|[June 19, 2014]
Universal Display Corporation Holds 2014 Annual Meeting of Shareholders
EWING, N.J. --(Business Wire)--
Display Corporation (Nasdaq: OLED), enabling energy-efficient
displays and lighting with its UniversalPHOLED®
technology and materials, today held its 2014 Annual Meeting of
Shareholders at the Crowne Plaza Philadelphia West in Philadelphia, PA.
The company updated shareholders on its strong financial performance, as
demonstrated by its third consecutive year of record revenues and
earnings in 2013, indicative of UDC's strong market share in the growing
"2013 was an extraordinary year for Universal Display Corporation.
Operationally, the development and delivery of our industry-leading
phosphorescent OLED technologies and materials increased our market
share and validated our years of R&D investment," said Steven V.
Abramson, Universal Display's President and Chief Executive Officer.
"Financially, we achieved record revenues and generated our strongest
year of cash flow from operations. Key factors behind our continued
growth include the commercial adoption of our green UniversalPHOLED®
emitters and hosts, the fortification of our R&D expertise and the
expansion of our intellectual property portfolio. We believe we are well
positioned to build on our materials expertise and further bolster our
market position and financial strength."
Mr. Abramson highlighted Universal Display's significant revenue and
profit growth in 2013, and also noted that the company generated an
impressive $45.0 million of cash flow from operations in 2013 and
completed the year with $273 million in cash and short-term investments.
Mr. Abramson also noted major business milestones during 2013 including
the commercial adoption of the company's green UniversalPHOLED emitters
and hosts and partner PPG Industries opening a second world-class OLED
materials production facility in Barberton, Ohio.
Turning to the future, Mr. Abramson reaffirmed his confidence in
Universal Display's long-term outlook. "Still in the early chapters of
our exciting OLED story, we are enthusiastic for the promising growth
opportunities that lie ahead of us," said Mr. Abramson. "Founded on the
R&D mission to develop and commercialize key technologes for OLEDs, we
continue to expand the potential of our OLED business as we leverage our
intellectual property, materials and growing product portfolio. Over the
past few years, we have made tremendous progress in improving our
phosphorescent OLED (PHOLED) technology and materials, as we believe
PHOLED is the key to OLED technology's success. We believe that OLED
penetration will broaden to applications such as mid-end smartphones,
high-end tablets, the commercialization of OLED TVs, flexible devices
and wearable displays. In lighting, we recently signed new customer
agreements and expect development activity to intensify as OLED lighting
panel production projects ramp up."
The audio portion of the presentation was simultaneously broadcasted
over the Internet. An online archive of the webcast will be available on
portion of Universal Display's web site at www.udcoled.com
for 90 days.
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.
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
3,000 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 (News - Alert) Corporation, BOE
Technology, DuPont Displays, Inc., Innolux Corporation, Kaneka
Corporation, Konica Minolta Technology Center, Inc., LG Display Co.,
Ltd., Lumiotec, Inc., Pioneer Corporation (News - Alert), Samsung Display Co., Ltd.,
Sony Corporation, 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
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, 2013.
Universal Display Corporation disclaims any obligation to update any
forward-looking statement contained in this document.
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