SOURCE: Gentex Corporation

February 26, 2008 08:28 ET

Gentex Declares Quarterly Cash Dividend and Board Authorizes Additional Share Repurchase

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.

Contact Information

  • CONTACT:
    Connie Hamblin
    616/772-1800
    EXCHANGE: Nasdaq Global Select Market
    SYMBOL: GNTX
    WEBSITE: www.gentex.com