2014 Q4 Form 10-Q Financial Statement

#000035581114000049 Filed on November 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2014 Q2
Revenue $350.4M $350.9M $338.4M
YoY Change 7.23% 21.58% 17.93%
Cost Of Revenue $215.7M $212.3M $204.1M
YoY Change 8.88% 16.22% 10.73%
Gross Profit $134.7M $138.6M $134.3M
YoY Change 4.65% 30.83% 30.87%
Gross Profit Margin 38.43% 39.5% 39.68%
Selling, General & Admin $14.30M $13.75M $14.22M
YoY Change 8.33% 4.15% 17.04%
% of Gross Profit 10.62% 9.92% 10.59%
Research & Development $21.80M $21.67M $20.23M
YoY Change 10.1% 13.43% 7.26%
% of Gross Profit 16.19% 15.63% 15.07%
Depreciation & Amortization $17.70M $20.10M $19.80M
YoY Change -14.08% 36.73% 43.48%
% of Gross Profit 13.14% 14.5% 14.74%
Operating Expenses $36.10M $35.42M $34.46M
YoY Change 9.39% 9.64% 11.09%
Operating Profit $98.62M $103.2M $99.84M
YoY Change 3.11% 40.12% 39.44%
Interest Expense $4.100M -$500.0K -$500.0K
YoY Change -19.61% -200.0% -183.33%
% of Operating Profit 4.16% -0.48% -0.5%
Other Income/Expense, Net $1.300M $786.8K $5.787M
YoY Change -61.76% -89.35% 4.59%
Pretax Income $104.0M $104.0M $105.6M
YoY Change -0.1% 28.32% 36.94%
Income Tax $33.00M $31.66M $28.90M
% Of Pretax Income 31.73% 30.44% 27.36%
Net Earnings $70.98M $72.34M $76.73M
YoY Change 1.57% 30.29% 47.28%
Net Earnings / Revenue 20.25% 20.61% 22.67%
Basic Earnings Per Share $0.24 $0.25 $0.27
Diluted Earnings Per Share $0.24 $0.25 $0.26
COMMON SHARES
Basic Shares Outstanding 146.4M shares 291.0M shares 290.4M shares
Diluted Shares Outstanding 292.9M shares 293.0M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $497.4M $433.5M $391.7M
YoY Change 60.66% 91.22% -34.19%
Cash & Equivalents $497.4M $433.5M $391.7M
Short-Term Investments
Other Short-Term Assets $49.40M $44.50M $38.60M
YoY Change 73.33% 63.0% 60.83%
Inventory $141.8M $135.6M $125.2M
Prepaid Expenses
Receivables $168.0M $186.4M $178.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $856.6M $800.0M $733.7M
YoY Change 42.49% 52.71% -14.23%
LONG-TERM ASSETS
Property, Plant & Equipment $373.4M $363.4M $358.3M
YoY Change 4.59% 3.51% 3.58%
Goodwill $307.4M $307.4M $307.4M
YoY Change 0.0% -8.97%
Intangibles $346.9M $351.7M $356.5M
YoY Change -5.27% -5.01% 1178.06%
Long-Term Investments $114.6M $104.1M $109.8M
YoY Change 7.1% -8.92% -19.85%
Other Assets $792.5M $787.1M $798.0M
YoY Change -1.66% -4.27% 384.01%
Total Long-Term Assets $1.166B $1.150B $1.156B
YoY Change 0.26% -1.95% 126.37%
TOTAL ASSETS
Total Short-Term Assets $856.6M $800.0M $733.7M
Total Long-Term Assets $1.166B $1.150B $1.156B
Total Assets $2.023B $1.950B $1.890B
YoY Change 14.65% 14.93% 38.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $71.46M $68.61M $55.82M
YoY Change 26.45% 36.3% 27.47%
Accrued Expenses $61.97M $74.50M $72.99M
YoY Change -2.36% 6.05% 21.46%
Deferred Revenue
YoY Change
Short-Term Debt $7.500M $0.00 $0.00
YoY Change 0.0%
Long-Term Debt Due $7.500M
YoY Change 0.0%
Total Short-Term Liabilities $133.4M $143.1M $128.8M
YoY Change 11.21% 18.68% 24.0%
LONG-TERM LIABILITIES
Long-Term Debt $258.1M $260.0M $261.9M
YoY Change -2.82% -2.8%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $258.1M $260.0M $261.9M
YoY Change -2.82% -2.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $133.4M $143.1M $128.8M
Total Long-Term Liabilities $258.1M $260.0M $261.9M
Total Liabilities $451.1M $452.9M $442.3M
YoY Change 3.35% 2.51% 177.65%
SHAREHOLDERS EQUITY
Retained Earnings $988.5M $959.5M $919.5M
YoY Change 20.85% 24.85% 25.4%
Common Stock $571.6M $523.9M $510.7M
YoY Change 17.22% 12.74% 12.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.571B $1.498B $1.448B
YoY Change
Total Liabilities & Shareholders Equity $2.023B $1.950B $1.890B
YoY Change 14.65% 14.93% 38.33%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income $70.98M $72.34M $76.73M
YoY Change 1.57% 30.29% 47.28%
Depreciation, Depletion And Amortization $17.70M $20.10M $19.80M
YoY Change -14.08% 36.73% 43.48%
Cash From Operating Activities $99.70M $85.40M $44.40M
YoY Change 6.52% 66.15% -40.72%
INVESTING ACTIVITIES
Capital Expenditures -$23.50M -$20.30M -$14.20M
YoY Change 35.06% 45.0% 26.79%
Acquisitions
YoY Change
Other Investing Activities -$10.70M $3.200M $3.100M
YoY Change -200.0% -100.56% -48.33%
Cash From Investing Activities -$34.20M -$17.00M -$11.20M
YoY Change 410.45% -97.11% 115.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.700M -26.40M -16.30M
YoY Change -59.52% -110.11% 71.58%
NET CHANGE
Cash From Operating Activities 99.70M 85.40M 44.40M
Cash From Investing Activities -34.20M -17.00M -11.20M
Cash From Financing Activities -1.700M -26.40M -16.30M
Net Change In Cash 63.80M 42.00M 16.90M
YoY Change -22.85% -115.22% -71.93%
FREE CASH FLOW
Cash From Operating Activities $99.70M $85.40M $44.40M
Capital Expenditures -$23.50M -$20.30M -$14.20M
Free Cash Flow $123.2M $105.7M $58.60M
YoY Change 10.99% 61.62% -31.94%

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us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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CY2014Q3 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Nonoperating Income Expense
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us-gaap Payments For Repurchase Of Common Stock
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9999957 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
64209453 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
58898029 USD
us-gaap Payments To Acquire Available For Sale Securities
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us-gaap Payments To Acquire Available For Sale Securities
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
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us-gaap Payments To Acquire Productive Assets
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CY2014Q3 us-gaap Prepaid Expense And Other Assets Current
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
0 USD
us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
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0 USD
us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
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us-gaap Proceeds From Repayments Of Short Term Debt
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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
69937242 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
35005 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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CY2014Q3 us-gaap Property Plant And Equipment Net
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CY2013Q4 us-gaap Property Plant And Equipment Net
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CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q3 us-gaap Sales Revenue Goods Net
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CY2013Q3 us-gaap Sales Revenue Goods Net
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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1025090220 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2013Q3 us-gaap Selling General And Administrative Expense
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13199557 USD
us-gaap Selling General And Administrative Expense
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CY2014Q3 us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation
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CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.0264
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0232
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0270
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4490
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3873
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3770
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4561
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0179
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
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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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
8.25
us-gaap Share Based Goods And Nonemployee Services Transaction Capitalized Cost
ShareBasedGoodsAndNonemployeeServicesTransactionCapitalizedCost
239927 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P4Y305D
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
1164518 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
1497515071 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
1327603683 USD
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
821140 shares
CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
953259 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
655639 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1176808 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2014Q3 gntx Effectof One Percentage Point Increaseon Borrowing Rate
EffectofOnePercentagePointIncreaseonBorrowingRate
2700000 USD
CY2014Q2 gntx Increase In Cash Dividend Rate
IncreaseInCashDividendRate
0.02
gntx Net Increasein Common Stock Sharesfrom Shares Issuedin Share Based Compensationand Shares Repurchased
NetIncreaseinCommonStockSharesfromSharesIssuedinShareBasedCompensationandSharesRepurchased
812953 shares
CY2013Q4 gntx Patentsand Other Assets Net
PatentsandOtherAssetsNet
25334600 USD
CY2014Q3 gntx Patentsand Other Assets Net
PatentsandOtherAssetsNet
23892960 USD
gntx Paymentsof Deferred Financing Costs
PaymentsofDeferredFinancingCosts
0 USD
gntx Paymentsof Deferred Financing Costs
PaymentsofDeferredFinancingCosts
953800 USD
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
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000355811
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
146390976 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
GENTEX CORPORATION
dei Trading Symbol
TradingSymbol
gntx

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0000355811-14-000049.txt Edgar Link pending
0000355811-14-000049-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
gntx-20140930.xml Edgar Link completed
gntx-20140930.xsd Edgar Link pending
gntx-20140930_cal.xml Edgar Link unprocessable
gntx-20140930_def.xml Edgar Link unprocessable
gntx-20140930_lab.xml Edgar Link unprocessable
gntx-20140930_pre.xml Edgar Link unprocessable
gntx09302014-10q.htm Edgar Link pending
gntx09302014-exx312.htm Edgar Link pending
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