ZEELAND, MI -- (Marketwired) -- 04/23/13 -- Gentex Corporation (NASDAQ: GNTX), the Zeeland, Michigan-based manufacturer of automatic-dimming rearview mirrors and camera-based lighting and driver-assist systems for the automotive industry, commercial fire protection products and dimmable aircraft windows, today reported financial results for the first quarter ended March 31, 2013.
For the first quarter of 2013, the Company's net sales decreased by seven percent to $269.5 million compared with $290.7 million in the first quarter of 2012.
The gross profit margin improved on a sequential basis to 34.7 percent in the first quarter of 2013 compared with 34.2 percent in the fourth quarter of 2012, primarily due to purchasing cost reductions and product mix, partially offset by annual customer price reductions. The gross profit margin was flat on a quarter-over-quarter basis at 34.7 percent in the first quarter of 2013 compared with the first quarter of 2012, with the impact of annual customer price reductions being offset by purchasing cost reductions and product mix.
Net income of $45.4 million for the first quarter of 2013 decreased by approximately two percent compared with net income of $46.3 million in the first quarter of 2012. Earnings per diluted share were flat at 32 cents in the first quarter of 2013 compared with the first quarter of 2012.
"We are happy to report that our gross profit margin improved sequentially in the first quarter of 2013, despite difficult production environments in the regions of Japan and Korea, and Europe, which account for the majority of the Company's unit shipments," said Gentex Chairman of the Board and Chief Executive Officer Fred Bauer. "We also are pleased that we are continuing to demonstrate positive efficiencies within our operating expenses."
In the first quarter of 2013, the Company launched a number of auto-dimming mirror applications with several automakers with various combinations of advanced technologies, including compass, microphones, telematics and wireless control systems, SmartBeam® and driver assist camera products.
The Company also received a number of customer performance and quality awards in the first quarter, including:
•Quality Excellence Award from a major European automotive customer •Quality & Delivery Award and Excellence In Partnership Award from a major Asian automotive customer •High Beam System Technology Award from a major Asian automotive customer, which was awarded for a Gentex SmartBeam® Dynamic Forward Lighting application, adding to a history of technology awards for SmartBeam High Beam Assist and SmartBeam Dynamic Forward Lighting products with various customers.
The Company continues in development and launch of new awarded business in all product technology areas, including interior auto-dimming mirrors with new frameless designs; lighting applications with new optoelectronics; new digital microphones; many different displays in new sizes with faster processing and increased graphics capabilities; new wireless control systems that send and receive signals from garage doors, gates, lights, locks, and security systems; SmartBeam with advanced detection for tunnels, curves, fog, and for use on all headlamp technologies, including halogen, Xenon, and LED; driver-assist systems with new object-detection capabilities; and exterior auto-dimming mirrors with new curved glass applications.
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