Cambridge Display Technology today reported its financial results for the third quarter of 2005. The Company is a pioneer in the development of polymer organic light emitting diode technology, and completed its initial public offering in December 2004.
Revenues in the third quarter of 2005 were $6.6 million, compared with $1.6 million for the corresponding quarter in 2004, an increase of 299%. Year to date revenues for 2005 were reported at $10.8 million, compared with $5.5 million for the first three quarters of 2004, an increase of 96%. In the third quarter of 2005, the largest source of revenue was equipment and supplies, including the sale of four ink jet printers and associated ink supply, sales of CDT's Eclipse range of digital test equipment and technical services revenues.
Gross profit for the quarter was $2.9 million, an increase of 211% from last year, bringing year to date gross profit to just under $6 million (up 39%). Net loss was $8.6 million for Q3 2005 (Q3 2004: $7.5 million), bringing the year to date net loss to $24.0 million; net loss for the first three quarters of 2004 was $34.3 million. The 2004 figure included a $12.2 million accounting charge connected with the acquisition of CDT Oxford and $5.3 million accretion charge in relation to our preferred stock.
Cash used in operations was $7.6 million for Q3 2005, compared with $2.0 million in Q2, and $5.9 million in Q1.