Universal Display Corporation a leading developer of OLED technologies for flat panel displays, lighting and other opto-electronic applications, today announced its results of operations for the quarter ended March 31, 2005.
Revenues in the first quarter of 2005 totaled $1.5 million, compared to $2. 1 million for the comparable quarter in 2004. Revenues consisted of $699,056 in government contract research revenue, $444,757 from development and commercial chemical revenue, royalty and license fees totaling $73,255, and $250,000 in technology development revenue from business partners.
For the quarter, Universal Display reported a net loss of $5.0 million, or $0.18 per diluted share, compared to a net loss of $4.1 million, or $0.17 per diluted share for the first quarter of 2004. During the first quarter of 2005, cash used in operating activities was $1.2 million, compared to $1.9 million for the first quarter of 2004.
"Looking ahead, we remain strong from a cash perspective. Our balance sheet strength should serve us well as we drive the commercialization of our OLED technologies."
