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Universal Display announces fourth quarter and full year 2014 financial results

UDC continues to see increasing revenues for the foreseeable future

4 Mar 2015 | Editor

Universal Display Corp. has announced its results for the fourth quarter and year ended December 31 2014

For the full year 2014, the Company reported revenues of $191.0 million, up 30% compared to revenues of $146.6 million for 2013. Operating income rose to $52.6 million for the year, up 53% from $38.2 million in 2013. The Company reported net income of $41.9 million for the full year 2014, compared to net income of $74.1 million for 2012. The 2013 net income included a total deferred income tax benefit of $41.4 million.

Universal Display reports financial results
for Q4 2014 (US$ ,000)
2014
Full year
2013
Full year
2014
Q4
2013
Q4
Revenue - Materials 126,885 95,713 28,139 25,538
Revenue - Royalty and licences 31,698 63,192 27,992 23,050
Revenue - Technology dev 954 3,920 42 890
Operating expenses 132,411 108,395 39,098 30,058
Net (loss) Income 41,854 74,052 13,126 57,886
Net result per share - basic($) 0.90 1.61 0.29 1.24

Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display, said:

  • As we embark on 2015, we anticipate it to be an exciting year, a growth year and a bit of a transitional year
  • During the year, our customers are scheduled to begin ramping new commercial OLED TV and flexible display panel production, while new mobile product introductions are expected to help drive OLED fab utilisation rates after experiencing some headwinds in 2014
  • The specific timing of these events is not clear, and will impact our revenue growth for 2015
  • As a result of these highly dynamic variables, we will approach our guidance differently this year and provide a baseline revenue forecast, which we believe will have limited downside risk and a favourable amount of upside potential
  • Our current 2015 base revenue forecast is $200 million, which we believe has a downside range of approximately 5% and an upside potential of approximately 15%
  • This forecast includes our license fee from Samsung Display, which will be $60 million this year, and also factors in the quarter lag in earned royalties from LG Display
  • The key takeaway is that we believe this transitional year of strategic capacity investment and product expansion in the OLED industry will set the framework for the next wave of market growth, which we anticipate to more fully materialize in 2016 and beyond
  • The OLED revolution is gaining momentum, and so are we
  • We see our trajectory, top line and bottom, as poised to be exceedingly positive over the long-term
  • We are excited about the opportunities that lie ahead as the evolution of the OLED industry continues to gain traction and result in new capacity, new products and new OEM adopters

www.udcoled.com   


About Universal Display Corp

Universal Display Corporation is a leader in developing and delivering state-of-the-art, organic light emitting diode (OLED) technologies, materials and services to the display and lighting industries. Founded in 1994, the Company currently owns or has exclusive, co-exclusive or sole license rights with respect to more than 3,000 issued and pending patents worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED phosphorescent OLED technology, that can enable the development of low power and eco-friendly displays and white lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training.

Based in Ewing, New Jersey, with international offices in Ireland, South Korea, Hong Kong, Japan and Taiwan, Universal Display works and partners with a network of world-class organizations, including Princeton University, the University of Southern California, the University of Michigan, and PPG Industries, Inc. The Company has also established relationships with companies such as AU Optronics Corporation, DuPont Displays, Inc., Innolux Corporation, Kaneka Corporation, Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Lumiotec, Inc., Moser Baer Technologies Inc., Panasonic Idemitsu OLED Lighting Co., Pioneer Corporation, Samsung Display Co., Ltd., Sony Corporation, Showa Denko K.K., and Tohoku Pioneer Corporation.

Source: Universal Display Corp


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