Reports Record Financial Results for the Fourth Quarter and Year
The Zeeland, Mich.-based
Gentex Corp., which manufactures automatic-dimming rearview mirrors, has
reported record revenues and net income for the fourth quarter and year
ended December 31, 2003.
The company says it achieved record fourth-quarter revenues of $123.9
million, a 15-percent increase over the fourth quarter of 2002 when it
reported revenues of $107.3 million. Net income in the 2003 fourth quarter
increased 21 percent to $29.1 million, or 37 cents per share, compared
with net income of $24.1 million, or 31 cents per share, in 2002.
For the year ended December 31, 2003, Gentex reported a 24-percent increase
in net income to $106.8 million, or $1.37 per share, on a 19-percent increase
in revenues to $469 million. The company reported net income of $85.8
million, or $1.12 per share, on revenues of $395.3 million in 2002.
"We are pleased with the record financial results that we achieved
for both the fourth quarter and calendar year 2003," said Gentex
executive vice president Garth Deur. "The penetration of auto-dimming
mirrors continues to increase on a global basis as our customers offer
auto-dimming plus other mirror-borne electronic features to consumers
in nearly every vehicle segment that exists today."