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Excellent !!
Loading up today on calls......just have to take advantage of an overall crappy Market - artificially lowered share price......!!
$$ OLED $$
News: $OLED Universal Display Smashes Estimates on Global OLED Strength
Universal Display (NASDAQ: OLED) announced third-quarter 2019 results late Wednesday, handily beating expectations yet again. Only this time, the OLED technologist didn't credit orders pulled forward from Chinese customers (as was the case three months ago ) due to the ongoing tra...
Got this from OLED - Universal Display Smashes Estimates on Global OLED Strength
looks like a good short, im in....
"thats what she said"
Price keeps going up with light volume, insider selling. What does that tell you?
Bullish move in Universal Display.15% Gain PreMarket
Universal display posted much better earnings than expected on Thursday after-hours, resulting in a massive 15% pop in the premarket today. OLED also increased its 2019 outlook which is definitely against the trend in the sector. Having already gained 67% in 1 year, now may no be the time to be jumping in, but it is one for the watchlist on any pullback in the market.
So I decided to be a long why? Can someone please tell me why I held on to this nightmare I bought it at $15 many years ago but thought It would keep going up yes I’m stupid so many ways to not get crushed but it’s to late I should have sold when all executives dumped so many knowing bad news coming.learned a big lesson never get emotionally attached to any stock but to late for me to see the fruits of my life.I feel like the biggest loser sitting in A casino winning so much $$ and then just give it all back what a fool I am,I could made up for being a bad dad to my kids growing up and helped them enormously with there everyday struggles but it becomes all about me I have now screwed up twice as a Dad,I can’t imagine how my kids feel.This is a warning to you all ,nothing grows to the sky get your number and sell the darn stocks it don’t hurt you can’t lose with a profit,I Thank you all and good luck going forward. Serpson
anyone know why this stock is getting hammered pre-market? I can't find any news.
I bought right on this "huge support level" yesterday.
looking for a strong bounce today, based on yesterday's news as well as an overall market bounce.
$OLED
Huge Support Level Tagged On Universal Display Corporation
Shares of Universal Display Corporation (OLED) collapsed sharply today after reports hit that Apple (AAPL) was producing a MicroLED screen versus the OLED screen. The difference is, Organic Light Emitting Diode (OLED), which Universal Display Corp makes, versus the new MicroLED technology. However, considering Universal Display Corp. has fallen from over $200 per share in January 2018 to its current $107.00, big money already knew this and was unloading. It always works this way. Big money gets the news first and dumps. At the very end, average investors get the news and they dump, usually at the dead bottom. I believe Universal Dislpay Corp is at the bottom, at least for a near-term, strong, swing trade bounce. Note the support trend line in the chart below and the mega oversold nature of the chart. There is huge support here and a likely bounce back to $125 will occur.
Gareth Soloway
InTheMoneyStocks
Know This Trade Level For Universal Display Corp
Universal Display Corp (OLED:NASDAQ) is a leader in the research, development and commercialization of organic light emitting diode (OLED), technologies and materials for use in display and solid-state lighting applications. Last week, OLED stock dropped sharply after reporting earnings. It should be noted that the stock is now trading below its important 50 and 200-day moving averages. This technical chart setup signals near term weakness and further downside to come. Traders and investors must now look down around the $118.00 level for near term support. This support area is where the stock broke out in late August 2017. I will be keeping this stock on the radar and watching when OLED stock trades down to this bounce area.
Nicholas Santiago
InTheMoneyStocks
But what about MicroLED?. Looks like next big thing. If it is , then OLED is going to fade already. Maybe missed the boat.
No way this is 300 emd of year
what a POS !!!!!!!!!!! from 210 to 168 !!!!!!!!! busted..
down 42 bucks
what a JUNK !
Universal Display Corp $OLED Buy Trigger Approaching Fast
Shares of Universal Display Corporation (NASDAQ:OLED) are approaching a major bounce level at $166.00. The stock has fallen for multiple days in a row and is now entering oversold territory. Look for a bounce off $166 to $180.
Gareth Soloway
InTheMoneyStocks
Man was I right or what! Just awesome.
That is about where I bought most of my shares. Been nice ride.
Hoping for three hundred SP by next year.
While the transition in display technology from phosphors to quantum dots has not been as rapid as many anticipated, we believe industry-wide adoption is inevitable and quantum dots will eventually replace phosphors in both LED and OLED displays.
It definitely doesn't seem to be working out at all? LOL Maybe I'll buy a put? JMO or two.
He's remarkable. Wrong at least 70% of the time on his calls that I've noticed.
I spent a fair amount of time last year trying to determine whether positive IHUB sentiment could be used as a negative indicator. I especially noticed that winning stocks often have dead boards on IHUB. My findings were inconclusive. But I'd never buy a stock that had a big IHUB following.
OLED certainly looks interesting,
Nasty Bear Flag Alert On $OLED: Here Is The Trade...
Shares of Universal Display Corporation (NASDAQ:OLED) have one of the tightest, nastiest bear flag formations I have seen. There are high odds of this stock taking a major leg lower in the coming weeks. The first target is $108 and the second target is $90. The key here is the recent news from just days ago that many Asian companies are over-producing OLED displays. Asia and specifically China have a history of overproducing things and dumping them on the overall market, killing margins. This has happened with commodities like steel as well as solar panels. If true, this will hurt Universal Display Corporation's margins in a major way. The bear flag on the stock chart likely confirms the stock is heading sharply lower in the coming weeks.
Gareth Soloway
InTheMoneyStocks
Hey Nightdaytrader,
A split would be OK with me. Very glad I found this a few years ago. Your right on being expensive with a PE of 80 + . Most gaps fill but look at the one just under $112!
Best wishes,
Fletch
With only 49 millions shares outstanding, I keep wondering if a stock split might happen this Fall. That would be great. I would love to get more shares but right now, it's pretty expensive.
OLED has had an extraordinary year. Outlook is excellent, too. OLED has found its market. The only cloud is that Apple, for one, is exploring microLED, which uses quantum dots. Apple Will Reportedly Begin Trial Production of MicroLED This Year
The speed of change in new products has increased.
We all know that cars drove down the horse buggys industry.
Digital cameras replaced Kodak film cameras in just a couple of years. Demolished Kodak, once a billion dollar company. Nokia had 90% of the cellphone market until Apple introduced their smartphone and drove Nokia down tremendously. Just sayin' things change.
Has OLED any interest in getting into the quantum dot business? The low price of QD displays is a threat to OLED which could end up as Betamax to quantum dots' VHS, so to speak. Sony had the better quality, but at a higher price. VHS was lower priced. VHS drove Betamax out of the market in a few years.
I heard that Nanosys has put itself on the market for $1Billion US. OLED has the cash and could snap up an existing manufacturer with over 300 patents and production facilities. What do you think?
Even if they are--although I think it is really Samsung for a while--Universal Display makes the chemicals to make the screens work.
Apple is using their own, in-house developed micro-LED screens.
Been in this since $60 and with OLED tech going into smart phones and Apple already in stages to make OLED screens for new iPhones and not to mention the tv market. OLED will be the leader in this tech. I expect $200 by year end.
More upside possible,
Fletch
Big gaps beinng left in the dust........
Universal Soars 24%: Better Believe, Say Bulls, But Bears Balk
Barrons.com Barrons.comMay 5, 2017, 12:49 PM
Shares of Universal Display (OLED) are up $21.50, or 24%, at $111.35, adding to last night’s after-hours gains, after it handily beat Q1 expectation and raised its year outlook, citing "momentum" for products that use its organic light-emitting diode (OLED) display technology. OLED technology has steadily been working its way into the smartphone world and the television set world, as a replacement for the longstanding “liquid-crystal,” or LCD, technology. It shows up in the “Galaxy S8” phone introduced by Samsung Electronics (005930KS), which is, incidentally, Universal’s largest customer.
read more at:
http://www.barrons.com/articles/universal-soars-20-better-believe-say-bulls-but-bears-balk-1494002802?mod=yahoobarrons&ru=yahoo&yptr=yahoo
5/4/17: Last: $104.01 up $14.16 (15.75%)
It sure is quiet around here given how much excitement in today's trading!
GS upped their target and rumors abound we're inside the IPhone 7. If the latter is true then it's off to the races, and we'll likely see larger screens in the near future.
Enjoy!
What is the reason for the rising PPS? It can not be the last earnings report, or?
Harry has posted Charts of the Day video on OLED at TheTechTrader site noting: Universal Display Corp. (OLED), one of our swing trades, worked well, pulled way back, gapped up on Monday and ran 4.88 to 61.29, or 8.65%, on 2 million shares. There’s still 5 days to cover. The target is 68-70, and then the high 70’s.
Universal Display and OSRAM Announce Collaboration and Evaluation Agreement for OLED Lighting
EWING, N.J.--(BUSINESS WIRE)-- Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced a collaboration and evaluation agreement with OSRAM, one of the world's leading lighting manufacturers. Under the agreement, OSRAM will begin sampling Universal Display’s proprietary PHOLED™ phosphorescent OLED materials for solid-state lighting applications.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160302006448/en/
One of the key benefits of OLEDs is design flexibility. With its ultrathin form factor and manufacturability on flexible substrates, OLEDs can be made in almost any shape. OLEDs can also be transparent and can emit light from both sides of the device. All of these features open up a world of new design possibilities, as well as a new lighting experience. Other advantages of OLED lighting include: easy to control, lower operating temperatures, low drive voltage, instant “ON”, dimmable without flicker, no glare, no noise and low UV content.
“We are pleased to be working with OSRAM, a global leader in lighting,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display. “Efficacy and color quality are key metrics in lighting. Universal Display’s proprietary PHOLED technology offers superior efficiency compared to fluorescent OLED technology, which is a critical feature for energy-efficient lighting. We are delighted to be collaborating with OSRAM to help advance the promising future of OLED lighting into the automotive, residential and commercial markets.”
About OSRAM
OSRAM, based in Munich, is a globally leading lighting manufacturer with a history dating back more than 100 years. The portfolio ranges from high-tech applications based on semiconductor technology, such as infrared or laser lighting, to smart and connected lighting solutions in buildings and cities. OSRAM had around 33,000 employees worldwide at the end of fiscal 2015 (September 30) and generated revenue of almost €5.6 billion in that fiscal year. The company is listed on the stock exchanges in Frankfurt and Munich (ISIN: DE000LED4000; WKN: LED 400; trading symbol: OSR). Additional information can be found at www.osram.com.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) 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 3,600 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 solid-state 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.
Universal Display Corporation and the Universal Display logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
To see how Universal Display is changing the face of the display and lighting industries with its UniversalPHOLED, white OLED, and flexible OLED technologies, please visit the company’s website at http://www.udcoled.com.
All statements in this document that are not historical, such as those relating to Universal Display Corporation’s technologies and potential applications of those technologies, the Company’s expected results as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s annual report on Form 10-K for the year ended December 31, 2015. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20160302006448/en/
Source: Universal Display Corporation and OSRAM
Universal Display:
Darice Liu, 609-671-0980 x570
investor@udcoled.com
media@udcoled.com
or
OSRAM:
Nadine Schian, 49 89 6213-3769
n.schian@osram.com
Click Here for a complete listing of Universal Display Corporation press releases.
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To unsubscribe from this list please visit the email alert section of the Universal Display Corporation site.
Date Sent: 3/2/2016 4:06:29 PM Powered by Q4 Web Systems
Universal Display Corporation Announces Fourth Quarter and Full Year 2015 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 announced its results for the fourth quarter and year ended December 31, 2015.
For the full year 2015, the Company reported revenues of $191.0 million, essentially flat compared to the prior year. Operating income decreased to $32.3 million for the year, down 45% from $58.6 million for 2014. The Company reported net income of $14.7 million, or $0.31 per diluted share, for the full year 2015, compared to net income of $41.9 million, or $0.90 per diluted share, for 2014. The 2015 net income figure reflects a $33.0 million write-down of inventory in the second quarter, primarily of an existing host material and associated work-in-process, resulting from a customer's faster-than-expected reduction in demand for this material. Excluding this item and its associated $2.8 million reduction in income tax expense, non-GAAP net income for 2015 was $44.8 million, or $0.94 per diluted share (see "reconciliation of Non-GAAP Measures" for further discussion of the non-GAAP measures).
“Our fourth quarter results were less-than-anticipated, which we believe was primarily due to year-end inventory management by our customers and product mix weighing more to our lower priced emitters,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “As we have noted in the past, short-term forecasting in this emerging OLED market environment is difficult, even though we are confident that this is a long-term growth market. While 2015 revenues were flat year-over-year, we are pleased to report that our commercial emitter sales increased 16% and our royalty and licensing revenues grew 23% year-over-year. We also generated $113.6 million of cash from operations, more than doubling 2014's operating cash flow of $47.3 million."
Rosenblatt continued, "We believe that 2016 is poised to be a year in which the OLED industry builds meaningful new capacity for the continued proliferation of OLEDs in the marketplace. This groundwork is paving the foundation for the next wave of expansion in OLED mass production, which we believe is set to commence in 2017. As noted by a number of companies in the ecosystem, the OLED design pipeline is growing robustly, and we anticipate that this will drive new capacity plans for 2017, 2018 and beyond. As a key enabler and partner in the OLED industry, we expect these additional capacity plans to result in new revenue opportunities, and overall, a positive growth trajectory for the industry."
Fourth Quarter Results
Revenues for the fourth quarter of 2015 were $62.3 million, up 11% compared to revenues of $56.2 million for the same quarter of 2014. Material sales were $27.8 million, down 1% compared to the fourth quarter of 2014, primarily due to a $5.3 million decline in host material sales. This decline was offset by an increase of $4.9 million in emitter sales. Royalty and license fees were $34.4 million in the fourth quarter of 2015, up 23% compared to $28.0 million in the same quarter of 2014. The Company recognized $30 million in SDC licensing revenue in the fourth quarter of 2015, up from $25 million in the same quarter of 2014.
The Company reported operating income of $26.6 million for the fourth quarter of 2015, up 56% compared to operating income of $17.1 million for the fourth quarter of 2014. Operating expenses were $35.7 million, compared to $39.1 million in the fourth quarter of 2014, and cost of materials was $8.1 million, compared to $12.1 million in the fourth quarter of 2014.
Net income for the fourth quarter of 2015 was $18.1 million, or $0.39 per diluted share, compared to $13.1 million, or $0.28 per diluted share, for the fourth quarter of 2014.
Full Year 2015 Results
Revenues for the full year 2015 were $191.0 million, essentially flat compared to 2014. Material sales were $113.1 million, down 11% from $126.8 million compared to 2014, primarily due to a $29.0 million decline in host material sales, partially offset by a $15.1 million increase in emitter sales. Royalty and license fees were $77.8 million, up 23% from $63.2 million for the prior year.
The Company reported operating income of $32.3 million for the full year 2015, compared to $58.6 million in 2014. The 2015 figures include a $33.0 million write-down of inventory taken in the second quarter. Excluding the write-down, non-GAAP operating income for 2015 was $65.3 million. For the full year 2015, the Company reported net income of $14.7 million, or $0.31 per diluted share, compared to $41.9 million, or $0.90 per diluted share, for the same period in 2014. Net income for 2015 included the aforementioned inventory write-down. Excluding this item, non-GAAP net income for 2015 was $44.8 million, or $0.94 per diluted share.
The Company’s balance sheet remained strong, with cash and cash equivalents and short-term investments of $395.5 million as of December 31, 2015. For the full year 2015, the Company generated $113.6 million in operating cash flow, compared to $47.3 million of operating cash flow in 2014.
2016 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 2016 revenues will increase 15% year-over-year, plus or minus 5%, as compared to 2015.
Conference Call Information
In conjunction with this release, Universal Display will host a conference call on Thursday, February 25, 2016 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events portion of the Company's website. Those wishing to participate in the live call should dial 1-800-406-5356 (toll-free) or 1-913-981-5510, and reference conference ID 4956978. Please dial in 5-10 minutes prior to the scheduled conference call time.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) 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 3,600 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, with international offices in Ireland, South Korea, Hong Kong, Japan and Taiwan, 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, BOE Technology, DuPont Displays, Inc., Innolux Corporation, Kaneka Corporation, Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Lumiotec, Inc., OLEDWorks LLC., Pioneer Corporation, Samsung Display Co., Ltd., Sumitomo Chemical Company, Ltd. and Tohoku Pioneer Corporation. To learn more about Universal Display, please visit http://www.udcoled.com.
Universal Display Corporation and the Universal Display logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as those relating to Universal Display Corporation’s technologies and potential applications of those technologies, the Company’s expected results as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s annual report on Form 10-K for the year ended December 31, 2015. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(Unaudited)
December 31,
2015 2014
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 97,513 $ 45,418
Short-term investments 297,981 243,088
Accounts receivable 24,729 22,075
Inventories 12,748 37,109
Deferred income taxes 12,326 18,459
Other current assets 2,387 4,356
Total current assets 447,684 370,505
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $27,897 and $24,813 22,407 19,922
ACQUIRED TECHNOLOGY, net of accumulated amortization of $54,837 and $43,838 72,015 83,014
INVESTMENTS 2,187 3,047
DEFERRED INCOME TAXES 14,945 12,934
OTHER ASSETS 174 425
TOTAL ASSETS $ 559,412 $ 489,847
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 6,849 $ 9,260
Accrued expenses 17,387 14,986
Deferred revenue 10,107 2,466
Other current liabilities 167 111
Total current liabilities 34,510 26,823
DEFERRED REVENUE 35,543 3,366
RETIREMENT PLAN BENEFIT LIABILITY 22,594 10,916
Total liabilities 92,647 41,105
SHAREHOLDERS’ EQUITY:
Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 shares of Series A Nonconvertible Preferred Stock issued and outstanding (liquidation value of $7.50 per share or $1,500) 2 2
Common Stock, par value $0.01 per share, 100,000,000 shares authorized, 48,132,223 and 47,061,826 shares issued at December 31, 2015 and 2014, respectively 482 471
Additional paid-in capital 589,885 581,114
Accumulated deficit (73,627 ) (88,305 )
Accumulated other comprehensive loss (9,819 ) (4,382 )
Treasury stock, at cost (1,357,863 shares at December 31, 2015 and 2014) (40,158 ) (40,158 )
Total shareholders’ equity 466,765 448,742
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 559,412 $ 489,847
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended December 31,
2015 2014
REVENUE:
Material sales $ 27,796 $ 28,139
Royalty and license fees 34,441 27,992
Technology development and support revenue 75 42
Total revenue 62,312 56,173
OPERATING EXPENSES:
Cost of material sales 8,085 12,079
Research and development 12,643 12,540
Selling, general and administrative 8,902 8,535
Patent costs and amortization of acquired technology 4,255 4,486
Royalty and license expense 1,807 1,458
Total operating expenses 35,692 39,098
Operating income 26,620 17,075
INTEREST INCOME 244 179
INTEREST EXPENSE (22 ) (15 )
INCOME BEFORE INCOME TAXES 26,842 17,239
INCOME TAX EXPENSE (8,754 ) (4,113 )
NET INCOME $ 18,088 $ 13,126
NET INCOME PER COMMON SHARE:
BASIC $ 0.39 $ 0.29
DILUTED $ 0.39 $ 0.28
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:
BASIC 46,675,225 45,903,917
DILUTED 46,864,535 46,350,851
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
(Unaudited)
Year Ended December 31,
2015 2014
REVENUE:
Material sales $ 113,066 $ 126,885
Royalty and license fees 77,773 63,192
Technology development and support revenue 207 954
Total revenue 191,046 191,031
OPERATING EXPENSES:
Cost of material sales 62,997 41,315
Research and development 44,641 41,154
Selling, general and administrative 29,046 28,135
Patent costs and amortization of acquired technology 16,716 17,288
Royalty and license expense 5,370 4,519
Total operating expenses 158,770 132,411
Operating income 32,276 58,620
INTEREST INCOME 837 777
INTEREST EXPENSE (54 ) (70 )
INCOME BEFORE INCOME TAXES 33,059 59,327
INCOME TAX EXPENSE (18,381 ) (17,473 )
NET INCOME $ 14,678 $ 41,854
NET INCOME PER COMMON SHARE:
BASIC $ 0.31 $ 0.90
DILUTED $ 0.31 $ 0.90
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:
BASIC 46,816,394 46,252,960
DILUTED 47,494,188 46,685,145
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Year Ended December 31,
2015 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 14,678 $ 41,854
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred revenue (8,994 ) (4,274 )
Depreciation 3,086 2,077
Amortization of intangibles 10,999 10,997
Inventory write-down 33,000 3,900
Amortization of premium and discount on investments, net (697 ) (531 )
Stock-based compensation to employees 9,173 7,278
Stock-based compensation to Board of Directors and Scientific Advisory Board 1,291 995
Deferred income tax expense (benefit) 7,137 9,108
Retirement plan benefit expense 3,354 1,679
(Increase) decrease in assets:
Accounts receivable (2,654 ) (6,418 )
Inventories (8,639 ) (30,414 )
Other current assets 1,969 2,267
Other assets 251 (183 )
Increase (decrease) in liabilities:
Accounts payable and accrued expenses 790 3,055
Other current liabilities 56 87
Deferred revenue 48,812 5,793
Net cash provided by operating activities 113,612 47,270
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (5,103 ) (6,153 )
Additions to intangibles — —
Purchases of investments (691,876 ) (408,974 )
Proceeds from sale of investments 638,411 372,818
Net cash used in investing activities (58,568 ) (42,309 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock 354 328
Repurchase of common stock — (29,500 )
Proceeds from the exercise of common stock options 2,034 1,887
Payment of withholding taxes related to stock-based compensation to employees (5,337 ) (2,844 )
Net cash used in financing activities (2,949 ) (30,129 )
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 52,095 (25,168 )
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 45,418 70,586
CASH AND CASH EQUIVALENTS, END OF YEAR $ 97,513 $ 45,418
Reconciliation of Non-GAAP Measures
The following table details our reconciliation of non-GAAP measures to the most directly comparable GAAP measures:
(in thousands, except per share data) Three Months Ended December 31,
2015 2014
(Unaudited)
Operating Results:
Cost of material sales $ 8,085 $ 12,079
Operating expenses 35,692 39,098
Operating Income 26,620 17,075
Income before income taxes 26,842 17,239
Net income 18,088 13,126
Net income per common share, basic $ 0.39 $ 0.29
Net income per common share, diluted $ 0.39 $ 0.28
Non-GAAP Reconciling Items:
Inventory write-down — —
Tax impact of inventory write-down — —
Non-GAAP Measures:
Cost of material sales 8,085 12,079
Operating expenses 35,692 39,098
Operating Income 26,620 17,075
Income before income taxes 26,842 17,239
Net income 18,088 13,126
Net income per common share, basic* $ 0.39 $ 0.29
Net income per common share, diluted* $ 0.39 $ 0.28
_______________________________________________
*
The non-GAAP net income per common share, basic and diluted is derived from dividing non-GAAP net income by the number of weighted average shares used in computing basic and diluted net income per common share.
Reconciliation of Non-GAAP Measures
The following table details our reconciliation of non-GAAP measures to the most directly comparable GAAP measures:
(in thousands, except per share data) Year Ended December 31,
2015 2014
Operating Results: (Unaudited)
Cost of material sales $ 62,997 $ 41,315
Operating expenses 158,770 132,411
Operating Income 32,276 58,620
Income before income taxes 33,059 59,327
Net income 14,678 41,854
Net income per common share, basic
$ 0.31 $ 0.90
Net income per common share, diluted
$ 0.31 $ 0.90
Non-GAAP Reconciling Items:
Inventory write-down 33,000 —
Tax impact of inventory write-down (2,836 ) —
Non-GAAP Measures:
Cost of material sales 29,997 41,315
Operating expenses 125,770 132,411
Operating Income 65,276 58,620
Income before income taxes 66,059 59,327
Net income* 44,842 41,854
Net income per common share, basic** $ 0.96 $ 0.90
Net income per common share, diluted**
$ 0.94 $ 0.90
_______________________________________________
* Non-GAAP net income assumes an effective tax rate of 32% for the year ended December 31, 2015, based on excluding the impact of the inventory write down of $33.0 million in the second quarter of 2015 and its related impact on our effective tax rate.
**
The adjusted net income per common share, basic and diluted is derived from dividing adjusted net income by the number of weighted average shares used in computing basic and diluted net income per common share.
Non-GAAP Measures
To supplement our selected financial data presented in accordance with U.S. generally accepted accounting principles (GAAP), we use certain non-GAAP measures. These non-GAAP measures include adjusted net income, adjusted net income per common share, basic and adjusted income per common share, diluted. Reconciliation to the most directly comparable GAAP measures of all non-GAAP measures included in the presentation can be found within the table detailing the reconciliation of non-GAAP measures to GAAP measures above.
The Company has provided these non-GAAP measures to enhance investors' overall understanding of our current financial performance, and as a means to evaluate period-to-period comparisons. The Company believes that these non-GAAP measures provide meaningful supplemental information regarding the Company's financial performance by excluding the inventory charge and related tax effect that may not be indicative of recurring core business operating results. The Company believes that the non-GAAP measures that exclude the inventory charge, when viewed with GAAP results, enhance the comparability of results against prior periods and allow for greater transparency of financial results. The presentation of non-GAAP measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160225006576/en/
Source: Universal Display Corporation
Universal Display
Darice Liu, 609-671-0980 x570
investor@udcoled.com
media@udcoled.com
Date Sent: 2/25/2016 4:08:20 PM Powered by Q4 Web Systems
It's all going up on Apple hype OLED screens right now
Yes I'm waiting for those to fill LOL would be a great time to jump in
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