All statements in this call that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements regarding Universal Display’s beliefs, expectations, hopes or intentions regarding the future.
It is important to note that these statements are subject to risks and uncertainties that could cause Universal Display’s actual results to differ from those projected. These risks and uncertainties are discussed in the company’s periodic reports filed with the SEC. Universal Display disclaims any obligation to update any of these statements.
Now, I’d like to turn the call over to Steve Abramson, President and CEO of Universal Display. Steve?
Steve AbramsonThank you, Joe. And welcome to everyone listening today. We reported record results for the second and the first half of 2012. Our revenues more than doubled over last year and we are in $0.23 per share in the second quarter. Sid will go through the detail shortly. We also recently concluded two important strategic partnerships that will help position us strongly for future growth. We purchased Fujifilm world OLED patent portfolio of over 1,200 patents and application for $105 million. This acquisition strengthen our position in both of our core businesses, OLED technology licensing and OLED material sales. Fujifilm has had strong research team working in OLEDs for more than a decade. This acquisition will expand, broaden and deepen our patent portfolio. Their strong benefit for both our patent licensing business and our material supply business. Since over 90% of their portfolio is less than 10 years old, most extend beyond the exploration of our fundamental FOLED patent at the end of this decade. Helping sustaining grow our patent licensing business. About half of the patents are issued and about half of them are pending. About 50% of their portfolio relates to device architecture, covering many important aspects of OLED devices. Such as how they can be build to ensure high efficiency and long life time. These are patents that we license to display lighting manufacturers.