Gentex's Net Income Increased 43 Percent.

Gentex Corp., the Michigan-based manufacturer of automatic-dimming rearview mirrors, said it had record revenues and net income for the fourth quarter and year ended December 31, 2002. The company achieved record fourth quarter revenues of $107.3 million, a 35 percent increase over the fourth quarter of 2001 when the it reported revenues of $79.7 million.

Net income in the 2002 fourth quarter increased 43 percent to $24.1 million, or 31 cents per share, compared with net income of $16.8 million, or 22 cents per share in 2001. For the year ended December 31, 2002, Gentex reported a 32 percent increase in net income to $85.8 million, or $1.12 per share, on a 27 percent increase in revenues to $395.3 million.

Gentex reported net income of $65.2 million, or 86 cents per share, on revenues of $310.3 million in 2001.

The company said it expects good growth in automotive unit shipments in the first quarter of 2003 as compared with the same period in 2002, and it anticipates approximately 15-20 percent unit growth for all of calendar 2003 compared with calendar 2002, primarily due to increased penetration into new vehicle models.