ZEELAND, MI — Gentex Corp., the Zeeland, Mich.-based manufacturer of automatic-dimming rearview mirrors, has reported record revenues and net income for the fourth quarter and year, which ended Dec. 31, 2003.
The company said it achieved record fourth quarter revenues of $123.9 million, a 15 percent increase over fourth quarter 2002 revenues of $107.3 million. Net income in the 2003 fourth quarter increased 21 percent to $29.1 million, or 37 cents per share, compared with net income of $24.1 million, or 31 cents per share in 2002.
For the year, Gentex reported a 24 percent increase in net income to $106.8 million, or $1.37 per share, on a 19 percent increase in revenues to $469 million. The company reported net income of $85.8 million, or $1.12 per share, on revenues of $395.3 million in 2002.
“We are pleased with the record financial results that we achieved for both the fourth quarter and calendar year 2003,” said Gentex Executive Vice President Garth Deur. “The penetration of auto-dimming mirrors continues to increase on a global basis as our customers offer auto-dimming plus other mirror-borne electronic features to consumers in nearly every vehicle segment that exists today.”