ZEELAND, Mich., March 8 /PRNewswire-FirstCall/ -- Gentex Corporation
(Nasdaq: GNTX), the Zeeland, Michigan-based manufacturer of automatic-dimming
rearview mirrors and commercial fire protection products, today declared a
regular quarterly cash dividend of $0.15 per share that will be payable April
19, 2004, to shareholders of record of the common stock at the close of
business on April 5, 2004. The ex-dividend date is April 1, 2004. Due to the
required period of time for the settlement of stock trades, this means that a
holder must have purchased shares of Gentex common stock on or before March
30, 2004, in order to receive this cash dividend.
The Company's Board of Directors also approved an increase in the price at
which the Company will begin to repurchase its shares, under the share
repurchase plan that was announced in October 2002. The beginning share price
was initially in the mid $20s and the Board recently approved an increase to
the low $30s. Under the current share repurchase plan, the Company may, from
time to time, purchase up to four million shares of its common stock based on
a number of factors, including market conditions, the market price of the
Company's common stock, the anti-dilutive effect on net earnings, available
cash and other factors as the Company deems appropriate. The Company
repurchased 415,000 shares during the first quarter of 2003 under its plan.
Gentex Corporation (Nasdaq: GNTX) is an international company that
provides high-quality products to the worldwide automotive industry and North
American fire protection market.
The Company develops, manufactures and markets interior and exterior
automatic-dimming automotive rearview mirrors that utilize proprietary
electrochromic technology to dim in proportion to the amount of headlight
glare from trailing vehicle headlamps. More than 95 percent of the Company's
revenue is derived from the sale of those products to the world automotive
industry.
Gentex was the first company in the world to successfully develop and
produce a commercial automatic-dimming rearview mirror. After more than 15
years of supplying these products in the highly competitive global automotive
industry, the Company remains the leading supplier of these mirrors. Gentex
OEM customers include Acura, Audi, Bentley, BMW, DaimlerChrysler, Fiat, Ford,
General Motors, Honda, Hyundai, Infiniti, Isuzu, Kia Motors, Land Rover,
Lexus, Mazda, Mitsubishi, Nissan, Opel, Renault Samsung, MG Rover, Rolls
Royce, SsangYong Motors, Toyota, Volkswagen and Volvo Car Corporation.
Founded in 1974, Gentex has its manufacturing facilities in Zeeland,
Michigan, and automotive sales and engineering offices in Detroit, Michigan;
Germany, Japan, the United Kingdom, France and Korea. The Company is
recognized for its quality products; for its proprietary manufacturing skills
and equipment and application of world class manufacturing principles; for its
commitment to developing and maintaining a highly skilled workforce, and for
encouraging employee ownership of the Company's stock.
SOURCE Gentex Corporation
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Related links:
http://www.gentex.com
CONTACT:
Connie Hamblin of Gentex Corporation,
+1-616-772-1800
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