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Gentex Boasts Record Quarter
For the second quarter of 2003, the company reported a 22 percent increase in net income to $26.1 million, or 34 cents per share, on record revenues of $116.9 million. In the comparable 2002 quarter, Gentex reported net income of $21.3 million, or 28 cents per share, on revenues of $97.3 million.
“We had an excellent second quarter, with growth in both unit volume and feature content,” said Executive Vice President Garth Deur. “The percentage increase in our exterior mirror product line continues to outpace the growth rates in interior mirrors, as our customers recognize the significant role of exterior mirrors in eliminating glare during nighttime driving.”
For the first six months of 2003, net income increased 29 percent to $52 million, or 68 cents per share, on record revenues of $232.2 million. For the comparable 2002 period, Gentex reported net income of $40.3 million, or 53 cents per share, on revenues of $186.4 million.
Deur said that, despite uncertainties in the economy, he is cautiously optimistic about the last six months of calendar 2003 and that the company is currently on track for growth in mirror unit shipments this year of approximately 15 percent.
Total Night Vision Safety mirror shipments in the second quarter were 2.5 million units, an approximately 11 percent increase from the nearly 2.3 million units reported in the same 2002 quarter. Total automotive revenues in the second quarter of 2003 increased by 21 percent compared with the same prior year period.
Total mirror shipments for the first six months of 2003 stood at a record 5.1 million, which represented a 17 percent increase over the first six months of 2002.
Overall, automotive revenues in the first six months of 2003 increased by approximately 26 percent compared to the same period in 2002.
Revenues for the company’s Fire Protection Products Group increased by 4 percent in the second quarter to $6 million, and increased 2 percent for the first six months of 2003 to $11.2 million, compared with the same 2002 periods.