GENTEX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended
March 31,
2007 2006
------------- -------------
Net Sales $ 157,205,982 $ 139,020,593
Costs and Expenses
Cost of Goods Sold 102,627,220 90,787,885
Engineering, Research & Development 12,275,662 10,159,168
Selling, General & Administrative 8,366,571 7,791,068
Other Expense (Income) (9,534,023) (7,988,411)
------------- -------------
Total Costs and Expenses 113,735,430 100,749,710
------------- -------------
Income Before Provision
for Income Taxes 43,470,552 38,270,883
Provision for Income Taxes 13,972,843 11,899,826
------------- -------------
Net Income $ 29,497,709 $ 26,371,057
============= =============
Earnings Per Share
Basic $ 0.21 $ 0.17
Diluted $ 0.21 $ 0.17
Weighted Average Shares:
Basic 142,166,241 154,223,254
Diluted 142,723,617 155,751,925
Cash Dividends Declared per Share $ 0.095 $ 0.090
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
March 31, Dec 31,
2007 2006
------------- -------------
ASSETS
Cash and Short-Term Investments $ 354,712,200 $ 328,227,710
Other Current Assets 129,150,376 118,650,384
------------- -------------
Total Current Assets 483,862,576 446,878,094
Plant and Equipment - Net 183,985,848 184,134,373
Long-Term Investments and Other Assets 157,143,575 154,015,933
------------- -------------
Total Assets $ 824,991,999 $ 785,028,400
============= =============
LIABILITIES AND SHAREHOLDERS' INVESTMENT
Current Liabilities $ 79,147,536 $ 57,362,978
Long-Term Debt 0 0
Deferred Income Taxes 24,042,096 24,971,133
Shareholders' Investment 721,802,367 702,694,289
------------- -------------
Total Liabilities & Shareholders' Investment $ 824,991,999 $ 785,028,400
============= =============
AUTO-DIMMING MIRROR UNIT SHIPMENTS
(Thousands)
First Quarter
Ended March 31,
----------------------------
2007 2006 % Change
--------- --------- --------
Domestic Interior 1,177 1,106 7%
--------- --------- --------
Domestic Exterior 462 477 -3%
--------- --------- --------
Total Domestic Units 1,639 1,583 4%
--------- --------- --------
--------- --------- --------
Foreign Interior 1,503 1,266 19%
--------- --------- --------
Foreign Exterior 636 543 17%
--------- --------- --------
Total Foreign Units 2,139 1,809 18%
--------- --------- --------
--------- --------- --------
Total Interior Mirrors 2,680 2,372 13%
--------- --------- --------
Total Exterior Mirrors 1,098 1,020 8%
--------- --------- --------
Total Mirror Units 3,778 3,392 11%
--------- --------- --------
Note: Certain prior year amounts have been reclassified to conform with the
current year presentation. Amounts may not total due to rounding.
GENTEX CORPORATION AND SUBSIDIARIES
STATEMENTS OF INCOME RECONCILIATION
NON-GAAP MEASURMENT TO GAAP
Three Months Ended March 31, 2007
----------------------------------------
(Non-GAAP
Stock Excluding
Option Stock Option
GAAP Expense Expense)
------------- ---------- -------------
Net Sales $ 157,205,982 $ 0 $ 157,205,982
Costs and
Expenses
Cost of Goods
Sold 102,627,220 (619,197) 102,008,023
Engineering,
Research &
Development 12,275,662 (663,189) 11,612,473
Selling, General
&
Administrative 8,366,571 (511,581) 7,854,990
Other Expense
(Income) (9,534,023) 0 (9,534,023)
------------- ---------- -------------
Total Costs and
Expenses 113,735,430 (1,793,967) 111,941,463
------------- ---------- -------------
Income Before
Provision for
Income Taxes 43,470,552 1,793,967 45,264,519
Provision for
Income Taxes 13,972,843 977,157 14,950,000
------------- ---------- -------------
Net Income 29,497,709 816,810 30,314,519
============= ========== =============
Three Months Ended March 31, 2006
----------------------------------------
GAAP Non-GAAP
(Non-GAAP 2007 2007
Stock Excluding vs. vs.
Option Stock Option 2006 % 2006 %
GAAP Expense Expense) Change Change
------------- ---------- ------------- ------ ------
Net Sales $ 139,020,593 $ 0 $ 139,020,593 13.1% 13.1%
Costs and
Expenses
Cost of Goods
Sold 90,787,885 (542,254) 90,245,631 13.0% 13.0%
Engineering,
Research &
Development 10,159,168 (657,710) 9,501,458 20.8% 22.2%
Selling, General
&
Administrative 7,791,068 (520,131) 7,270,937 7.4% 8.0%
Other Expense
(Income) (7,988,411) 0 (7,988,411) 19.3% 19.3%
------------- ---------- -------------
Total Costs and
Expenses 100,749,710 (1,720,095) 99,029,615 12.9% 13.0%
------------- ---------- -------------
Income Before
Provision for
Income Taxes 38,270,883 1,720,095 39,990,978 13.6% 13.2%
Provision for
Income Taxes 11,899,826 797,174 12,697,000 17.4% 17.7%
------------- ---------- -------------
Net Income 26,371,057 922,921 27,293,978 11.9% 11.1%
============= ========== =============
Contact Information: CONTACT: Connie Hamblin (616) 772-1800