Universal Display Corporation (NASDAQ:PANL), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today held its 2013 Annual Meeting of Shareholders. In addition to updating shareholders on its strong growth over the past year, Universal Display Corporation announced that it was changing its stock symbol - to OLED – and its URL – to www.udcoled.com.
In presiding over the Annual Meeting, Steven V. Abramson, Universal Display’s President and Chief Executive Officer, announced, “Universal Display is well positioned to leverage the burgeoning organic light emitting diode (OLED) industry, which is on the cusp of rapid growth. Over our 15-year journey, we’ve grown into a leading OLED technology, material and service provider to a global list of premier display and lighting manufacturers. With increasing signs of the OLED market’s robust trajectory coupled with our expanding relationships, we believe now is the opportune time to leverage Universal Display’s strong brand identity by appropriately aligning our public persona with the OLED name by adopting it in both the public stock market and across our web properties.”
A YEAR OF OUTSTANDING GROWTH
During the course of the meeting, Mr. Abramson also reviewed Universal Display’s record of growth across virtually all dimensions of the business, including revenues, earnings, patent portfolio, product portfolio, employees, customers, physical plant, commercial and research partnerships and geographic footprint.2012 was very successful from a financial growth perspective, with the company reporting its second consecutive profitable year. Furthermore, net income more than tripled, operating income rose 141% and revenues were up 36% compared to 2011. Mr. Abramson also noted a number of major business milestones achieved during 2012, highlighted by the purchase of Fujifilm’s portfolio of more than 1,200 OLED worldwide patents and patent applications. This acquisition nearly doubled Universal Display’s existing patent portfolio, while also enabling the company to explore new and exciting areas of OLED materials and product development. In addition, the company announced that its newly introduced phosphorescent green host and emitter materials have been adopted for commercial production by a leading global display manufacturer. “We believe that the commercial implementation of a second color material and technology is a clear sign that Universal Display’s products are being more widely adopted in the market, marking yet another milestone along the Company’s strategic growth path to further encourage broader adoption of OLED technology and materials throughout the display and lighting markets.”