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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Universal Display Corporation | NASDAQ:OLED | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
6.22 | 3.64% | 177.04 | 176.84 | 176.95 | 177.04 | 171.37 | 172.19 | 274,576 | 19:43:01 |
Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today reported financial results for the first quarter ended March 31, 2021.
“As OLED momentum continues across the consumer electronics market, we are advancing our robust OLED materials and technology leadership,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “Since our last earnings call, we announced new extended OLED Technology License and Material Purchase Agreements with LG Display and Visionox. We also announced that along with PPG, we are jointly establishing a new manufacturing site in Shannon, Ireland, for the production of our highly efficient, high-performing UniversalPHOLED materials. Additionally, Universal Display Corporation was named to Financial Times’ The Americas’ Fastest-Growing Companies 2021 list.”
Rosenblatt continued, “Last month, we celebrated our twenty-fifth year as a Nasdaq-listed company by virtually ringing the opening bell. It was an incredible milestone that we shared with our employees, customers, partners, and all of our stakeholders. Since our inception, Universal Display Corporation has stood for ‘Vision, Innovation and Reality’ and we have invested approximately $700 million in research and development to advance our company from a start-up to a leading player in the global OLED ecosystem. We continue to broaden and deepen the breadth of our first-mover advantage to further enable our customers and the OLED industry.”
Financial Highlights for the First Quarter of 2021
Revenue Comparison
($ in thousands)
Three Months Ended March 31,
2021
2020
Material sales
$
79,808
$
66,575
Royalty and license fees
50,886
43,078
Contract research services
3,306
2,624
Total revenue
$
134,000
$
112,277
Cost of Materials Comparison
($ in thousands)
Three Months Ended March 31,
2021
2020
Material sales
$
79,808
$
66,575
Cost of material sales
20,999
20,211
Gross margin on material sales
58,809
46,364
Gross margin as a % of material sales
74%
70%
2021 Guidance
The Company continues to believe that its 2021 revenue will be approximately in the range of $530 million to $560 million. The OLED industry remains at a stage where many variables can have a material impact on its growth, and the Company thus caveats its financial guidance accordingly.
Dividend
The Company also announced a second quarter cash dividend of $0.20 per share on the Company’s common stock. The dividend is payable on June 30, 2021 to all shareholders of record on June 15, 2021.
Conference Call Information
In conjunction with this release, Universal Display will host a conference call on May 6, 2021 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events page of the Company's Investor Relations website at ir.oled.com. Those wishing to participate in the live call should dial 1-877-524-8416 (toll-free) or 1-412-902-1028. Please dial in 5-10 minutes prior to the scheduled conference call time. An online archive of the webcast will be available within two hours of the conclusion of the call.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) 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. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient 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. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation 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 the Company’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, 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, 2020. 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
(UNAUDITED)
(in thousands, except share and per share data)
March 31, 2021
December 31, 2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
726,279
$
630,012
Short-term investments
720
99,996
Accounts receivable
91,327
82,261
Inventory
101,422
91,591
Other current assets
39,587
20,746
Total current assets
959,335
924,606
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $76,756 and $72,493
107,815
102,113
ACQUIRED TECHNOLOGY, net of accumulated amortization of $158,197 and $153,050
65,106
70,253
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $6,496 and $6,155
10,641
10,685
GOODWILL
15,535
15,535
INVESTMENTS
8,500
5,000
DEFERRED INCOME TAXES
36,864
37,695
OTHER ASSETS
106,704
103,341
TOTAL ASSETS
$
1,310,500
$
1,269,228
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
14,741
$
13,801
Accrued expenses
19,171
41,404
Deferred revenue
128,546
105,215
Other current liabilities
3,874
4,540
Total current liabilities
166,332
164,960
DEFERRED REVENUE
49,578
57,086
RETIREMENT PLAN BENEFIT LIABILITY
79,246
78,527
OTHER LIABILITIES
62,876
55,941
Total liabilities
358,032
356,514
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, 200,000,000 shares authorized, 49,050,776
and 49,013,476 shares issued, and 47,685,128 and 47,647,828 shares outstanding, at
March 31, 2021 and December 31, 2020, respectively
491
490
Additional paid-in capital
632,138
635,595
Retained earnings
396,130
353,930
Accumulated other comprehensive loss
(35,009
)
(36,019
)
Treasury stock, at cost (1,365,648 shares at March 31, 2021 and December 31, 2020)
(41,284
)
(41,284
)
Total shareholders’ equity
952,468
912,714
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
1,310,500
$
1,269,228
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in thousands, except share and per share data)
Three Months Ended March 31,
2021
2020
REVENUE:
Material sales
$
79,808
$
66,575
Royalty and license fees
50,886
43,078
Contract research services
3,306
2,624
Total revenue
134,000
112,277
COST OF SALES
23,298
22,459
Gross margin
110,702
89,818
OPERATING EXPENSES:
Research and development
23,305
19,497
Selling, general and administrative
16,404
15,403
Amortization of acquired technology and other intangible assets
5,488
5,490
Patent costs
1,835
1,638
Royalty and license expense
112
3,284
Total operating expenses
47,144
45,312
OPERATING INCOME
63,558
44,506
Interest income, net
133
2,147
Other income, net
59
202
Interest and other income, net
192
2,349
INCOME BEFORE INCOME TAXES
63,750
46,855
INCOME TAX EXPENSE
(12,063
)
(8,700
)
NET INCOME
$
51,687
$
38,155
NET INCOME PER COMMON SHARE:
BASIC
$
1.09
$
0.80
DILUTED
$
1.08
$
0.80
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET
INCOME PER COMMON SHARE:
BASIC
47,267,921
47,093,033
DILUTED
47,329,704
47,122,829
CASH DIVIDENDS DECLARED PER COMMON SHARE
$
0.20
$
0.15
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
Three Months Ended March 31,
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
51,687
$
38,155
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred revenue and recognition of unbilled receivables
(57,648
)
(40,511
)
Depreciation
4,263
3,615
Amortization of intangibles
5,488
5,490
Change in excess inventory reserve
667
611
Amortization of premium and discount on investments, net
(70
)
(2,005
)
Stock-based compensation to employees
5,200
5,735
Stock-based compensation to Board of Directors and Scientific Advisory Board
330
254
Deferred income tax expense
515
940
Retirement plan expense
2,228
1,414
Decrease (increase) in assets:
Accounts receivable
(9,066
)
(22,140
)
Inventory
(10,498
)
(10,726
)
Other current assets
5,400
7,706
Other assets
(7,133
)
(3,245
)
Increase (decrease) in liabilities:
Accounts payable and accrued expenses
(21,136
)
(29,340
)
Other current liabilities
(666
)
3,114
Deferred revenue
53,000
43,685
Other liabilities
6,935
2,994
Net cash provided by operating activities
29,496
5,746
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment
(9,938
)
(4,782
)
Purchases of intangibles
(298
)
—
Purchases of investments
(4,220
)
(148,592
)
Proceeds from sale and maturity of investments
100,000
250,400
Net cash provided by investing activities
85,544
97,026
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock
348
259
Payment of withholding taxes related to stock-based compensation to employees
(9,634
)
(4,816
)
Cash dividends paid
(9,487
)
(7,098
)
Net cash used in financing activities
(18,773
)
(11,655
)
INCREASE IN CASH AND CASH EQUIVALENTS
96,267
91,117
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
630,012
131,627
CASH AND CASH EQUIVALENTS, END OF PERIOD
$
726,279
$
222,744
The following non-cash activities occurred:
Unrealized (loss) gain on available-for-sale securities
$
(66
)
$
2,380
Common stock issued to Board of Directors and Scientific Advisory Board that was
earned and accrued for in a previous period
300
300
Net change in accounts payable and accrued expenses related to purchases of property
and equipment
(27
)
689
View source version on businesswire.com: https://www.businesswire.com/news/home/20210506006178/en/
Universal Display: Darice Liu investor@oled.com media@oled.com +1 609-964-5123
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