SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended March 31, 2003            Commission file number 1-13905
--------------                                   -------

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

Delaware                                       57-0981653          
-------------------------------                     --------------------------
(State or other jurisdiction of                          (IRS Employer
organization)                                Identification No.)

5430 LBJ Freeway, Suite 1700, Dallas, Texas 75240-2697
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(Address of principal executive offices)    (Zip Code)

Registrant's telephone number, including area code:            (972) 448-1400
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Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months and (2) has been subject to such filing requirements for
the past 90 days. Yes X No

Indicate  by check mark  whether  the  Registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act). Yes       No  X 
---      ---

Number of shares of common stock outstanding on May 2, 2003:
Class A:   5,115,780
Class B:  10,000,000

COMPX INTERNATIONAL INC.

INDEX

Page
number

Part I.          FINANCIAL INFORMATION

Item 1.        Financial Statements.

Consolidated Balance Sheets - December 31, 2002
and March 31, 2003                                      3-4

Consolidated Statements of Income -
Three months ended March 31, 2002 and 2003               5

Consolidated Statements of Comprehensive Income -
Three months ended March 31, 2002 and 2003               6

Consolidated Statements of Cash Flows -
Three months ended March 31, 2002 and 2003               7

Consolidated Statement of Stockholders' Equity -
Three months ended March 31, 2003                        8

Notes to Consolidated Financial Statements               9-12

Item 2.        Management's Discussion and Analysis of Financial
Condition and Results of Operations.                   13-17

Item 4.        Controls and Procedures.                                 18

Part II.         OTHER INFORMATION

Item 6.        Exhibits and Reports on Form 8-K.                        19

COMPX INTERNATIONAL INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

ASSETS                               December 31,    March 31,
2002            2003
------------    ---------

Current assets:

Cash and cash equivalents ........................      $ 12,407      $ 11,132
Accounts receivable, net .........................        22,924        25,500
Income taxes receivable from affiliates ..........           352           331
Other receivable from affiliate ..................          --             273
Refundable income taxes ..........................         1,378         1,222
Inventories ......................................        28,876        28,225
Prepaid expenses and other .......................         3,422         4,190
Deferred income taxes ............................         1,983         1,940
--------      --------

Total current assets .........................        71,342        72,813
--------      --------

Other assets:
Goodwill .........................................        40,729        41,125
Other intangible assets ..........................         2,183         2,122
Prepaid rent .....................................           426           220
Other ............................................           233           440
--------      --------

Total other assets ...........................        43,571        43,907
--------      --------

Property and equipment:
Land .............................................         4,344         4,637
Buildings ........................................        29,452        30,032
Equipment ........................................       102,347       107,009
Construction in progress .........................         3,548         3,971
--------      --------

139,691       145,649

Less accumulated depreciation ....................        54,512        59,872
--------      --------

Net property and equipment ...................        85,179        85,777
--------      --------

$200,092      $202,497
========      ========

COMPX INTERNATIONAL INC.

CONSOLIDATED BALANCE SHEETS (CONTINUED)

(In thousands)

LIABILITIES AND STOCKHOLDERS' EQUITY                  December 31,     March 31,
2002           2003
------------     ---------

Current liabilities:

Current maturities of long-term debt ...........     $       6      $    --   
Accounts payable and accrued liabilities .......        21,318         20,493
Deferred income taxes ..........................           408           --   
Income taxes ...................................           419            792
---------      ---------

Total current liabilities ..................        22,151         21,285
---------      ---------

Noncurrent liabilities:
Long-term debt .................................        31,000         32,000
Deferred income taxes ..........................         4,469          4,634
Deferred gain on sale/leaseback ................           493            221
---------      ---------

Total noncurrent liabilities ...............        35,962         36,855
---------      ---------

Stockholders' equity:
Preferred stock ................................          --             --   
Class A common stock ...........................            62             62
Class B common stock ...........................           100            100
Additional paid-in capital .....................       119,387        119,387
Retained earnings ..............................        44,049         42,718
Accumulated other comprehensive income
- currency translation ........................       (10,304)        (6,595)
Treasury stock .................................       (11,315)       (11,315)
---------      ---------

Total stockholders' equity .................       141,979        144,357
---------      ---------

$ 200,092      $ 202,497
=========      =========

Commitments and contingencies (Note 1)

COMPX INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF INCOME

Three months ended March 31, 2002 and 2003

(In thousands, except per share data)

2002         2003
----         ----

Net sales ............................................     $ 48,569      $51,020
Cost of goods sold ...................................       38,862       42,197
--------      -------

Gross margin .....................................        9,707        8,823

Selling, general and administrative expense ..........        7,187        6,994
--------      -------

Operating income .................................        2,520        1,829

Other general corporate (income) expense, net ........         (311)         491
Interest expense .....................................          683          341
--------      -------

Income before income taxes .......................        2,148          997

Provision for income taxes ...........................          817          439
--------      -------

Net income .......................................     $  1,331      $   558
========      =======

Basic and diluted earnings per common share ..........     $    .09      $   .04
========      =======

Cash dividends per share .............................     $  0.125      $ 0.125
========      =======

Shares used in the calculation of earnings
per share amounts:
Basic earnings per share ...........................       15,103       15,116
Dilutive impact of outstanding stock options .......           14         --
--------      -------

Diluted earnings per share .........................       15,117       15,116
========      =======

COMPX INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three months ended March 31, 2002 and 2003

(In thousands)

2002          2003
----          ----

Net income ...........................................      $ 1,331       $  558

Other comprehensive income (loss) -
currency translation adjustment, net of tax ........         (198)       3,709
-------       ------

Comprehensive income ...........................      $ 1,133       $4,267
=======       ======

COMPX INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended March 31, 2002 and 2003

(In thousands)

2002         2003
----         ----

Cash flows from operating activities:

Net income .........................................    $  1,331     $    558
Depreciation and amortization ......................       3,080        3,424
Deferred income taxes ..............................       1,010         (357)
Other, net .........................................        (258)          56
--------     --------
5,163        3,681
Change in assets and liabilities:
Accounts receivable ..............................      (1,377)      (1,885)
Inventories ......................................       1,794        1,409
Accounts payable and accrued liabilities .........        (963)      (1,457)
Accounts with affiliates .........................          57         (252)
Income taxes .....................................        (233)         607
Other, net .......................................          73         (582)
--------     --------

Net cash provided by operating activities ......       4,514        1,521
--------     --------

Cash flows from investing activities:
Capital expenditures ...............................      (3,699)      (2,036)
Other, net .........................................        --             56
--------     --------

Net cash used by investing activities ..........      (3,699)      (1,980)
--------     --------

Cash flows from financing activities:
Indebtedness:
Additions .......................................        --          1,000
Principal payments ..............................         (13)          (6)
Deferred financing costs paid ...................        --           (417)
Dividends ..........................................      (1,888)      (1,889)
--------     --------

Net cash used by financing activities ..........      (1,901)      (1,312)
--------     --------

Cash and cash equivalents - net change from:
Operating, investing and financing activities ......      (1,086)      (1,771)
Currency translation ...............................         420          496
Cash and cash equivalents at beginning of period .....      33,309       12,407
--------     --------

Cash and cash equivalents at end of period ...........    $ 32,643     $ 11,132
========     ========

Supplemental disclosures:
Cash paid for:
Interest .........................................    $    581     $    494
Income taxes .....................................         173          175

COMPX INTERNATIONAL INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

Three months ended March 31, 2003

(In thousands)

Accumulated
other
comprehensive
Additional            income (loss)-               Total
Common Stock   paid-in    Retained    currency    Treasury   stockholders'
Class A  Class B capital    earnings   translation    stock       equity

Balance at December 31, 2002 ..   $62     $100   $119,387   $ 44,049    $(10,304)   $(11,315)   $ 141,979

Net income ....................    --      --        --          558        --          --            558

Other comprehensive income, net    --      --        --         --         3,709        --          3,709

Cash dividends ................    --      --        --       (1,889)       --          --         (1,889)
---     ----   --------   --------    --------    --------    ---------

Balance at March 31, 2003 .....   $62     $100   $119,387   $ 42,718    $ (6,595)   $(11,315)   $ 144,357
===     ====   ========   ========    ========    ========    =========

COMPX INTERNATIONAL INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Basis of presentation:

The consolidated balance sheet of CompX International Inc. and Subsidiaries
(collectively,  the  "Company") at December 31, 2002 has been condensed from the
Company's  audited   consolidated   financial   statements  at  that  date.  The
consolidated balance sheet at March 31, 2003 and the consolidated  statements of
income,  comprehensive  income,  stockholders'  equity  and cash  flows  for the
interim periods ended March 31, 2002 and 2003 have been prepared by the Company,
without audit. In the opinion of management, all adjustments, consisting only of
normal  recurring  adjustments,  necessary  to present  fairly the  consolidated
financial  position,  results of operations  and cash flows have been made.  The
results of operations for the interim periods are not necessarily  indicative of
the  operating  results  for a  full  year  or  of  future  operations.  Certain
information  normally  included in financial  statements  prepared in accordance
with accounting  principles  generally  accepted in the United States of America
has  been  condensed  or  omitted.  The  accompanying   consolidated   financial
statements  should be read in  conjunction  with the Company's  Annual Report on
Form 10-K for the year ended December 31, 2002 (the "2002 Annual Report").

Basic earnings per share of common stock is based upon the weighted average
number of  common  shares  actually  outstanding  during  each  period.  Diluted
earnings per share of common stock includes the impact of  outstanding  dilutive
stock options.

Commitments and contingencies are discussed in "Management's Discussion and
Analysis of Financial  Condition and Results of Operations"  and the 2002 Annual
Report.

The  Company  is  69%  owned  by  Valhi,   Inc.  (NYSE:  VHI)  and  Valhi's
wholly-owned  subsidiary  Valcor,  Inc. At March 31, 2003,  Contran  Corporation
holds,   directly  or  through   subsidiaries,   approximately  90%  of  Valhi's
outstanding  common stock.  Substantially  all of Contran's  outstanding  voting
stock is held by trusts  established  for the  benefit of certain  children  and
grandchildren  of Harold C. Simmons,  of which Mr. Simmons is sole trustee.  Mr.
Simmons, the Chairman of the Board of each of Contran,  Valhi and Valcor, may be
deemed to control such companies and the Company.

Stock options. As disclosed in the 2002 Annual Report, the Company accounts
for  stock-based  employee  compensation  related  to stock  options  using  the
intrinsic value method in accordance with  Accounting  Principles  Board Opinion
("APBO")  No. 25,  Accounting  for Stock  Issued to  Employees,  and its various
interpretations. Under APBO No. 25, no compensation cost is generally recognized
for fixed stock options in which the exercise  price is greater than or equal to
the market price on the grant date.  Compensation cost recognized by the Company
related to stock  options  in  accordance  with APBO No. 25 was not  significant
during the first three months of 2002 or 2003.

The following  table  illustrates the effect on net income and earnings per
share if the Company had applied the fair value  recognition  provisions of SFAS
No.  123,  Accounting  for  Stock-Based  Compensation  to  stock-based  employee
compensation  related  to stock  options  for all  options  granted  on or after
January 1, 1995.

Three months ended
March 31,
2002      2003
----      ----
(In thousands)

Net income, as reported .............................          $ 1,331    $ 558
Deduct:  Total stock-based employee
compensation expense related to stock options
determined under fair value based method for all
awards, net of related tax effects..................             (391)    (219)
-------    -----

Pro forma net income ................................          $   940    $ 339
=======    =====

Earnings per share - basic and diluted:
As reported .......................................          $   .09    $ .04
=======    =====

Pro forma .........................................          $   .06    $ .02
=======    =====

Note 2 - Business segment information:

The  Company's   operating  segments  are  defined  as  components  of  its
operations  about which  separate  financial  information  is available  that is
regularly  evaluated by the chief operating decision maker in determining how to
allocate resources and in assessing performance. The Company has three operating
segments - CompX Security  Products,  CompX Waterloo and CompX Regout. The CompX
Security Products segment,  with manufacturing  facilities in South Carolina and
Illinois,  manufactures  locking mechanisms and other security products for sale
to the office furniture,  banking, vending,  computer and other industries.  The
CompX Waterloo segment, with facilities in Canada,  Michigan and Taiwan, and the
CompX Regout  segment,  with  facilities in the  Netherlands,  both  manufacture
and/or  distribute a complete line of precision  ball bearing  slides for use in
office furniture,  computer-related  equipment,  tool storage cabinets and other
applications  and  ergonomic  computer  support  systems  for office  furniture.
Because of the similar economic  characteristics  between the CompX Waterloo and
CompX  Regout  segments  and  due to the  identical  products,  customer  types,
production processes and distribution methods shared by these two segments, they
have been  aggregated  into a single  reportable  segment for segment  reporting
purposes. Three months ended March 31,

2002           2003
----           ----
(In thousands)

Net sales:

CompX Waterloo/CompX Regout ......................     $ 30,388      $ 32,591
CompX Security Products ..........................       18,181        18,429
--------      --------

Total net sales ................................     $ 48,569      $ 51,020
========      ========

Operating income (loss):
CompX Waterloo/CompX Regout ......................     $    411      $   (402)
CompX Security Products ..........................        2,109         2,231
--------      --------

Total operating income .........................        2,520         1,829

Interest expense ...................................         (683)         (341)
Other general corporate income (expense), net ......          311          (491)
--------      --------

Income before income taxes .......................     $  2,148      $    997
========      ========

Note 3 -       Inventories:

December 31,         March 31,
2002               2003
------------         ---------
(In thousands)

Raw materials ............................            $ 6,573            $ 6,235
Work in process ..........................             12,602             12,334
Finished products ........................              9,532              9,499
Supplies .................................                169                157
-------            -------

$28,876            $28,225
=======            =======

Note 4 -       Accounts payable and accrued liabilities:

December 31,      March 31,
2002            2003
------------      ---------
(In thousands)

Accounts payable ...............................         $ 9,106         $ 8,504
Accrued liabilities:
Employee benefits ............................           7,065           6,271
Insurance ....................................             478             427
Royalties ....................................             246             202
Restructuring ................................             540            --
Deferred gain on sale/leaseback ..............             805             831
Other ........................................           3,078           4,258
-------         -------

$21,318         $20,493
=======         =======

In 2001, a charge of $2.7 million was recorded  related to a  consolidation
and rationalization of CompX's European  operations.  This restructuring  effort
included headcount reductions of about 35 employees at the Company's Maastricht,
the Netherlands  facility,  substantially  all of which had been  implemented by
December  31,  2001.  As  adjusted  for  changes  in  currency  exchange  rates,
approximately  $3.0 million was paid through March 31, 2003, which satisfied the
Company's obligations related to this restructuring.

Note 5 - Indebtedness:

December 31,      March 31,
2002             2003
------------      ---------
(In thousands)

Revolving bank credit facility .................         $31,000         $32,000
Other ..........................................               6            --
-------         -------

31,006          32,000
Less current maturities ........................               6            --
-------         -------

$31,000         $32,000
=======         =======

Note 6 - Other general corporate income (expense), net:

Three months ended
March 31,
2002         2003
----         ----
(In thousands)

Interest income ......................................       $ 184        $  50
Foreign currency transactions, net ...................        (290)        (595)
Defined benefit pension plan settlement gain .........         677         --   
Other, net ...........................................        (260)          54
-----        -----

$ 311        $(491)
=====        =====

Note 7 - Provision for income taxes:

Three months ended
March 31,
2002          2003
----          ----
(In thousands)

Expected tax expense .................................       $ 752        $ 349
Non-U.S. tax rates ...................................         (87)         (67)
Incremental U.S. tax on earnings of foreign
subsidiaries ........................................          48          217
State income taxes ...................................          17           26
Other, net ...........................................          87          (86)
-----        -----

$ 817        $ 439
=====        =====

Note 8 - Foreign currency forward contracts:

Certain of the Company's  sales  generated by its non-U.S.  operations  are
denominated in U.S.  dollars.  The Company  periodically  uses currency  forward
contracts to manage a portion of foreign  exchange  rate market risk  associated
with  receivables,  or similar  exchange rate risk associated with future sales,
denominated in a currency other than the holder's functional  currency.  At each
balance  sheet  date,  any  such   outstanding   currency  forward  contract  is
marked-to-market with any resulting gain or loss recognized in income currently.
These contracts are not accounted for as hedging instruments under SFAS No. 133.
At December  31,  2002,  the Company  held a series of  contracts to manage such
exchange  rate  risk to  exchange  an  aggregate  of U.S.  $2.5  million  for an
equivalent amount of Canadian dollars at an exchange rate of Cdn. $1.57 per U.S.
dollar.  Such  contracts  matured  through  January 2003. At March 31, 2003, the
Company did not hold any such contracts.

MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL  CONDITION  AND RESULTS OF
OPERATIONS                                                                     
--------------------------------------------------------------------------------

Overview

The  Company  reported  net income of $.6  million in the first  quarter of
2003, a decrease of 58% from net income of $1.3 million for the first quarter of
2002.

CompX anticipates  continuing its focus on opportunities to rationalize its
cost  structure   throughout  2003.  As  part  of  this  initiative,   CompX  is
consolidating  its two  Kitchener,  Ontario  plants into a single  facility  and
expects substantial completion of this action during the second quarter of 2003.
Expenses relating to this consolidation were approximately $400,000 in the first
three  months of 2003 and are  included  in cost of goods  sold.  The  remaining
consolidation  expenses,  expected to be incurred in the second quarter of 2003,
should be less than such  expenses  incurred  in the first  quarter  of 2003 and
consist  primarily of the cost to move machinery and  equipment.  No significant
cost related to the disposal of fixed  assets is  currently  expected.  Benefits
associated with such  consolidation  are expected to begin to be realized in the
second half of 2003.  Additional  cost  evaluations are under review which could
result in charges for asset impairment,  including goodwill,  and other costs in
future quarters.

Results of Operations

Three months ended
March 31,               
------------------           %  
2002          2003        Change
----          ----        ------
(In millions)

Net sales:

CompX Waterloo/CompX Regout ...........      $30,388      $ 32,591         +7%
CompX Security Products ...............       18,181        18,429         +1%
-------      --------

Total net sales .....................      $48,569      $ 51,020         +5%
=======      ========

Operating income (loss):
CompX Waterloo/CompX Regout ...........      $   411      $   (402)      -198%
CompX Security Products ...............        2,109         2,231         +6%
-------      --------

Total operating income ..............      $ 2,520      $  1,829        -27%
=======      ========

Sales for the  respective  product  lines in the first  quarter of 2002 and
2003 are as follows:

Three months ended
March 31,               
----------------           %
2002        2003        Change
----        ----        ------
(In thousands)

Precision ball-bearing slides ..............      $20,538      $23,169      +13%
Security products ..........................       18,181       18,429      +1%
Ergonomic computer support systems .........        7,818        6,788      -13%
Other products .............................        2,032        2,634      +30%
-------      -------

$48,569      $51,020      +5%
=======      =======

Net sales. Net sales increased $2.5 million, or 5%, to $51.0 million in the
first quarter of 2003 from $48.6 million in the first quarter of 2002. Favorable
fluctuations  in  currency  exchange  rates  accounted  for $1.7  million of the
increase.  Excluding  the effects of changes in  currency  exchange  rates,  the
increase is principally  due to increases in sales volume and selling prices for
precision ball-bearing slide products partially offset by sales volume decreases
of ergonomic computer support systems.

Cost of goods sold.  The Company's  cost of goods sold  increased 9% in the
first quarter of 2003  compared to 2002 while net sales  increased 5% during the
same period. The Company's gross margin percentage decreased from 20% in 2002 to
17% in 2003. The disproportionate change in cost of goods sold and its effect on
gross margins was primarily  due to lower  revenues from sales of  higher-margin
ergonomic products as well as the expenses incurred in the first quarter of 2003
related to  consolidation  of the  Company's  two Canadian  facilities  into one
facility,   discussed  above.  Fluctuations  in  currency  exchange  rates  also
negatively impacted cost of goods sold.

Operating  income.  Operating  income in the first quarter of 2003 was $1.8
million  compared to $2.5 million for the first quarter of 2002,  decreasing 27%
from the first quarter of 2002. As a percentage of net sales,  operating  income
was 4% for the first  quarter of 2003  compared  to 5% for the first  quarter of
2002.  Despite the positive  effects of continued  cost  reductions  and certain
price  increases,  operating  income in the first  quarter of 2003  declined  as
compared to the first quarter of 2002 due to the unfavorable  effects of changes
in the sales mix  (particularly  at the CompX  Waterloo/CompX  Regout  segment),
unfavorable  relative changes in currency exchange rates and expenses associated
with the consolidation of the Company's Canadian facilities.

CompX has  substantial  operations  and assets  located  outside the United
States (principally in Canada, the Netherlands and Taiwan). A portion of CompX's
sales generated from its non-U.S. operations are denominated in currencies other
than the U.S.  dollar,  principally  the Canadian  dollar,  the euro and the New
Taiwan  dollar.  In  addition,  a portion of CompX's  sales  generated  from its
non-U.S.  operations  are  denominated in the U.S.  dollar.  Most raw materials,
labor and other  production  costs for such non-U.S.  operations are denominated
primarily in local currencies. Consequently, the translated U.S. dollar value of
CompX's  foreign  sales and operating  results are subject to currency  exchange
rate  fluctuations  which may favorably or unfavorably  impact reported earnings
and may affect comparability of period-to-period  operating results.  During the
first  quarter of 2003,  currency  exchange  rate  fluctuations  of the Canadian
dollar and the euro positively impacted the Company's sales comparisons with the
corresponding  period of the  prior  year  (principally  with  respect  to slide
products) and exchange rate fluctuations of the Canadian dollar,  the New Taiwan
dollar  and  the  euro  negatively   impacted  the  Company's  operating  income
comparisons for the corresponding periods.

The  following  table  summarizes  the  effect of  currency  exchange  rate
fluctuations for the three month periods ended March 31, 2002 and 2003:

Percentage change -
three months ended
March 31, 2002 vs. 2003
Including         Excluding
effects of       effects of
currency         currency
fluctuations     fluctuations

Net sales:

CompX Waterloo/CompX Regout ..................             7%              1%
CompX Security Products ......................             1%              1%

Total net sales ............................             5%              2%

Operating income:
CompX Waterloo/CompX Regout ..................          (198%)           (46%)
CompX Security Products ......................             6%              6%

Total operating income .....................           (27%)            (3%)

Outlook.  The  current  weak  economic  cycle is  expected  to  continue to
negatively  impact  CompX's  results  for  the  remainder  of  2003.  Given  the
uncertainty of overall  economic  conditions  and that a significant  portion of
CompX's revenue is derived from the office  furniture  industry,  which tends to
lag in its recovery behind the rest of the economy, CompX continues to emphasize
its focus on business  opportunities  outside of the office furniture  industry.
Rationalization  initiatives begun in 2002 and continuing through the first half
of 2003,  along with  prudent  management  of capital  expenditures  and working
capital,  should  strengthen  the  Company's  financial  position and  favorably
position the Company in future quarters.

General Corporate and other items

Other general  corporate  income  (expense),  net. The  components of other
general  corporate  income  (expense),  net  are  summarized  in  Note  6 to the
Consolidated  Financial  Statements,  and  primarily  include  interest  income,
foreign currency  transaction gains and losses, gains and losses on disposals of
other  assets and a  settlement  gain  relating  to CompX's  terminated  defined
benefit pension plan in 2002.  Interest income decreased in the first quarter of
2003 as compared to the  corresponding  period in 2002  primarily due to a lower
level of funds available for investment.

Interest  expense.  Interest  expense declined in the first quarter of 2003
compared to the first quarter of 2002 due  primarily to lower average  levels of
outstanding  indebtedness on CompX's  Revolving Bank Credit Agreement offset, in
part,  by  higher  interest  rates on the  Company's  outstanding  indebtedness.
Interest  expense is expected  to be  similarly  lower in the second  quarter of
2003,  as  compared  to the same  period in 2002.  For the second  half of 2003,
interest  expense is expected to be slightly higher than the same period in 2002
due to higher  interest rates charged on the Company's new Revolving Bank Credit
Agreement entered into in January 2003.

Provision  for income  taxes.  The  principal  reasons  for the  difference
between CompX's effective income tax rates and the U.S. federal statutory income
tax rates are  explained  in Note 7 to the  Consolidated  Financial  Statements.
Income  tax rates vary by  jurisdiction  (county  and/or  state),  and  relative
changes  in the  geographic  mix of  CompX's  pre-tax  earnings  can  result  in
fluctuations in the effective income tax rate.

Liquidity and Capital Resources

Consolidated cash flows

Operating  activities.  Trends in cash  flows  from  operating  activities,
excluding  changes in assets and liabilities  have generally been similar to the
trends in the  Company's  earnings.  Net cash  provided by operating  activities
excluding  changes in assets  and  liabilities  totaled  $5.2  million  and $3.7
million in the first  quarter of 2002 and 2003,  respectively,  compared  to net
income of $1.3 million and $.6 million, respectively.

Changes  in assets  and  liabilities  result  primarily  from the timing of
production,  sales  and  purchases.  Such  changes  in  assets  and  liabilities
generally  tend to even out over time and  result in trends in cash  flows  from
operating activities generally reflecting earnings trends.

Investing  activities.  Net cash used by investing  activities totaled $3.7
million and $2.0 million in the first quarter of 2002 and 2003, respectively.

The capital  expenditures for 2003 relate primarily to equipment  additions
designed to utilize new technologies thereby increasing automation and improving
manufacturing efficiencies at the Company's facilities. Capital expenditures for
2003 are estimated at approximately $11 million, the majority of which relate to
projects  that  emphasize  improved  production  efficiency  and the shifting of
production  capacity to lower cost  facilities.  Firm purchase  commitments  for
capital projects not commenced at March 31, 2003 approximated $1.6 million.

Financing  activities.  Net cash used by financing  activities totaled $1.9
million and $1.3  million in the first  quarter of 2002 and 2003,  respectively.
The Company paid its regular  quarterly  dividend of $1.9 million,  or $.125 per
share, in the first quarter of 2003.

In January 2003, the Company  replaced its expiring $100 million  unsecured
Revolving Senior Credit Facility with a new $47.5 million secured Revolving Bank
Credit  Agreement.  Under this facility,  $15.5 million was available for future
borrowing  at March 31, 2003.  The new credit  agreement  is  collateralized  by
substantially  all of the Company's United States assets and at least 65% of the
ownership interests in the Company's first-tier  non-United States subsidiaries.
Provisions contained in the Credit Agreement could result in the acceleration of
the  indebtedness  prior to its stated  maturity for reasons other than defaults
from  failing to comply with  typical  financial  covenants.  For  example,  the
Company's  Credit  Agreement allows the lender to accelerate the maturity of the
indebtedness upon a change of control (as defined) of the borrower. The terms of
the Credit Agreement could result in the acceleration of all or a portion of the
indebtedness  following  a sale of  assets  outside  of the  ordinary  course of
business.

CompX's  board of  directors  has  authorized  CompX to  purchase up to 1.5
million  shares  of its  common  stock in open  market  or  privately-negotiated
transactions  over an  unspecified  period of time.  Through March 31, 2003, the
Company had purchased 1.1 million shares pursuant to such  authorization  for an
aggregate of $11.3 million. None of such shares were purchased during 2003.

Management  believes  that cash  generated  from  operations  and borrowing
availability under the Company's Revolving Bank Credit Agreement,  together with
cash on hand,  will be  sufficient  to meet the  Company's  liquidity  needs for
working capital, capital expenditures, debt service and dividends. To the extent
that the Company's actual operating  results or other  developments  differ from
the Company's  expectations,  CompX's liquidity could be adversely affected.  In
this regard,  during 2002 and the first quarter of 2003, the Company's quarterly
common stock  dividend of $.125 per share  exceeded the  Company's  earnings per
share. Depending upon the Company's future operations and requirements for cash,
it is  possible  the  Company  may  decide to reduce or  suspend  its  quarterly
dividend.

The Company periodically evaluates its liquidity requirements,  alternative
uses of capital,  capital needs and available  resources in view of, among other
things,  its capital  expenditure  requirements,  dividend  policy and estimated
future operating cash flows. As a result of this process, the Company has in the
past  and may in the  future  seek to raise  additional  capital,  refinance  or
restructure  indebtedness,  issue  additional  securities,  modify its  dividend
policy,  repurchase  shares of its common  stock or take a  combination  of such
steps to manage its  liquidity  and capital  resources.  In the normal course of
business,  the Company may review opportunities for acquisitions,  divestitures,
joint  ventures  or  other  business  combinations  in  the  component  products
industry.  In the event of any such transaction,  the Company may consider using
available  cash,   issuing   additional  equity  securities  or  increasing  the
indebtedness of the Company or its subsidiaries.

Forward Looking Information

As  provided  by the  safe  harbor  provisions  of the  Private  Securities
Litigation  Reform Act of 1995, the Company cautions that the statements in this
Quarterly  Report on Form 10-Q relating to matters that are not historical facts
are  forward-looking   statements  that  represent   management's   beliefs  and
assumptions based on currently available information. Forward-looking statements
can be  identified  by the use of words such as  "believes,"  "intends,"  "may,"
"should," "anticipates," "expects" or comparable terminology,  or by discussions
of strategies  or trends.  Although the Company  believes that the  expectations
reflected in such forward-looking  statements are reasonable, it cannot give any
assurances that these expectations will prove to be correct.  Such statements by
their  nature   involve   substantial   risks  and   uncertainties   that  could
significantly  impact expected  results,  and actual future results could differ
materially from those described in such  forward-looking  statements.  Among the
factors  that could cause actual  future  results to differ  materially  are the
risks and  uncertainties  discussed in this Quarterly Report and those described
from  time to time in the  Company's  other  filings  with  the  Securities  and
Exchange  Commission.  While it is not  possible to identify  all  factors,  the
Company  continues  to face many  risks  and  uncertainties  including,  but not
limited to the following:

o    Future supply and demand for the Company's products,
o    Changes in costs of raw materials and other operating costs (such as energy
costs),
o    General global economic and political conditions,
o    Demand for office furniture,
o    Service industry employment levels,
o    The possibility of labor disruptions,
o    Competitive  products  and prices,  including  increased  competition  from
low-cost manufacturing sources (such as China),
o    Substitute products,
o    Customer and competitor strategies,
o    The introduction of trade barriers,
o    The impact of pricing and production decisions,
o    Fluctuations in the value of the U.S.  dollar relative to other  currencies
(such as the euro, Canadian dollar and New Taiwan dollar),
o    Potential difficulties in integrating completed acquisitions,
o    Uncertainties associated with new product development,
o    Environmental  matters  (such as those  requiring  emission  and  discharge
standards for existing and new facilities),
o    The ultimate outcome of income tax audits,
o    The impact of current or future government regulations,
o    Possible future litigation and
o    Other risks and uncertainties.

Should one or more of these risks  materialize  (or the  consequences  of such a
development worsen) or should the underlying assumptions prove incorrect, actual
results could differ  materially from those forecasted or expected.  The Company
disclaims  any  intention  or  obligation  to update  publicly  or  revise  such
statements whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

In an effort to provide investors with additional information regarding the
Company's results of operations as determined by accounting principles generally
accepted in the United  States of America  ("GAAP"),  the Company has  disclosed
certain  non-GAAP   information  which  the  Company  believes  provides  useful
information to investors:

o    The Company discloses  percentage changes in its sales and operating income
excluding the effects of foreign currency translation, so that such changes
can be analyzed without the impact of changes in foreign currency  exchange
rates, thereby facilitating period-to-period comparisons.

ITEM 4. Controls and Procedures.

The Company maintains a system of disclosure  controls and procedures.  The
term  "disclosure  controls and  procedures,"  as defined by  regulations of the
Securities and Exchange Commission ("SEC"),  means controls and other procedures
that are  designed to ensure that  information  required to be  disclosed in the
reports  that the  Company  files or  submits  to the SEC under  the  Securities
Exchange Act of 1934, as amended (the "Act"), is recorded, processed, summarized
and  reported,  within the time periods  specified in the SEC's rules and forms.
Disclosure  controls and procedures include,  without  limitation,  controls and
procedures  designed to ensure that information  required to be disclosed by the
Company  in the  reports  that it files or  submits  to the SEC under the Act is
accumulated  and  communicated  to  the  Company's  management,   including  its
principal  executive officer and its principal financial officer, as appropriate
to allow timely  decisions to be made  regarding  required  disclosure.  Each of
David A. Bowers,  the Company's Vice Chairman of the Board,  President and Chief
Executive Officer,  and Darryl R. Halbert,  the Company's Vice President,  Chief
Financial  Officer and  Controller,  have  evaluated  the  Company's  disclosure
controls and  procedures  as of a date within 90 days of the filing date of this
Form 10-Q. Based upon their evaluation,  these executive officers have concluded
that the Company's  disclosure  controls and  procedures are effective as of the
date of such evaluation.

The  Company  also  maintains  a  system  of  internal  controls.  The term
"internal  controls," as defined by the American  Institute of Certified  Public
Accountants'  Codification of Statement on Auditing  Standards,  AU Section 319,
means controls and other  procedures  designed to provide  reasonable  assurance
regarding the  achievement  of objectives  in the  reliability  of the Company's
financial   reporting,   the  effectiveness  and  efficiency  of  the  Company's
operations and the Company's  compliance with  applicable laws and  regulations.
There have been no significant  changes in the Company's internal controls or in
other factors that could  significantly  affect such controls  subsequent to the
date of their last evaluation,  including any corrective  actions with regard to
significant deficiencies and material weaknesses.

Part II. OTHER INFORMATION

ITEM 6. Exhibits and Reports on Form 8-K.

(a)    Exhibits

99.1      Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

99.2      Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(b)    Reports on Form 8-K

Reports on Form 8-K for the quarter ended March 31, 2003.

February 13, 2003 - Reported item 9.

February 27, 2003 - Reported item 9.

SIGNATURES

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

COMPX INTERNATIONAL INC.     
-----------------------------
(Registrant)

Date May 8, 2003                  By /s/ Darryl R. Halbert      
---------------                 ---------------------------
Darryl R. Halbert
Vice President, Chief Financial Officer
and Controller

CERTIFICATION

I,  David A.  Bowers,  the Vice  Chairman  of the  Board,  President  and  Chief
Executive Officer of CompX International Inc., certify that:

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

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

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

4)   The  registrant's  other  certifying  officer  and  I are  responsible  for
establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

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

b)   evaluated the  effectiveness of the registrant's  disclosure  controls
and procedures as of a date within 90 days prior to the filing date of
this quarterly report (the "Evaluation Date"); and

c)   presented  in  this  quarterly   report  our  conclusions   about  the
effectiveness  of the disclosure  controls and procedures based on our
evaluation as of the Evaluation Date;

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

a)   all  significant  deficiencies  in the design or operation of internal
controls  which could  adversely  affect the  registrant's  ability to
record,  process,   summarize  and  report  financial  data  and  have
identified for the  registrant's  auditors any material  weaknesses in
internal controls; and

b)   any fraud, whether or not material,  that involves management or other
employees who have a  significant  role in the  registrant's  internal
controls; and

6)   The  registrant's  other  certifying  officer and I have  indicated in this
quarterly report whether or not there were significant  changes in internal
controls  or in other  factors  that could  significantly  affect  internal
controls  subsequent to the date of our most recent  evaluation,  including
any corrective actions with regard to significant deficiencies and material
weaknesses.

Date:  May 8, 2003

/s/ David A. Bowers
-----------------------------------------
David A. Bowers
Vice Chairman of the Board, President
and Chief Executive Officer

CERTIFICATION

I, Darryl R. Halbert, the Vice President, Chief Financial Officer and Controller
of CompX International Inc., certify that:

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

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

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

4)   The  registrant's  other  certifying  officer  and  I are  responsible  for
establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

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

b)   evaluated the  effectiveness of the registrant's  disclosure  controls
and procedures as of a date within 90 days prior to the filing date of
this quarterly report (the "Evaluation Date"); and

c)   presented  in  this  quarterly   report  our  conclusions   about  the
effectiveness  of the disclosure  controls and procedures based on our
evaluation as of the Evaluation Date;

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

a)   all  significant  deficiencies  in the design or operation of internal
controls  which could  adversely  affect the  registrant's  ability to
record,  process,   summarize  and  report  financial  data  and  have
identified for the  registrant's  auditors any material  weaknesses in
internal controls; and

b)   any fraud, whether or not material,  that involves management or other
employees who have a  significant  role in the  registrant's  internal
controls; and

6)   The  registrant's  other  certifying  officer and I have  indicated in this
quarterly report whether or not there were significant  changes in internal
controls  or in other  factors  that could  significantly  affect  internal
controls  subsequent to the date of our most recent  evaluation,  including
any corrective actions with regard to significant deficiencies and material
weaknesses.

Date:  May 8, 2003

/s/ Darryl R. Halbert
---------------------------------------  
Darryl R. Halbert
Vice President, Chief Financial Officer
and Controller

Exhibit 99.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In  connection  with the  Quarterly  Report  of CompX  International  Inc.  (the
Company)  on Form 10-Q for the period  ending  March 31,  2003 as filed with the
Securities and Exchange  Commission on the date hereof (the Report), I, David A.
Bowers, Vice Chairman of the Board, President and Chief Executive Officer of the
Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906
of the Sarbanes-Oxley Act of 2002, that:

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

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

/s/  David A. Bowers
-----------------------------------------------------------------
David A. Bowers
Vice Chairman of the Board, President and Chief Executive Officer

May 8, 2003

*    A signed  original of this  written  statement  required by Section 906 has
been  provided to CompX  International  Inc.  and will be retained by CompX
International Inc. and furnished to the Securities and Exchange  Commission
or its staff upon request.

Exhibit 99.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In  connection  with the  Quarterly  Report  of CompX  International  Inc.  (the
Company)  on Form 10-Q for the period  ending  March 31,  2003 as filed with the
Securities and Exchange Commission on the date hereof (the Report), I, Darryl R.
Halbert, Vice President,  Chief Financial Officer and Controller of the Company,
certify,  pursuant to 18 U.S.C.  ss.1350,  as adopted  pursuant to ss.906 of the
Sarbanes-Oxley Act of 2002, that:

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

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

/s/  Darryl R. Halbert
---------------------------------------
Darryl R. Halbert
Vice President, Chief Financial Officer
and Controller

May 8, 2003

*    A signed  original of this  written  statement  required by Section 906 has
been  provided to CompX  International  Inc.  and will be retained by CompX
International Inc. and furnished to the Securities and Exchange  Commission
or its staff upon request.