Gentex Ranked 57th on Forbes' List
21 October 1998
Gentex Ranked 57th on Forbes' '200 Best Small Companies in America' List
ZEELAND, Mich., Oct. 21 -- For the third consecutive year,
and the fourth time in the past five years, Gentex Corporation, the world
leader in the manufacture of automatic-dimming mirrors for the auto industry,
has been named to Forbes magazine's prestigious list of the "200 Best Small
Companies in America." The announcement comes in the magazine's November 2,
1998, issue. Gentex previously was named to this list in 1994, 1996 and 1997.
Forbes' annual list of the "200 Best Small Companies in America" evaluates
publicly traded, U.S.-based companies with latest 12-month sales between
$5 million and $350 million. They are then ranked according to their five-
year average return on equity and various other measures of profitability and
growth. To make the list this year, companies needed to have had a five-year
average return on equity of at least 12 percent, and five-year average sales
and earnings per share growth of at least 10 percent.
Forbes ranked Gentex 10th in profits, 7th in market value, 62nd in sales,
and 93rd in five-year average return on equity. The magazine also states that
Gentex's five-year average return on equity is 21 percent, and that the
Company has posted five-year average sales and earnings per share growth of 30
percent and 34 percent, respectively. The Company is debt free.
"It's certainly an honor to be named one of the best small companies in
America," said Gentex Executive Vice President Kenneth La Grand. "But we're
particularly proud that we moved up 54 spots over last year's ranking,
especially considering the recent volatility that has characterized our
industry and the market in general. For us, it confirms the strategies we
have in place to maximize long-term shareholder value."
Gentex Corporation is an international company that
provides high-quality products to the worldwide automotive industry and North
American fire protection market. The Company develops, manufactures and
markets proprietary electro-optic products, including interior and exterior
electrochromic, automatic-dimming Night Vision Safety(TM) (NVS(R)) automotive
rearview mirrors that dim in proportion to the amount of headlight glare from
trailing vehicle headlamps, and an extensive line of fire protection products
for commercial applications. Revenues from the sale of automatic-dimming
mirrors represent about 90 percent of total Company revenues.
Gentex was the first company in the world to successfully develop and
produce a commercial electrochromic mirror for the motor vehicle industry.
The Company is the leading supplier of these mirrors to the worldwide
automotive industry. Gentex customers include Audi, Bentley, BMW, Chrysler,
Daewoo, Fiat, Ford, General Motors, Gulf States Toyota, Honda, Hyundai,
Infiniti, Kia Motors, Lexus, Mercedes-Benz, Mitsubishi, Nissan, Opel, Porsche,
Rolls Royce, Southeast Toyota Distributors and Toyota.
Founded in 1974, Gentex operates out of three facilities in Zeeland,
Michigan; an automotive sales office in Livonia, Michigan; automotive sales
and engineering subsidiaries in Germany and Japan; and five regional U.S.
sales offices for the Fire Protection Products Group. The Company is
recognized for its quality products, its application of world class
manufacturing principles, for its commitment to developing and maintaining a
highly skilled workforce, and for encouraging employee ownership of the
Company's stock.