Shareholders will receive a first-ever dividend of US$0.03 per share that will be paid on 31 March 2017 - future dividends will be subject to board approval
Universal Display Corp. has announced that its Board of Directors approved the initiation of quarterly cash dividends to its shareholders.
The quarterly dividend of US$0.03 per share of common stock, Universal Display's first ever dividend, will be paid on March 31, 2017, to all shareholders of record as of the close of business on March 15, 2017. Future dividends will be subject to Board approval.
Sidney D. Rosenblatt, Executive Vice President & Chief Financial Officer, said, "Today's announcement reflects the Board of Directors' confidence in Universal Display's robust future growth opportunities, expected continued positive cash flow generation and commitment to return capital to our shareholders." Sidney added, "As the proliferation of OLEDs expands across the consumer electronics landscape, Universal Display Corporation is well positioned to benefit with its strong breadth of enabling technologies, proprietary phosphorescent materials and over twenty years of know-how and experience. As we begin to benefit from what is forecasted to be a multi-year OLED capital expenditure cycle, we believe that this is the right time for UDC to pay its first-ever cash dividend."
About Universal Display Corp
Universal Display Corporation (Nasdaq: OLED) 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 4,200 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 solid-state 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 China, Hong Kong, Ireland, Japan, South Korea, 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., OLEDWorks LLC, OSRAM, Pioneer Corporation, Samsung Display Co., Ltd., Sumitomo Chemical Company, Ltd., Tianma Micro-electronics Co., and Tohoku Pioneer Corporation.
Source: Universal Display Corp