ZEELAND, MI--(Marketwire - August 19, 2008) - Gentex Corporation (NASDAQ: GNTX), the Zeeland,
Michigan-based manufacturer of automatic-dimming automotive rearview
mirrors and commercial fire protection products, today announced that its
Board of Directors approved a five percent increase in its quarterly cash
dividend rate from $0.105 (10 1/2 cents) to $0.11 (11 cents) per share.
The Board subsequently declared a quarterly cash dividend of $0.11 per
share that will be payable October 17, 2008, to shareholders of record of
the common stock at the close of business on October 7, 2008. The
ex-dividend date is October 3, 2008. Due to the required period of time
for the settlement of stock trades, this means that a holder must have
purchased shares of Gentex common stock on or before October 2, 2008, in
order to receive this cash dividend.
"Despite the poor macro environment, and tough automotive industry
conditions, Gentex is globally diversified and continues to do well on an
operating basis," said Gentex Chairman of the Board and Chief Executive
Officer Fred Bauer. "We continue to believe that our policy of increasing
the cash dividend, at a rate generally in line with the Company's net
income and operating cash flow, is an appropriate way to return cash to the
Company's shareholders based on the current U.S. tax laws."
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act, as amended, that are based on management's
belief, assumptions, current expectations, estimates and projections about
the global automotive industry, the economy, the impact of stock option
expense, the ability to leverage fixed manufacturing overhead costs, unit
shipment and revenue growth rates, the ability to control ER&D and SG&A
expenses, gross margins, and the Company itself. Words like "anticipates,"
"believes," "confident," "estimates," "expects," "forecast," "likely,"
"plans," "projects," and "should," and variations of such words and similar
expressions identify forward-looking statements. These statements do not
guarantee future performance and involve certain risks, uncertainties, and
assumptions that are difficult to predict with regard to timing, expense,
likelihood and degree of occurrence. These risks include, without
limitation, employment and general economic conditions, the pace of
automotive production worldwide, the maintenance of the Company's market
share, competitive pricing pressures, the ability to achieve purchasing
cost reductions, currency fluctuations, interest rates, equity prices, the
financial strength of the Company's customers, supply chain disruptions,
potential sale of OEM business segments or suppliers, the mix of products
purchased by customers, the ability to continue to make product
innovations, the success of certain newer products (e.g. SmartBeam®,
Z-Nav® and Rear Camera Display Mirror), and other risks identified in the
Company's filings with the Securities and Exchange Commission. Therefore,
actual results and outcomes may materially differ from what is expressed or
forecasted. Furthermore, the Company undertakes no obligation to update,
amend, or clarify forward-looking statements, whether as a result of new
information, future events, or otherwise.
About the Company
Founded in 1974, Gentex Corporation (NASDAQ: GNTX) is an international
company that provides high-quality products to the worldwide automotive
industry and North American fire protection market. Based in Zeeland,
Michigan, the 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. Many of the mirrors are
sold with advanced electronic features, and approximately 96 percent of the
Company's revenues are derived from the sales of auto-dimming mirrors to
nearly every major automaker in the world.