Novaled AG Announces 2010 Financial Results, Reports 37 Percent Increase in Sales and Positive EBITDA

Novaled AG, a world leader in OLED technology and materials, reported about the financial results for the year ended Dec. 31, 2010.

The company has achieved total revenues of €11,173,784 ($14,806,900), which represents an increase of 37% compared to the year 2009. Revenues from sales of material to customers and from licensing Novaled’s PIN OLED technology increased by 202% to €6,121,836 ($8,112,350). This increase is mainly due to substantially increased sales of material for the production of one Novaled customer. Development revenues from customer projects increased by 5% to €1,903,133 ($2,521,940).

The EBITDA amounts to €26,478 ($35,090), making 2010 the first EBITDA-positive year in the history of the company.

“Novaled revenues, excluding payments from publicly funded projects, reached €8 million ($10.6 million) in 2010 as a result of successfully introducing our materials into mass production,” Harry Boehme, Novaled CFO, said. “In 2011, we will see a further development of the OLED display industry, including the mass production start of additional players. This will drive a further substantial increase in our revenues in 2011, and will also, together with the emerging OLED lighting business, sustain the continuous growth of our company during the next years.”