Universal Display Corporation today announced its results of operations for the quarter ended March 31, 2006. Revenues in the first quarter of 2006 totaled $3,271,406, compared to $1,467,068 for the comparable quarter in 2005. Revenues consisted of $536,061 in government contract research revenue, $675,906 from development chemical revenue, $398,479 from commercial chemical revenue, $930,846 royalty and license fees, and $730,114 in technology development revenue.
The year-over-year increase in revenues is attributable to the recent signing of a material supply agreement with a major display manufacturer. This primarily affected royalty and license fee revenue and commercial chemical revenue during the quarter.