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Universal Display announces third quarter 2015 financial results

Higher fab utilisation rates and new capacity coming on-line drives strong revenue, operating income and earnings in third quarter

6 Nov 2015 | Editor

Universal Display Corp. has reported financial results for the third quarter ended September 30, 2015. Revenues for the third quarter of 2015 were US$39.4 million, compared to revenues of US$32.9 million for the same quarter of 2014. Material sales were US$34.1 million, up 24% compared to the third quarter of 2014, primarily due to an US$11.3 million increase in emitter material sales, partially offset by a US$4.6 million decline in host material sales. Royalty and license fees were US$5.2 million, compared to US$5.4 million in the third quarter of 2014.

Universal Display reports financial results
for Q3 2015 (US$ ,000)
2015
Q3
2014
Q3
2015
9M
2014
9M
Revenue - Materials 34,128 27,494 85,270 98,746
Revenue - Royalty and licences 5,224 5,357 43,332 35,200
Revenue - Technology dev and support 67 41 132 911
Revenue - Total 39,419 32,892 128,734 134,857
Operating expenses 31,057 26,812 123,082 93,312
Net (loss) Income 7,047 4,284 (3,410) 28,728
Net result per share - basic($) 0.15 0.09 (0.07) 0.62
Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display, said, "We are pleased to report strong revenues, operating income and earnings in the third quarter as demand increased from customers, due to higher fab utilization rates and new capacity coming online."
Sidney continued, "Overall, we are encouraged by the robust global OLED pipeline, from leading panel manufacturers investing in additional OLED capacity to deliver bright, thin, beautiful, high resolution displays to consumers on a broader scale to OEMs around the world designing OLED panels into their new consumer electronic products. As OLED innovation progresses with new form factors such as flexible, transparent and rollable, and the commercialization of OLED technology continues in the marketplace with a deepening product roadmap, it is an exciting time to be part of this expansive growth journey called the 'OLED Revolution.'"

Highlights

For the third quarter of 2014, the Company reported :

  • No revenue was recognised under the Samsung Display licensing agreement in the third quarter, as SDC is obligated to make licensing payments in the second and fourth quarters of the year.
  • For 2015, the Company expects to recognise US$60 million in SDC licensing revenue for the full year.
  • The Company's balance sheet remained strong, with cash and cash equivalents and short-term investments of $361.5 million as of September 30, 2015

Guidance

With the OLED industry still at a stage where many variables can have a material impact on its growth, Universal Display continues to expect its 2015 revenues to be approximately US$200 million, and is narrowing the upside and downside potential range to +/-3%.

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 3,300 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, BOE Technology, DuPont Displays, Inc., Innolux Corporation, Kaneka Corporation, Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Lumiotec, Inc., Philips Technologie GmbH, Pioneer Corporation, Samsung Display Co., Ltd., Sony Corporation, and Tohoku Pioneer Corporation.

Source: Universal Display Corp


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