Universal Display Corporation (NASDAQ: PANL), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced its results for the fourth quarter and year ended December 31, 2012.
For the full year of 2012, the company reported revenues of $83.2 million, up 36% compared to revenues of $61.3 million for 2011. Operating income rose to $13.7 million for the year, up 141% from $5.7 million in 2011. The company reported net income of $9.7 million, or $0.21 per diluted share, for the full year of 2012, compared to net income of $3.2 million, or $0.07 per diluted share, for 2011.
“Universal Display Corporation reported a second consecutive profitable year on the strength of a solid finish to 2012,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “As we continue to grow, we are building a business that we believe can deliver strong gross margins, produce high operating leverage and generate strong cash flow. Our goal is to solidify and extend our market leadership to capitalize on the growth of the OLED market. With our strong financial position, industry-leading technology, and extensive relationships throughout the industry, we are very excited about the competitive advantages we believe we have established and our expectation that we will be able to use these resources to bring OLED technology into the lives of the global community.”
Material sales for 2012 were $44.5 million, up 19% compared to $37.4 million for 2011. Royalty and license fees for 2012 were $31.7 million, up 107% compared to $15.3 million for 2011 as a result of the licensing agreement with Samsung Display Corporation (SDC, and formerly Samsung Mobile Display) being in place for the full year. Technology development and support revenue was $7.1 million for 2012, down 17% compared to $8.5 million for 2011.
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