Universal Display Approves Share Repurchase Program


Posted on November 15, 2012 @ 09:40 am



Universal Display Corporation announced that its board of directors has approved a program to repurchase up to $50 million of the company’s outstanding shares of common stock from time to time over the next 12 months.

Universal Display expects to enter into a trading plan established under Rule 10b5-1 under the Securities Exchange Act of 1934 to facilitate repurchases under the program. The amount and timing of repurchases will depend on a number of factors, including the price, availability of shares of the company’s common stock, trading volume and general market conditions. The repurchases may be made over the next 12 months on the open market, in block trades or otherwise. The program may be suspended or discontinued at any time.

“This stock repurchase program demonstrates the confidence that our board and management team have in the prospects and growth potential of the company,” said Steven V. Abramson, president and CEO of Universal Display. “We believe that this program further underscores our continued commitment to enhancing shareholder value.”

The stock repurchase program will be funded using the company’s working capital. As of Sept. 30, 2012, the company had cash, cash equivalents and marketable securities of approximately $239 million. As of Nov. 2, 2012, the company had 46,507,390 shares of common stock outstanding.

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