Universal Display Loses $20M in 2009

Organic LED (OLED) materials developer Universal Display Corp. posted losses for the fourth quarter of 2009 and for the full year of $3.8 million and $20.5 million respectively, although an increase in revenue for Q4 has company executives feeling positive.

For the fourth quarter of 2009, Universal Display reported a net loss of $3.8 million, or 10 cents a share, versus a net loss of $4.4 million, or 12 cents a share, for the fourth quarter of 2008. For fiscal year 2009, net loss was $20.5 million, or 56 cents a share, versus a net loss of $19.1 million for 2008.

"We are pleased with results overall for the final quarter of 2009," said Sidney D. Rosenblatt, Universal Display executive vice president and CFO. "Total revenue increased overall, with improvement in both commercial and developmental revenues compared to the fourth quarter of 2008. We are also pleased with the decrease in our net loss for the quarter, attributable to both the revenue increase and our management of overall operating expenses, which declined quarter-over-quarter."

Revenue for Q4 was $4.8 million, up from $3.6 million in the same quarter one year ago. Revenue for 2009 was $15.7 million, up from $11 million for 2008. The company attributed increases in commercial revenue to an increase in royalties under patent license agreements with Samsung SMD and Konica Minolta.

"Our Universal PHOLED technology and AMOLED displays continued to see increased adoption in 2009," said Rosenblatt. "More smart and mobile phones, digital cameras and MP3 players with AMOLED displays can now be found for consumer purchase. This has had a measurable impact on our results, as is illustrated by the increase in revenue during the fourth quarter and full year."

Universal Display has also made progress is developing its PHOLED-based displays and lighting products as a greener, commercially viable alternative to solid-state lighting under programs funded by the US departments of Defense and Energy, Rosenblatt said.

"We are confident that the OLED display industry is on the right track. Small-area display production is becoming entrenched, and partners like Samsung SMD, LG Display and AU Optronics continue to build out new production lines and target OLED TV volume production," Rosenblatt said.

For more information, visit: www.universaldisplay.com