Universal Display Corporation Announces 3Q Financial Results

Universal Display Corporation announced its results for the quarter ended Sept. 30, 2008.
 
For the third quarter of 2008, the company reported a net loss of $5,302,983, or $(0.15) per diluted share, versus a net loss of $2,960,565, or $(0.08) per diluted share, for the third quarter of 2007. 

“The rise in net loss was partially attributable to a decline in revenue of approximately $450,000 and a decrease of $570,000 in interest income, due to reduced rates of return of investments.  This quarter also saw an increase in operating expenses, specifically research and development, compared to the third quarter of 2007, which had been lower than average.  Operating expenses for the third quarter of 2008 were in line with the prior quarters of 2008,” said Sidney D. Rosenblatt, executive vice president and CFO of Universal Display.   
 
For the nine months ended September 30, 2008, net loss totaled $14,702,158, or $(0.41) per diluted share, versus a net loss of $12,719,737, or $(0.38) per diluted share for the same period of 2007.    
 
Revenues for the third quarter of 2008 were $2,625,639, compared to $3,077,281 for the third quarter of 2007. For the nine months ended September 30, 2008, the Company reported revenues of $7,488,056, compared to $8,407,081 for the same period of 2007
 
“Commercial revenue remained constant during the third quarter of 2008 when compared with the same quarter of 2007, and increased for the first nine months of 2008 versus the same period in 2007. We are encouraged by the continued adoption of and new opportunities for our UniversalPHOLED technology,” said Mr. Rosenblatt.  “While
Samsung SDI’s production capacity remained on level with the same quarter of 2007, they reported that their AMOLED displays are being increasingly integrated into mobile devices like cell phones and MP3 players.  In addition, Samsung SDI has showcased recent product prototypes for AMOLED televisions and larger area displays, flexible OLED screens, and more.  It is clear they are committed to AMOLED display production both financially and developmentally.”  
 
Mr. Rosenblatt continued, “The quarter also saw a number of exciting developments in using UniversalPHOLED technology for white lighting applications.  During the quarter, we announced a technology license agreement with Konica Minolta for white lighting devices and applications, and we continued to make significant advances in the brightness and lifetime of our white OLEDs.  At this time, we view white lighting as a potentially lucrative second revenue stream for our technology in the near future.”