Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today held its 2014 Annual Meeting of Shareholders at the Crowne Plaza Philadelphia West in Philadelphia, PA. The company updated shareholders on its strong financial performance, as demonstrated by its third consecutive year of record revenues and earnings in 2013, indicative of UDC’s strong market share in the growing OLED industry.
“2013 was an extraordinary year for Universal Display Corporation. Operationally, the development and delivery of our industry-leading phosphorescent OLED technologies and materials increased our market share and validated our years of R&D investment,” said Steven V. Abramson, Universal Display’s President and Chief Executive Officer. “Financially, we achieved record revenues and generated our strongest year of cash flow from operations. Key factors behind our continued growth include the commercial adoption of our green UniversalPHOLED ® emitters and hosts, the fortification of our R&D expertise and the expansion of our intellectual property portfolio. We believe we are well positioned to build on our materials expertise and further bolster our market position and financial strength.”
Mr. Abramson highlighted Universal Display’s significant revenue and profit growth in 2013, and also noted that the company generated an impressive $45.0 million of cash flow from operations in 2013 and completed the year with $273 million in cash and short-term investments. Mr. Abramson also noted major business milestones during 2013 including the commercial adoption of the company’s green UniversalPHOLED emitters and hosts and partner PPG Industries opening a second world-class OLED materials production facility in Barberton, Ohio.
Turning to the future, Mr. Abramson reaffirmed his confidence in Universal Display’s long-term outlook. “Still in the early chapters of our exciting OLED story, we are enthusiastic for the promising growth opportunities that lie ahead of us,” said Mr. Abramson. “Founded on the R&D mission to develop and commercialize key technologies for OLEDs, we continue to expand the potential of our OLED business as we leverage our intellectual property, materials and growing product portfolio. Over the past few years, we have made tremendous progress in improving our phosphorescent OLED (PHOLED) technology and materials, as we believe PHOLED is the key to OLED technology’s success. We believe that OLED penetration will broaden to applications such as mid-end smartphones, high-end tablets, the commercialization of OLED TVs, flexible devices and wearable displays. In lighting, we recently signed new customer agreements and expect development activity to intensify as OLED lighting panel production projects ramp up.”