For the first quarter of 2007 Universal Display had revenue of $3,014,630, compared to $3,271,406 for the first quarter of 2006. The Company’s revenue mix continues to shift as its PHOLED technology and materials transition to commercial applications. For the first quarter of 2007, the Company reported a net loss of $4,583,801 or $(0.15) per diluted share, versus a net loss of $3,522,040 or $(0.12) per diluted share for the same quarter of 2006.
“The first quarter of 2007 saw a continued transition in our revenue mix, as well as increased recognition of revenue from government contracts,” said Sidney D. Rosenblatt, Chief Financial Officer of Universal Display. “Commercial OLED displays manufactured by one of our major licensees continued to gain traction during the quarter, with two major display products introduced into the Asian marketplace to date. We are also excited about our recent commercial licensing agreement with Chi Mei EL Corporation, as they look to expand production of AMOLED displays for commercial products. Looking ahead to the coming quarters of 2007, we continue to pursue new commercial licensing agreements for displays and lighting, as well as strategic partnerships that will advance OLED technology and its commercial adoption.”