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Universal Display Corporation Announces Third Quarter 2013 Financial Results

Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, reported its financial results today for the quarter and nine-month period, ended September 30, 2013.

For the third quarter of 2013, the Company reported net income of $5.5 million, or $0.12 per diluted share, on revenues of $32.8 million. For the third quarter of 2012, the Company reported a net loss of $5.5 million, or $(0.12) per diluted share, on revenues of $12.5 million.

“Universal Display delivered outstanding third quarter results that were directly attributable to the commercial adoption of its red emitter, green emitter and green host materials. The use of these industry leading materials in a number of new products resulted in record material sales in the quarter,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “Looking forward, we believe the OLED industry is poised for robust growth as product roadmaps are further developed, new manufacturing capacity ramps and new display and lighting manufacturers enter the market. The strength of our phosphorescent OLED core competency, coupled with an expanding IP and materials technology portfolio, leaves us well-positioned to continue to offer industry leading material and technology solutions for this evolving and growing market.”

Third Quarter Results

Revenues for the third quarter of 2013 were $32.8 million compared to revenues of $12.5 million in the same quarter of 2012. Growth in third quarter revenues was led by a 176% increase in material sales, which rose to $30.3 million, up from $11.0 million in the third quarter of 2012, reflecting strong volume growth in sales of green emitter and host materials. Royalty and license fees were $1.5 million in the third quarter of 2013 compared to $0.4 million in the same quarter of 2012. Technology development and support revenue was $1.1 million for both the third quarter of 2013 and 2012.

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