UDC Q1 Loss Widens
EWING, N.J., May 11, 2009 -- Phosphorescent organic LED maker, Universal Display Corp. (UDC), reported a net loss of $5.5 million, or 15 cents a share, for the first quarter of 2009.
The result compares to a net loss of $4.1 million for the first quarter of 2008. The company attributed the increase to increased operating expenses and a decrease in interest income. Revenues for the first quarter of 2009 were up slightly, $2.8 million compared to $2.7 million a year ago.
Commercial revenue for the quarter, which includes commercial chemical revenue, licensing and royalities, was $1.3 million, down from 2008's $1.5 million. Developmental revenue, which includes revenue for chemical development, contract research and technology development, was $1.4 million for the quarter, compared to $1.1 million a year ago.
Operating expenses increased by $1 million, to $8.8 million, over the same quarter of 2008. The difference included an increase in R&D spending associated with the scale up and acquisition of raw materials for its OLED material business.
“While the economy continues to see its share of challenges, our licensees and partners remained focused on manufacturing and selling OLED displays on a global scale,” said Sidney D. Rosenblatt, executive vice president and CFO of Universal Display. “Our technology continues to be a key differentiator for the next generation of consumer electronics. Right now, these products are primarily personal electronic devices like MP3 players and cell phones. However, the industry has larger area displays, including TVs and computer monitors, in its sights for 2010.”
For more information, visit: www.universaldisplay.com