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Gentex Reports Third Quarter 2015 Financial Results And Additional Share Repurchase Authorization ZEELAND, MI

The following excerpt is from the company's SEC filing.

2015) - Gentex Corporation (NASDAQ: GNTX) the Zeeland, Michigan-based manufacturer of automotive automatic-dimming rearview mirrors, automotive electronics, dimmable aircraft windows, and fire protection products, today reported financial results for the

three months ended September 30, 2015

3rd Quarter 2015 Highlights

Revenue growth of 11% quarter over quarter

Gross Margin improved from 38.4% to 39.0% sequentially from the 2nd quarter 2015

Operating Income increased by 13% quarter over quarter

Net Income increased by 8% quarter over quar ter

Earnings per Diluted Share increased by 8% quarter over quarter to $.27 per diluted share

Board authorization of an additional 5 million shares for repurchase plan

2.1 million shares repurchased during the quarter

$26.9 million of debt repaid during the quarter

For the

third quarter

of 2015, the Company is pleased to report net sales of

$389.8 million

, which was an increase of

compared to net sales of

$350.9 million

in the

of 2014. On a quarter over quarter basis, foreign currency fluctuations accounted for approximately 1% of revenue headwind during the

of 2015.

The gross profit margin in the

of 2015 was

, compared with a gross profit margin of

of 2014. On a quarter over quarter basis, foreign currency fluctuations accounted for the majority of the reduction in gross profit margin, while annual customer price reductions were essentially offset by purchasing cost reductions. Sequentially, from the second quarter of 2015, the gross margin improved from 38.4%, primarily due to increased purchasing cost reductions and improvements in product mix.

Operating income for the

of 2015 increased

$116.3 million

, when compared to operating income of

$103.2 million

Exhibit 99.1

Other income decreased to a loss of $0.2 million in the

of 2015 compared with other income of $

0.8 million

of 2014, primarily due to increased interest expense as a result of the Company's implemented interest rate swap, combined with lower realized gains on the sale of equity investments during the most recently completed quarter versus the same quarter in the prior year.

Net income for the

$78.3 million

compared with net income of

$72.3 million

Earnings per diluted share in the

of 2015 increased 8% to

, compared with earnings per diluted share of

of 2014, which reflects the December 31, 2014 stock split, effected in the form of a 100% stock dividend.

Automotive net sales in the

of 2015 were $379.9 million, an increase of 11% compared with automotive net sales of $341.8 million in the

of 2014, primarily due to a

increase in auto dimming mirror unit shipments quarter over quarter.

Other net sales, which includes dimmable aircraft windows and fire protection products, were $9.9 million, an increase of 9%, in the

of 2015, compared with $9.1 million in the

Share Repurchases

During the third quarter of 2015, the Company repurchased

shares of its common stock and through

nine months ended September 30, 2015

, the Company has repurchased

4.9 million

shares.

The Company’s Board of Directors has also recently authorized the repurchase of up to an additional 5 million shares of the Company’s outstanding common stock, under the existing terms of the most recently announced share repurchase plan.

As of

, the Company has approximately 6.3 million shares remaining available for repurchase in the plan including the most recent share authorization.

The Company intends to continue to repurchase additional shares of its common stock in the future depending on macroeconomic issues...


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