-operating income, net                                                  |   |                              | 22                 |   |   |   | 130 |   |
| Interest expense                                                                 |   |                              | (197               | ) |   |   | (212 | ) |
|                                                                             |   |                              |               |   |   |   |   |   |
|     Income before income taxes                               |   |                              | 1,561              |   |   |   | 8,678 |   |
|                                                                             |   |                              |               |   |   |   |   |   |
| Provision for income taxes                                                       |   |                              | 2,524              |   |   |   | 4,687 |   |
|                                                                             |   |                              |               |   |   |   |   |   |
|     Net income (loss)                                        |   | $                                 | (963               | ) |   | $ | 3,991 |   |
|                                                                             |   |                              |               |   |   |   |   |   |
|                                                                             |   |                              |               |   |   |   |   |   |
| Basic and diluted income (loss) per common share                                 |   | $                                 | (.08               | ) |   | $ | .32 |   |
|                                                                             |   |                              |               |   |   |   |   |   |
| Cash dividends per share                                                         |   | $                                 | .125               |   |   | $ | .125 |   |
|                                                                             |   |                              |               |   |   |   |   |   |
|                                                                             |   |                              |               |   |   |   |   |   |
| Shares used in the calculation of basic and diluted income (loss) per share |   |                              |   12,370 |   |   |   |   12,375 |   |
|                                                                             |   |                              |               |   |   |   |   |   |

----

|                                                                                    |   | Three months ended March 31, |   |
|-----------------------------------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                                                    |   | 2010                              |   |   | 2011 |   |
|                                                                                    |   | (unaudited)                       |   |
| Cash flows from operating activities:                                                   |   |                              |   |   |   |   |
|   Net income (loss)                                                           |   | $                                 | (963   | ) |   | $ | 3,991 |   |
|   Depreciation and amortization                                               |   |                              | 1,964  |   |   |   | 1,748 |   |
|   Deferred income taxes                                                       |   |                              | 1,546  |   |   |   | 1,833 |   |
|   Other, net                                                                  |   |                              | 166    |   |   |   | 147 |   |
|   Change in assets and liabilities:                                           |   |                              |   |   |   |   |   |   |
|     Accounts receivable, net                                        |   |                              | (3,777 | ) |   |   | (1,126 | ) |
|     Inventories, net                                                |   |                              | (1,134 | ) |   |   | (992 | ) |
|     Accounts payable and accrued liabilities                        |   |                              | (436   | ) |   |   | (4,877 | ) |
|     Accounts with affiliates                                        |   |                              | 960    |   |   |   | (187 | ) |
|     Income taxes                                                    |   |                              | 34     |   |   |   | 832 |   |
|     Other, net                                                      |   |                              | (856   | ) |   |   | (1,224 | ) |
|                                                                                    |   |                              |   |   |   |   |   |   |
|       Net cash provided by (used in) operating activities |   |                              | (2,496 | ) |   |   | 145 |   |
|                                                                                    |   |                              |   |   |   |   |   |   |
| Cash flows from investing activities:                                                   |   |                              |   |   |   |   |   |   |
|   Capital expenditures                                                        |   |                              | (446   | ) |   |   | (575 | ) |
|   Note receivable from affiliate:                                             |   |                              |   |   |   |   |   |   |
|     Advances                                                        |   |                              | (7,000 | ) |   |   | - |   |
|     Collections                                                     |   |                              | 3,000  |   |   |   | - |   |
|                                                                                    |   |                              |   |   |   |   |   |   |
|       Net cash used in investing activities               |   |                              | (4,446 | ) |   |   | (575 | ) |
|                                                                                    |   |                              |   |   |   |   |   |   |
| Cash flows from financing activities:                                                   |   |                              |   |   |   |   |   |   |
|   Dividends paid                                                              |   |                              | (1,546 | ) |   |   | (1,547 | ) |
|   Repayment of long-term debt                                                 |   |                              | -      |   |   |   | (3,000 | ) |
|   Repayment of loan from affiliate                                            |   |                              | -      |   |   |   | (4,250 | ) |
|   Other, net                                                                  |   |                              | (28    | ) |   |   | - |   |
|                                                                                    |   |                              |   |   |   |   |   |   |
|       Net cash used in financing activities               |   |                              | (1,574 | ) |   |   | (8,797 | ) |
|                                                                                    |   |                              |   |   |   |   |   |   |
| Cash and cash equivalents – net change from:                                      |   |                              |   |   |   |   |   |   |
|   Operating, investing and financing activities                               |   |                              | (8,516 | ) |   |   | (9,227 | ) |
|   Currency translation                                                        |   |                              | 107    |   |   |   | (28 | ) |
| Cash and cash equivalents at beginning of period                                        |   |                              | 20,788 |   |   |   | 13,919 |   |
|                                                                                    |   |                              |   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                              |   | $                                 | 12,379 |   |   | $ | 4,664 |   |
|                                                                                    |   |                              |   |   |   |   |   |   |
| Supplemental disclosures – cash paid for:                                         |   |                              |   |   |   |   |   |   |
|     Interest                                                        |   | $                                 | 47     |   |   | $ | 1,072 |   |
|     Income taxes paid, net                                          |   |                              | (7     | ) |   |   | 2,263 |   |
|                                                                                    |   |                              |   |   |   |   |   |   |
| Non-cash investing and financing activity -                                             |   |                              |   |   |   |   |   |   |
|   Accrual for capital expenditures                                            |   | $                                 | 112    |   |   | $ | 133 |   |

----

|                               |   |         |   |   |       |   |   |     |   |   | Accumulated other    |   |   |        |   |   |          |   |
|------------------------------------|--------|--------------|--------|--------|------------|--------|--------|----------|--------|--------|----------------------|--------|--------|-------------|--------|--------|---------------|--------|
|                               |   |         |   |   | Additional |   |   |     |   |   | comprehensive income |   |   | Total       |   |   |          |   |
|                               |   | Common Stock |   |   | paid-in    |   |   | Retained |   |   | Currency             |   |   | Hedging     |   |   | stockholders' |   |   | Comprehensive |   |
|                               |   | Class A      |   |   | Class B    |   |   | capital  |   |   | earnings             |   |   | translation |   |   | derivatives   |   |   | equity |   |   | income |   |
|                               |   |         |   |   |       |   |   |     |   |   |                 |   |   |        |   |   |          |   |   |   |   |   |   |   |
|  Balance at December 31, 2010 |   | $            | 24     |   |       | $      | 100    |     |   | $      | 54,982               |   |   | $           | 16,486 |   |          | $      | 12,303 |   |   | $ | - |   |   | $ | 83,895 |   |   |   |   |
|                               |   |         |   |   |       |   |   |     |   |   |                 |   |   |        |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                         |   |         | -      |   |       |   | -      |     |   |   | -                    |   |   |        | 3,991  |   |          |   | - |   |   |   | - |   |   |   | 3,991 |   |   | $ | 3,991 |   |
|                               |   |         |   |   |       |   |   |     |   |   |                 |   |   |        |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other comprehensive income, net    |   |         | -      |   |       |   | -      |     |   |   | -                    |   |   |        | -      |   |          |   | 165 |   |   |   | 132 |   |   |   | 297 |   |   |   | 297 |   |
|                               |   |         |   |   |       |   |   |     |   |   |                 |   |   |        |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash dividends                     |   |         | -      |   |       |   | -      |     |   |   | -                    |   |   |        | (1,547 | )      |          |   | - |   |   |   | - |   |   |   | (1,547 | ) |   |   | - |   |
|                               |   |         |   |   |       |   |   |     |   |   |                 |   |   |        |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at March 31, 2011          |   | $            | 24     |   |       | $      | 100    |     |   | $      | 54,982               |   |   | $           | 18,930 |   |          | $      | 12,468 |   |   | $ | 132 |   |   | $ | 86,636 |   |   |   |   |   |
|                               |   |         |   |   |       |   |   |     |   |   |                 |   |   |        |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income               |   |         |   |   |       |   |   |     |   |   |                 |   |   |        |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   | $ | 4,288 |   |
|                               |   |         |   |   |       |   |   |     |   |   |                 |   |   |        |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

|                                           |   | Three months ended March 31, |   |
|------------------------------------------------|--------|-----------------------------------|--------|
|                                           |   | 2010                              |   |   | 2011 |   |
|                                           |   | (In thousands)                    |   |
| Net sales:                                     |   |                              |   |   |   |   |
|   Security Products                  |   | $                                 | 16,662 |   |   | $ | 17,788 |   |
|   Furniture Components               |   |                              | 14,116 |   |   |   | 14,895 |   |
|   Marine Components                  |   |                              | 2,022  |   |   |   | 2,094 |   |
|                                           |   |                              |   |   |   |   |   |   |
|     Total net sales        |   | $                                 | 32,800 |   |   | $ | 34,777 |   |
|                                           |   |                              |   |   |   |   |   |   |
| Operating income (loss):                       |   |                              |   |   |   |   |   |   |
|   Security Products                  |   | $                                 | 3,383  |   |   | $ | 3,574 |   |
|   Furniture Components *             |   |                              | 7      |   |   |   | 6,874 |   |
|   Marine Components                  |   |                              | (369   | ) |   |   | (355 | ) |
|   Corporate operating expenses       |   |                              | (1,285 | ) |   |   | (1,333 | ) |
|                                           |   |                              |   |   |   |   |   |   |
|     Total operating income |   |                              | 1,736  |   |   |   | 8,760 |   |
|                                           |   |                              |   |   |   |   |   |   |
| Other non-operating income, net                |   |                              | 22     |   |   |   | 130 |   |
| Interest expense                               |   |                              | (197   | ) |   |   | (212 | ) |
|                                           |   |                              |   |   |   |   |   |   |
|   Income before income taxes         |   | $                                 | 1,561  |   |   | $ | 8,678 |   |

|                                          |   | December 31, 2010 |   |   | March 31, 2011 |   |
|-----------------------------------------------|--------|------------------------|--------|--------|---------------------|--------|
|                                          |   | (In thousands)         |   |
| Raw materials:                                |   |                   |   |   |                |   |
|   Security Products                 |   | $                      | 2,174  |   |                | $      | 2,421 |   |
|   Furniture Components              |   |                   | 3,325  |   |                |   | 3,124 |   |
|   Marine Components                 |   |                   | 894    |   |                |   | 1,116 |   |
|                                          |   |                   |   |   |                |   |   |   |
|     Total raw materials   |   |                   | 6,393  |   |                |   | 6,661 |   |
|                                          |   |                   |   |   |                |   |   |   |
| Work-in-process:                              |   |                   |   |   |                |   |   |   |
|   Security Products                 |   |                   | 5,178  |   |                |   | 5,498 |   |
|   Furniture Components              |   |                   | 1,068  |   |                |   | 1,669 |   |
|   Marine Components                 |   |                   | 434    |   |                |   | 398 |   |
|                                          |   |                   |   |   |                |   |   |   |
|     Total work-in-process |   |                   | 6,680  |   |                |   | 7,565 |   |
|                                          |   |                   |   |   |                |   |   |   |
| Finished goods:                               |   |                   |   |   |                |   |   |   |
|   Security Products                 |   |                   | 1,720  |   |                |   | 1,660 |   |
|   Furniture Components              |   |                   | 2,717  |   |                |   | 2,667 |   |
|   Marine Components                 |   |                   | 914    |   |                |   | 881 |   |
|                                          |   |                   |   |   |                |   |   |   |
|     Total finished goods  |   |                   | 5,351  |   |                |   | 5,208 |   |
|                                          |   |                   |   |   |                |   |   |   |
| Total inventories, net                        |   | $                      | 18,424 |   |                | $      | 19,434 |   |

----

|                                   |   | December 31, 2010 |   |   | March 31, 2011 |   |
|----------------------------------------|--------|------------------------|--------|--------|---------------------|--------|
|                                   |   | (In thousands)         |   |
|                                   |   |                   |   |   |                |   |
| Accounts payable                       |   | $                      | 4,890  |   |                | $      | 4,686 |   |
| Accrued liabilities:                   |   |                   |   |   |                |   |   |   |
|   Employee benefits          |   |                   | 8,345  |   |                |   | 5,014 |   |
|   Taxes other than on income |   |                   | 479    |   |                |   | 531 |   |
|   Insurance                  |   |                   | 641    |   |                |   | 469 |   |
|   Customer tooling           |   |                   | 561    |   |                |   | 454 |   |
|   Professional               |   |                   | 487    |   |                |   | 353 |   |
|   Other                      |   |                   | 779    |   |                |   | 906 |   |
|                                   |   |                   |   |   |                |   |   |   |
| Total                                  |   | $                      | 16,182 |   |                | $      | 12,413 |   |

|                                 |   | December 31, 2010 |   |   | March 31,   2011  |   |
|--------------------------------------|--------|------------------------|--------|--------|----------------------------------|--------|
|                                 |   | (In thousands)         |   |
|                                 |   |                   |   |   |                             |   |
| Revolving bank credit facility       |   | $                      | 3,000  |   |                             | $      | - |   |
| Promissory note payable to affiliate |   |                   | 42,230 |   |                             |   | 37,980 |   |
|                                 |   |                   |   |   |                             |   |   |   |
| Total debt                           |   |                   | 45,230 |   |                             |   | 37,980 |   |
| Less current maturities              |   |                   | 1,000  |   |                             |   | 1,000 |   |
|                                 |   |                   |   |   |                             |   |   |   |
| Total long-term debt                 |   | $                      | 44,230 |   |                             | $      | 36,980 |   |

|                                                                       |   | Three months ended March 31, |   |
|----------------------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                                       |   | 2010                              |   |   | 2011 |   |
|                                                                       |   | (In thousands)                    |   |
|                                                                       |   |                              |   |   |   |   |
| Expected tax expense, at the U.S. federal statutory income tax rate of 35% |   | $                                 | 546    |   |   | $ | 3,037 |   |
| Non–U.S. tax rates                                                   |   |                              | (58    | ) |   |   | (711 | ) |
| Incremental U.S. tax on earnings of foreign subsidiaries              |   |                              | 2,028  |   |   |   | 2,318 |   |
| State income taxes and other, net                                          |   |                              | 8      |   |   |   | 43 |   |
|                                                                       |   |                              |   |   |   |   |   |   |
|     Total income tax expense                           |   | $                                 | 2,524  |   |   | $ | 4,687 |   |

----

----

|                                                       |   | December 31,   |   |   | March 31, |   |
|------------------------------------------------------------|--------|----------------|--------|--------|-----------|--------|
|                                                       |   | 2010           |   |   | 2011      |   |
|                                                       |   | Carrying       |   |   | Fair      |   |   | Carrying |   |   | Fair |   |
|                                                       |   | amount         |   |   | value     |   |   | amount |   |   | value |   |
|                                                       |   | (In thousands) |   |
| Cash and cash equivalents                                  |   | $              | 13,919 |   |      | $      | 13,919 |   |   | $ | 4,664 |   |   | $ | 4,664 |   |
| Accounts receivable, net                                   |   |           | 14,601 |   |      |   | 14,601 |   |   |   | 15,844 |   |   |   | 15,844 |   |
| Promissory note receivable                                 |   |           | 15,000 |   |      |   | 15,000 |   |   |   | 15,000 |   |   |   | 15,000 |   |
|                                                       |   |           |   |   |      |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable                                           |   |           | 4,890  |   |      |   | 4,890 |   |   |   | 4,686 |   |   |   | 4,686 |   |
| Long-term debt – (including current maturities) |   |           | 45,230 |   |      |   | 45,230 |   |   |   | 37,980 |   |   |   | 37,980 |   |

----

| §   | The positive impact of a litigation settlement gain recorded in the first quarter of 2011 as well as the positive impact of lower litigation expense in 2011; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | The positive impact of higher sales in 2011 from an increase in customer order rates across all business segments due to improved economic conditions in North America; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | The negative impact of relocation costs and production inefficiencies related to the consolidation of our precision slides facilities; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| §   | The negative impact on margins in 2011 from higher raw material costs; and |
|--------------------|----------------------------------------------------------------------------|

| §   | The negative impact of relative changes in foreign currency exchange rates in 2011. |
|--------------------|-------------------------------------------------------------------------------------|

|                              |   | Three months ended March 31, |    |
|-----------------------------------|--------|-----------------------------------|---------|
|                              |   | 2010                              |    |   | % |   |   | 2011 |   |   | % |   |
|                              |   | (Dollars in thousands)            |    |
|                              |   |                              |    |   |   |   |   |   |   |   |   |   |
| Net sales                         |   | $                                 | 32,800  |   |   |   | 100.0 | % |   | $ | 34,777 |   |   |   | 100.0 | % |
| Cost of goods sold                |   |                              | 23,701  |   |   |   | 72.3 |   |   |   | 26,096 |   |   |   | 75.0 |   |
|                              |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Gross profit          |   |                              | 9,099   |   |   |   | 27.7 |   |   |   | 8,681 |   |   |   | 25.0 |   |
|                              |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating costs and expenses |   |                              | (5,795  | ) |   |   | (17.7 | ) |   |   | (6,156 | ) |   |   | (17.7 | ) |
| Litigation settlement gain        |   |                              | -       |   |   |   | - |   |   |   | 7,468 |   |   |   | 21.5 |   |
| Litigation expenses               |   |                              | (1,568  | ) |   |   | (4.8 | ) |   |   | (227 | ) |   |   | (0.7 | ) |
| Facility consolidation costs      |   |                              |  - |   |   |   | - |   |   |   | (1,006 | ) |   |   | (2.9 | ) |
|                              |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Operating income      |   | $                                 | 1,736   |   |   |   | 5.3 | % |   | $ | 8,760 |   |   |   | 25.2 | % |
|                              |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

| Impact of changes in currency exchange rates - 2011 vs 2010 (in thousands) |   |
|----------------------------------------------------------------------------|--------|
|                                                                       |   |
|                                                                       |   | Transaction gains/(losses) |   |   | Translation gain/loss-impact of rate |   |   | Total currency impact |   |
|                                                                       |   | 2010 |   |   | 2011 |   |   | Change |   |   | changes |   |   | 2011 vs 2010 |   |
| Impact on:                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net sales                                                                  |   | $ | - |   |   |   | - |   |   |   | - |   |   |   | 172 |   |   |   | 172 |   |
| Operating income                                                           |   |   | (55 | ) |   |   | (46 | ) |   |   | 9 |   |   |   | (393 | ) |   |   | (384 | ) |

----

|                                           |   | Three months ended March 31, |   |   | %      |   |
|------------------------------------------------|--------|-----------------------------------|--------|--------|--------|--------|
|                                           |   | 2010                              |   |   | 2011   |   |   | Change |   |
|                                           |   | (In thousands)                    |   |   |   |   |
|                                           |   |                              |   |   |   |   |   |   |   |
| Net sales:                                     |   |                              |   |   |   |   |   |   |   |
|   Security Products                  |   | $                                 | 16,662 |   |   | $      | 17,788 |   |   |   | 7 | % |
|   Furniture Components               |   |                              | 14,116 |   |   |   | 14,895 |   |   |   | 6 | % |
|   Marine Components                  |   |                              | 2,022  |   |   |   | 2,094 |   |   |   | 4 | % |
|                                           |   |                              |   |   |   |   |   |   |   |   |   |   |
|     Total net sales        |   | $                                 | 32,800 |   |   | $      | 34,777 |   |   |   | 6 | % |
|                                           |   |                              |   |   |   |   |   |   |   |   |   |   |
| Gross profit:                                  |   |                              |   |   |   |   |   |   |   |   |   |   |
|   Security Products                  |   | $                                 | 5,527  |   |   | $      | 5,844 |   |   |   | 6 | % |
|   Furniture Components               |   |                              | 3,348  |   |   |   | 2,588 |   |   |   | (23 | %) |
|   Marine Components                  |   |                              | 224    |   |   |   | 249 |   |   |   | 11 | % |
|                                           |   |                              |   |   |   |   |   |   |   |   |   |   |
|     Total gross profit     |   | $                                 | 9,099  |   |   | $      | 8,681 |   |   |   | (5 | ) |
|                                           |   |                              |   |   |   |   |   |   |   |   |   |   |
| Operating income (loss):                       |   |                              |   |   |   |   |   |   |   |   |   |   |
|   Security Products                  |   | $                                 | 3,383  |   |   | $      | 3,574 |   |   |   | 6 | % |
|   Furniture Components               |   |                              | 7      |   |   |   | 6,874 |   |   | n.m. |   |
|   Marine Components                  |   |                              | (369   | )      |   |   | (355 | ) |   |   | 4 | % |
|   Corporate operating expenses       |   |                              | (1,285 | )      |   |   | (1,333 | ) |   |   | (4 | %) |
|                                           |   |                              |   |   |   |   |   |   |   |   |   |   |
|     Total operating income |   | $                                 | 1,736  |   |   | $      | 8,760 |   |   |   | 405 | % |
|                                           |   |                              |   |   |   |   |   |   |   |   |   |   |
| n.m. not meaningful                            |   |                              |   |   |   |   |   |   |   |   |   |   |

----

----

| ·   | Higher operating income in the first quarter of 2011 of $7.0 million (primarily as a result of a $7.5 million litigation settlement gain recognized in the first quarter of 2011); |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Higher cash paid for income taxes in the first quarter of 2011 of approximately $2.3 million due to the timing of tax payments and refunds; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Higher cash paid for interest of $1.0 million in 2011 due to timing of interest payments discussed in Note 5 to the Condensed Consolidated Financial Statements. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                             | December 31, | March 31, | December 31,  | March 31, |
|----------------------------------|--------------|-----------|---------------|-----------|
| Days Sales Outstanding:          | 2009         | 2010      | 2010          | 2011      |
|                             |         |      |          |      |
|   Security Products    | 34 Days      | 42 Days   |  40 Days | 37 Days   |
|   Furniture Components | 40 Days      | 45 Days   |  44 Days | 46 Days   |
|   Marine Components    | 33 Days      | 37 Days   |  34 Days | 43 Days   |
|   Consolidated CompX   | 37 Days      | 43 Days   |  41 Days | 41 Days   |

|                             | December 31,                          | March 31,                             | December 31,                          | March 31,                             |
|----------------------------------|---------------------------------------|---------------------------------------|---------------------------------------|---------------------------------------|
| Days in Inventory:               | 2009                                  | 2010                                  | 2010                                  | 2011                                  |
|                             |                                  |                                  |                                  |                                  |
|   Security Products    |      77 Days |      74 Days |      73 Days |      73 Days |
|   Furniture Components |      44 Days |      52 Days |      58 Days |      55 Days |
|   Marine Components    |     109 Days      |     107 Days      |     143 Days      |     118 Days      |
|   Consolidated CompX   |      64 Days |      67 Days |      70 Days |      68 Days |

----

----

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

| ·   | Changes in our raw material and other operating costs (such as steel and energy costs) and our ability to pass those costs on to our customers or offset them with reductions in other operating costs, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| ·   | 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, |
|--------------------|------------------------------------------------------------------------|

----

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

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

| ·   | Potential difficulties in integrating completed or 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), |
|--------------------|-------------------------------------------------------------------------------------------------------------------|

| ·   | 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, |
|--------------------|---------------------------------------------------------|

| ·   | General global economic and political conditions (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 and transportation interruptions); and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| ITEM 3. | QUANTITATIVE AND QUALITATITVE DISCLOSURES ABOUT MARKET RISK. |
|---------|--------------------------------------------------------------|

| ITEM 4. | CONTROLS AND PROCEDURES. |
|---------|--------------------------|

----

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

| Part II. | OTHER INFORMATION |
|----------|-------------------|

| ITEM 1. | Legal Proceedings. |
|---------|--------------------|

| ITEM 1A. | Risk Factors. |
|----------|---------------|

| ITEM 6. | Exhibits. |
|---------|-----------|

|   | Item No. | Exhibit Index |
|--------|----------|---------------|
|   |     |          |
|   | 31.1*    | Certification |
|   |     |          |
|   | 31.2*    | Certification |
|   |     |          |
|   | 32.1*    | Certification |

|                             *  Filed herewith. |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

----

|                              | COMPX INTERNATIONAL INC.(Registrant)                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Date:  May 2, 2011 | By: /s/ Darryl R. Halbert                                            Darryl R. HalbertVice President, Chief Financial Officer and Controller |

----