ZEELAND, Mich., May 16 /PRNewswire-FirstCall/ -- Gentex Corporation,
the Zeeland, Michigan-based manufacturer of automatic-dimming rearview
mirrors and commercial fire protection products, today announced that the
Company's Board of Directors has authorized the repurchase of an additional
eight million shares of the Company's stock, under the existing terms of
its current share repurchase plan. As of March 31, 2006, the Company had
repurchased approximately 5.2 million of the eight million shares
previously authorized under the plan.
Under the plan, the Company may, from time to time, purchase up to an
additional eight million shares of its common stock based on a number of
factors, including market conditions, the market price of the Company's
common stock, anti-dilutive effect on earnings, available cash and other
factors as the Company deems appropriate.
"We believe that the long-term, solid fundamentals of Gentex have not
changed, and that the Company's current share price does not properly
reflect the Company's prospects for the future," said Gentex Chairman of
the Board and Chief Executive Officer Fred Bauer. "The Company has strong
cash flow, and share repurchases remain a tax-efficient way to return cash
to our shareholders. This share repurchase plan signifies our confidence in
the long-term prospects for the Company."
Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act, as amended, that are based on
management's belief, assumptions, current expectations, estimates and
projections about the Company's share price, the global automotive
industry, the economy, cash flow, future growth prospects, the impact of
stock option expenses on earnings, the ability to leverage fixed
manufacturing overhead costs, unit shipment growth rates, and the Company
itself. Words like "anticipates," "believes," "confident," "estimates,"
"expects," "forecast," "likely," "plans," "projects," and "should," and
variations of such words and similar expressions identify forward-looking
statements. These statements do not guarantee future performance and
involve certain risks, uncertainties, and assumptions that are difficult to
predict with regard to timing, expense, likelihood and degree of
occurrence. These risks include, without limitation, employment and general
economic conditions, the pace of economic recovery in the U.S. and in
international markets, the pace of automotive production worldwide, the
types of products purchased by customers, competitive pricing pressures,
currency fluctuations, the financial strength of the Company's customers,
the mix of products purchased by customers, the ability to continue to make
product innovations, the success of newly introduced products (e.g.
SmartBeam), and other risks identified in the Company's filings with the
Securities and Exchange Commission. Therefore actual results and outcomes
may materially differ from what is expressed or forecasted. Furthermore,
the Company undertakes no obligation to update, amend, or clarify
forward-looking statements, whether as a result of new information, future
events, or otherwise.
About the Company
Founded in 1974, Gentex Corporation (Nasdaq: GNTX) is an international
company that provides high-quality products to the worldwide automotive
industry and North American fire protection market. Based in Zeeland,
Michigan, 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. Many of the mirrors are
sold with advanced electronic features, and approximately 96 percent of the
Company's revenues are derived from the sales of auto-dimming mirrors to
nearly every major automaker in the world.
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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