2013 Q4 Form 10-Q Financial Statement

#000035581113000050 Filed on November 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q4
Revenue $326.8M $288.6M $260.3M
YoY Change 25.51% 7.6% 0.0%
Cost Of Revenue $198.1M $182.7M $171.2M
YoY Change 15.71% 2.54% 0.71%
Gross Profit $128.7M $106.0M $89.12M
YoY Change 44.41% 17.58% -1.37%
Gross Profit Margin 39.38% 36.71% 34.23%
Selling, General & Admin $13.20M $13.20M $11.70M
YoY Change 12.82% 9.46% -8.59%
% of Gross Profit 10.26% 12.46% 13.13%
Research & Development $19.80M $19.11M $18.60M
YoY Change 6.45% -6.5% -14.68%
% of Gross Profit 15.39% 18.03% 20.87%
Depreciation & Amortization $20.60M $14.70M $12.60M
YoY Change 63.49% 17.6% 35.48%
% of Gross Profit 16.01% 13.87% 14.14%
Operating Expenses $33.00M $32.31M $30.30M
YoY Change 8.91% -0.57% -12.43%
Operating Profit $95.64M $73.66M $53.82M
YoY Change 77.7% 27.82% -3.52%
Interest Expense $5.100M $500.0K $3.500M
YoY Change 45.71% -16.67% 40.0%
% of Operating Profit 5.33% 0.68% 6.5%
Other Income/Expense, Net $3.400M $7.387M $1.200M
YoY Change 183.33% 81.82% 200.0%
Pretax Income $104.1M $81.04M $58.50M
YoY Change 77.95% 31.38% -0.34%
Income Tax $34.30M $25.52M $18.90M
% Of Pretax Income 32.95% 31.49% 32.31%
Net Earnings $69.88M $55.52M $39.60M
YoY Change 76.47% 32.58% -2.14%
Net Earnings / Revenue 21.39% 19.24% 15.21%
Basic Earnings Per Share $0.24 $0.20 $0.28
Diluted Earnings Per Share $0.24 $0.19 $0.28
COMMON SHARES
Basic Shares Outstanding 144.7M shares 143.7M shares
Diluted Shares Outstanding 144.5M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $309.6M $226.7M $450.5M
YoY Change -31.28% -43.69% 7.57%
Cash & Equivalents $309.6M $226.7M $389.7M
Short-Term Investments $0.00 $0.00 $60.80M
Other Short-Term Assets $28.50M $27.30M $24.70M
YoY Change 15.38% -18.99% -28.2%
Inventory $120.1M $117.4M $159.9M
Prepaid Expenses
Receivables $143.0M $152.4M $109.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $601.2M $523.9M $744.7M
YoY Change -19.27% -29.18% -1.01%
LONG-TERM ASSETS
Property, Plant & Equipment $357.0M $351.1M $349.9M
YoY Change 2.02% 2.68% 23.85%
Goodwill $307.4M $337.7M $0.00
YoY Change
Intangibles $366.2M $370.3M $0.00
YoY Change -100.0%
Long-Term Investments $107.0M $114.3M $141.8M
YoY Change -24.54% -21.23% 10.61%
Other Assets $805.9M $822.2M $171.1M
YoY Change 371.03% 21.18%
Total Long-Term Assets $1.163B $1.173B $521.0M
YoY Change 123.19% 127.73% 22.96%
TOTAL ASSETS
Total Short-Term Assets $601.2M $523.9M $744.7M
Total Long-Term Assets $1.163B $1.173B $521.0M
Total Assets $1.764B $1.697B $1.266B
YoY Change 39.38% 35.24% 7.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.51M $50.34M $43.20M
YoY Change 30.81% -3.56% -34.02%
Accrued Expenses $63.47M $70.25M $44.76M
YoY Change 41.81% 35.1% 150.04%
Deferred Revenue
YoY Change
Short-Term Debt $7.500M $0.00 $0.00
YoY Change
Long-Term Debt Due $7.500M $0.00
YoY Change
Total Short-Term Liabilities $120.0M $120.6M $87.96M
YoY Change 36.41% 15.62% -12.65%
LONG-TERM LIABILITIES
Long-Term Debt $265.6M $267.5M $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $265.6M $267.5M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $120.0M $120.6M $87.96M
Total Long-Term Liabilities $265.6M $267.5M $0.00
Total Liabilities $436.5M $441.8M $144.7M
YoY Change 201.58% 172.22% -2.8%
SHAREHOLDERS EQUITY
Retained Earnings $818.0M $768.5M $676.0M
YoY Change 21.0% 10.7%
Common Stock $487.6M $464.7M $427.4M
YoY Change 14.1% 5.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.328B $1.255B $1.121B
YoY Change
Total Liabilities & Shareholders Equity $1.764B $1.697B $1.266B
YoY Change 39.38% 35.24% 7.62%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q4
OPERATING ACTIVITIES
Net Income $69.88M $55.52M $39.60M
YoY Change 76.47% 32.58% -2.14%
Depreciation, Depletion And Amortization $20.60M $14.70M $12.60M
YoY Change 63.49% 17.6% 35.48%
Cash From Operating Activities $93.60M $51.40M $81.40M
YoY Change 14.99% -31.38% 399.39%
INVESTING ACTIVITIES
Capital Expenditures -$17.40M -$14.00M -$21.50M
YoY Change -19.07% -67.82% -40.44%
Acquisitions
YoY Change
Other Investing Activities $10.70M -$574.5M -$36.80M
YoY Change -129.08% -2361.81% 137.42%
Cash From Investing Activities -$6.700M -$588.5M -$58.30M
YoY Change -88.51% 3169.44% 12.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.200M 261.2M -14.60M
YoY Change -71.23% -607.18% 294.59%
NET CHANGE
Cash From Operating Activities 93.60M 51.40M 81.40M
Cash From Investing Activities -6.700M -588.5M -58.30M
Cash From Financing Activities -4.200M 261.2M -14.60M
Net Change In Cash 82.70M -275.9M 8.500M
YoY Change 872.94% -5209.26% -121.79%
FREE CASH FLOW
Cash From Operating Activities $93.60M $51.40M $81.40M
Capital Expenditures -$17.40M -$14.00M -$21.50M
Free Cash Flow $111.0M $65.40M $102.9M
YoY Change 7.87% -44.76% 96.37%

Facts In Submission

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us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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CY2012Q3 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1312432 USD
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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3004466 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
5574647 USD
CY2012Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
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CY2013Q3 us-gaap Other Comprehensive Income Loss Tax
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559642 USD
us-gaap Other Comprehensive Income Loss Tax
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3090342 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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7119498 USD
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
1598977 USD
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
4198182 USD
CY2013Q3 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
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8700309 USD
CY2012Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3476189 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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PaymentsOfDividendsCommonStock
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us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
58898029 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
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us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
58278107 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
698107014 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
38026769 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
97597283 USD
CY2013Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
27330903 USD
CY2012Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
24671561 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
22526742 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
98142408 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
70652000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
275000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
0 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
31564139 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
69937242 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1012608 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
316449 USD
CY2013Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
351066630 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
20434012 USD
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ResearchAndDevelopmentExpense
66441649 USD
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19106682 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
56654440 USD
CY2013Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
768527760 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
676039254 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
845094493 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
839210399 USD
CY2012Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
288621626 USD
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4490
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13199557 USD
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12058701 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
36278011 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
36621668 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4517
us-gaap Share Based Compensation
ShareBasedCompensation
12361993 USD
us-gaap Share Based Compensation
ShareBasedCompensation
12528264 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0270
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0267
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0264
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0264
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4561
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4691
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0079
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0119
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0139
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0064
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.98
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.09
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.61
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.23
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203872 USD
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P4Y
CY2012Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P4Y15D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P4Y3D
CY2012Q4 us-gaap Short Term Investments
ShortTermInvestments
60802856 USD
CY2013Q3 us-gaap Short Term Investments
ShortTermInvestments
0 USD
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
1654477 shares
CY2013Q3 us-gaap Stockholders Equity
StockholdersEquity
1255307437 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
1120960556 USD
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
821140 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1002142 shares
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
556682 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
655639 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
144417219 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
144518900 shares
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
143816041 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
143697760 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
143415077 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
143160402 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
143027693 shares
gntx Increase Decreasein Deferred Financing Costs
IncreaseDecreaseinDeferredFinancingCosts
953800 USD
gntx Increase Decreasein Deferred Financing Costs
IncreaseDecreaseinDeferredFinancingCosts
0 USD
CY2013Q1 gntx Increase In Cash Dividend Rate
IncreaseInCashDividendRate
0.01
CY2013Q3 gntx Minimum Termin Business
MinimumTerminBusiness
P10Y
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0000355811
CY2013Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
144730834 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
GENTEX CORPORATION
dei Trading Symbol
TradingSymbol
gntx

Files In Submission

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0000355811-13-000050.txt Edgar Link pending
0000355811-13-000050-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
gntx-20130930.xml Edgar Link completed
gntx-20130930.xsd Edgar Link pending
gntx-20130930_cal.xml Edgar Link unprocessable
gntx-20130930_def.xml Edgar Link unprocessable
gntx-20130930_lab.xml Edgar Link unprocessable
gntx-20130930_pre.xml Edgar Link unprocessable
gntx9302013-10q.htm Edgar Link pending
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