Contact Information: CONTACT: Connie Hamblin 616/772-1800 EXCHANGE: Nasdaq Global Select Market SYMBOL: GNTX WEBSITE: www.gentex.com
Gentex Declares Quarterly Cash Dividend and Board Authorizes Additional Share Repurchase
| Source: Gentex Corporation
ZEELAND, MI--(Marketwire - February 26, 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 recently declared a regular quarterly cash dividend of
$0.105 (10 1/2 cents) per share that will be payable April 18, 2008, to
shareholders of record of the common stock at the close of business on
April 7, 2008. The ex-dividend date is April 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 April 2,
2008 in order to receive this cash dividend.
In addition to the dividend declaration, the Company's Board of Directors
also approved the repurchase of up to an additional four million shares of
the Company's stock under its existing share repurchase plan. The Company
now has a share repurchase plan in place with authorization to repurchase
up to 28 million shares of the Company's stock. Under the plan, the
Company may, from time to time, purchase additional shares of its common
stock based on a number of factors, including market conditions, the market
price for the Company's common stock, anti-dilutive effect on earnings,
available cash and other factors as the Company deems appropriate. As of
the end of the fourth quarter of 2007, the Company had repurchased
approximately 18 million shares, leaving up to approximately ten million
shares authorized to be repurchased under the plan.
"The additional share repurchase authorization reflects our belief in the
long-term growth prospects for Gentex, and we believe that the cash
dividend remains an appropriate way to return cash to the Company's
shareholders given the current U.S. tax laws," said Gentex Chairman of the
Board and Chief Executive Officer Fred Bauer.
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
expenses on earnings, the ability to leverage fixed manufacturing overhead
costs, unit shipment and revenue growth rates, top line growth rates, 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 relative
market share, competitive pricing pressures, currency fluctuations, 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.