Kerry Pianoforte06.23.11
Universal Display Corporation held its 2011 Annual Meeting of Shareholders at the Crowne Plaza Philadelphia West in Philadelphia, PA. The company updated shareholders on its strong financial performance over the past year, advances in and adoption of its PHOLED and other OLED technologies, and its growth opportunities arising from the expanding markets for OLED displays and white OLED lighting.
“Our revenues doubled last year to $30 million, while our operating loss was halved. The adoption of our proprietary OLED technology and materials mirrored the rapid growth of the industry,” stated Steven V. Abramson, Universal Display’s president and CEO “Stunningly bright, clear and energy-efficient OLED displays have been a differentiating feature in a variety of very popular smartphones and other portable electronic devices. The OLED industry is slated to continue to grow significantly in the next few years as manufacturers add production capacity to serve the small-area display markets and prepare for large-area OLED TV production. At the same time, we are experiencing the emergence of a market for energy-efficient white OLED lighting products, on which we plan to capitalize.
“Our Universal PHOLED technology and materials are recognized as key for the growth of the OLED display and lighting markets. Over the past 13 years, we have garnered over 1,200 patents issued and pending worldwide, with almost half of them related to our phosphorescent OLED technology. Our franchise is broad, deep and strong, and our fundamental phosphorescent inventions have been patented in the major jurisdictions around the world,” added Abramson. “Our team invented, developed and commercialized phosphorescent OLED technology and materials. Now, more than a decade after our discovery, phosphorescence is widely recognized as crucial to the rapid growth of the industry. We will continue to work tirelessly to ensure that our company receives fair and reasonable returns for our creativity, innovation and perseverance.
“Over the past year, the company has further strengthened its technological position. We made significant advances in our PHOLED and other OLED technologies, and our world-class team of scientists, engineers and business professionals continued to work with our customers to meet their needs for mobile display products, TV’s and white lighting,” Abramson continued. “As can be seen from the numerous prototypes on exhibit at the meeting, we’re also further developing our core technologies to accelerate the commercial potential for flexible OLED displays and white OLED lighting. This past year, we also opened a new laboratory in Hong Kong and established subsidiaries in Korea and Japan to better serve our customers. With a successful stock issuance underwritten by Goldman Sachs, we now have $250 million in additional resources to expand our technology offerings, acquire additional technologies and products, and further enhance our intellectual property position. This should enable us to increase shareholder value as OLED market growth accelerates over the next few years.”
Mr. Abramson concluded, “We’re poised to meet the growing demand for our OLED technologies and materials, which manufacturers are realizing will enable new, differentiated/high-performance products. With our team innovating new OLED technologies and the way they’re applied, we are working to maximize revenue opportunities and shareholder value as PHOLEDs become the de facto standard.”
“Our revenues doubled last year to $30 million, while our operating loss was halved. The adoption of our proprietary OLED technology and materials mirrored the rapid growth of the industry,” stated Steven V. Abramson, Universal Display’s president and CEO “Stunningly bright, clear and energy-efficient OLED displays have been a differentiating feature in a variety of very popular smartphones and other portable electronic devices. The OLED industry is slated to continue to grow significantly in the next few years as manufacturers add production capacity to serve the small-area display markets and prepare for large-area OLED TV production. At the same time, we are experiencing the emergence of a market for energy-efficient white OLED lighting products, on which we plan to capitalize.
“Our Universal PHOLED technology and materials are recognized as key for the growth of the OLED display and lighting markets. Over the past 13 years, we have garnered over 1,200 patents issued and pending worldwide, with almost half of them related to our phosphorescent OLED technology. Our franchise is broad, deep and strong, and our fundamental phosphorescent inventions have been patented in the major jurisdictions around the world,” added Abramson. “Our team invented, developed and commercialized phosphorescent OLED technology and materials. Now, more than a decade after our discovery, phosphorescence is widely recognized as crucial to the rapid growth of the industry. We will continue to work tirelessly to ensure that our company receives fair and reasonable returns for our creativity, innovation and perseverance.
“Over the past year, the company has further strengthened its technological position. We made significant advances in our PHOLED and other OLED technologies, and our world-class team of scientists, engineers and business professionals continued to work with our customers to meet their needs for mobile display products, TV’s and white lighting,” Abramson continued. “As can be seen from the numerous prototypes on exhibit at the meeting, we’re also further developing our core technologies to accelerate the commercial potential for flexible OLED displays and white OLED lighting. This past year, we also opened a new laboratory in Hong Kong and established subsidiaries in Korea and Japan to better serve our customers. With a successful stock issuance underwritten by Goldman Sachs, we now have $250 million in additional resources to expand our technology offerings, acquire additional technologies and products, and further enhance our intellectual property position. This should enable us to increase shareholder value as OLED market growth accelerates over the next few years.”
Mr. Abramson concluded, “We’re poised to meet the growing demand for our OLED technologies and materials, which manufacturers are realizing will enable new, differentiated/high-performance products. With our team innovating new OLED technologies and the way they’re applied, we are working to maximize revenue opportunities and shareholder value as PHOLEDs become the de facto standard.”