Automatic-dimming rearview mirrors and commercial fire protection products maker Gentex Corporation of Zeeland, Michigan, reported record revenues and net income for the first quarter ended March 31, 2002.
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Gentex achieved an all-time sales record in the first quarter of 2002 with revenues of $US89.0 million, a 12 percent increase over revenues of $79.4 million reported in the first quarter last year.
Net income of $19.0 million, or 25 cents per share, for the first quarter of 2002 increased by 10 percent compared with net income of $17.3 million, or 23 cents per share, in the comparable 2001 quarter.
“Growth in the quarter was primarily due to higher unit shipments as a result of improved automotive production schedules in North America, and increased interior mirror shipments for mid-sized vehicle models,” said executive vice president Kenneth La Grand.
“While we continue to invest heavily in research and development for new products, we think we have ‘turned the corner’ and will see the higher sales growth rates that will help to offset some of the expenses associated with these new products that are not yet in production,” La Grand added.
Night Vision Safety mirror unit shipments to customers in North America increased by 15.5 percent in the first quarter of 2002 compared with the first quarter of 2001.
Light vehicle production in North America increased by approximately three percent in the first quarter of 2002 compared with the same period last year.
Total automotive mirror unit shipments for the first quarter of 2002 were 2,056,000, compared with 1,850,000 units for the same quarter in 2001.
La Grand said that this is the first time in the company’s history that it has shipped two million mirror units in a single quarter.
