For the third quarter of 2007, the Company reported a net loss of $2,960,565 or $(0.08) per diluted share, versus a net loss of $2,943,287 or $(0.09) per diluted share for the third quarter of 2006. The Company’s net loss for the nine-month period ended September 30, 2007 was $12,719,737 or ($0.38) per diluted share, compared to a net loss of $10,777,978, or ($0.35) per diluted share, for the same period in 2006.
“Universal Display is in a solid financial position as our revenue mix reflects momentum in the commercialization of our PHOLED technology,” said Sidney D. Rosenblatt, Chief Financial Officer of Universal Display. “While revenues and net loss were about the same for the third quarters of 2006 and 2007, sequentially, we saw a significant increase in our commercial chemical revenue for the third quarter of 2007 compared to the second quarter. Revenue increased from $2,315,170 in the second quarter to $3,077,281 in the third quarter, and our net loss was reduced from $5,175,371 in the second quarter to $2,960,565 in the third quarter, as our PHOLED technology and materials continue to be incorporated into more commercial products. The OLED industry is closer than ever to realizing broad commercialization of OLED technology in personal electronics, TV’s and other display applications.”