Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced that its board of directors has approved a program to repurchase up to $50 million of the company’s outstanding shares of common stock from time to time over the next twelve months.
Universal Display expects to enter into a trading plan established under Rule 10b5-1 under the Securities Exchange Act of 1934 to facilitate repurchases under the program. The amount and timing of repurchases will depend on a number of factors, including the price, availability of shares of the company’s common stock, trading volume and general market conditions. The repurchases may be made over the next twelve months on the open market, in block trades or otherwise. The program may be suspended or discontinued at any time.
“This new share repurchase program reflects the Board’s continued confidence in the company’s strong positioning and long-term growth opportunities,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display. “We believe that this program further exemplifies our continued commitment to creating superior long-term value for shareholders.”
The stock repurchase program will be funded using the company’s working capital. As of March 31, 2014, the company had cash, cash equivalents and marketable securities of approximately $267 million. As of May 5, 2014, the company had 46,493,987 shares of common stock outstanding.To see how Universal Display is changing the face of the display and lighting industries with its UniversalPHOLED, white OLED, and flexible OLED technologies, please visit the company’s website at http://www.udcoled.com. About Universal Display Corporation Universal Display Corporation (Nasdaq: OLED) is a leader in developing and delivering state-of-the-art, organic light emitting diode (OLED) technologies, materials and services to the display and lighting industries. Founded in 1994, the Company currently owns or has exclusive, co-exclusive or sole license rights with respect to more than 3,000 issued and pending patents worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED ® phosphorescent OLED technology, that can enable the development of low power and eco-friendly displays and white lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. Based in Ewing, New Jersey, with international offices in Ireland, South Korea, Hong Kong, Japan and Taiwan, Universal Display works and partners with a network of world-class organizations, including Princeton University, the University of Southern California, the University of Michigan, and PPG Industries, Inc. The Company has also established relationships with companies such as AU Optronics Corporation, BOE Technology, DuPont Displays, Inc., Innolux Corporation, Kaneka Corporation, Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Lumiotec, Inc., Pioneer Corporation, Samsung Display Co., Ltd., Sony Corporation, and Tohoku Pioneer Corporation. To learn more about Universal Display, please visit http://www.udcoled.com. Universal Display Corporation and the Universal Display logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.