Universal Display's Q4 Loss Widens, But Revenue Surges
EWING, N.J., March 21, 2011 — Universal Display Corp., a maker of organic LED (OLED) technology for the display and lighting markets, reported that its fourth-quarter 2010 loss widened to $5.3 million from $3.8 million a year ago, while its quarterly revenue of $10.8 million more than doubled over Q4 2009.
The majority of the 14-cents-per-share loss — $4.8 million — was attributed to a non-cash loss on stock warrant liability. Universal Display's fourth-quarter operating loss narrowed significantly, down year-over-year from $4.1 million to $210,276, primarily due to revenue increasing from $4.8 million in Q4 2009 to $10.8 million for the fourth quarter of 2010.
The revenue surge was primarily due to increased commercial and developmental chemical sales, the company said.
"The sequential growth of our commercial chemical sales in the fourth quarter was driven primarily by our penetration of the handheld device market," said Univeral Dislay EVP and CFO Sidney D. Rosenblatt, who added that the company expects its products to migrate to larger-sized displays and the global lighting market.
In yearly results, Universal Display also reported a net loss for 2010 of $19.91 million, or 53 cents a share, compared to a loss of $20.5 million a year ago. The 2010 financials were adversely affected by $10 million of non-cash losses on stock warrant liability that will expire in the third quarter of fiscal 2011.
Revenue for FY2010 was $30.5 million, compared to $15.8 million for 2009, with most of the growth due to increased chemical sales.
"With revenues for the year almost doubling, fiscal 2010 may well be regarded as the year PHOLED [phosphorescent OLED] technology officially migrated out of the laboratory and into the lives of millions of consumers," Rosenblatt said.
For more information, visit: www.universaldisplay.com
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