Universal Display Corporation Announces First Quarter 2006 Financial Results

Universal Display Corporation today announced its results of operations for the quarter ended March 31, 2006. Revenues in the first quarter of 2006 totaled $3,271,406, compared to $1,467,068 for the comparable quarter in 2005. Revenues consisted of $536,061 in government contract research revenue, $675,906 from development chemical revenue, $398,479 from commercial chemical revenue, $930,846 royalty and license fees, and $730,114 in technology development revenue.

The year-over-year increase in revenues is attributable to the recent signing of a material supply agreement with a major display manufacturer. This primarily affected royalty and license fee revenue and commercial chemical revenue during the quarter.