22 July 1999: Gentex Corporation, the US-based manufacturer of automatic-dimming rearview mirrors and commercial fire protection products, reported record financial results for the second quarter and …
22 July 1999: Gentex Corporation, the US-based manufacturer of automatic-dimming rearview mirrors and commercial fire protection products, reported record financial results for the second quarter and six months ended 30 June 1999. The company reported record second quarter net income of US$ 16.5 million, or 22 cents per share, on record revenues of US$ 66.9 million for the second quarter ended 30 June 1999. In the comparable 1998 quarter, the company reported net income of US$ 10.8 million, or 15 cents per share, on revenues of US$ 51.4 million. For the first six months of 1999, net income increased to US$ 33.2 million, or 44 cents per share, on record revenues of US$ 132.5 million. For the comparable 1998 period, Gentex reported net income of US$ 23.3 million, or 32 cents per share, on revenues of US$ 108.4 million. All per share data are diluted and adjusted to reflect the two-for-one stock split, effected in the form of a 100% common stock dividend, on 22 June 1998. “We had an excellent second quarter, fuelled by strong North American light vehicle production,” said Gentex executive vice president Kenneth La Grand. “Unit shipments to customers in North America increased by 41% in the quarter compared with the second quarter of 1998.” La Grand said that unit shipments to offshore customers were also strong, and increased by 17% in the second quarter. Total Night Vision Safety(TM)(NVS(R)) Mirror shipments in the second quarter were 1.5 million, a 34% increase over the 1.1 million units reported in the same 1998 quarter. Exterior mirrors accounted for 500,000 of the total mirror shipments in the second quarter of 1999, compared with 357,000 units in the same quarter last year. For the first six months of 1999, total unit shipments reached a record 3 million, a 25% increase over the first six months of 1998. For that same six-month period in 1999, exterior mirror shipments were 1 million, a 38% gain over the 738,000 exterior mirror units shipped during the first six months of 1998. North American light vehicle production increased by 12% and 10%, respectively, for the second quarter and six months ended 30 June 1999, compared with the respective 1998 periods.