Universal Display Corporation (UDC) - Page 34

UDC announced today that it had renewed its Commercial Supply Agreement with LG Display. The previous agreement terminated on June 30 2008, and the new one is effective till June 30 2009.

For the third quarter of 2008, Universal Display reported a net loss of $5,302,983, or $(0.15) per diluted share, versus a net loss of $2,960,565, or $(0.08) per diluted share, for the third quarter of 2007.

Commercial revenue remained constant during the third quarter of 2008 when compared with the same quarter of 2007, and increased for the first nine months of 2008 versus the same period in 2007. We are encouraged by the continued adoption of and new opportunities for our UniversalPHOLED technology, said Mr. Rosenblatt. While Samsung SDI’s production capacity remained on level with the same quarter of 2007, they reported that their AMOLED displays are being increasingly integrated into mobile devices like cell phones and MP3 players. In addition, Samsung SDI has showcased recent product prototypes for AMOLED televisions and larger area displays, flexible OLED screens, and more. It is clear they are committed to AMOLED display production both financially and developmentally.

Universal Display Corporation today announced that it has received two $750,000 United States Department of Energy (DOE) Small Business Innovation Research (SBIR) Phase II contracts. Work under these contracts will focus on demonstrating further advances in the performance of Universal Display's white OLED technology toward meeting the DOE's targets for solid-state lighting.

Using the Company's high-efficiency UniversalPHOLED technology, Universal Display will build a 6" x 6" white OLED lighting panel with targets of > 75 lm/W and an operating lifetime of over 35,000 hrs at 1,000 cd/m² initial luminance. Based on results previously obtained on much smaller test pixels, this work will focus on a number of scale-up issues associated with the performance of a panel as a function of its size.

UDC is saying they have produced an ultra-thin flexible OLED display. The entire thing is less than 50 micrometer thick.

R.Ma from UDC says "We have chosen thin metal foils as the substrates for flexible displays because of their excellent thermal, mechanical and permeation barrier properties and good flexibility. Metal foils as thin as 25 mm have been used and planarization process has been developed. Another key challenge is to develop a flexible thin film permeation barrier. OLEDs degrade as a result of exposure to atmospheric oxygen and water. Working with Professor Wagner’s team at Princeton University, we have identified a flexible, highly impermeable barrier layer that is deposited from environmentally-friendly and inexpensive precursors in a single-chamber reactor. The lifetime of OLEDs encapsulated with the layers exceeds the industrial target of 1,000 hours and also the lifetime of conventionally sealed glass packaged OLEDs. Many materials are used in a flexible AMOLED: organic, inorganic and metallic systems."

Universal Display today announced that it has been awarded a $99,919 Small
Business Innovation Research (SBIR) Phase I grant from the U.S.
Department of Energy (DOE) under the Department's
Solid State Lighting program.

A CBS reporter has visited Universal Display, and has put together a short video showing some nice OLED screens and applications for flexible and transparent OLEDs.

Update: CBS unfortunately removed this video...

Konica Minolta and Universal Display Corporation today announced the signing of an OLED Technology License Agreement. Under the agreement, Konica Minolta will be able to integrate Universal Display's proprietary OLED technologies into Konica Minolta's white OLED lighting products, thus securing Konica Minolta to accelerate commercialization and to strengthen the competitiveness of its white OLEDs.

"We have been collaborating successfully with Universal Display in the OLED development for several years, and we are very much pleased that we have entered into the OLED Technology License Agreement with Universal Display today" stated Masatoshi Matsuzaki, Chief Technology Officer of Konica Minolta Holdings.

In June, Universal Display announced a major breakthrough in white OLED power efficacy, 102 lm/W, in an all-phosphorescent OLED device. UDC reported that this device also provides an operating lifetime of 8,000 hours to 50% of initial luminance (at 1000 nits and without enhanced optical outcoupling), an operating voltage of 3.5 volts, a pleasing white color with a color rendering index (CRI) of 70, and a color temperature of 3,900 Kelvin.

The discovery and development of UniversalPHOLED phosphorescent OLED technology was a major breakthrough that has enabled the potential use of white OLEDs for solid-state lighting, said Steven V. Abramson, President and Chief Executive Officer of Universal Display. Using this technology, power-efficient, bright and thin white OLEDs reduce energy consumption, while  remaining environmentally benign, especially compared to mercury-containing fluorescent lamps. White OLEDs also offer exciting new product design opportunities and an abundance of new  product applications. Our continuing advances in phosphorescent and white OLED technologies are now significantly accelerating solid-state OLED lighting towards commercial reality.

Universal Display Corporation today announced its results for the quarter ended June 30, 2008. For the second quarter of 2008, the Company reported a net loss of $5,205,790, or $(0.15) per diluted share, versus a net loss of $5,175,371, or $(0.16) per diluted share, for the second quarter of 2007. For the six months ended June 30, 2008, net loss totaled $9,399,175, or $(0.26) per diluted share, versus a net loss of $9,759,172, or $(0.30) per diluted share for the same period of 2007.

Revenues for the second quarter of 2008 were $2,145,598, compared to $2,315,170 for the second quarter of 2007. Commercial revenue, which includes commercial chemical revenue, license fees and royalty income, increased to $1,395,487 for the quarter, from $392,926 for the second quarter of 2007. Developmental revenue, which includes contract research revenue, technology development revenue and development chemical sales, decreased to $750,111 for the quarter, compared to $1,922,244 for the second quarter of 2007.
For the six-months ended June 30, 2008, the company reported revenues of $4,862,417, compared to $5,329,800 for the same period of 2007. Commercial revenue for the first six months of 2008 increased to $2,950,552, compared to $1,833,826 for the same period of 2007. Developmental revenue for the first six months of the year decreased to $1,911,865, compared to $3,495,974 for the same period of 2007.

"The second quarter continued the trend of revenues transitioning toward the commercial side," said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. "Though government contracts and other developmental work continue to be an important part of our revenue makeup, the volume production and sales of AMOLED displays produced by our licensees, like Samsung SDI, are making up a larger portion of our total revenues. We expect this to continue in coming quarters as production capacity is increased on a number of AMOLED display lines, display manufacturers begin producing new larger-area displays, and the demand for AMOLED displays continues to rise."

Mr. Rosenblatt continued, "As AMOLED displays continue to gain commercial traction and acceptance, we are also excited about the potential for white OLED lighting products. Recently, we announced that our Universal PHOLED(TM) phosphorescent OLED technology had achieved a record-breaking power efficacy for a white OLED of 102 lumens per watt (lm/W) at 1000 cd/m2. We also announced a new contract with the U.S. Department of Energy, and Armstrong World Industries, Inc. as a subcontractor, to develop a ceiling-based OLED lighting system for possible commercial application. Our Universal PHOLED(TM) technology is not only important for the future of displays and lighting, but now it is being applied more broadly in the present as well."

Operating expenses for the second quarter of 2008 were $8,075,543, compared to $8,313,675 for the same period of 2007. Net cash used in operating activities for the second quarter of 2008 was $6,278,728, compared to $6,874,526 for the same quarter of 2007.
The Company's balance sheet remains strong at quarter end, with cash, cash equivalents and investments totalling $79,889,236 as of June 30, 2008, compared to $83,659,657 as of December 31, 2007.

Universal Display Corp has entered into an OLED Technology License and Technical Assistance Agreement and a Commercial OLED Material Supply Agreement with Kyocera Corporation.

Kyocera will have rights to make and sell OLED display products based on UDC's PHOLED IP and materials.