ZEELAND, Mich., April 20 /PRNewswire-FirstCall/ -- Gentex Corporation
(Nasdaq: GNTX), the Zeeland, Michigan-based manufacturer of automatic-dimming
rearview mirrors and commercial fire protection products, today reported
record revenues and net income for the first quarter ended March 31, 2004.
The Company achieved its all-time quarterly sales record in the first
quarter of 2004 with revenues of $129.3 million, a 12 percent increase over
revenues of $115.3 million reported in the first quarter last year. Record
net income of $29.8 million, or 38 cents per share, for the first quarter of
2004 increased by 15 percent compared with net income of $25.9 million, or 34
cents per share, in the comparable 2003 quarter.
"We are very pleased that we posted good growth for the first quarter of
2004," said Gentex Executive Vice President Garth Deur. "The continued top-
line growth was primarily due to higher mirror unit shipments and the
continuing recognition in the marketplace of the auto-dimming mirror as an
important automotive safety feature. That top-line sales growth translated
into bottom-line earnings growth for that reason as well as continued
manufacturing efficiencies and improved capacity utilization."
The newest electronic feature from Gentex is SmartBeam(TM), the
intelligent high-beam headlamp control system that the Company has developed
over a period of many years. General Motors and DaimlerChrysler recently
showed the first vehicles to debut with the SmartBeam system at the New York
Auto Show. Both the Cadillac STS and the Jeep Grand Cherokee will offer
SmartBeam as an option for the 2005 model year.
"We continue to invest significant effort and dollars into the development
of SmartBeam, and continue to believe that it will be a popular feature with
consumers. In December 2003, J.D. Power and Associates released the results
of its 2003 U.S. Automotive Emerging Technologies Study and SmartBeam ranked
#1 with consumers based on the product's capabilities and estimated
pricepoint," said Deur.
The Company expects its auto-dimming mirror unit shipments to increase by
approximately 15 percent for all of calendar 2004, according to Deur. That
rate of increase takes into account a two percent year-over-year increase in
light vehicle production in North America and a two percent decline in
production in Western Europe. The current full-year light vehicle production
numbers forecasted by J.D. Power are 16.1 million units in North America, 16.1
million units in Western Europe and 22.9 million units in the Asia/Pacific
region.
Total auto-dimming mirror unit shipments for the first quarter of 2004
increased by 18 percent to 2,982,000, compared with 2,535,000 units for the
same quarter in 2003. Total automotive revenues in the first quarter of 2004
increased by 12 percent to $123.7 million, compared with the same quarter last
year.
Auto-dimming mirror unit shipments to offshore and North American
customers increased by 25 percent and 11 percent, respectively, in the first
quarter of 2004 compared with the first quarter of 2003. During the first
quarter of 2004, light vehicle production in North America was down one
percent compared with the same quarter last year. Light vehicle production
declined by two percent in Western Europe and increased by 11 percent in the
Asia/Pacific region, compared with the same quarter last year.
Revenues in the Company's Fire Protection Products Group increased by nine
percent in the first quarter of 2004 to $5.6 million, compared with the first
quarter last year.
Certain matters discussed in this news release, including auto-dimming
mirror unit shipment projections and estimates and the impact of new products,
are forward-looking statements which involve certain risks and uncertainties,
and are subject to change based on various market, industry and other
important factors. The Company cautions investors that numerous factors (some
of which are outlined in the Company's Form 10-K filed with the Securities and
Exchange Commission and other interim reports) and future events may affect
the Company's actual results, and may cause those results to differ materially
from those expressed in this news release. Furthermore, Gentex undertakes no
obligation to update, amend, or clarify forward-looking statements whether as
a result of new information, future events, or otherwise.
A conference call related to this news release will be simulcast live on
the Internet beginning at 1:30 p.m. Eastern Daylight Saving Time today. To
access that call, go to http://www.gentex.com and select the "Audio Webcast" icon in
the lower right-hand corner. Other conference calls hosted by the Company
will also be available at that site in the future.
Gentex Corporation (The Nasdaq Stock Market: 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 proprietary electro-optic products, including
interior and exterior electrochromic, automatic-dimming Night Vision
Safety(TM) (NVS(R)) automotive rearview mirrors that dim in proportion to the
amount of headlight glare from trailing vehicle headlamps, and an extensive
line of fire protection products for commercial applications.
Gentex was the first company in the world to successfully develop and
produce a commercial electrochromic mirror for the motor vehicle industry.
The Company is the leading supplier of these mirrors to the worldwide
automotive industry. 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, PSA, Renault
Samsung, MG Rover, Rolls Royce, SsangYong Motors, Toyota, Volkswagen and Volvo
Car Corporation. Gentex accessory customers include Gulf States Toyota
Distributors, Mito Corporation, Southeast Toyota Distributors, Subaru
Distributors NE and Toyota Motor Sales USA.
Founded in 1974, Gentex operates out of four facilities in Zeeland,
Michigan; an automotive sales office in Livonia, Michigan; automotive sales
and engineering subsidiaries in Germany, Japan, the United Kingdom and France;
and four regional U.S. sales offices for the Fire Protection Products Group.
The Company is recognized for its quality products, its 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.
AUTO-DIMMING MIRROR UNIT SHIPMENTS
(Thousands)
1st Quarter ended March 31, %
2004 2003 Change
Domestic Interior 1,070 955 12%
Domestic Exterior 462 424 9%
Total Domestic Units 1,533 1,379 11%
Offshore Interior 1,066 802 33%
Offshore Exterior 383 354 8%
Total Offshore Units 1,450 1,156 25%
Total Interior Mirrors 2,137 1,757 22%
Total Exterior Mirrors 846 778 9%
Total Mirror Units 2,982 2,535 18%
Note: Certain prior year amounts have been reclassified to conform with
the current year presentation. Amounts may not total due to rounding.
GENTEX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended
March 31,
2004 2003
Net Sales $129,327,548 $115,308,564
Costs and Expenses
Cost of Goods Sold 74,443,276 67,192,569
Engineering, Research & Development 7,443,288 6,207,736
Selling, General & Administrative 6,745,121 5,526,676
Other Expense (Income) (3,474,612) (2,000,955)
Total Costs and Expenses 85,157,073 76,926,026
Income Before Provision
for Income Taxes 44,170,475 38,382,538
Provision for Income Taxes 14,355,000 12,474,000
Net Income $29,815,475 $25,908,538
Earnings Per Share
Basic $0.39 $0.34
Diluted $0.38 $0.34
Cash Dividends Declared per Share $0.15 $0.00
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
March 31, Dec 31,
2004 2003
ASSETS
Cash and Short-Term Investments $452,739,976 $393,606,656
Other Current Assets 102,343,037 91,742,675
Total Current Assets 555,083,013 485,349,331
Plant and Equipment - Net 127,759,195 126,806,882
Long-Term Investments and Other Assets 123,589,949 150,373,553
Total Assets $806,432,157 $762,529,766
LIABILITIES AND SHAREHOLDERS' INVESTMENT
Current Liabilities $67,733,999 $50,480,480
Long-Term Debt 0 0
Deferred Income Taxes 19,161,672 18,405,955
Shareholders' Investment 719,536,486 693,643,331
Total Liabilities &
Shareholders' Investment $806,432,157 $762,529,766
SOURCE Gentex Corporation
 back to top
Related links:
http://www.gentex.com
CONTACT:
Connie Hamblin of Gentex Corporation,
+1-616-772-1800
|
