OLED Q1 CC notes-
- Revenue of $37.8M, Operating Profit of $6.6M, net of .09/sh, all above everyone's estimates. Guided to the high end of their 2014 forecast of $190M-$205M, a forecast given JUST 2 months ago.
- During the prepared remarks they highlighted Chinese fabs and Chinese products, along with mentioning Taiwan and Japan. They signed an evaluation agreement with BOE(China), a landmark agreement IMHO that should put to rest concerns about their IP in China.
- Highlighted two patent decisions, one in Japan and one in Europe, which affirmed but narrowed their core IP.
- They started selling next gen red and green emitters. While they expect competition in the host market, they more or less said green host has not yet been impacted.
- $17.2M green emitter vs $11.6M in Q4 2013, $12.4M green host vs. $9.3M, $3.9M red emitter vs. $2.8M. Royalty and license fees up to $1.8M. Material GM's up to 72% from 70%, due to product mix and some impact from new gen emitters. No new red host sales.
- LG $9.5M revenue, ramping. LG is also evaluating their yellow host.
- Significant inventory build in anticipation of continued materials growth.
