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Universal Display Corporation Announces Fourth Quarter And Full Year 2013 Financial Results

Universal Display Corporation (Nasdaq: OLED), 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, 2013.

For the full year 2013, the Company reported revenues of $146.6 million, up 76% compared to revenues of $83.2 million for 2012. Operating income rose to $38.2 million for the year, up 180% from $13.7 million in 2012. The Company reported net income of $74.1 million, or $1.59 per diluted share, for the full year 2013, compared to net income of $9.7 million, or $0.21 per diluted share, for 2012. The 2013 net income included a total deferred income tax benefit of $41.4 million, which included $59.4 million for the release of income tax valuation allowances offset by the recording of a deferred income tax provision of $17.9 million subsequent to the release. Excluding those items, adjusted net income was $32.6 million, or $0.70 per adjusted diluted share (see "Reconciliation of Non-GAAP Measures" below for further discussion of these non-GAAP measures).

“Universal Display delivered another strong quarter of profitability and ended 2013 with superior year-over-year growth, translating into record revenues and earnings,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “Across the Company, we have been building momentum for profitable growth. A significant milestone was reached in 2013 with the commercial adoption of our green emissive dopants and green hosts. We continue to expand our IP and materials portfolio, while also pursuing new avenues of opportunity including single layer barrier encapsulation and organic vapor jet printing (OVJP) technologies. These long-term projects are in their early stages, but we believe they hold promise. We are also optimistic about the prospects for growing our business and enabling energy efficient OLED products as we continue to improve our materials, broaden our product portfolio, deepen our customer relationships, and foster developmental activity. Looking ahead to 2014, these factors and the growing OLED market give us confidence in our upward trajectory as we build shareholder value.”

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