Universal Display Corporation (NASDAQ: PANL), enabling energy-efficient displays and lighting with its UniversalPHOLED ® technology and materials, today held its 2012 Annual Meeting of Shareholders at the Crowne Plaza Philadelphia West in Philadelphia, PA. The company updated shareholders on its strong financial performance over the past year including its first full-year profit, significant business milestones led by a long-term licensing agreement with Samsung in 2011, and the introduction of an expanded line of UniversalPHOLED products and OLED technologies supported by an ever-strengthening intellectual property portfolio.
“The OLED industry is growing rapidly as the markets for high-performance OLED displays expand and the potential for energy-efficient white OLED lighting builds, and Universal Display is at the forefront of providing state-of-the-art OLED technologies and materials to maximize this potential,” said Steven V. Abramson, Universal Display’s President and Chief Executive Officer. “Our UniversalPHOLED materials and technology are recognized as key elements for energy-efficient OLED displays and white OLED lighting. Our goal is to continue to develop and market OLED technologies and materials that create growth opportunities for Universal Display as well as long-term shareholder value.”
Mr. Abramson highlighted Universal Display’s significant revenue growth and first-ever full-year profit in 2011. Universal Display reported revenues of $61.3 million for the full year of 2011, up 101% compared to $30.5 million in revenue for 2010. Operating income for 2011 rose to $5.7 million, a nearly $16 million increase from an operating loss of $10.2 million for 2010. Universal Display reported net income of $3.2 million in 2011, compared to a net loss of $19.9 million.
Mr. Abramson also noted major business milestones achieved during 2011 including agreements with Samsung Mobile Display Co. (SMD), under which Universal Display will license its technologies and sell its proprietary materials to SMD for use in its line of OLED display products. “For more than a decade, SMD has been an excellent partner and a true visionary in seizing the potential for OLEDs,” said Mr. Abramson. “Our continued partnership will support the introduction of new, high-performance OLED display products and the realization of the full growth potential for the OLED industry.”