View:
Download DOC
Download PDF 
   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


(MARK ONE)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1999, OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934 FOR THE TRANSITION PERIOD FROM              TO
                                              -------------    -------------


COMMISSION FILE NO.  0-10235

                               GENTEX CORPORATION
             (Exact name of registrant as specified in its charter)

           MICHIGAN                                      38-2030505
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)

  600 N. CENTENNIAL, ZEELAND, MICHIGAN                     49464
(Address of principal executive offices)                 (Zip Code)

                                 (616) 772-1800
              (Registrant's telephone number, including area code)


- --------------------------------------------------------------------------------
        (Former name, former address and former fiscal year, if changed
                              since last report)


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 (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                        Yes    x                     No
                           ----------                  ----------

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
                        Yes                          No
                           ----------                  ----------


APPLICABLE ONLY TO CORPORATE USERS:

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

                                                     Shares Outstanding
                        Class                         at July 13, 1999
                        -----                        ------------------
             Common Stock, $0.06 Par Value               73,208,195


                        Exhibit Index located at page 10



                                  Page 1 of 11



   2
PART I.   FINANCIAL INFORMATION

ITEM 1.   CONSOLIDATED FINANCIAL STATEMENTS

                       GENTEX CORPORATION AND SUBSIDIARIES

                      CONDENSED CONSOLIDATED BALANCE SHEETS

                     AT JUNE 30, 1999 AND DECEMBER 31, 1998





                                                               ASSETS
                                                               ------
                                                                         June 30, 1999           December 31, 1998
                                                                         -------------           -----------------
                                                                                             
CURRENT ASSETS
   Cash and cash equivalents                                             $  92,501,739             $  50,027,747
   Short term investments                                                   24,915,820                24,034,876
   Accounts receivable, net                                                 31,741,019                30,256,795
   Inventories                                                               8,039,228                 8,726,420
   Prepaid expenses and other                                                3,942,780                 2,311,581
                                                                         -------------             -------------

      Total current assets                                                 161,140,586               115,357,419

PLANT AND EQUIPMENT - NET                                                   64,346,277                59,359,885

OTHER ASSETS
   Long-term investments                                                    79,041,317                78,744,138
   Patents and other assets, net                                             1,789,230                 1,428,116
                                                                         -------------             -------------

      Total other assets                                                    80,830,547                80,172,254
                                                                         -------------             -------------

Total assets                                                             $ 306,317,410             $ 254,889,558
                                                                         =============             =============


                                              LIABILITIES AND SHAREHOLDERS' INVESTMENT
                                              ----------------------------------------

                                                                                             
CURRENT LIABILITIES
   Accounts payable                                                      $  12,448,206             $   7,602,933
   Accrued liabilities                                                       7,204,132                 7,243,957
                                                                         -------------             -------------

      Total current liabilities                                             19,652,338                14,846,890

DEFERRED INCOME TAXES                                                        3,875,540                 3,034,450

SHAREHOLDERS' INVESTMENT
   Common stock                                                              4,392,492                 4,335,535
   Additional paid-in capital                                               76,765,312                64,876,098
   Other shareholders' equity                                              201,631,728               167,796,585
                                                                         -------------             -------------

      Total shareholders' investment                                       282,789,532               237,008,218
                                                                         -------------             -------------

Total liabilities and
   shareholders' investment                                              $ 306,317,410             $ 254,889,558
                                                                         =============             =============





     See accompanying notes to condensed consolidated financial statements.




                                      -2-

   3



                       GENTEX CORPORATION AND SUBSIDIARIES

                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME




                                                           Three Months Ended                   Six Months Ended
                                                                June 30                              June 30
                                                      -----------------------------     -----------------------------------

                                                           1999          1998                 1999              1998
                                                           ----          ----                 ----              ----
                                                                                                  
NET SALES                                                $66,889,149   $51,371,749           $132,507,339     $108,351,151

COST OF GOODS SOLD                                        37,552,621    31,569,068             74,177,330       65,909,577
                                                      -----------------------------     -----------------------------------


      Gross profit                                        29,336,528    19,802,681             58,330,009       42,441,574


OPERATING EXPENSES:
   Research and development                                3,543,158     2,711,514              6,834,485        5,290,743
   Selling, general
      & administrative                                     3,634,323     3,055,195              7,048,531        6,091,208
                                                      -----------------------------     -----------------------------------

      Total operating expenses                             7,177,481     5,766,709             13,883,016       11,381,951
                                                      -----------------------------     -----------------------------------

      Income from operations                              22,159,047    14,035,972             44,446,993       31,059,623


OTHER INCOME (EXPENSE)
   Interest and dividend income                            1,825,062     1,355,061              3,469,541        2,601,248
   Other, net                                                666,622       616,485              1,490,882          921,930
                                                      -----------------------------     -----------------------------------

      Total other income                                   2,491,684     1,971,546              4,960,423        3,523,178
                                                      -----------------------------     -----------------------------------

      Income before provision
         for federal income taxes                         24,650,731    16,007,518             49,407,416       34,582,801

PROVISION FOR FEDERAL INCOME TAXES                         8,114,000     5,243,000             16,161,000       11,317,000
                                                      -----------------------------     -----------------------------------


NET INCOME                                               $16,536,731   $10,764,518            $33,246,416      $23,265,801
                                                      =============================     ===================================

Earnings Per Share
  Basic                                                  $      0.23   $      0.15            $      0.46      $      0.33
  Diluted                                                $      0.22   $      0.15            $      0.44      $      0.32

Weighted Average Shares:
  Basic                                                   72,993,935    71,560,230             72,694,625       71,332,350
  Diluted                                                 75,301,775    73,807,749             75,018,638       73,584,918




     See accompanying notes to condensed consolidated financial statements.




                                      -3-


   4
                       GENTEX CORPORATION AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                 FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND 1998



                                                                                        1999               1998
                                                                                 -----------------  -----------------
                                                                                                  
             CASH FLOWS FROM OPERATING ACTIVITIES:
                Net income                                                            $33,246,416       $ 23,265,801
                Adjustments to reconcile net income to net
                   cash provided by operating activities-
                      Depreciation and amortization                                     4,583,822          4,147,632
                      (Gain) Loss on disposal of equipment                                (15,613)            30,162
                      Deferred income taxes                                               (22,428)          (220,748)
                      Amortization of deferred compensation                               362,850            266,089
                      Change in assets and liabilities:
                         Accounts receivable, net                                      (1,484,224)         3,191,578
                         Inventories                                                      687,192            403,126
                         Prepaid expenses and other                                    (1,250,175)          (101,005)
                         Accounts payable                                               4,845,273            606,654
                         Accrued liabilities                                              (39,825)           100,397
                                                                                 -----------------  -----------------
                         Net cash provided by
                            operating activities                                       40,913,288         31,689,686
                                                                                 -----------------  -----------------

             CASH FLOWS FROM INVESTING ACTIVITIES:
                (Increase) Decrease in short-term investments                            (880,944)        (8,274,402)
                Plant and equipment additions                                          (9,577,502)       (19,144,246)
                Proceeds from sale of plant and equipment                                  51,375                550
                (Increase) Decrease in long-term investments                            1,081,375         (2,299,752)
                (Increase) Decrease in other assets                                      (414,226)          (106,307)
                                                                                 -----------------  -----------------
                         Net cash used for
                            investing activities                                       (9,739,922)       (29,824,157)
                                                                                 -----------------  -----------------

             CASH FLOWS FROM FINANCING ACTIVITIES:
                Issuance of common stock and tax benefit of
                  stock plan transactions                                              11,300,626          8,066,018
                                                                                 -----------------  -----------------
                         Net cash provided by
                            financing activities                                       11,300,626          8,066,018
                                                                                 -----------------  -----------------


             NET INCREASE IN CASH AND
                CASH EQUIVALENTS                                                       42,473,992          9,931,547

             CASH AND CASH EQUIVALENTS,
                beginning of period                                                    50,027,747         26,768,647
                                                                                 -----------------  -----------------

             CASH AND CASH EQUIVALENTS,
                end of period                                                         $92,501,739       $ 36,700,194
                                                                                 =================  =================



      See accompanying notes to condensed consolidated financial statements




                                      -4-



   5
                       GENTEX CORPORATION AND SUBSIDIARIES

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


(1)  The condensed consolidated financial statements included herein have been
     prepared by the Registrant, without audit, pursuant to the rules and
     regulations of the Securities and Exchange Commission. Certain information
     and footnote disclosures normally included in financial statements prepared
     in accordance with generally accepted accounting principles have been
     condensed or omitted pursuant to such rules and regulations, although the
     Registrant believes that the disclosures are adequate to make the
     information presented not misleading. It is suggested that these condensed
     consolidated financial statements be read in conjunction with the financial
     statements and notes thereto included in the Registrant's 1998 annual
     report on Form 10-K.

(2)  In the opinion of management, the accompanying unaudited condensed
     consolidated financial statements contain all adjustments, consisting of
     only a normal and recurring nature, necessary to present fairly the
     financial position of the Registrant as of June 30, 1999, and December 31,
     1998, and the results of operations and cash flows for the interim periods
     presented.

(3)  Inventories consisted of the following at the respective quarter ends:



                                                        June 30, 1999                    December 31, 1998
                                                        -------------                    -----------------
                                                                                      
                  Raw materials                          $3,899,357                         $ 4,301,060
                  Work-in-process                           926,466                             926,466
                  Finished goods                          3,213,405                           3,498,894
                                                         ----------                         -----------
                                                         $8,039,228                         $ 8,726,420
                                                         ==========                         ===========



(4)  Comprehensive income reflects the change in equity of a business enterprise
     during a period from transactions and other events and circumstances from
     non-owner sources. For Gentex, comprehensive income represents net income
     adjusted for items such as unrealized gains and losses on certain
     investments and foreign currency translation adjustments. Comprehensive
     income was approximately as follows:




                                                        June 30, 1999                      June 30, 1998
                                                        -------------                      -------------
                                                                                      
              Quarter Ended                             $18,449,477                         $10,477,031
              Six Months Ended                           34,117,839                          24,447,795



(5)  The Company currently manufactures electro-optic products, including
     automatic-dimming rearview mirrors for the automotive industry and fire
     protection products for the commercial building industry:



                                                        Quarter Ended June 30,                  Six Months Ended June 30
                                                ----------------------------------          -------------------------------
              Revenue:                               1999                1998                  1999                1998
                                                     ----                ----                  ----                ----
                                                                                                   
           Automotive Products                     $61,575,636         $46,240,125          $122,205,203       $ 98,317,627
           Fire Protection Products                  5,313,513           5,131,624            10,302,136         10,033,524
                                                   -----------         -----------          ------------       ------------
           Total                                   $66,889,149         $51,371,749          $132,507,339       $108,351,151
                                                   ===========         ===========          ============       ============

         Operating Income:
           Automotive Products                     $21,280,828         $13,150,882         $  42,771,716      $  29,364,944
           Fire Protection Products                    878,219             885,090             1,675,277          1,694,679
                                                   -----------         -----------         -------------      -------------
           Total                                   $22,159,047         $14,035,972         $  44,446,993      $  31,059,623
                                                   ===========         ===========         =============      =============



(6)  All earnings per share amounts and weighted daily average of shares of
     common stock outstanding have been restated, to reflect the two-for-one
     stock split effected in the form of a 100 percent common stock dividend
     issued to shareholders on June 19, 1998.




                                       -5-



   6


                       GENTEX CORPORATION AND SUBSIDIARIES

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
         FINANCIAL CONDITION

         RESULTS OF OPERATIONS:

         SECOND QUARTER 1999 VERSUS SECOND QUARTER 1998

         Net Sales. Net sales for the second quarter of 1999 increased by
         approximately $15,517,400, or 30%, when compared with the second
         quarter last year. Net sales of the Company's automotive mirrors
         increased by 33% as automatic mirror unit shipments increased by 34%
         from approximately 1,118,000 in the second quarter of 1998 to 1,493,000
         in the current quarter. This increase reflected increased penetration
         on 1999 model year vehicles for interior and exterior electrochromic
         Night Vision Safety(TM) (NVS(R)) Mirrors and reduced shipments in June
         1998 for General Motors due to two strikes at its component plants and
         the subsequent shutdown of the majority of its vehicle assembly plants.
         Shipments to customers in North America increased by 41%, primarily due
         to increased mirror shipments for light trucks and sport/utility
         vehicles, the impact of the two strikes at General Motors in the prior
         year, and higher industry production levels. Mirror unit shipments to
         automotive customers outside North America increased by 17% compared
         with the second quarter in 1998, primarily due to increased exterior
         mirror sub-assembly shipments for certain European and Asian
         automakers. Net sales of the Company's fire protection products
         increased 3%, primarily due to higher sales of certain of the Company's
         audible and visual signals.

         Cost of Goods Sold. As a percentage of net sales, cost of goods
         sold decreased from 61% in the second quarter of 1998 to 56% for
         the comparable period in 1999. This decreased percentage primarily
         reflected improved glass yields due to the Company's new in-house
         coater and processes, and increased sales volume spread over fixed
         overhead expenses.

         Operating Expenses. Research and development expenses increased
         approximately $832,000, but remained at 5% of net sales, when
         compared with the same quarter last year, primarily reflecting
         additional staffing, engineering and testing for new product
         development, including mirrors with additional electronic
         features. Selling, general and administrative expenses increased
         approximately $579,000, but decreased from 6% to 5% of net sales,
         when compared with the second quarter of 1998. This increased
         expense primarily reflected increased staffing to support current
         and future overseas sales growth, and the establishment in
         mid-1998 of a sales and engineering office in Japan and a
         warehouse distribution operation in Germany.

         Other Income - Net. Other income increased by approximately
         $520,000 when compared with the second quarter of 1998, primarily
         due to higher investable fund balances.

         SIX MONTHS ENDED JUNE 30, 1999, VERSUS SIX MONTHS ENDED JUNE 30, 1998

         Net Sales. Net sales for the six months ended June 30, 1999, increased
         by approximately $24,156,000, or 22%, when compared with the same
         period last year. Automatic mirror unit shipments increased from
         approximately 2,386,000 in the first six months of 1998 to 2,983,000 in
         the first six months of 1999. This increase reflected increased
         penetration on domestic and foreign 1999 model year vehicles for
         interior and exterior electrochromic Night Vision Safety(TM) (NVS(R))
         Mirrors and reduced shipments in June 1998 due to two strikes at
         General Motors' component plants. Shipments to customers in North
         America increased by 30%, primarily due to increased mirror shipments
         for light trucks and sport/utility vehicles, higher industry production
         levels, and the impact of two strikes at General Motors in the prior
         year. Mirror unit shipments to automotive customers outside North
         America increased by 14% compared with the first six months in 1998,
         primarily due to increased exterior mirror sub-assemblies for certain
         European and Asian automakers. Net sales of the Company's fire
         protection products increased 3%, primarily due to higher sales of
         certain of the Company's audible and visual signals.

         Cost of Goods Sold. As a percentage of net sales, cost of goods
         sold decreased from 61% in the first six months of 1998 to 56% for
         the comparable period in 1999. This decreased percentage primarily
         reflected improved glass yields due to the Company's new in-house
         coater and processes, and increased sales volume spread over fixed
         overhead expenses.



                                       -6-




   7



ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
         FINANCIAL CONDITION

         RESULTS OF OPERATIONS:

         SIX MONTHS ENDED JUNE 30, 1999 VERSUS SIX MONTHS ENDED JUNE 30,
         1998 (CONT.)

         Operating Expenses. For the six months ended June 30, 1999, research
         and development expenses increased approximately $1,544,000, but
         remained at 5% of net sales, when compared with the same quarter last
         year, pri-marily reflecting additional staffing, engineering and
         testing for new product development, including mirrors with additional
         electronic features. Selling, general and administrative expenses
         increased approximately $957,000, but decreased from 6% to 5% of net
         sales, when compared with the first six months of 1998. This increased
         expense primarily reflected increased staffing to support current and
         future overseas sales growth, and the establishment in mid-1998 of a
         sales and engineering office in Japan and a warehouse distribution
         operation in Germany.

         Other Income - Net. Other income for the six months ended June 30,
         1999, increased by approximately $1,437,000 as compared to the
         first six months of 1998, primarily due to higher investable fund
         balances and realized gains on the sale of equity investments.

         FINANCIAL CONDITION:

         Management considers the Company's working capital and long-term
         investments totaling approximately $220,530,000 at June 30, 1999,
         together with internally generated cash flow and an unsecured
         $5,000,000 line of credit from a bank, to be sufficient to cover
         anticipated cash needs for the foreseeable future.

         TRENDS AND DEVELOPMENTS:

         In addition to price reductions over the life of its long-term
         agreements, the Company continues to experience pricing pressures
         from its automotive customers, which have affected, and which will
         continue to affect, its margins to the extent that the Company is
         unable to offset the price reductions with productivity
         improvements, engineering and purchasing cost reductions, and
         increases in unit sales volume. In addition, the Company continues
         to experience some pressure for select raw material cost increases.

         The Company currently supplies NVS(R) Mirrors to DaimlerChrysler
         AG, Ford Motor Company and General Motors Corporation under
         long-term agreements. The long-term supply agreement with
         DaimlerChrysler AG runs through the 2003 Model Year. The term of
         the Ford contract is through December 1999, while the GM contract
         runs through the 2002 Model Year for inside mirrors.

         YEAR 2000 READINESS DISCLOSURE:

         The Company has developed a plan to address its computer systems'
         compliance with the Year 2000. All internal remediation activities
         have been completed, and the Company completed all internal
         acceptance testing during the second quarter. The Company is in the
         process of ascertaining the status of its suppliers' Year 2000
         compliance efforts, and plans to complete contingency plans during
         the third quarter for any key suppliers that will not be compliant
         on a timely basis. The Company currently believes that the cost of
         addressing the Year 2000 issue will not be material to the
         Company's business, operations or financial condition.

         While the Company believes all necessary work will be completed,
         there can be no guarantee that all systems will be in compliance by
         the year 2000 or that the systems of other companies on which the
         Company relies will be converted in a timely manner. Such failure
         to complete the necessary work by the year 2000 could cause delays
         in the Company's ability to produce or ship its products, process
         transactions, or otherwise conduct business in its markets,
         resulting in material financial risk.

         Statements in this Quarterly Report on Form 10-Q which express
         "belief", "anticipation" or "expectation" as well as other
         statements which are not historical fact, are forward-looking
         statements and involve risks and uncertainties described under the
         headings "Management's Discussion and Analysis of Results of
         Operations and Financial Condition," "Trends and Developments" and
         "Year 2000 Readiness Disclosure" that could cause actual results to
         differ materially from those projected. All forward-looking
         statements in this Report are based on information available to the
         Company on the date hereof, and the Company assumes no obligation
         to update any such forward-looking statements.




                                       -7-




   8


PART II.    OTHER INFORMATION




            Item 6.    Exhibits and Reports on Form 8-K

                       (a)   See Exhibit Index on Page 10.

                       (b)   No reports on Form 8-K were filed during the three
                             months ended June 30, 1999.


















                                      -8-




   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.



                                              GENTEX CORPORATION



         Date:     07/30/99                     /s/  Fred T. Bauer
              ---------------------           ----------------------------------
                                              Fred T. Bauer
                                              Chairman and Chief
                                              Executive Officer



         Date:     07/30/99                     /s/  Enoch C. Jen
              ---------------------           ----------------------------------
                                              Enoch C. Jen
                                              Vice President - Finance,
                                              Principal Financial and
                                              Accounting Officer










                                       -9-



   10


                                  EXHIBIT INDEX





EXHIBIT NO.                          DESCRIPTION                                   PAGE
- -----------                          -----------                                   ----
                                                                             
3(a)(1)     Registrant's Articles of Incorporation were filed in 1981 as Exhibit
            2(a) to a Registration Statement on Form S-18 (Registration No.
            2-74226C), an Amendment to those Articles was filed as Exhibit 3 to
            Registrant's Report on Form 10-Q in August of 1985, an additional
            Amendment to those Articles was filed as Exhibit 3(a)(i) to
            Registrant's Report on Form 10-Q in August of 1987, an additional
            Amendment to those Articles was filed as Exhibit 3(a)(2) to
            Registrant's Report on Form 10-K dated March 10, 1992, an Amendment
            to Articles of Incorporation, adopted on May 9, 1996, was filed as
            Exhibit 3(a)(2) to Registrant's Report on Form 10-Q dated July 31,
            1996, and an Amendment to Articles of Incorporation, adopted on May
            21, 1998, was filed as Exhibit 3(a)(2) to Registrant's Report on
            Form 10-Q dated July 30, 1998, all of which are hereby incorporated
            herein be reference.

3(b)(1)     Registrant's Bylaws as amended and restated August 18, 1995, were
            filed as Exhibit 3(b) to Registrant's Report on Form 10-Q dated
            November 1, 1995, and the same is incorporated herein by reference.

3(b)(2)     First Amendment to Bylaws, adopted on August 25, 1997, was filed as
            Exhibit 3(c) to Registrant's Report on Form 10-Q dated October 31,
            1997, and the same is hereby incorporated herein by reference.

4(a)        A specimen form of certificate for the Registrant's common stock,
            par value $.06 per share, was filed as part of a Registration
            Statement on Form S-18 (Registration No. 2-74226C) as Exhibit 3(a),
            as amended by Amendment No. 3 to such Registration Statement, and
            the same is hereby incorporated herein by reference.

4(b)        Shareholder Protection Rights Agreement, dated as of August 26,
            1991, including as Exhibit A the form of Certificate of Adoption of
            Resolution Establishing Series of Shares of Junior Participating
            Preferred Stock of the Company, and as Exhibit B the form of Rights
            Certificate and of Election to Exercise, was filed as Exhibit 4(b)
            to Registrant's Report on Form 8-K on August 20, 1991, and the same
            is hereby incorporated herein by reference.

4(b)(1)     First Amendment to Shareholder Protection Rights Agreement,
            effective April 1, 1994, was filed as Exhibit 4(b)(1) to
            Registrant's Report on Form 10-Q on April 29, 1994, and the same is
            hereby incorporated herein by reference.

4(b)(2)     Second Amendment to Shareholder Protection Rights Agreement,
            effective November 8, 1996, was filed as Exhibit 4(b)(2) to
            Registrant's Report on Form 10-K, dated March 7, 1997, and the same
            is hereby incorporated herein by reference.

4(b)(3)     Third Amendment to Shareholder Protection Rights Agreement,
            effective March 12, 1999, was filed as Exhibit 4(b)(3) to
            Registrant's Report on Form 10-Q, dated April 30, 1999, and the same
            is hereby incorporated herein by reference.

10(a)(1)    A Lease dated August 15, 1981, was filed as part of a Registration
            Statement (Registration Number 2-74226C) as Exhibit 9(a)(1), and the
            same is hereby incorporated herein by reference.






                                      -10-



   11







EXHIBIT NO.                            DESCRIPTION                                     PAGE
- -----------                            -----------                                     ----
                                                                                 
10(a)(2)    A First Amendment to Lease dated June 28, 1985, was filed as Exhibit
            10(m) to Registrant's Report on Form 10-K dated March 18, 1986, and
            the same is hereby incorporated herein by reference.

*10(b)(1)   Gentex Corporation Qualified Stock Option Plan (as amended and
            restated, effective August 25, 1997) was filed as Exhibit 10(b)(1)
            to Registrant's Report on Form 10-Q, and the same is hereby
            incorporated herein by reference.

*10(b)(2)   Gentex Corporation 1987 Incentive Stock Option Plan (as amended
            through May 24, 1989) was filed as Exhibit 10(g)(3) to Registrant's
            Report on Form 10-K dated March 1, 1990, and the same is hereby
            incorporated herein by reference.

*10(b)(3)   Gentex Corporation Restricted Stock Plan was filed as Exhibit
            10(b)(3) to Registrant's Report on Form 10-K dated March 10, 1992,
            and the same is hereby incorporated herein by reference.

*10(b)(4)   Gentex Corporation Non-Employee Director Stock Option Plan (as
            amended and restated, effective March 7, 1997), was filed as Exhibit
            10(b)(4) to Registrant's Report on Form 10-K dated March 7, 1997,
            and the same is incorporated herein by reference.

10(e)       The form of Indemnity Agreement between Registrant and each of the
            Registrant's directors was filed as a part of a Registration
            Statement on Form S-2 (Registration No. 33-30353) as Exhibit 10(k)
            and the same is hereby incorporated herein by reference.


27          Financial Data Schedule


                          ------------------------------





*Indicates a compensatory plan or arrangement.








                                      -11-

  


 5
 1

                             
                   6-MOS
                          DEC-31-1999
                               JUN-30-1999
                                      92,501,739
                                24,915,820
                               31,741,019
                                         0
                                  8,039,228
                           161,140,586
                                      96,776,816
                            (32,430,539)
                             306,317,410
                       19,652,338
                                              0
                                0
                                          0
                                     4,392,492
                                 278,397,040
               306,317,410
                                    132,507,339
                           132,507,339
                                       74,177,330
                               74,177,330
                           (4,960,423)
                                     0
                                   0
                             49,407,416
                                16,161,000
                         33,246,416
                                       0
                                      0
                                            0
                                33,246,416
                                       0.46
                                     0.44