Cambridge Display Technology today reported its financial results for the first quarter of 2005. The Company is a pioneer in the development of PLED technology. In December 2004, the Company completed its initial public offering.Revenues in the first quarter of 2005 were $1.6 million, up from $1.3 million for the corresponding quarter in 2004, an increase of 19%.
The majority of revenues arose from Technology Services and Development and included receipts from several major display producers with whom the Company is currently engaged in development programs, including Kolon, Samsung Electronics and Sumitomo Chemical. Gross profit was $1.1 million, an increase of 1% from last year.
CEO Dr. David Fyfe comments: "We are pleased with the progress being made in our strategy of gaining the interest and commitment of display producers for our PLED technology. The display industry requires substrates larger than the current Gen 2/2.5 prevalent for OLED manufacture (to produce larger displays and for economical reasons), and our belief that PLEDs represent the most scaleable OLED technology is gaining more widespread industry acceptance. We continue to expect strong revenue growth in 2005."