Universal Display Corporation Holds 2013 Annual Meeting of Shareholders
Universal Display Corporation Holds 2013 Annual Meeting of Shareholders
Announces New Stock Symbol:NASDAQ: OLED and new URL -www.udcoled.com
EWING, N.J.--(BUSINESS WIRE)-- Universal Display Corporation (NAS: PANL) , enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today held its 2013 Annual Meeting of Shareholders. In addition to updating shareholders on its strong growth over the past year, Universal Display Corporation announced that it was changing its stock symbol - to OLED - and its URL - to www.udcoled.com.
In presiding over the Annual Meeting, Steven V. Abramson, Universal Display's President and Chief Executive Officer, announced, "Universal Display is well positioned to leverage the burgeoning organic light emitting diode (OLED) industry, which is on the cusp of rapid growth. Over our 15-year journey, we've grown into a leading OLED technology, material and service provider to a global list of premier display and lighting manufacturers. With increasing signs of the OLED market's robust trajectory coupled with our expanding relationships, we believe now is the opportune time to leverage Universal Display's strong brand identity by appropriately aligning our public persona with the OLED name by adopting it in both the public stock market and across our web properties."
A YEAR OF OUTSTANDING GROWTH
During the course of the meeting, Mr. Abramson also reviewed Universal Display's record of growth across virtually all dimensions of the business, including revenues, earnings, patent portfolio, product portfolio, employees, customers, physical plant, commercial and research partnerships and geographic footprint.
2012 was very successful from a financial growth perspective, with the company reporting its second consecutive profitable year. Furthermore, net income more than tripled, operating income rose 141% and revenues were up 36% compared to 2011.
Mr. Abramson also noted a number of major business milestones achieved during 2012, highlighted by the purchase of Fujifilm's portfolio of more than 1,200 OLED worldwide patents and patent applications. This acquisition nearly doubled Universal Display's existing patent portfolio, while also enabling the company to explore new and exciting areas of OLED materials and product development. In addition, the company announced that its newly introduced phosphorescent green host and emitter materials have been adopted for commercial production by a leading global display manufacturer. "We believe that the commercial implementation of a second color material and technology is a clear sign that Universal Display's products are being more widely adopted in the market, marking yet another milestone along the Company's strategic growth path to further encourage broader adoption of OLED technology and materials throughout the display and lighting markets."
"The markets for OLED technology are rapidly developing, driving Universal Display's growth path," said Mr. Abramson. "Innovation throughout the global OLED display and lighting markets is a hallmark of Universal Display, and we are seeing increasing demand for our PHOLED technologies and materials, which is contributing to our strong performance. Our expanding product and patent portfolio is paving the way for Universal Display to extend its position as a global leader in OLED technology, materials and services."
STOCK SYMBOL AND URL CHANGING
The stock symbol change to OLED on NASDAQ will become effective before the market opens on June 24, 2013. The new Universal Display Corporation domain name for its website (http://www.udcoled.com) will go live on June 24, 2013. Visitors and emails sent to the old domain name, http://www.universaldisplay.com, will be automatically redirected. UDC recommends that press, analysts, investors, and customers update their bookmarks now, as well as any email addresses in their address book.
The audio portion of the annual meeting presentation was simultaneously broadcasted over the Internet through a webcast on the company's website. For an audio archive of the presentation, please visit the "Events" section of Universal Display's website at www.universaldisplay.com. This archive will be available through July 6, 2013.
To see how Universal Display is changing the face of the display and lighting industries with its UniversalPHOLED®, white OLED, and flexible OLED technologies, please visit the company at http://www.universaldisplay.com.
About Universal Display Corporation
Universal Display Corporation (NAS: PANL) is a leader in developing and delivering state-of-the-art, organic light emitting diode (OLED) technologies, materials and services to the display and lighting industries. Founded in 1994, the company currently owns or has exclusive, co-exclusive or sole license rights with respect to more than 3,000 issued and pending patents worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology, that can enable the development of low power and eco-friendly displays and white lighting. The company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training.
Based in Ewing, New Jersey, with international offices in Ireland, South Korea, Hong Kong, Japan and Taiwan, Universal Display works and partners with a network of world-class organizations, including Princeton University, the University of Southern California, the University of Michigan, and PPG Industries, Inc. The company has also established relationships with companies such as AU Optronics Corporation, DuPont Displays, Inc., Innolux Corporation, Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Lumiotec, Inc., Moser Baer Technologies Inc., Panasonic Idemitsu OLED Lighting Co., Pioneer Corporation, Samsung Display Corporation, Seiko Epson Corporation, Sony Corporation, Showa Denko K.K., and Tohoku Pioneer Corporation. To learn more about Universal Display, please visit www.universaldisplay.com.
Universal Display Corporation and the Universal Display logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as those relating to Universal Display Corporation's technologies and potential applications of those technologies, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation's current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation's periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled "Risk Factors" in Universal Display Corporation's annual report on Form 10-K for the year ended December 31, 2012. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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