OSA-Direct
Thursday, 23 Nov 2017

Universal Display announces fourth quarter and full year 2016 financial results

In the fourth quarter, total emitter sales increased 25% sequentially, the adoption of next-generation emitters commenced

23 Feb 2016 | Editor

Universal Display Corp. has announced its results for the fourth quarter and year ended December 31 2016

For the full year 2016, the Company reported revenue of US$198.9 million, up from US$191.0 million for 2015, primarily driven by higher royalty and license fees and contract research services revenue from our recently completed acquisition, partially offset by lower revenue from commercial material sales. The Company posted operating income of US$68.4 million for the year and net income of US$48.1 million. These results compare to operating income of US$32.3 million and net income of US$14.7 million for 2015. The 2015 net income figure includes a US$33.0 million write-down of inventory in the second quarter, primarily of an existing host material and associated work-in-process, resulting from a customer’s faster-than-expected reduction in demand for this material.

Universal Display reports financial results
for Q4 2016 (US$ ,000)
2016
Full year
2015
Full year
2016
Q4
2015
Q4
Revenue - Materials 99,285 126,885 29,201 27,796
Revenue - Royalty and licences 96,132 77,773 43,563 34,441
Revenue - Contract research services 3,469 207 1,813 75
Revenue - Total 198,886 191,046 74,577 62,312
Operating expenses 104,185 95,773 30,724 27,607
Net (loss) Income 48,070 14,678 25,819 18,088
Net result per share - basic($) 1.02 0.31 0.55 0.39

Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display, said:

  • In the fourth quarter, total emitter sales increased 25% sequentially, the adoption of next-generation emitters commenced, and with the robust activity for new UniversalPHOLED materials in the pipeline
  • We embarked on our next expansion phase with PPG Industries to double our phosphorescent emitter production capacity
  • Looking forward, we see extremely positive momentum in our business and believe that we are well positioned to capture the tremendous opportunities in front of us
  • With our bustling customer pipeline, we have broadened and further increased the depth of our R&D team to respond to the exciting challenges and opportunities in the marketplace for today and tomorrow
  • We have the innovation, commitment to operational excellence, agility and flexibility to drive the invention and development of the best OLED technologies and phosphorescent materials for our customers and partners worldwide

Guidance

Although the OLED industry is still at an early state where many variables can have a material impact on its growth, and the Company thus caveats its financial guidance accordingly, the Company believes that its revenues will be in the range of US$230 million to US$250 million for fiscal 2017.

Dividends

The Company also announced a cash dividend of $0.03 per share on the Company’s common stock. The dividend is payable on March 31, 2017, to all shareholders of record as of the close of business on March 15, 2017.

www.udcoled.com   


About Universal Display Corp

Universal Display Corporation 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, DuPont Displays, Inc., Innolux Corporation, Kaneka Corporation, Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Lumiotec, Inc., Moser Baer Technologies Inc., Panasonic Idemitsu OLED Lighting Co., Pioneer Corporation, Samsung Display Co., Ltd., Sony Corporation, Showa Denko K.K., and Tohoku Pioneer Corporation.

Source: Universal Display Corp


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