Revenues for the three months ended June 30, 2006 were $3,009,316, compared to $3,011,995 in the second quarter of 2005. Revenue components in the second quarter of 2006, when compared to the second quarter of 2005 were: commercial chemical revenues $336,365, compared to $0; license fee revenues $807,185, compared to $42,000; technology development revenues $667,613, compared to $331,818; development chemical revenues $296,624, compared to $1,123,852; and contract research revenues $901,529, compared to $1,514,325, respectively.

"Total revenues for the quarter remained stable," said Sidney Rosenblatt, Chief Financial Officer of Universal Display Corporation. "Our revenue mix continues to shift as we recognize more from fees associated with our licensing agreements and revenues from the sale of commercial chemicals. We expect this trend to continue as our PHOLED technology is more broadly commercialized; however, revenues will remain difficult to predict on a quarter-to-quarter basis."

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