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Second Quarter 2017 Financial Results

EWING, N.J.--(BUSINESS WIRE)--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today reported financial results for the second quarter ended June 30, 2017.

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

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“We are pleased to report solid year-over-year growth across the board, leading to record revenues and earnings,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “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.”

Rosenblatt continued, “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.”

Financial Highlights for the Second Quarter of 2017

  • Total revenue increased 59% to $102.5 million in the second quarter, compared with $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 $46.8 million in the second quarter, compared with $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 $53.7 million in the second quarter, compared with $42.0 million in the second quarter of 2016.
  • Operating income increased by $26.5 million to $60.5 million in the second quarter, compared with $34.0 million in the second quarter of 2016.
  • Net income increased by $25.4 million to $47.2 million or $0.99 per diluted share in the second quarter, compared with $21.8 million or $0.46 per diluted share in the second quarter of 2016.

Financial Highlights for the First Half of 2017

  • Total revenue increased 68% to $158.1 million in the first half, compared with $94.1 million in the first half of 2016, driven by higher material sales as well as royalty and license fees.
  • Revenue from material sales increased 101% to $93.5 million in the first half, compared with $46.6 million in the first half of 2016, due to an increase in phosphorescent emitter sales.
  • Revenue from royalty and license fees increased 28% to $60.7 million in the first half, compared with $47.4 million in the first half of 2016.
  • Operating income increased by $35.9 million to $72.6 million in the first half, compared with $36.7 million in the first half of 2016.
  • Net income increased by $33.8 million to $57.6 million or $1.21 per diluted share in the first half, compared with $23.8 million or $0.51 per diluted share in the first half 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.

Conference Call Information

In conjunction with this release, Universal Display will host a conference call on Thursday, August 3, 2017 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events page of the Company's Investor Relations website at ir.oled.com. Those wishing to participate in the live call should dial 1-800-449-5865 (toll-free) or 1-719-457-2088, and reference conference ID 7036849. Please dial in 5-10 minutes prior to the scheduled conference call time. An online archive of the webcast will be available within two hours of the conclusion of...


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