Universal Display Corporation today announced results for the fourth quarter and year end 2005. For the twelve months ended December 31, 2005, Universal Display had revenues of $10,147,995, compared to $7,006,913 in 2004. Revenues continued to grow year-over-year, driven by contract research revenue and development chemicals sales revenue, both of which indicate increased pre-commercial activity in the development and commercialization of Universal Display’s proprietary phosphorescent OLED (PHOLEDâ¢) technology. For the year, the Company reported a net loss attributable to common shareholders of $15,801,612 or $(0.56) per diluted share, versus a net loss of $15,906,198, or $(0.59) per diluted share in 2004.
In 2005, Universal Display continued to build a solid foundation for future growth in the display industry, said Sidney D. Rosenblatt, Chief Financial Officer of Universal Display. We generated consistent improvement in our financial fundamentals, with revenues and operating cash flow exhibiting continued traction, and we end the year with a solid balance sheet. At the same time, we established a robust platform for OLED research and commercialization with the expansion of our headquarters facility. We believe that 2006 will show a number of financial and technological advances for Universal Display.
