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GENTEX REPORTS 94 PERCENT INCREASE IN NET INCOME FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPT. 30

 ZEELAND, Mich., Oct. 13 /PRNewswire/ -- Gentex Corporation (NASDAQ-NMS: GNTX) today reported a 94 percent increase in net income for both the third quarter and nine months ended Sept. 30, 1993, compared to the same periods in 1992. The Zeeland-based manufacturer of automatic-dimming automotive mirrors and fire protection products said record revenues for the third quarter and nine months were strongly supported by continued revenue growth in its Fire Protection Products business line.
 "The Fire Protection Products business line continues to show excellent growth when compared with prior-year periods," said Gentex Executive Vice President Kenneth La Grand. "Fire protection revenues were up by 60 and 85 percent for the third-quarter and nine-month periods, respectively, when compared with the same year-ago periods.
 "While it is difficult to predict with any certainty whether this growth will continue in the fire protection group, the strong order backlog is evidence of growth in the near term," La Grand said. "Our challenge is to continue to stay on top of government and industry regulations for these products, and to develop new products that will mees?e requirements."
 The Company reported net income of $2.2 million, or 13 cents per share, on revenues of $15.5 million for the quarter ended Sept. 30, 1993, compared with net income of $1.2 million, or 7 cents per share, on revenues of $11.4 million for the same quarter in 1992. For the nine- month period, Gentex reported net income of $6.2 million, or 37 cents per share, on net sales of $44.5 million, compared with net income of $3.2 million, or 20 cents per share, on revenues of $30.0 million for the nine months ended Sept. 30, 1992. All per-share data has been adjusted to reflect the two-for-one stock split that became effective in June 1993.
 "We are pleased to report earnings that are in line with the industry analyst consensus estimate of 13 cents per share, despite the 1-cent-per-share effect of the litigation expense associated with the July 8, 1993, Donnelly patent suit against Gentex," La Grand said.
 Gentex Automotive Products revenues increased by 27 percent for the quarter, and 38 percent for the nine months ended Sept. 30, 1993, with total third-quarter Night Vision Safety(TM) (NVS(R)) Mirror shipments of 260,000 units. Gentex shipped 193,000 NVS Mirrors during the third quarter of 1992. For the first nine months of 1993, unit shipments increased by 48 percent to 787,000 units compared with 534,000 units in the same year-ago period. Exterior mirrors shipments were 51,000 and 134,000 for the third-quarter and nine-month periods, respectively.
 "The slow ramp-up of certain 1994 models and lower production levels at some customers slowed the rate of growth in unit shipments for the third quarter," La Grand said. "However, we believe that some of the units not shipped during the third quarter were simply pushed back into the fourth quarter, an assumption that is confirmed by current order release schedules that show significant increases in unit shipments for the upcoming fourth quarter."
 Gentex Corporation develops, manufactures and markets proprietary electro-optical products: patented automatic-dimming interior and exterior Night Vision Safety Mirrors for the worldwide motor vehicle industry, and an extensive line of fire protection products and signaling devices for commercial applications.
 Gentex was the first company in the world to produce a commercial electrochromic NVS Mirror for the motor vehicle industry, and is the leading supplier of NVS Mirrors to the worldwide automotive industry.
 GENTEX CORPORATION AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Net sales $15,472,994 $11,373,838 $44,478,637 $30,036,886
 Costs and expenses
 Cost of goods sold 9,344,520 7,377,076 27,671,449 18,941,210
 Research & development 1,044,930 1,085,022 3,084,103 2,882,928
 Selling, general
 & administrative 1,983,423 1,410,811 5,137,479 4,005,876
 Other expense (income) (243,485) (209,498) (662,299) (557,949)
 Total costs and
 expenses 12,129,388 9,663,411 35,230,732 25,272,065
 Income before provision
 for income taxes 3,343,606 1,710,427 9,247,905 4,764,821
 Provision for income
 taxes 1,104,000 556,000 3,053,000 1,573,000
 Net income $2,239,606 $1,154,427 $6,194,905 $3,191,821
 Earnings per share $0.13 $0.07 $0.37 $0.20
 Weighted daily average
 of common shares
 outstanding 16,861,571 16,129,732 16,640,340 16,085,110
 CONDENSED CONSOLIDATED BALANCE SHEETS
 ? (unaudited)
 Sept. 30 Dec. 31,
 1993 1992
 Assets
 Cash and short-term investments $13,370,908 $7,750,775
 Other current assets 14,280,011 10,061,043
 Total current assets 27,650,919 17,811,818
 Plant and equipment - net 13,695,546 12,503,793
 Long-term investments and
 other assets 11,246,817 9,940,707
 Total assets $52,593,282 $40,256,318
 Liabilities and shareholders' investment
 Current liabilities $9,268,317 $4,043,791
 Long-term debt 0 0
 Deferred income taxes 81,362 762,854
 Shareholders' investment 43,243,603 35,449,673
 Total liabilities and shareholders'
 investment $52,593,282 $40,256,318
 NOTE: All earnings-per-share amounts and weighted daily average shares outstanding reflect the 2-for-1 stock split effected in the form of a 100 percent common stock dividend issued to shareholders on June 18, 1993.
 -0- 10/13/93
 /CONTACT: Connie Hamblin of Gentex, 616-772-1800/
 (GNTX)


CO: Gentex Corporation ST: Michigan IN: AUT SU: ERN

SB-KE -- DE047 -- 1864 10/13/93 16:54 EDT
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Publication:PR Newswire
Date:Oct 13, 1993
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