Universal Display's revenues were $7,006,913 for 2004, compared to $6,593,193 for the prior year. Revenues consisted of $2,621,636 in government contract research revenue, $2,484,070 from sales of OLED materials for evaluation purposes, and $1,350,537 in technology development revenue from business partners. The Company also received $147,600 from sales of OLED material for commercial purposes and $403,070 in license fees and royalties.
"We are working with approximately 20 OLED manufacturers to evaluate, develop and qualify our phosphorescent technology and materials for commercial products. We entered into eight new evaluation and technology development agreements in 2004. We also significantly strengthened our balance sheet, ending the year with working capital in excess of $40 million. We believe that our business assets, together with our award winning technology, position us well to capitalize on the emerging OLED market," said Sidney D. Rosenblatt, Chief Financial Officer of Universal Display Corporation.
