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, 2000, 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
        incorporation or organization)                 Identification No.)

       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 18, 2000
                       -----                       ----------------
           Common Stock, $0.06 Par Value               74,008,953


                        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, 2000 and December 31, 1999



                                     ASSETS



                                                         June 30, 2000             December 31, 1999
                                                         -------------             -----------------
                                                                          
CURRENT ASSETS
   Cash and cash equivalents                               $86,398,128                   $69,227,972
   Short term investments                                   28,565,301                    25,505,657
   Accounts receivable, net                                 40,037,537                    30,633,501
   Inventories                                               9,824,296                     9,975,178
   Prepaid expenses and other                                2,613,592                     2,873,276
                                                     ------------------         ---------------------

      Total current assets                                 167,438,854                   138,215,584

PLANT AND EQUIPMENT - NET                                   79,177,128                    71,338,053

OTHER ASSETS
   Long-term investments                                   141,643,991                   125,816,629
   Patents and other assets, net                             2,383,930                     2,302,504
                                                     ------------------         ---------------------

      Total other assets                                   144,027,921                   128,119,133
                                                     ------------------         ---------------------

Total assets                                              $390,643,903                  $337,672,770
                                                     ==================         =====================



                    LIABILITIES AND SHAREHOLDERS' INVESTMENT


                                                                          
CURRENT LIABILITIES
   Accounts payable                                         $9,228,230                    $8,288,327
   Accrued liabilities                                      13,533,575                     8,181,884
                                                     ------------------         ---------------------

      Total current liabilities                             22,761,805                    16,470,211

DEFERRED INCOME TAXES                                        4,843,689                     4,151,143

SHAREHOLDERS' INVESTMENT
   Common stock                                              4,440,537                     4,404,739
   Additional paid-in capital                               88,387,140                    79,670,301
   Other shareholders' equity                              270,210,732                   232,976,376
                                                     ------------------         ---------------------

      Total shareholders' investment                       363,038,409                   317,051,416
                                                     ------------------         ---------------------

Total liabilities and
   shareholders' investment                               $390,643,903                  $337,672,770
                                                     ==================         =====================



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

                                                              2000          1999                  2000              1999
                                                              ----          ----                  ----              ----
                                                                                                   
NET SALES                                                 $76,755,923   $66,889,149           $150,632,461     $132,507,339

COST OF GOODS SOLD                                         44,635,685    37,552,621             86,005,307       74,177,330
                                                       -----------------------------     -----------------------------------

      Gross profit                                         32,120,238    29,336,528             64,627,154       58,330,009


OPERATING EXPENSES:
   Research and development                                 4,256,066     3,543,158              8,129,999        6,834,485
   Selling, general
      & administrative                                      4,501,495     3,634,323              8,640,635        7,048,531
                                                       -----------------------------     -----------------------------------

      Total operating expenses                              8,757,561     7,177,481             16,770,634       13,883,016
                                                       -----------------------------     -----------------------------------

      Income from operations                               23,362,677    22,159,047             47,856,520       44,446,993


OTHER INCOME (EXPENSE)
   Interest and dividend income                             3,008,014     1,825,062              5,684,296        3,469,541
   Other, net                                                 871,495       666,622              1,150,404        1,490,882
                                                       -----------------------------     -----------------------------------

      Total other income                                    3,879,509     2,491,684              6,834,700        4,960,423
                                                       -----------------------------     -----------------------------------

      Income before provision
         for federal income taxes                          27,242,186    24,650,731             54,691,220       49,407,416

PROVISION FOR FEDERAL INCOME TAXES                          8,882,000     8,114,000             17,781,000       16,161,000
                                                       -----------------------------     -----------------------------------


NET INCOME                                                $18,360,186   $16,536,731            $36,910,220      $33,246,416
                                                       =============================     ===================================

Earnings Per Share
  Basic                                                         $0.25         $0.23                  $0.50            $0.46
  Diluted                                                       $0.24         $0.22                  $0.49            $0.44

Weighted Average Shares:
  Basic                                                    73,897,916    72,993,935             73,715,860       72,694,625
  Diluted                                                  75,688,794    75,301,775             75,653,305       75,018,638





     See accompanying notes to condensed consolidated financial statements.



                                      -3-

   4


                       GENTEX CORPORATION AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                  For the 6 Months Ended June 30, 2000 and 1999




                                                                                  2000               1999
                                                                           -----------------  -----------------
                                                                                        
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income                                                                   $36,910,220        $33,246,416
   Adjustments to reconcile net income to net
      cash provided by operating activities-
         Depreciation and amortization                                            5,338,620          4,583,822
         (Gain) Loss on disposal of equipment                                        (8,481)           (15,613)
         Deferred income taxes                                                       46,260            (22,428)
         Amortization of deferred compensation                                      382,643            362,850
         Change in assets and liabilities:
            Accounts receivable, net                                             (9,404,036)        (1,484,224)
            Inventories                                                             150,882            687,192
            Prepaid expenses and other                                              473,209         (1,250,175)
            Accounts payable                                                        939,903          4,845,273
            Accrued liabilities                                                   5,351,691            (39,825)
                                                                           -----------------  -----------------
              Net cash provided by
                 operating activities                                            40,180,911         40,913,288
                                                                           -----------------  -----------------

CASH FLOWS FROM INVESTING ACTIVITIES:
   (Increase) Decrease in short-term investments                                 (3,059,644)          (880,944)
   Plant and equipment additions                                                (13,285,785)        (9,577,502)
   Proceeds from sale of plant and equipment                                        166,103             51,375
   (Increase) Decrease in long-term investments                                 (14,590,901)         1,081,375
   (Increase) Decrease in other assets                                             (167,993)          (414,226)
                                                                           -----------------  -----------------
              Net cash used for
                 investing activities                                           (30,938,220)        (9,739,922)
                                                                           -----------------  -----------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Issuance of common stock and tax benefit of
     stock plan transactions                                                      7,927,465         11,300,626
                                                                           -----------------  -----------------
              Net cash provided by
                 financing activities                                             7,927,465         11,300,626
                                                                           -----------------  -----------------


NET INCREASE IN CASH AND
   CASH EQUIVALENTS                                                              17,170,156         42,473,992

CASH AND CASH EQUIVALENTS,
   beginning of period                                                           69,227,972         50,027,747
                                                                           -----------------  -----------------

CASH AND CASH EQUIVALENTS,
   end of period                                                                $86,398,128        $92,501,739
                                                                           =================  =================





                                      -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 1999 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, 2000, and December 31,
     1999, 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, 2000              December 31, 1999
                                    -------------              -----------------
                                                         
            Raw materials           $  4,799,982                   $4,910,081
            Work-in-process            1,299,680                    1,194,632
            Finished goods             3,724,634                    3,870,465
                                    ------------                   ----------
                                    $  9,824,296                   $9,975,178
                                    ============                   ==========


(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 the Company, 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 as follows:



                                     June 30, 2000              June 30, 1999
                                     -------------              -------------
                                                          
            Quarter Ended             $18,077,064                $18,449,477
            Six Months Ended           37,676,885                 34,117,839




(5)  The increase in common stock and additional paid-in capital during the
     quarter and six months ended June 30, 2000, is attributable to the issuance
     of 177,055 and 596,637 shares, respectively, of the Company's common stock
     under its stock-based compensation plans.

(6)  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:                                     2000                1999                  2000                1999
                                                      ----                ----                  ----                ----
                                                                                                   
           Automotive Products                     $71,063,071         $61,575,636          $139,824,283       $122,205,203
           Fire Protection Products                  5,692,852           5,313,513            10,808,178         10,302,136
                                                   -----------         -----------          ------------       ------------
           Total                                   $76,755,923         $66,889,149          $150,632,461       $132,507,339
                                                   ===========         ===========          ============       ============

         Operating Income:
           Automotive Products                     $22,228,526         $21,280,828           $45,861,559        $42,771,716
           Fire Protection Products                  1,134,151             878,219             1,994,961          1,675,277
                                                   -----------         -----------           -----------        -----------
           Total                                   $23,362,677         $22,159,047           $47,856,520        $44,446,993
                                                   ===========         ===========           ===========        ===========



                                       -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 2000 VERSUS SECOND QUARTER 1999

         Net Sales. Net sales for the second quarter of 2000 increased by
         approximately $9,867,000, or 15%, when compared with the second quarter
         last year. Net sales of the Company's automotive mirrors increased by
         15% as automatic mirror unit shipments increased by 14% from
         approximately 1,493,000 in the second quarter of 1999 to 1,698,000 in
         the current quarter. This increase reflected increased penetration on
         2000 model year vehicles for interior and exterior electrochromic Night
         Vision Safety(TM) (NVS(R)) Mirrors overseas. Shipments to customers in
         North America decreased by 1%, primarily due to exterior mirror package
         changes in certain General Motors sport/utility vehicles and the
         Chrysler mini-van model changeover during the quarter. Mirror unit
         shipments to automotive customers outside North America increased by
         58% compared with the second quarter in 1999, primarily due to
         increased interior and exterior mirror sub-assembly shipments to
         European and Japanese automakers. Net sales of the Company's fire
         protection products increased 7%, primarily due to higher sales of
         certain of the Company's smoke detectors and signaling products.

         Cost of Goods Sold. As a percentage of net sales, cost of goods sold
         increased from 56% in the second quarter of 1999, to 58% for the
         comparable period in 2000. This increased percentage primarily
         reflected the start-up of the Company's third automotive manufacturing
         facility, customer price reductions and some shifts in mirror product
         mix.

         Operating Expenses. Research and development expenses increased
         approximately $713,000, and increased from 5% to 6% 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
         $867,000, and increased from 5% to 6% of net sales, when compared with
         the second quarter of 1999. This increased expense primarily reflected
         the start-up and expansion of the Company's overseas sales and
         engineering offices.

         Other Income - Net. Other income increased by approximately $1,388,000
         when compared with the second quarter of 1999, primarily due to higher
         interest rates and investable fund balances.

         SIX MONTHS ENDED JUNE 30, 2000 VERSUS SIX MONTHS ENDED JUNE 30, 1999

         Net Sales. Net sales for the six months ended June 30, 2000 increased
         by approximately $18,125,000, or 14%, when compared with the same
         period last year. Automatic mirror unit shipments increased from
         approximately 2,983,000 in the first six months of 1999 to 3,431,000 in
         the first six months of 2000. This increase primarily reflected
         increased penetration on foreign 2000 model year vehicles for interior
         and exterior electrochromic Night Vision Safety(TM) (NVS(R)) Mirrors.
         Shipments to customers in North America increased by 2%, primarily due
         to higher industry production levels, partially offset by exterior
         mirror package changes on certain General Motors sport/utility
         vehicles. Mirror unit shipments to automotive customers outside North
         America increased by 51% compared with the first six months in 1999,
         primarily due to increased interior and exterior mirror sub-assembly
         shipments to European and Japanese automakers. Net sales of the
         Company's fire protection products increased 5%, primarily due to
         higher sales of certain of the Company's smoke detectors and signaling
         products.

         Cost of Goods Sold. As a percentage of net sales, cost of goods sold
         increased from 56% in the first six months of 1999, to 57% for the
         comparable period in 2000. This increased percentage primarily
         reflected the start-up of the Company's third automotive manufacturing
         facility, customer price reductions and some shifts in mirror product
         mix.


                                       -6-



   7


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

         RESULTS OF OPERATIONS - CONTINUED:

         SIX MONTHS ENDED JUNE 30, 2000 VERSUS SIX MONTHS ENDED JUNE 30, 1999
         (CONT.)

         Operating Expenses. For the six months ended June 30, 2000, research
         and development expenses increased approximately $1,296,000, but
         remained at 5% of net sales, when compared with the same period 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 $1,592,000, and increased from 5% to 6% of net
         sales, when compared with the first six months of 1999. This increased
         expense primarily reflected the start-up and expansion of the Company's
         overseas sales and engineering offices.

         Other Income - Net. Other income for the six months ended June 30,
         2000, increased by approximately $1,874,000 when compared with the
         first six months of 1999, primarily due to higher interest rates and
         investable fund balances, partially offset by lower realized gains on
         the sale of equity investments.

         FINANCIAL CONDITION:

         Management considers the Company's working capital and long-term
         investments totaling approximately $286,321,000 at June 30, 2000,
         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:

         The Company is subject to market risk exposures of varying correlations
         and volatilities, including foreign exchange rate risk, interest rate
         risk and equity price risk.

         The Company has some assets, liabilities and operations outside the
         United States, which currently are not significant. Because the Company
         sells its automotive mirrors throughout the world, it could be
         significantly affected by weak economic conditions in foreign markets
         that could reduce demand for its products.

         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 and
         General Motors Corporation under long-term agreements. The long-term
         supply agreement with DaimlerChrysler AG runs through the 2003 Model
         Year, while the GM contract was recently extended through the 2004
         Model Year for inside mirrors.


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         The information called for by this item is provided under the caption
         "Trends and Developments" under Item 2 - Management's Discussion and
         Analysis of Results of Operations and Financial Condition.



         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" and "Trends and Developments" 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 4. Submission of Matters to a Vote of Security Holders

                 The annual meeting of the shareholders of the Company was held
                 on May 18, 2000, at which:

                 (i)  The following nominees were elected to serve three-year
                      terms on the Company's Board of Directors by the following
                      votes:


                                               Fred Bauer           Leo Weber
                                               ----------           ---------
                                                              
                      For                      60,789,590           67,483,595
                      Against                           -                    -
                      Withheld                  7,832,234            1,138,229
                      Broker Non-Votes                  -                    -



                      The terms of office for incumbent Directors Mickey Fouts,
                      Arlyn Lanting, Kenneth La Grand, John Mulder and Ted
                      Thompson, continued after the meeting.

                 (ii) A proposal to amend the Articles of Incorporation anytime
                      prior to the Company's Annual Meeting in 2001, subject to
                      the Board's ability to abandon the Amendment at its
                      discretion, to increase the authorized shares of common
                      stock to 200,000,000 shares was approved by the following
                      vote:


                                              
                      For                        64,969,957
                      Against                     3,510,146
                      Abstain                       141,721
                      Broker Non-Votes               -



         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, 2000.




                                       -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:        7/28/00                             /s/Fred T. Bauer
     ------------------------------              -------------------------------
                                                 Fred T. Bauer
                                                 Chairman and Chief
                                                 Executive Officer



Date:        7/28/00                             /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 on 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

                             
                   6-MOS
                          DEC-31-2000
                               JUN-30-2000
                                      86,398,128
                                28,565,301
                               40,037,537
                                         0
                                  9,824,296
                           167,438,854
                                     121,397,399
                            (42,220,271)
                             390,643,903
                       22,761,805
                                              0
                                0
                                          0
                                     4,440,537
                                 358,597,872
               390,643,903
                                    150,632,461
                           150,632,461
                                       86,005,307
                               86,005,307
                           (6,834,700)
                                     0
                                   0
                             54,691,220
                                17,781,000
                         36,910,220
                                       0
                                      0
                                            0
                                36,910,220
                                       0.50
                                     0.49