EWING, N.J.—June 21, 2012—Universal Display Corporation (NASDAQ:PANL), enabling energy efficient displays and lighting with its UniversalPHOLED® technology and materials, today held its 2012 Annual Meeting of Shareholders at the Crowne Plaza Philadelphia West in Philadelphia, PA. The company updated shareholders on its strong financial performance over the past year including its first full-year profit, significant business milestones led by a long-term licensing agreement with Samsung in 2011, and the introduction of an expanded line of UniversalPHOLED products and OLED technologies supported by an ever-strengthening intellectual property portfolio.
“The OLED industry is growing rapidly as the markets for high-performance OLED displays expand and the potential for energy-efficient white OLED lighting builds, and Universal Display is at the forefront of providing state-of-the-art OLED technologies and materials to maximize this potential,” said Steven V. Abramson, Universal Display’s President and Chief Executive Officer. “Our UniversalPHOLED materials and technology are recognized as key elements for energy-efficient OLED displays and white OLED lighting. Our goal is to continue to develop and market OLED technologies and materials that create growth opportunities for Universal Display as well as long-term shareholder value.”
Mr. Abramson highlighted Universal Display’s significant revenue growth and first-ever full year profit in 2011. Universal Display reported revenues of $61.3 million for the full year of 2011, up 101% compared to $30.5 million in revenue for 2010. Operating income for 2011 rose to $5.7 million, a nearly $16 million increase from an operating loss of $10.2 million for 2010. Universal Display reported net income of $3.2 million in 2011, compared to a net loss of $19.9 million.
Mr. Abramson also noted major business milestones achieved during 2011 including agreements with Samsung Mobile Display Co. (SMD), under which Universal Display will license its technologies and sell its proprietary materials to SMD for use in its line of OLED display products. “For more than a decade, SMD has been an excellent partner and a true visionary in seizing the potential for OLEDs,” said Mr. Abramson. “Our continued partnership will support the introduction of new, high-performance OLED display products and the realization of the full growth potential for the OLED industry.”
In addition, Mr. Abramson described Universal Display’s overall strategy of developing and protecting its OLED patent portfolio, which is one of the largest in the OLED field. “Our expansive intellectual property matrix fortifies Universal Display’s proprietary OLED materials, technologies and overall business strategy,” said Mr. Abramson. “With more than 1,500 issued and pending patents, Universal Display is in a strong position to continue to benefit from the market’s significant growth opportunities, as OLED manufacturers announce plans to expand manufacturing capacity and product makers introduce new products featuring OLED displays and white OLED lighting panels.”
About Universal Display Corporation
Universal Display Corporation (Nasdaq: PANL) 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 1,500 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, 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, Chimei Innolux Corporation, DuPont Displays, Inc., Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Lumiotec, Inc., Moser Baer Technologies Inc., Panasonic Idemitsu OLED Lighting Co., Pioneer Corporation, Samsung Mobile Display Co, Ltd., Seiko Epson Corporation, Sony Corporation, Showa Denko K.K., and Tohoku Pioneer Corporation. To learn more about Universal Display.
www.universaldisplay.com.
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