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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 16, 2003
Commission File Number 0-10235
GENTEX CORPORATION
(Exact name of registrant as specified in its charter)
Michigan 38-2030505
(State of Incorporation) (I.R.S. Employer Identification No.)
600 North Centennial Street, Zeeland, Michigan 49464
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (616) 772-1800
ITEM 7 FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99 News release issued by the registrant on April 16, 2003, with
respect to financial results for the first quarter ended March 31,
2003.
ITEM 9 REGULATION FD DISCLOSURE - On April 16, 2003, Gentex Corporation issued a
news release announcing results for the first quarter of fiscal 2003. A copy of
the news release is attached hereto as Exhibit 99. This information furnished
under "ITEM 9 REGULATION FD DISCLOSURE" is intended to be furnished under "ITEM
12 RESULTS OF OPERATIONS AND FINANCIAL CONDITION" in accordance with SEC Release
No. 33-8216.
The information in this Form 8-K and the attached Exhibit shall not be deemed
filed for purposes of Section 18 of the Securities Act of 1934, nor shall it be
deemed incorporated by reference in any filing under the Securities Act of 1933,
except as shall be expressly set forth by specific reference in such filing.
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 hereunto duly authorized.
GENTEX CORPORATION
BY: /s/ Enoch Jen
--------------------
Enoch Jen
Vice President - Finance and
Chief Financial Officer
Date: April 16, 2003
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Exhibit 99
GENTEX
CORPORATION
CONTACT: Connie Hamblin RELEASE: April 16, 2003
(616) 772-1800
GENTEX REPORTS RECORD REVENUES AND NET INCOME
FOR FIRST QUARTER;
Company Ships 50 Millionth Auto-Dimming Mirror
ZEELAND, Michigan, April 16, 2003 -- Gentex Corporation, 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, 2003. The Company also shipped its 50 millionth
auto-dimming mirror during the first quarter of 2003.
The Company achieved its all-time quarterly sales record in the first
quarter of 2003 with revenues of $115.3 million, a 29 percent increase over
revenues of $89.0 million reported in the first quarter last year. Record net
income of $25.9 million, or 34 cents per share, for the first quarter of 2003
increased by 37 percent compared with net income of $19.0 million, or 25 cents
per share, in the comparable 2002 quarter.
"We are very pleased to report continued top- and bottom-line growth in
the first quarter," said Gentex Executive Vice President Garth Deur. "That
growth was primarily due to higher mirror unit shipments and the continuing
trend of using the mirror as a platform for electronic features."
Deur said that the Company expects its auto-dimming mirror unit shipments
to increase by approximately 15 percent for all of calendar 2003. That rate of
increase takes into account the approximately six percent year-over-year decline
in light vehicle production in North America and Europe projected for the second
quarter, which was detailed in the most recent J.D. Power & Associates forecast
at the end of March 2003. The current full-year light vehicle production numbers
forecasted by J.D. Power are 16.0 million units in North America, 15.7 million
units in Western Europe and 20.3 million units in the Asia/Pacific region.
"We expect 2003 to be another very good year for Gentex," said Deur.
"However, there still remains uncertainty associated with automotive light
vehicle production schedules for the balance of the year due to weaker
automotive sales, the economy and the war in Iraq."
The Company also reported that it continues to make progress with its new
SmartBeam(TM) intelligent high-beam headlamp control system, and is on track to
ship that product for three models for two North American automakers beginning
in the second half of calendar 2004.
"We're meeting our customers' requirements for prototype shipments for
SmartBeam," said Deur. "Feedback from our automotive customers, as well as from
consumers, has been very positive on the SmartBeam system. We are now developing
systems for Europe, and our goal is to have vehicle programs in Europe beginning
sometime in the 2006 calendar year and in Asia shortly thereafter."
Total Night Vision Safety(TM) (NVS(R)) Mirror unit shipments for the first
quarter of 2003 increased by 23 percent to 2,535,000, compared with 2,056,000
units for the same quarter in 2002. Total automotive
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revenues in the first quarter of 2003 increased by 31 percent to $110.2 million,
compared with the same quarter last year. Automotive revenues increased at a
higher rate than unit shipments due to increased electronic content in mirrors,
including compass, Johnson Controls' HomeLink(R) wireless control system, and
turn signal indicator.
NVS Mirror unit shipments to offshore and North American customers
increased by 36 percent and 14 percent, respectively, in the first quarter of
2003 compared with the first quarter of 2002. Light vehicle production in North
America was approximately flat in the first quarter of 2003 compared with the
same period last year. Light vehicle production in the first quarter in Western
Europe declined by about two percent, and increased by about 10 percent in the
Asia/Pacific region, compared with the same quarter last year.
During the quarter, the Company repurchased 415,000 shares of Gentex
common stock at a total cost of $10.25 million. These shares were repurchased
based on the previously announced share repurchase program, which authorizes the
purchase of up to four million shares.
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 10 a.m. Eastern Daylight Savings Time today. To access
that call, go to www.gentex.com and select "Investor Information" and "Audio
Archives." 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 Audi, Bentley, BMW, DaimlerChrysler,
Fiat, Ford, General Motors, Hyundai, Infiniti, Isuzu, Kia Motors, Lexus,
Mitsubishi, Nissan, Opel, Renault Samsung, Rover, Rolls Royce, SsangYong Motors,
Toyota and Volkswagen. 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.
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GENTEX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended
March 31,
2003 2002
------------ -----------
Net Sales $115,308,564 $89,048,468
Costs and Expenses
Cost of Goods Sold 67,192,569 53,857,806
Engineering, Research
& Development 6,207,736 5,585,740
Selling, General &
Administrative 5,526,676 5,040,345
Other Expense (Income) (2,000,955) (3,515,149)
------------ -----------
Total Costs and Expenses 76,926,026 60,968,742
------------ -----------
Income Before Provision
for Income Taxes 38,382,538 28,079,726
Provision for Income Taxes 12,474,000 9,126,500
------------ -----------
Net Income $ 25,908,538 $18,953,226
============ ===========
Earnings Per Share
Basic $0.34 $0.25
Diluted $0.34 $0.25
Weighted Average Shares:
Basic 75,944,285 75,313,856
Diluted 76,829,027 76,347,821
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
March 31, Dec 31,
2003 2002
------------ ------------
ASSETS
Cash and Short-Term
Investments $235,989,263 $215,650,801
Other Current Assets 71,166,973 61,147,608
------------ ------------
Total Current Assets 307,156,236 276,798,409
Plant and Equipment - Net 126,204,020 124,982,665
Long-Term Investments and
Other Assets 212,246,532 207,391,593
------------ ------------
Total Assets $645,606,788 $609,172,667
============ ============
LIABILITIES AND SHAREHOLDERS'
INVESTMENT
Current Liabilities $ 48,238,962 $ 29,060,035
Long-Term Debt 0 0
Deferred Income Taxes 5,325,824 6,472,270
Shareholders' Investment 592,042,002 573,640,362
------------ ------------
Total Liabilities &
Shareholders' Investment $645,606,788 $609,172,667
============ ============
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- --------------------------------------------------------------------------------
NVS MIRROR UNIT SHIPMENTS
(Thousands)
- --------------------------------------------------------------------------------
1st Quarter ended March 31, %
- --------------------------------------------------------------------------------
2003 2002 Change
- --------------------------------------------------------------------------------
Domestic Interior 955 858 11%
- --------------------------------------------------------------------------------
Domestic Exterior 424 348 22%
- --------------------------------------------------------------------------------
Total Domestic Units 1,379 1,207 14%
- --------------------------------------------------------------------------------
Offshore Interior 802 624 29%
- --------------------------------------------------------------------------------
Offshore Exterior 354 225 57%
- --------------------------------------------------------------------------------
Total Offshore Units 1,156 849 36%
- --------------------------------------------------------------------------------
Total Interior Mirrors 1,757 1,483 19%
- --------------------------------------------------------------------------------
Total Exterior Mirrors 778 573 36%
- --------------------------------------------------------------------------------
Total Mirror Units 2,535 2,056 23%
- --------------------------------------------------------------------------------
Note: Certain prior year amounts have been reclassified to conform with the
current year presentation. Amounts may not total due to rounding.
End of Filing
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