UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): May 21, 2015
GENTEX CORPORATION
(Exact name of registrant as specified in its charter)
| Michigan | 0-10235 | 38-2030505 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS 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
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12). |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)). |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)). |
Section 7—Regulation FD
Item 7.01 Regulation FD Disclosure.
Gentex Corporation made a presentation at its Annual Meeting of Shareholders on May 21, 2015. A copy of the presentation is attached as Exhibit 99.1 to this Current Report.
Section 9—Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | Shareholder presentation, dated May 21, 2015. |
SIGNATURE
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.
Dated: May 21, 2015
| GENTEX CORPORATION | ||
| (Registrant) | ||
| By | /s/ Steve Downing | |
| Steve Downing | ||
| Vice President – Finance and Chief Financial Officer | ||
 Confidential
| ©2015 Gentex Corporation 2015 Annual Meeting Of Shareholders
21 May 2015
©2015 Gentex Corporation
Exhibit 99.1 |
 Safe
Harbor Safe Harbor for Forward-Looking Statements
This annual report contains forward-looking statements within the meaning of the safe
harbor provisions of the Private
Securities
Litigation
Reform
Act
of
1995.
The
statements
contained
in
this
communication
that
are
not
purely historical are forward-looking statements. Forward-looking statements give the
Company’s current expectations or forecasts of future events. These
forward-looking statements generally can be identified by the use
of
words
such
as
“anticipate”,
“believe”,
“could”,
“estimate”,
“expect”,
“fore-
cast”,
“goal”,
“hope”,
“may”,
“plan”, “project”, “will”, and variations of such words and
similar expressions. Such statements are subject to risks and uncertainties that
are often difficult to predict and beyond the Company’s control, and could cause the
Company’s
results
to
differ
materially
from
those
described.
These
risks
and
uncertainties
include,
without
limitation, changes in general industry or regional market conditions; changes in consumer and
customer preferences for our products; our ability to be awarded new business;
continued uncertainty in pricing negotiations with customers; loss of business from
increased competition; customer bankruptcies or divestiture of
customer
brands;
fluctuation
in
vehicle
production
schedules;
changes
in
product
mix;
raw
material
shortages;
higher raw material, fuel, energy and other costs; unfavorable fluctuations in currencies or
interest rates in the regions in which we operate; costs or difficulties related to the
integration of any new or acquired technologies and businesses; changes in regulatory
conditions; warranty and recall claims and other litigation and customer
reactions
thereto;
possible
adverse
results
of
pending
or
future
litigation
or
infringement
claims;
negative
impact
of any governmental investigations and associated litigations including securities litigations
relating to the conduct of our business. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date they
are made. The Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future events or
otherwise, except as required by law or the rules of the Nasdaq Global Select Market.
Accordingly, any forward- looking statement should be read in conjunction with the
additional information about risks and uncertainties identified
under
the
heading
“Risk
Factors”
in
the
Company’s
latest
Form
10-K
and
Form
10-Q
filed
with
the
SEC.
©2015 Gentex Corporation |
 Gentex
Corporation - Overview
•
Established:
1974
•
Ownership:
GNTX –
NASDQ Global Select Market
•
Operations:
–
Headquarters & Manufacturing -
Zeeland, MI
–
Sales & Logistics –
England, France, Sweden,
Germany, Japan, Korea, China
•
Products:
–
Automotive Auto-Dimming Rearview Mirrors
–
Automotive Electronics
–
Dimmable Aircraft Windows
–
Fire Protection Devices
•
Employees:
4,000+
•
Sales
2014:
$1.38
Billion
•
Mirrors
Shipped
2014:
31,079,818
•
Forecast
2015:
$1.47
-
$1.54
Billion
©2015 Gentex Corporation |
 Corporate
Milestones 1980
1990
2000
2010
2020
1998:
Acquisition:
CMOS
Camera
Technology from Photobit
1982:
Inside
Electro-Mechanical
Rearview Mirror
1987:
Inside
Electro-Chromic
Rearview Mirror
1991:
Outside
Electro-Chromic
Rearview Mirror
1997:
Outside
Convex
and
Aspheric Electro-Chromic
Rearview Mirrors
ELECTRONICS, ELECTROCHROMICS, CHEMICAL DEVELOPMENT & SOFTWARE DESIGN
MICRO-ELECTRONICS & VISION SYSTEMS
GLASS BENDING & COATING
2004:
SmartBeam®
Lighting Assist
Camera Systems
VIDEO DISPLAYS
2006:
Video
Display
Mirrors
ADAS FUNCTIONALITY
2010:
Dimmable
Aircraft Windows
2012:
SmartBeam
ADAS
and Video Camera Systems
2014:
Full
Display
Mirror
and video camera systems
2000:
HomeLink®
license,
Compass, Microphones,
Interior Lighting,
Telematics
TELEMATICS , MICROPHONES, LIGHTING, ETC.
REAR VISION SYSTEMS
2013:
Acquisition:
HomeLink®
from Johnson Controls
©2015 Gentex Corporation |
 2001
2014
IEC
IEC
OEC
OEC
Global Auto-Dimming Application Rates
IEC –
Interior Electrochromic (Auto-Dimming) Mirrors
OEC –
Exterior Electrochromic (Auto-Dimming) Mirrors
Confidential | ©2015 Gentex Corporation
$310MM Sales
39.3% Gross Margin
26.4% Operating Margin
21% Net Income
$1,376MM Sales
39.2% Gross Margin
29.0% Operating Margin
21% Net Income |
 Performance
Awards Confidential | ©2015 Gentex Corporation
BMW
•
2011 Innovation Award -
SmartBeam
Fiat Chrysler
•
2011 Outstanding Performance Award
•
Chrysler Platinum Pentastar Award
•
Chrysler Gold Pentastar Award
•
Global Supplier Award 2003 + 2005
Ford
•
2013 Technology Award –
ADAS
•
Total Quality Excellence
•
Full Service Supplier Award
•
Gold Star Award –
Quality
•
World Excellence Award
General Motors
•
2014 Supplier of the Year (16-time winner)
•
2008 GM Corporation of the Year
•
Quality Excellence Award
Honda
•
2014 Excellence in Quality & Delivery Award
•
2013 Excellence in Value Award
•
2012 Excellence in Value Award
Hyundai/Kia
•
2013 Quality Excellence Award
•
2008 Supplier of the Year
Jaguar Land Rover
•
2013 Quality Excellence Award
•
2012 Quality Excellence Award
Nissan
•
Zero Defect Award (4-time winner)
•
2010 Quality Master Award
PACE Awards (Automotive News/Ernst & Young)
•
Six-time winner
•
Three-time finalist
Subaru
•
2014 Sustainability Award
•
2013 Quality and Delivery Award
•
2013 Business Partnership Award
•
2013 Supplier Excellence Award
Toyota
•
2014 Diversity Award
•
2013 Excellence in Technology –
SmartBeam
•
Platinum Supplier Award
•
Gold Award (5-time winner)
Volkswagen Group
•
2012 Volkswagen Group Award (Best Supplier)
Volvo
•
2013 Quality Excellence Award
•
2013 Business Partnership Award |
 2015 Growth
Driver – Inside Frameless Mirrors
•
Mirrors as sophisticated as the
technology they deploy
•
All-new frameless designs
©2015 Gentex Corporation |
 ©2015
Gentex Corporation •
Curved Glass
–
Convex
–
Aspheric
–
Flat-to-Curve
•
Turn Signals
•
Blind Spot Warning Lights
•
Approach Lighting
2015 Growth Driver –
Outside Mirrors |
 2015 Growth
Driver - HomeLink®
•
Vehicle-to-Home Automation
–
Garage door openers
–
Security gates
–
Home lighting
–
Appliances and more
Wide Variety of Integration Options
Accessory Module
(Wired)
Accessory Module
(Battery)
Knock-Out
Module
©2015 Gentex Corporation |
 2015 Growth
Driver – SmartBeam®
•
Gentex-designed CMOS imagers, cameras, and software
algorithms allow for customized ADAS
•
Mirror-integrated for optimal performance and
packaging
•
New Gen 4 imager provides ADAS functionality:
–
Auto High Beam
–
Dynamic Forward Lighting
–
LED Matrix Beam
–
Fog Detection
–
Lane Detection
–
Object Detection
©2015 Gentex Corporation |
 Future Growth
Driver – New Markets
•
Applying Gentex new products into new markets
–
Motorcycles
–
Agricultural vehicles
–
Powersports (ATVs, snowmobiles, etc.)
–
Lawn tractors
•
Products/Technologies:
–
HomeLink®
–
SmartBeam®
–
Video Display and Camera Systems
–
Electronics and Electro-Chromics
©2015 Gentex Corporation |
 Future Growth
Driver - Full Display Mirror
•
Dual modes:
–
Mirror Mode –
operates as a standard
auto-dimming mirror; fails safe
–
Display Mode –
rear video display for
optimal rear vision
•
New Gentex-designed Gen 4 high
dynamic range imager
–
Each pixel determines its own exposure
–
Ensures brightest and darkest areas of any
given scene are clear and visible
•
Custom camera integration options
•
Ideal for vehicles with
limited rear visibility
©2015 Gentex Corporation |
 Thank
You ©2015 Gentex Corporation |