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Wednesday, 23 Aug 2017

Universal Display announces second quarter 2017 financial results

Universal Display continues to benefit from the rapidly growing market for OLED displays, and sees their investment in technology as the key driver for their success

3 Aug 2017 | Editor

Universal Display has announced 2nd quarter 2017 financials results ended June 30, 2017.

Total revenue increased 59% to US$102.5 million in the second quarter, compared with US$64.4 million in the second quarter of 2016, driven by higher material sales as well as royalty and license fees.

Revenue from material sales increased 110% to US$46.8 million in the second quarter, compared with US$22.3 million in the second quarter of 2016, due to an increase in phosphorescent emitter sales.

Revenue from royalty and license fees increased 28% to US$53.7 million in the second quarter, compared with US$42.0 million in the second quarter of 2016.

Operating income increased by US$26.5 million to US$60.5 million in the second quarter, compared with US$34.0 million in the second quarter of 2016.

Net income increased by US$25.4 million to US$47.2 million or $0.99 per diluted share in the second quarter, compared with US$21.8 million or US$0.46 per diluted share in the second quarter of 2016.

2017 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 $285 million to $300 million for fiscal 2017.

Dividend

The Company also announced a third quarter cash dividend of $0.03 per share on the Company’s common stock. The dividend is payable on September 30, 2017, to all shareholders of record as of the close of business on September 15, 2017.

The Company's balance sheet remained strong, with cash and cash equivalents and short-term investments of US$368.0 million as of June 30, 2017.

Universal Display reports financial results
for Q2 2017 (US$ ,000)
2017
Q2
2016
Q2
2017
H1
2016
H1
Revenue - Materials 46,828 22,315 93,465 46,619
Revenue - Royalty and licences 53,667 42,018 60,692 47,360
Revenue - Contract research services 2,018 59 3,922 116
Operating expenses 30.684 30,364 62,205 46,704
Net (loss) Income 47,187 21,802 57,552 23,751
Net result per share - basic($) 0.99 0.46 1.21 0.51

"We are pleased to report solid year-over-year growth across the board, leading to record revenues and earnings."

“Our outstanding performance stems from over two decades of consistently investing in our pioneering technology, scaling our critical mass, and streamlining our operational flexibility from invention, to pilot, to mass production, in addition to a vibrant growing OLED market. Through these twenty-plus years, we have accumulated a robust wealth of knowledge and know-how, expanded our extensive IP matrix, and built-up our R&D prowess to innovate, develop and deliver leading-edge materials and technologies to our growing customer base."

"With the OLED revolution gaining strength, our momentum is growing as well. With our tremendous experience, steadfast focus on execution, and expanding product portfolio of new OLED materials and technologies, we believe that we are well-positioned to leverage the vast opportunities in this flourishing market to drive profitable growth and deliver the most energy-efficient, high performance and cost-effective emissive layer solutions to our customers and partners."


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

www.udcoled.com   


About Universal Display Corp

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 4,200 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 solid-state 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.

Headquartered in Ewing, New Jersey, with international offices in China, Hong Kong, Ireland, Japan, South Korea, and Taiwan, and wholly-owned subsidiary Adesis, Inc. based in New Castle, Delaware, 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, Japan Display Inc., Kaneka Corporation, Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Lumiotec, Inc., OLEDWorks LLC, OSRAM, Pioneer Corporation, Samsung Display Co., Ltd., Sumitomo Chemical Company, Ltd., Tianma Micro-electronics and Tohoku Pioneer Corporation.

Source: Universal Display Corp


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