Contact Information: CONTACT: Connie Hamblin 616/772-1800 EXCHANGE: Nasdaq Global Select Market SYMBOL: GNTX WEBSITE: www.gentex.com
Gentex Increases Quarterly Cash Dividend
| Source: Gentex Corporation
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.