GNTX 1:45PM ET +18.78 +1.98 +11.79%
PREVIOUSLY POSTED APRIL 3, 2008:
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MidCap for Comment......GNTX More options Apr 3, 12:35 am
GNTX Div & Yield: 0.42 (2.50%)
P/E (ttm): 21.18
PERIOD ENDING ....31-Dec-07.. 30-Sep-07 .30-Jun-07 .31-Mar-07
Retained Earnings .549,818 .. 513,578 .. 498,861 .. 481,505 <----
Total Revenue .....170,723 . 162,525 . 163,480 . 157,206
Sale of Stock...... 3,810 .. 11,605 .. 15,460 .. 1,887
Net Borrowings ........0.........0...........0.........0..
http://stockcharts.com/charts/gallery.html?GNTX
<--{wow!! kinda sorta
impressive !!]
Short % of Float (as of 26-Feb-08): 8.20%
Qtrly Revenue Growth (yoy): 14.10% <---------good
Qtrly Earnings Growth (yoy): 3.40% <-----ok
Total Debt (mrq): 0 <--------xlnt
Gentex Cor****ation designs, develops, manufactures, and markets electro-
optic products, including automatic-dimming rearview mirrors for the
automotive industry, and fire protection products for the commercial
building industry worldwide. Its automotive mirror products include auto-
dimming headlamp control mirror that automatically turns car head- and
taillamps ?on' and ?off' at dusk and dawn; auto-dimming compass mirror,
an electronic compass that automatically compensates for changes in the
earth's magnetic field; auto-dimming mirror that digitally displays
either a compass or outside temperature reading; compass mirrors with
light-emitting diode map lamps; auto-dimming mirror with remote keyless
entry and auto-dimming telematics mirrors; auto-dimming HomeLink mirrors;
the auto-dimming compass/temperature mirrors; and auto-dimming mirrors
with SmartBeam, a high-beam headlamp control feature. The company's fire
protection products include smoke alarms and smoke detectors combined
with signaling appliances to office buildings, hotels, motels, military
bases, college dormitories, and various commercial establishments. It
also offers single-station alarms for both commercial and residential
applications. In addition, the company develops and manufactures variable
dimmable windows for the aircraft industry and non-automatic-dimming
rearview automotive mirrors with electronic features. Gentex Cor****ation
markets its automotive mirror products primarily through a direct sales
force, as well as sells fire protection products directly to fire
protection and security product distributors, electrical wholesale
houses, and original equipment manufacturers of fire protection systems.
The company was founded in 1974 and is based in Zeeland, Michigan.
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Wed, Mar 19, 2008
• Gentex Mirrors Featured on New Jaguar
Marketwire (Wed, Mar 19)
Tue, Mar 18, 2008
• Gentex ****pping for 2009 Dodge Journey
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FROM THE 10K ANNUAL RE****T:
RESULTS OF OPERATIONS: 2007 TO 2006
Net Sales. Company net sales increased by $81,666,000, or 14% compared to
the prior year. Automotive net sales increased by 15% on a 13% increase
in auto-dimming mirror ****pments, from 13,427,000 to 15,221,000 units,
primarily reflecting increased penetration of interior auto-dimming
mirrors with additional electronic content. North American mirror unit
****pments increased by 10%, despite a 2% decline in North American
automotive industry production levels, primarily due to increased
penetration of interior auto-dimming mirrors for certain Big Three
automakers as well as Asian transplant automakers. Overseas mirror unit
****pments increased by 16% during 2007 due to increased penetration of
interior and exterior auto-dimming mirrors at certain European and Asian
automakers. Net sales of the Company's fire protection products were
flat.
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Litigation judgment expense of $2,885,000 during 2007 related to the
Company's litigation with K.W. Muth and Muth Mirror Systems LLC ("Muth")
relating to exterior mirrors with turn signal indicators. The turn signal
feature in exterior mirrors currently represents approximately one
percent of our revenues, and the litigation does not involve core Gentex
technology. The trial in Wisconsin related to this case occurred during
July 2007 and the Court issued its written ruling in December 2007. The
Court found that Muth's U.S. patent No. 6,005,724 is invalid and
unenforceable, and that Gentex's Razor Turn Signal Mirror does not
infringe that patent. The Court also denied all but one of Muth's other
motions with prejudice, including its motion for an injunction, and its
claims for tortuous interference with its business relation****ps. The
sole point of liability for Gentex was that the Court found that Gentex
breached one provision of the alliance agreement it has with Muth, and
entered a judgment against Gentex, on January 24, 2008, granting Muth
damages in the amount of $2,885,000.
On February 15, 2008, the Company entered into a Settlement And Release
And Covenants Not To Sue ("Agreement") with Muth whereby the parties
agreed to settle the Court's judgment against Gentex for damages at a
reduced amount of $2,550,000. In addition, under the Agreement the
parties each agreed to: grant the other party a ten-year covenant not to
sue for each Company's core business, to release each other from all
claims that occurred in the past, and not appeal the Court's rulings.
This Agreement is subject to Bankruptcy Court approval. The adjustment to
the original judgment for damages (the amount of which is set forth in
the preceding paragraph) will be reflected in our financial results after
the Court approves the Agreement. Due to the immaterial nature of the
reduced judgment for damages, the financial statement footnotes do not
address this change.
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The Company currently estimates that top line revenue growth will be
approximately 10% higher in calendar 2008 compared with calendar 2007
based on our current forecast of product mix. These estimates are based
on light vehicle production forecasts in the regions to which the Company
****ps product, as well as the estimated option rates for its mirrors on
prospective vehicle models and anticipated product mix.
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