Gentex Corporation, the Zeeland, Michigan-based manufacturer of automatic-dimming rear view mirrors and commercial fire protection products, has reported record second quarter revenues and net income for the quarter ended June 30, 2004.
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The company achieved another quarterly sales record in the second quarter of 2004 with revenues of $US129.6 million, an 11% increase over the $116.9 million reported in the second quarter last year.
Record second quarter net income of $29.0 million increased by 11% compared with $26.1 million in the comparable 2003 quarter.
Earnings per share were 37 cents in the second quarter of 2004 compared with 34 cents in the second quarter of 2003.
For the first six months of 2004, the company posted record net income of $58.8 million, or 75 cents per share, on record revenues of $259.0 million, compared with $52.0 million, or 68 cents per share, on revenues of $232.2 million, for the same period in 2003.
“We are pleased to report that our auto-dimming mirror unit shipments increased by over 18% in the second quarter compared to the same quarter last year,” said Gentex executive vice president Garth Deur. “As was the case in the first quarter of 2004, that growth primarily came in the form of base feature interior mirrors for international customers.”
Deur said that the stability in the company’s gross margins in the second quarter was attributable to continued manufacturing efficiencies and improved capacity utilisation, despite continued customer price reductions.
The company has begun making production shipments of its new SmartBeam product for 2005 Cadillac STS and 2005 Jeep Grand Cherokee models, according to Deur. He said that consumers will start to see the new technology in dealer showrooms this autumn, and that SmartBeam is offered in an option package on each of those models.
SmartBeam is an ‘intelligent’ high-beam headlamp control product developed by Gentex.
“We will continue to make significant investments in this technology as we work to apply it to more vehicle models at numerous auto companies,” said Deur. “We’re making significant progress with customers in Europe, and are currently working under a letter of intent with a European customer to develop SmartBeam for a number of vehicle platforms. Production of SmartBeam systems for those platforms could commence as early as 2006.”
Total auto-dimming mirror unit shipments for the second quarter of 2004 increased by 18% to 3,001,000 units, compared with 2,534,000 units for the same quarter in 2003. Total automotive revenues in the second quarter of 2004 increased by 12% to $123.8 million, compared with the same quarter last year.
Total auto-dimming mirror unit shipments for the first six months of 2004 increased by 18% to 5,983,000 units, compared with 5,069,000 units for the same period in 2003. Total automotive revenues increased by 12% for the first six months of 2004 to $247.6 million, compared with the same period in 2003.
Auto-dimming mirror unit shipments to offshore and North American customers increased by 37% and 4%, respectively, in the second quarter of 2004 compared with the second quarter of 2003.
For the first six months of 2004, auto-dimming mirror unit shipments to offshore and North American customers increased by 31% and 7%, respectively, compared with the first six months of 2003.
