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Universal Display Corporation Announces Second Quarter 2012 Financial Results

Stocks in this article: PANL

Universal Display Corporation (NASDAQ: PANL), enabling energy-efficient displays and lighting with its UniversalPHOLED ® technology and materials, today announced its results for the second quarter of 2012.

For the second quarter of 2012, the Company reported net income of $11.0 million, or $0.23 per diluted share, on revenues of $30.0 million. For the second quarter of 2011, the Company reported net income of $3.3 million, or a loss of $0.03 per diluted share, on revenues of $11.3 million. In the second quarter of 2012, the Company recognized $15.0 million in revenue under a licensing agreement with Samsung Display Corporation (SDC, and formerly Samsung Mobile Display) under which SDC is obligated to make payments to the Company of $15.0 million in each of the second and fourth quarters of this year. Results for the second quarter of 2011 included a $4.5 million, non-cash gain on stock warrant liability.

“We are pleased to report the best quarterly financial results in our Company’s history,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “The significant increase in licensing revenue and a near doubling of material sales in the quarter reflect the growth of our OLED technology. Looking at the first half of the year, we generated over $9.2 million in operating cash flow, while improving operating income by over $15.0 million on a $21.8 million increase in revenues compared to the first half of fiscal 2011. We believe our financial performance illustrates our success in leveraging our proprietary technology and materials and OLED industry leadership to provide attractive returns for our shareholders.”

Second Quarter Results

Revenues for the second quarter of 2012 were $30.0 million, a 166 percent increase compared to revenues of $11.3 million in the same quarter of 2011. Material sales were $12.8 million in the quarter, up 92 percent from $6.7 million in the second quarter of 2011, as a result of expanded marketplace adoption of our technology and materials. Royalty and license fees were $15.4 million in the second quarter of 2012, up 479 percent compared to $2.7 million in the same quarter of 2011. Royalty and license revenue in the second quarter of 2012 included the recognition of a $15.0 million semi-annual license payment from SDC compared to $1.8 million of SDC royalty revenue in last year’s second quarter. Operating expenses for the second quarter of 2012 were $17.1 million compared to $12.3 million in the same quarter of 2011, primarily due to an increase in cost of materials, employee and research and development expenses. The Company reported operating income of $12.9 million for the second quarter of 2012, an improvement of $14.0 million compared to an operating loss of $1.1 million for the second quarter of 2011.

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