SOURCE: Gentex Corporation

August 14, 2007 08:26 ET

Gentex Increases Quarterly Cash Dividend

ZEELAND, MI--(Marketwire - August 14, 2007) - 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 an 11 percent increase in its quarterly cash dividend rate from $0.095 (9 1/2 cents) to $0.105 (10 1/2 cents) per share. The Board subsequently declared a quarterly cash dividend of $0.105 per share that will be payable October 19, 2007, to shareholders of record of the common stock at the close of business on October 5, 2007. The ex-dividend date is October 3, 2007. 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, 2007, in order to receive this cash dividend.

"We continue to believe that our policy of increasing the cash dividend, at a rate that approximates the increase in 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," 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 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