Financial

DOE anticipates making ~5-10 awards for specific advances in LED and OLED lighting under this round and says that awards will not exceed $600,000 per year for up to 3 years. The closing date for applications is June 19.

Revenues for the first quarter of 2008 were $2,716,819, compared to $3,014,630 for the first quarter of 2007. Commercial revenue, which includes commercial chemical revenue, license fees and royalty income, increased to $1,555,065 for the first quarter of 2008, from $1,440,900 for the first quarter of 2007. Developmental revenue, which includes contract research revenue, technology development revenue and development chemical sales, decreased for the first quarter of 2008 to $1,161,754, compared to $1,573,730 for the first quarter of 2007. Universal Display believes these revenue categories, which now combine accounts previously reported separately, better reflect the Company’s business strategies and activities.

Financial Summary:

LG Display will start mass-production of Active Matrix (AM) Organic Light Emitting Diode (OLED) within this year. CEO Young-soo Kwon of LG Display will report the strategy to CEO Bon-moo Koo of LG Group, which signals that the company plans to make a massive investment for the strategy on the group level.

The acquisition of Gracel and its portfolio of OLED materials broadens Rohm and Haas’s growing Display Technologies business. Rohm and Haas manufactures TFT (thin film transistor) photoresists and related materials as part of its Display Chemicals group, and added Optical Display Films when it acquired Eastman Kodak's Light Management Films business in June 2007. Rohm and Haas launched SKC Haas Display Films in December 2007, a new joint venture that develops and manufactures advanced films and filters for LCD and plasma displays. Including the acquisition of Gracel, Rohm and Haas has invested $270 million during the last 12 months to build its Display Technologies business unit.

For the fourth quarter of 2007, the Company reported a net loss of $3,256,104, versus a net loss of $4,408,826 for the fourth quarter of 2006. The Company’s net loss for the year ended December 31, 2007 was $15,975,841, compared to a net loss of $15,186,804 for the year ended December 31, 2006.

The DOE is giving 21M$ for several companies to research advanced lighting. OLED is one such technologies. Here's a list of OLED projects getting funded:

• Add-Vision : Low-Cost, High Efficiency Polymer OLEDs Based on Stable p-i-n Device Architecture. This project seeks to develop a polymer OLED (P-OLED) lamp technology using advanced material synthesis and a modified device architecture to enable large-scale manufacturing of robust P-OLED lamps.
  Project Value: $ 2,010,076
  Estimated DOE contribution: up to $ 1,567,858
  
• DOE’s Pacific Northwest National Laboratory (Richland, WA): Charge Balance in Blue Electrophosphorescent Devices. This project seeks to develop new organic phosphine oxide electron transporting/hole blocking materials in combination with ambipolar phosphine oxide host materials for achieving charge balanced blue phosphorescent OLED system, a necessary component of white OLEDs.
  Project Value: $ 1,783,000
  
• Arkema Inc. (King of Prussia, PA): Application of Developed Atmospheric pressure chemical vapor deposition (APCVD) Transparent Conducting Oxides and Undercoat Technologies for Economical OLED Lighting. This project seeks to develop a commercially viable process for an OLED substrate, which would consist of the actual substrate of soda lime glass, a barrier undercoat, and a transparent conducting oxide.
  Project Value: $ 2,626,632Estimated
  DOE contribution: up to $ 2,101,305
  
• Universal Display Corporation (Ewing, NJ): Development of High Efficacy, Low-Cost Phosphorescent OLED Lighting Luminaire. This project seeks to develop high efficiency OLED lighting luminaires as part of an integrated ceiling illumination system.
  Project Value: $ 2,662,489
  Estimated DOE contribution: up to $ 1,905,467
  

Sony announced their financial reports today. The company will continue its development of organic light-emitting diode (OLED) technology which is brighter than current technology and provides energy savings.

However, chief financial officer Nobuyuki Oneda said: "I do not see a rapid growth in production [of OLED TVs] in the future."

The firms have agreed to a tie-up on organic light-emitting diode (OLED) panels, a competing display technology, by which Matsushita and Canon would each invest more than 100 billion yen ($880 million) to take minority stakes in unit Hitachi Displays Ltd, it said.