<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(MARK ONE)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1999, OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO
--------- ---------
COMMISSION FILE NO. 0-10235
GENTEX CORPORATION
(Exact name of registrant as specified in its charter)
MICHIGAN 38-2030505
(State or other jurisdiction (I.R.S. Employer Identification No.)
incorporation or organization)
600 N. CENTENNIAL, ZEELAND, MICHIGAN 49464
(Address of principal executive offices) (Zip Code)
(616) 772-1800
(Registrant's telephone number, including area code)
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
----------- -----------
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes No
----------- -----------
APPLICABLE ONLY TO CORPORATE USERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Shares Outstanding
Class at October 14, 1999
----- -------------------
Common Stock, $0.06 Par Value 73,286,083
Exhibit Index located at page 10
Page 1 of 11
<PAGE> 2
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
GENTEX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
At September 30, 1999 and December 31, 1998
ASSETS
------
<TABLE>
<CAPTION>
September 30, 1999 December 31, 1998
------------------ -----------------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 57,750,737 $ 50,027,747
Short term investments 22,100,014 24,034,876
Accounts receivable, net 37,310,614 30,256,795
Inventories 8,652,109 8,726,420
Prepaid expenses and other 3,630,286 2,311,581
------------ ------------
Total current assets 129,443,760 115,357,419
PLANT AND EQUIPMENT - NET 69,999,347 59,359,885
OTHER ASSETS
Long-term investments 121,731,721 78,744,138
Patents and other assets, net 2,066,998 1,428,116
------------ ------------
Total other assets 123,798,719 80,172,254
------------ ------------
Total assets $323,241,826 $254,889,558
============ ============
LIABILITIES AND SHAREHOLDERS' INVESTMENT
----------------------------------------
CURRENT LIABILITIES
Accounts payable $ 13,486,841 $ 7,602,933
Accrued liabilities 10,733,192 7,243,957
------------ ------------
Total current liabilities 24,220,033 14,846,890
DEFERRED INCOME TAXES 2,944,452 3,034,450
SHAREHOLDERS' INVESTMENT
Common stock 4,397,165 4,335,535
Additional paid-in capital 77,717,012 64,876,098
Other shareholders' equity 213,963,164 167,796,585
------------ ------------
Total shareholders' investment 296,077,341 237,008,218
------------ ------------
Total liabilities and
shareholders' investment $323,241,826 $254,889,558
============ ============
</TABLE>
See accompanying notes to condensed consolidated financial statements.
- 2 -
<PAGE> 3
GENTEX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
---------------------------- -------------------------------
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
NET SALES $64,146,371 $49,596,221 $196,653,710 $157,947,372
COST OF GOODS SOLD 38,351,928 30,412,536 112,529,258 96,322,113
---------------------------- -------------------------------
Gross profit 25,794,443 19,183,685 84,124,452 61,625,259
OPERATING EXPENSES:
Research and development 3,444,350 2,861,513 10,278,835 8,152,256
Selling, general
& administrative 3,606,106 3,044,766 10,654,637 9,135,974
---------------------------- -------------------------------
Total operating expenses 7,050,456 5,906,279 20,933,472 17,288,230
---------------------------- -------------------------------
Income from operations 18,743,987 13,277,406 63,190,980 44,337,029
OTHER INCOME (EXPENSE)
Interest, net 2,150,815 1,382,076 5,620,356 3,983,323
Other 568,786 25,490 2,059,668 947,420
---------------------------- -------------------------------
Total other income 2,719,601 1,407,566 7,680,024 4,930,743
---------------------------- -------------------------------
Income before provision
for federal income taxes 21,463,588 14,684,972 70,871,004 49,267,772
PROVISION FOR FEDERAL INCOME TAXES 7,020,000 4,784,000 23,181,000 16,101,000
---------------------------- -------------------------------
NET INCOME $14,443,588 $9,900,972 $47,690,004 $33,166,772
============================ ===============================
Earnings Per Share
Basic $0.20 $0.14 $0.65 $0.46
Diluted $0.19 $0.13 $0.64 $0.45
Weighted Average Shares:
Basic 73,232,990 71,823,718 72,880,739 71,487,969
Diluted 75,036,282 73,422,512 75,032,658 73,512,644
</TABLE>
See accompanying notes to condensed consolidated financial statements.
-3-
<PAGE> 4
GENTEX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 1999 and 1998
<TABLE>
<CAPTION>
1999 1998
----------------- -----------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $47,690,004 $33,166,772
Adjustments to reconcile net income to net
cash provided by operating activities-
Depreciation and amortization 7,121,458 6,142,455
(Gain) Loss on disposal of equipment 113,209 111,218
Deferred income taxes 493,834 364,144
Amortization of deferred compensation 552,555 414,378
Change in assets and liabilities:
Accounts receivable, net (7,053,819) (5,633,211)
Inventories 74,311 976,959
Prepaid expenses and other (1,140,442) (346,984)
Accounts payable 5,883,908 1,451,970
Accrued liabilities 3,489,235 689,756
----------------- -----------------
Net cash provided by
operating activities 57,224,253 37,337,457
------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
(Increase) Decrease in short-term investments 1,934,862 (13,113,967)
Plant and equipment additions (18,059,821) (21,366,952)
Proceeds from sale of plant and equipment 232,380 52,709
(Increase) Decrease in long-term investments (45,164,997) (4,743,793)
(Increase) Decrease in other assets (700,688) (159,971)
----------------- -----------------
Net cash used for
investing activities (61,758,264) (39,331,974)
------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock and tax benefit of
stock plan transactions 12,257,001 8,932,589
----------------- -----------------
Net cash provided by
financing activities 12,257,001 8,932,589
----------------- -----------------
NET INCREASE IN CASH AND
CASH EQUIVALENTS 7,722,990 6,938,072
CASH AND CASH EQUIVALENTS,
beginning of period 50,027,747 26,768,647
----------------- -----------------
CASH AND CASH EQUIVALENTS,
end of period $57,750,737 $33,706,719
================= =================
</TABLE>
See accompanying notes to condensed consolidated financial statements
- 4 -
<PAGE> 5
GENTEX CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(1) The condensed consolidated financial statements included herein
have been prepared by the Registrant, without audit, pursuant to the
rules and regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such
rules and regulations, although the Registrant believes that the
disclosures are adequate to make the information presented not
misleading. It is suggested that these condensed consolidated
financial statements be read in conjunction with the financial
statements and notes thereto included in the Registrant's 1998 annual
report on Form 10-K.
(2) In the opinion of management, the accompanying unaudited condensed
consolidated financial statements contain all adjustments, consisting
of only a normal and recurring nature, necessary to present fairly the
financial position of the Registrant as of September 30, 1999, and
December 31, 1998, and the results of operations and cash flows for
the interim periods presented.
(3) Inventories consisted of the following at the respective quarter ends:
September 30, 1999 December 31, 1998
------------------ -----------------
Raw materials $4,427,689 $4,301,060
Work-in-process 1,030,499 926,466
Finished goods 3,193,921 3,498,894
----------- -----------
$8,652,109 $8,726,420
=========== ===========
(4) Comprehensive income reflects the change in equity of a business
enterprise during a period from transactions and other events and
circumstances from non-owner sources. For Gentex, comprehensive income
represents net income adjusted for items such as unrealized gains and
losses on certain investments and foreign currency translation
adjustments. Comprehensive income was approximately as follows:
September 30, 1999 September 30, 1998
------------------ ------------------
Quarter Ended $12,141,729 $ 7,507,405
Nine Months Ended 46,259,568 31,955,200
(5) The Company currently manufactures electro-optic products,
including automatic-dimming rearview mirrors for the automotive
industry and fire protection products for the commercial building
industry:
<TABLE>
<CAPTION>
Quarter Ended September 30, Nine Months Ended September 30,
----------------------------- -------------------------------
<S> <C> <C> <C> <C>
Revenue: 1999 1998 1999 1998
---- ---- ---- ----
Automotive Products $58,456,906 $43,949,144 $ 180,662,109 $142,266,771
Fire Protection Products 5,689,465 5,647,077 15,991,601 15,680,601
----------- ------------ ------------- ------------
Total $64,146,371 $49,596,221 $ 196,653,710 $157,947,372
============ ============ ============= ============
Operating Income:
Automotive Products $17,715,158 $12,115,067 $ 60,486,874 $ 41,480,011
Fire Protection Products 1,028,829 1,162,339 2,704,106 2,857,018
------------- ------------- ------------- -------------
Total $18,743,987 $13,277,406 $ 63,190,980 $ 44,337,029
============= ============= ============= =============
</TABLE>
(6) All earnings per share amounts and weighted daily average of
shares of common stock outstanding have been restated, to reflect the
two-for-one stock split effected in the form of a 100 percent common
stock dividend issued to shareholders on June 19, 1998.
-5-
<PAGE> 6
GENTEX CORPORATION AND SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
RESULTS OF OPERATIONS:
THIRD QUARTER 1999 VERSUS THIRD QUARTER 1998 Net Sales. Net sales for
the third quarter of 1999 increased by approximately $14,550,000, or
29%, when compared with the third quarter last year. Net sales of the
Company's automotive mirrors increased by 33% as automatic mirror unit
shipments increased by 34% from approximately 1,069,000 in the third
quarter of 1998 to 1,430,000 in the current quarter. This increase
reflected increased penetration on 2000 model year vehicles for
interior and exterior electrochromic Night Vision Safety(TM) (NVS(R))
Mirrors and reduced shipments in July and August 1998 for General
Motors due to two strikes at its component plants and the subsequent
shutdown of the majority of its vehicle assembly plants. Shipments to
customers in North America increased by 25%, primarily due to
increased mirror shipments for light trucks and sport/utility
vehicles, the impact of the two strikes at General Motors in the prior
year, and higher industry production levels. Mirror unit shipments to
automotive customers outside North America increased by 52% compared
with the third quarter in 1998, primarily due to increased shipments
for certain European and Asian automakers. Net sales of the Company's
fire protection products increased 1%, which increase was less than
expected primarily due to a slower than expected production ramp-up of
a new signaling product.
Cost of Goods Sold. As a percentage of net sales, cost of goods sold
decreased from 61% in the third quarter of 1998 to 60% for the
comparable period in 1999. This decreased percentage primarily
reflected improved glass yields due to the Company's new in-house
coater and processes, and increased sales volume spread over fixed
overhead expenses, partially offset by annual productivity price
reductions granted to certain automotive customers.
Operating Expenses. Research and development expenses increased
approximately $583,000, but decreased from 6% to 5% of net sales, when
compared with the same quarter last year, primarily reflecting
additional staffing and engineering for new product development,
including mirrors with additional electronic features. Selling,
general and administrative expenses increased approximately $561,000,
but remained at 6% of net sales, when compared with the third quarter
of 1998. This increased expense primarily reflected increased staffing
to support current and future overseas sales growth, and the growth of
the Company's sales and engineering office in Japan and warehouse
distribution operation in Germany.
Other Income - Net. Other income increased by approximately $1,312,000
when compared with the third quarter of 1998, primarily due to higher
investable fund balances and realized gains on the sale of equity
investments.
NINE MONTHS ENDED SEPTEMBER 30, 1999, VERSUS NINE MONTHS ENDED
SEPTEMBER 30, 1998
Net Sales. Net sales for the nine months ended September 30, 1999,
increased by approximately $38,706,000, or 25%, when compared with the
same period last year. Automatic mirror unit shipments increased from
approximately 3,455,000 in the first nine months of 1998 to 4,413,000
in the first nine months of 1999. This increase reflected increased
penetration on domestic and foreign vehicles for interior and exterior
electrochromic Night Vision Safety(TM) (NVS(R)) Mirrors and reduced
shipments during June through August 1998 due to two strikes at
General Motors' component plants. Shipments to customers in North
America increased by 28%, primarily due to increased mirror shipments
for light trucks and sport/utility vehicles, higher industry
production levels, and the impact of two strikes at General Motors in
the prior year. Mirror unit shipments to automotive customers outside
North America increased by 26% compared with the first nine months in
1998, primarily due to increased shipments for certain European and
Asian automakers. Net sales of the Company's fire protection products
increased 2%, primarily due to higher sales of certain of the
Company's audible and visual signals.
Cost of Goods Sold. As a percentage of net sales, cost of goods sold
decreased from 61% in the first nine months of 1998 to 57% for the
comparable period in 1999. This decreased percentage primarily
reflected improved glass yields due to the Company's new in-house
coater and processes, and increased sales volume spread over fixed
overhead expenses.
-6-
<PAGE> 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
AND FINANCIAL CONDITION
RESULTS OF OPERATIONS:
NINE MONTHS ENDED SEPTEMBER 30, 1999 VERSUS NINE MONTHS ENDED
SEPTEMBER 30, 1998 (CONT.)
Operating Expenses. For the nine months ended September 30, 1999,
research and development expenses increased approximately $2,127,000,
but remained at 5% of net sales, when compared with the same period
last year, primarily reflecting additional staffing, engineering and
testing for new product development, including mirrors with additional
electronic features. Selling, general and administrative expenses
increased approximately $1,519,000, but decreased from 6% to 5% of net
sales, when compared with the first nine months of 1998. This
increased expense primarily reflected increased staffing to support
current and future overseas sales growth, and the establishment in
mid-1998 of a sales and engineering office in Japan and a warehouse
distribution operation in Germany.
Other Income - Net. Other income for the nine months ended September
30, 1999, increased by approximately $2,749,000 as compared to the
first nine months of 1998, primarily due to higher investable fund
balances and realized gains on the sale of equity investments.
FINANCIAL CONDITION:
Management considers the Company's working capital and long-term
investments totaling approximately $226,955,000 at September 30, 1999,
together with internally generated cash flow and an unsecured
$5,000,000 line of credit from a bank, to be sufficient to cover
anticipated cash needs for the foreseeable future.
TRENDS AND DEVELOPMENTS:
In addition to price reductions over the life of its long-term
agreements, the Company continues to experience pricing pressures from
its automotive customers, which have affected, and which will continue
to affect, its margins to the extent that the Company is unable to
offset the price reductions with productivity improvements,
engineering and purchasing cost reductions, and increases in unit
sales volume. In addition, the Company continues to experience some
pressure for select raw material cost increases.
The Company currently supplies NVS(R) Mirrors to DaimlerChrysler AG,
Ford Motor Company and General Motors Corporation under long-term
agreements. The long-term supply agreement with DaimlerChrysler AG
runs through the 2003 Model Year. The term of the Ford contract is
through December 1999, while the GM contract runs through the 2002
Model Year for inside mirrors.
YEAR 2000 READINESS DISCLOSURE:
The Company has developed a plan to address its computer systems'
compliance with the Year 2000 issues. All internal remediation
activities have been completed, and the Company completed all internal
acceptance testing during the second quarter. The Company is
completing the process of ascertaining the status of its suppliers'
Year 2000 compliance efforts, and plans to complete contingency plans
during the fourth quarter for any remaining key suppliers that will
not be compliant on a timely basis. The Company currently believes
that the cost of addressing the Year 2000 issue will not be material
to the Company's business, operations or financial condition.
While the Company believes all necessary work will be completed, there
can be no guarantee that all systems will be in compliance by the year
2000 or that the systems of other companies on which the Company
relies will be converted in a timely manner. Such failure to complete
the necessary work by the year 2000 could cause delays in the
Company's ability to produce or ship its products, process
transactions, or otherwise conduct business in its markets, resulting
in material financial risk.
Statements in this Quarterly Report on Form 10-Q which express
"belief", "anticipation" or "expectation" as well as other statements
which are not historical fact, are forward-looking statements and
involve risks and uncertainties described under the headings
"Management's Discussion and Analysis of Results of Operations and
Financial Condition," "Trends and Developments" and "Year 2000
Readiness Disclosure" that could cause actual results to differ
materially from those projected. All forward-looking statements in
this Report are based on information available to the Company on the
date hereof, and the Company assumes no obligation to update any such
forward-looking statements.
-7-
<PAGE> 8
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) See Exhibit Index on Page 10.
(b) No reports on Form 8-K were filed during the three
months ended September 30, 1999.
-8-
<PAGE> 9
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GENTEX CORPORATION
Date: 10/29/99 /s/ Fred T. Bauer
-------------------- ----------------------------
Fred T. Bauer
Chairman and Chief
Executive Officer
Date: 10/29/99 /s/ Enoch C. Jen
-------------------- ----------------------------
Enoch C. Jen
Vice President - Finance,
Principal Financial and
Accounting Officer
-9-
<PAGE> 10
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
3(a)(1) Registrant's Articles of Incorporation were filed in 1981 as Exhibit
2(a) to a Registration Statement on Form S-18 (Registration No.
2-74226C), an Amendment to those Articles was filed as Exhibit 3 to
Registrant's Report on Form 10-Q in August of 1985, an additional
Amendment to those Articles was filed as Exhibit 3(a)(i) to
Registrant's Report on Form 10-Q in August of 1987, an additional
Amendment to those Articles was filed as Exhibit 3(a)(2) to
Registrant's Report on Form 10-K dated March 10, 1992, an Amendment to
Articles of Incorporation, adopted on May 9, 1996, was filed as
Exhibit 3(a)(2) to Registrant's Report on Form 10-Q dated
July 31, 1996, and an Amendment to Articles of Incorporation,
adopted on May 21, 1998, was filed as Exhibit 3(a)(2) to Registrant's
Report on Form 10-Q dated July 30, 1998, all of which are hereby
incorporated herein be reference.
3(b)(1) Registrant's Bylaws as amended and restated August 18, 1995,
were filed as Exhibit 3(b) to Registrant's Report on Form 10-Q
dated November 1, 1995, and the same is incorporated herein by
reference.
3(b)(2) First Amendment to Bylaws, adopted on August 25, 1997, was filed
as Exhibit 3(c) to Registrant's Report on Form 10-Q dated
October 31, 1997, and the same is hereby incorporated herein by
reference.
4(a) A specimen form of certificate for the Registrant's common
stock, par value $.06 per share, was filed as part of a
Registration Statement on Form S-18 (Registration No. 2-74226C)
as Exhibit 3(a), as amended by Amendment No. 3 to such
Registration Statement, and the same is hereby incorporated
herein by reference.
4(b) Shareholder Protection Rights Agreement, dated as of August 26, 1991,
including as Exhibit A the form of Certificate of Adoption of
Resolution Establishing Series of Shares of Junior Participating
Preferred Stock of the Company, and as Exhibit B the form of Rights
Certificate and of Election to Exercise, was filed as Exhibit
4(b) to Registrant's Report on Form 8-K on August 20, 1991, and the
same is hereby incorporated herein by reference.
4(b)(1) First Amendment to Shareholder Protection Rights Agreement,
effective April 1, 1994, was filed as Exhibit 4(b)(1) to
Registrant's Report on Form 10-Q on April 29, 1994, and the same
is hereby incorporated herein by reference.
4(b)(2) Second Amendment to Shareholder Protection Rights Agreement,
effective November 8, 1996, was filed as Exhibit 4(b)(2) to
Registrant's Report on Form 10-K, dated March 7, 1997, and the
same is hereby incorporated herein by reference.
4(b)(3) Third Amendment to Shareholder Protection Rights Agreement,
effective March 12, 1999, was filed as Exhibit 4(b)(3) to
Registrant's Report on Form 10-Q, dated April 30, 1999, and the
same is hereby incorporated herein by reference.
10(a)(1) A Lease dated August 15, 1981, was filed as part of a
Registration Statement (Registration Number 2-74226C) as Exhibit
9(a)(1), and the same is hereby incorporated herein by
reference.
-10-
<PAGE> 11
EXHIBIT NO. DESCRIPTION
10(a)(2) A First Amendment to Lease dated June 28, 1985, was filed as
Exhibit 10(m) to Registrant's Report on Form 10-K dated March
18, 1986, and the same is hereby incorporated herein by
reference.
*10(b)(1) Gentex Corporation Qualified Stock Option Plan (as amended and
restated, effective August 25, 1997) was filed as Exhibit
10(b)(1) to Registrant's Report on Form 10-Q, and the same is
hereby incorporated herein by reference.
*10(b)(2) Gentex Corporation 1987 Incentive Stock Option Plan (as amended
through May 24, 1989) was filed as Exhibit 10(g)(3) to
Registrant's Report on Form 10-K dated March 1, 1990, and the
same is hereby incorporated herein by reference.
*10(b)(3) Gentex Corporation Restricted Stock Plan was filed as Exhibit
10(b)(3) to Registrant's Report on Form 10-K dated March 10,
1992, and the same is hereby incorporated herein by reference.
*10(b)(4) Gentex Corporation Non-Employee Director Stock Option Plan (as
amended and restated, effective March 7, 1997), was filed as
Exhibit 10(b)(4) to Registrant's Report on Form 10-K dated March
7, 1997, and the same is incorporated herein by reference.
10(e) The form of Indemnity Agreement between Registrant and each of the
Registrant's directors was filed as a part of a Registration Statement
on Form S-2 (Registration No. 33-30353) as Exhibit 10(k) and the same
is hereby incorporated herein by reference.
27 Financial Data Schedule
*Indicates a compensatory plan or arrangement.
-11-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> SEP-30-1999
<CASH> 57,750,737
<SECURITIES> 22,100,014
<RECEIVABLES> 37,310,614
<ALLOWANCES> 0
<INVENTORY> 8,652,109
<CURRENT-ASSETS> 129,443,760
<PP&E> 104,829,081
<DEPRECIATION> (34,829,734)
<TOTAL-ASSETS> 323,241,826
<CURRENT-LIABILITIES> 24,220,033
<BONDS> 0
0
0
<COMMON> 4,397,165
<OTHER-SE> 291,680,176
<TOTAL-LIABILITY-AND-EQUITY> 323,241,826
<SALES> 196,653,710
<TOTAL-REVENUES> 196,653,710
<CGS> 112,529,258
<TOTAL-COSTS> 112,529,258
<OTHER-EXPENSES> (7,680,024)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 70,871,004
<INCOME-TAX> 23,181,000
<INCOME-CONTINUING> 47,690,004
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 47,690,004
<EPS-BASIC> 0.65
<EPS-DILUTED> 0.64
</TABLE>
