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 20, 2004
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
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99 News release issued by the registrant on April 20, 2004, with
respect to financial results for the first quarter ended March 31,
2004.
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION -- On April 20, 2004,
Gentex Corporation issued a news release announcing results for the first
quarter ended March 31, 2004. A copy of the news release is attached hereto as
Exhibit 99.
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, as amended (the
"Exchange Act"), nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange Act, except as
shall be expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Exchange Act, 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 20, 2004
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EXHIBIT 99
[LOGO] GENTEX
CORPORATION
CONTACT: Connie Hamblin RELEASE: April 20, 2004
(616) 772-1800
Gentex Reports Record Revenues And Net Income For First Quarter
ZEELAND, Michigan, April 20, 2004 -- 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, 2004.
The Company achieved its all-time quarterly sales record in the first
quarter of 2004 with revenues of $129.3 million, a 12 percent increase over
revenues of $115.3 million reported in the first quarter last year. Record net
income of $29.8 million, or 38 cents per share, for the first quarter of 2004
increased by 15 percent compared with net income of $25.9 million, or 34 cents
per share, in the comparable 2003 quarter.
"We are very pleased that we posted good growth for the first quarter of
2004," said Gentex Executive Vice President Garth Deur. "The continued top-line
growth was primarily due to higher mirror unit shipments and the continuing
recognition in the marketplace of the auto-dimming mirror as an important
automotive safety feature. That top-line sales growth translated into
bottom-line earnings growth for that reason as well as continued manufacturing
efficiencies and improved capacity utilization."
The newest electronic feature from Gentex is SmartBeam(TM), the
intelligent high-beam headlamp control system that the Company has developed
over a period of many years. General Motors and DaimlerChrysler recently showed
the first vehicles to debut with the SmartBeam system at the New York Auto Show.
Both the Cadillac STS and the Jeep Grand Cherokee will offer SmartBeam as an
option for the 2005 model year.
"We continue to invest significant effort and dollars into the development
of SmartBeam, and continue to believe that it will be a popular feature with
consumers. In December 2003, J.D. Power and Associates released the results of
its 2003 U.S. Automotive Emerging Technologies Study and SmartBeam ranked #1
with consumers based on the product's capabilities and estimated pricepoint,"
said Deur.
The Company expects its auto-dimming mirror unit shipments to increase by
approximately 15 percent for all of calendar 2004, according to Deur. That rate
of increase takes into account a two percent year-over-year increase in light
vehicle production in North America and a two percent decline in production in
Western Europe. The current full-year light vehicle production numbers
forecasted by J.D. Power are 16.1 million units in North America, 16.1 million
units in Western Europe and 22.9 million units in the Asia/Pacific region.
Total auto-dimming mirror unit shipments for the first quarter of 2004
increased by 18 percent to 2,982,000, compared with 2,535,000 units for the same
quarter in 2003. Total automotive revenues in the first quarter of 2004
increased by 12 percent to $123.7 million, compared with the same quarter last
year.
Auto-dimming mirror unit shipments to offshore and North American
customers increased by 25 percent and 11 percent, respectively, in the first
quarter of 2004 compared with the first quarter of 2003. During the first
quarter of 2004, light vehicle production in North America was down one percent
compared with the same quarter last year. Light vehicle production declined by
two percent in Western Europe and increased by 11 percent in the Asia/Pacific
region, compared with the same quarter last year.
Revenues in the Company's Fire Protection Products Group increased by nine
percent in the first quarter of 2004 to $5.6 million, compared with the first
quarter last year.
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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 1:30 p.m. Eastern Daylight Saving Time today. To
access that call, go to www.gentex.com and select the "Audio Webcast" icon in
the lower right-hand corner. 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 Acura, Audi, Bentley, BMW,
DaimlerChrysler, Fiat, Ford, General Motors, Honda, Hyundai, Infiniti, Isuzu,
Kia Motors, Land Rover, Lexus, Mazda, Mitsubishi, Nissan, Opel, PSA, Renault
Samsung, MG Rover, Rolls Royce, SsangYong Motors, Toyota, Volkswagen and Volvo
Car Corporation. 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,
2004 2003
------------- -------------
Net Sales $ 129,327,548 $ 115,308,564
Costs and Expenses
Cost of Goods Sold 74,443,276 67,192,569
Engineering, Research & Development 7,443,288 6,207,736
Selling, General & Administrative 6,745,121 5,526,676
Other Expense (Income) (3,474,612) (2,000,955)
------------- -------------
Total Costs and Expenses 85,157,073 76,926,026
------------- -------------
Income Before Provision
for Income Taxes 44,170,475 38,382,538
Provision for Income Taxes 14,355,000 12,474,000
------------- -------------
Net Income $ 29,815,475 $ 25,908,538
============= =============
Earnings Per Share
Basic $0.39 $0.34
Diluted $0.38 $0.34
Cash Dividends Declared per Share $0.15 $0.00
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
March 31, Dec. 31,
2004 2003
------------ ------------
ASSETS
Cash and Short-Term Investments $452,739,976 $393,606,656
Other Current Assets 102,343,037 91,742,675
------------ ------------
Total Current Assets 555,083,013 485,349,331
Plant and Equipment - Net 127,759,195 126,806,882
Long-Term Investments and Other Assets 123,589,949 150,373,553
------------ ------------
Total Assets $806,432,157 $762,529,766
============ ============
LIABILITIES AND SHAREHOLDERS' INVESTMENT
Current Liabilities $ 67,733,999 $ 50,480,480
Long-Term Debt 0 0
Deferred Income Taxes 19,161,672 18,405,955
Shareholders' Investment 719,536,486 693,643,331
------------ ------------
Total Liabilities & Shareholders' Investment $806,432,157 $762,529,766
============ ============
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[LOGO] GENTEX
CORPORATION
- --------------------------------------------------------------------------------
AUTO-DIMMING MIRROR UNIT SHIPMENTS
(Thousands)
- --------------------------------------------------------------------------------
1st Quarter ended March 31,
--------------------------- %
2004 2003 Change
- --------------------------------------------------------------------------------
Domestic Interior 1,070 955 12%
- --------------------------------------------------------------------------------
Domestic Exterior 462 424 9%
- --------------------------------------------------------------------------------
Total Domestic Units 1,533 1,379 11%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Offshore Interior 1,066 802 33%
- --------------------------------------------------------------------------------
Offshore Exterior 383 354 8%
- --------------------------------------------------------------------------------
Total Offshore Units 1,450 1,156 25%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Total Interior Mirrors 2,137 1,757 22%
- --------------------------------------------------------------------------------
Total Exterior Mirrors 846 778 9%
- --------------------------------------------------------------------------------
Total Mirror Units 2,982 2,535 18%
- --------------------------------------------------------------------------------
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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