About the Company
Founded in 1974, Gentex Corporation (NASDAQ: GNTX) is the leading supplier of automatic-dimming rearview mirrors and camera-based lighting- and driver-assist systems to the global automotive industry. The Company also provides commercial smoke alarms and signaling devices to the North American fire protection market, as well as dimmable aircraft windows for the commercial, business and general aviation markets. Based in Zeeland, Michigan, the international Company develops, manufactures and markets interior and exterior automatic-dimming automotive rearview mirrors that utilize proprietary electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps. More than half of the Company's interior mirrors are sold with advanced electronic features, and more than 98 percent of the Company's net sales are derived from the sale of auto-dimming mirrors to every major automaker in the world. Visit the Company's web site at www.gentex.com.
GENTEX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended Year Ended December 31, December 31, 2012 2011 2012 2011 ------------ ------------ -------------- --------------Net Sales $260,349,122 $260,346,644 $1,099,559,521 $1,023,762,049 Cost of Goods Sold 171,230,430 169,992,934 726,740,962 662,181,714 ------------ ------------ -------------- -------------- Gross Profit 89,118,692 90,353,710 372,818,559 361,580,335 Engineering, Research & Development 18,561,953 21,805,103 85,003,602 81,634,158 Selling, General & Administrative 11,738,057 12,765,228 48,359,725 48,578,252 Litgation Settlement 5,000,000 0 5,000,000 0 ------------ ------------ -------------- -------------- Income from Operations 53,818,682 55,783,379 234,455,232 231,367,925 Other Income (4,653,819) (2,946,486) (15,170,368) (13,063,886) ------------ ------------ -------------- --------------Income Before Income Taxes 58,472,501 58,729,865 249,625,600 244,431,811Provision for Income Taxes 18,873,867 18,263,752 81,038,760 79,763,583 ------------ ------------ -------------- --------------Net Income $ 39,598,634 $ 40,466,113 $ 168,586,840 $ 164,668,228 ============ ============ ============== ==============Earnings Per Share Basic $ 0.28 $ 0.28 $ 1.18 $ 1.16 Diluted $ 0.28 $ 0.28 $ 1.17 $ 1.14Weighted Average Shares: Basic 142,151,791 143,132,866 143,097,530 142,492,699 Diluted 142,588,023 144,806,230 143,968,031 144,276,808Cash Dividends Declared per Share $ 0.13 $ 0.12 $ 0.52 $ 0.48 CONDENSED CONSOLIDATED BALANCE SHEETS Dec 31, Dec 31, 2012 2011 --------------- ---------------ASSETSCash and Short-Term Investments $ 450,481,520 $ 418,795,011Other Current Assets 294,181,520 333,497,973 --------------- ---------------Total Current Assets 744,663,040 752,292,984Plant and Equipment - Net 349,938,172 282,541,588Long-Term Investments and Other Assets 171,090,123 141,192,430 --------------- ---------------Total Assets $ 1,265,691,335 $ 1,176,027,002 =============== ===============LIABILITIES AND SHAREHOLDERS' INVESTMENTCurrent Liabilities $ 87,957,442 $ 100,694,500Long-Term Debt 0 0Deferred Income Taxes 56,773,337 48,213,981Shareholders' Investment 1,120,960,556 1,027,118,521 --------------- ---------------Total Liabilities & Shareholders' Investment $ 1,265,691,335 $ 1,176,027,002 =============== ===============---------------------------------------------------------------------------- AUTO-DIMMING MIRROR UNIT SHIPMENTS (Thousands)---------------------------------------------------------------------------- Fourth Quarter Calendar Year Ended December Ended December 31, 31,---------------------------------------------------------------------------- 2012 2011 % Change 2012 2011 % Change---------------------------------------------------------------------------- North American Interior 1,928 1,651 17% 7,726 6,232 24%---------------------------------------------------------------------------- North American Exterior 444 370 20% 1,736 1,514 15%---------------------------------------------------------------------------- Total North American Units 2,372 2,021 17% 9,462 7,746 22%-------------------------------------------------------------------------------------------------------------------------------------------------------- Offshore Interior 2,414 2,484 -3% 10,355 9,957 4%---------------------------------------------------------------------------- Offshore Exterior 919 904 2% 4,015 3,774 6%---------------------------------------------------------------------------- Total Offshore Units 3,333 3,388 -2% 14,370 13,731 5%-------------------------------------------------------------------------------------------------------------------------------------------------------- Total Interior Mirrors 4,342 4,135 5% 18,081 16,189 12%---------------------------------------------------------------------------- Total Exterior Mirrors 1,363 1,274 7% 5,751 5,288 9%---------------------------------------------------------------------------- Total Mirror Units 5,705 5,409 5% 23,832 21,477 11%----------------------------------------------------------------------------
Note: Certain prior-period amounts have been reclassified to conform with the current presentation. Percent change and unit shipment amounts may not total due to rounding.
CONTACT:
Connie Hamblin
(616) 772-1800
