Gentex Corp (GNTX) Reports 100% Stock Dividend and $20M Buyback

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 announced a two-for-one stock split effected in the form of a 100 percent common stock dividend entitling each shareholder of record to receive one additional share of common stock for each outstanding share of the Company's common stock, par value $0.06 per share. This stock dividend will be issued on December 31, 2014, to shareholders of record at the close of business on December 17, 2014. "We are excited about the Company's financial performance over the last two years including the growth in revenue and gross margin improvement and the Board of Directors' approval of this stock dividend is indicative of our confidence in the Company's expected prospects over the long term," said Fred Bauer, Gentex Chief Executive Officer. "There continues to be significant opportunities for growth in our core auto-dimming mirror business, as only an estimated 25 percent of the world's light vehicles were equipped with an interior auto-dimming mirror and only 7 percent of such vehicles were equipped with an outside auto dimming mirror in calendar year 2014. Additionally, the Company continues to invest in other electronic features including our proprietary camera systems and HomeLink products that offer additional growth opportunities for the Company," continued Bauer.

Any shareholder who owns Gentex shares as of the close of business on the record date will receive one additional share of common stock for each share of common stock owned. If shares are purchased between the record date and the payment date, the purchaser will be entitled to receive an amount of dividend shares equal to the shares purchased. If shares are sold before the close of business on the record date or between the record date and the payment date, you will not be entitled to receive the stock dividend. Shareholders can check with their broker to determine their eligibility for this stock dividend as well. Shareholders should not discard existing stock certificates. Certificates for the new shares will be mailed after January 5, 2015, and should be retained with other stock certificates or, alternatively, new shares may be reflected in book-entry form with the Company's transfer agent, American Stock Transfer & Trust Company, LLC. The accounts of "street name" shareholders (those who hold their stock in a brokerage account) will be credited with the new shares on January 8, 2015. The Company's recently announced quarterly cash dividend of $.16 (sixteen cents) per share payable on January 20, 2015, to shareholders of record at the close of business on January 7, 2015, will now be $.08 (eight cents) to reflect the above-described stock dividend.

In addition, the Company announced that it has repurchased approximately 547,175 shares of its common stock during the current quarter for approximately $20 million, from the beginning of such quarter, through the date of the release.

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