2013 Q4 Form 10-Q Financial Statement

#000100528413000066 Filed on November 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q4
Revenue $49.48M $32.83M $28.13M
YoY Change 75.87% 162.52% 50.77%
Cost Of Revenue $8.900M $9.783M $1.500M
YoY Change 493.33% 794.24% -6.25%
Gross Profit $40.60M $23.04M $26.60M
YoY Change 52.63% 101.95% 55.56%
Gross Profit Margin 82.06% 70.2% 94.55%
Selling, General & Admin $11.10M $6.411M $10.30M
YoY Change 7.77% 21.54% 35.53%
% of Gross Profit 27.34% 27.82% 38.72%
Research & Development $10.10M $7.862M $8.000M
YoY Change 26.25% -3.85% 35.59%
% of Gross Profit 24.88% 34.12% 30.08%
Depreciation & Amortization $3.300M $3.200M $3.400M
YoY Change -2.94% 23.08% 750.0%
% of Gross Profit 8.13% 13.89% 12.78%
Operating Expenses $21.20M $28.58M $18.30M
YoY Change 15.85% 53.94% 35.56%
Operating Profit $19.40M $4.247M $8.300M
YoY Change 133.73% -170.07% 130.56%
Interest Expense $200.0K $13.00K $200.0K
YoY Change 0.0% 160.0% -33.33%
% of Operating Profit 1.03% 0.31% 2.41%
Other Income/Expense, Net
YoY Change
Pretax Income $19.60M $4.440M $8.600M
YoY Change 127.91% -176.63% 120.51%
Income Tax -$38.30M -$1.102M $3.200M
% Of Pretax Income -195.41% -24.82% 37.21%
Net Earnings $57.89M $5.542M $5.385M
YoY Change 974.95% -201.35% -6.09%
Net Earnings / Revenue 116.99% 16.88% 19.14%
Basic Earnings Per Share $1.26 $0.12 $0.12
Diluted Earnings Per Share $1.24 $0.12 $0.12
COMMON SHARES
Basic Shares Outstanding 46.28M shares 45.91M shares
Diluted Shares Outstanding 46.59M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $272.6M $256.2M $245.2M
YoY Change 11.17% 7.31% -29.15%
Cash & Equivalents $70.59M $67.09M $85.92M
Short-Term Investments $202.0M $189.2M $159.3M
Other Short-Term Assets $6.623M $6.400M $3.918M
YoY Change 69.04% 45.45% 138.18%
Inventory $10.60M $7.852M $11.02M
Prepaid Expenses
Receivables $15.66M $17.79M $8.657M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $327.0M $280.3M $267.5M
YoY Change 22.24% 7.6% -26.15%
LONG-TERM ASSETS
Property, Plant & Equipment $14.89M $14.70M $11.81M
YoY Change 26.13% 25.62% 8.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.400M $8.000M $1.300M
YoY Change 469.23% 566.67%
Other Assets $242.0K $282.0K $277.0K
YoY Change -12.64% -6.0% -7.36%
Total Long-Term Assets $135.7M $119.7M $118.0M
YoY Change 15.03% -0.65% 919.35%
TOTAL ASSETS
Total Short-Term Assets $327.0M $280.3M $267.5M
Total Long-Term Assets $135.7M $119.7M $118.0M
Total Assets $462.8M $400.0M $385.5M
YoY Change 20.03% 4.99% 3.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.256M $8.042M $7.596M
YoY Change -30.81% 46.22% 59.05%
Accrued Expenses $16.04M $9.661M $10.39M
YoY Change 54.31% 5.01% 15.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.23M $21.40M $22.30M
YoY Change 4.17% 6.48% 14.25%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.80M $13.20M $13.00M
YoY Change -9.23% 10.0% 7.44%
Total Long-Term Liabilities $11.80M $13.20M $13.00M
YoY Change -9.23% 10.0% 7.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.23M $21.40M $22.30M
Total Long-Term Liabilities $11.80M $13.20M $13.00M
Total Liabilities $35.07M $34.57M $35.29M
YoY Change -0.63% 7.7% 11.49%
SHAREHOLDERS EQUITY
Retained Earnings -$130.2M -$188.0M -$204.2M
YoY Change -36.26% -4.52%
Common Stock $468.0K $467.0K $465.0K
YoY Change 0.65% 0.87%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.66M $10.66M $5.202M
YoY Change 104.88%
Treasury Stock Shares 401.5K shares 401.5K shares 205.9K shares
Shareholders Equity $427.7M $365.4M $350.2M
YoY Change
Total Liabilities & Shareholders Equity $462.8M $400.0M $385.5M
YoY Change 20.03% 4.99% 3.11%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q4
OPERATING ACTIVITIES
Net Income $57.89M $5.542M $5.385M
YoY Change 974.95% -201.35% -6.09%
Depreciation, Depletion And Amortization $3.300M $3.200M $3.400M
YoY Change -2.94% 23.08% 750.0%
Cash From Operating Activities $22.40M $7.100M $10.60M
YoY Change 111.32% -455.0% 23.26%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K -$2.100M -$400.0K
YoY Change 25.0% -98.08% -20.0%
Acquisitions
YoY Change
Other Investing Activities -$20.10M -$19.40M $6.600M
YoY Change -404.55% -174.33% -82.07%
Cash From Investing Activities -$20.70M -$21.30M $6.100M
YoY Change -439.34% -74.4% -83.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.800M 700.0K -4.900M
YoY Change -136.73% -450.0% 1125.0%
NET CHANGE
Cash From Operating Activities 22.40M 7.100M 10.60M
Cash From Investing Activities -20.70M -21.30M 6.100M
Cash From Financing Activities 1.800M 700.0K -4.900M
Net Change In Cash 3.500M -13.50M 11.80M
YoY Change -70.34% -84.19% -73.54%
FREE CASH FLOW
Cash From Operating Activities $22.40M $7.100M $10.60M
Capital Expenditures -$500.0K -$2.100M -$400.0K
Free Cash Flow $22.90M $9.200M $11.00M
YoY Change 108.18% -91.43% 20.88%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BACKGROUND</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Universal Display Corporation (the Company) is engaged in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in displays for smartphones, tablets and televisions as well as solid-state lighting applications. The Company&#8217;s primary business strategy is to develop and license its proprietary OLED technologies to product manufacturers for use in these applications. In support of this objective, the Company also develops new OLED materials and sells those materials to product manufacturers. Through internal research and development efforts and acquisitions from and relationships with entities such as Princeton University (Princeton), the University of Southern California (USC), the University of Michigan (Michigan), FUJIFILM Corporation (Fujifilm), Motorola Solutions, Inc. (f/k/a Motorola, Inc.) (Motorola) and PPG Industries, Inc. (PPG Industries), the Company has established a significant portfolio of proprietary OLED technologies and materials (see Notes 5, 6 and 7).</font></div></div>
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us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Management&#8217;s Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.&#160;&#160;The estimates made are principally in the areas of revenue recognition for license agreements, the useful life of acquired technology, the valuation of the Company's convertible promissory note investments, income taxes including realization of deferred tax assets, stock-based compensation and retirement benefit plan liabilities. Actual results could differ from those estimates.</font></div></div>
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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46547568 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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46912557 shares
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CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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oled Common Stock Issued To Board Of Directors And Scientific Advisory Board That Was Earned In Previous Period
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300000 USD
oled Common Stock Issued To Board Of Directors And Scientific Advisory Board That Was Earned In Previous Period
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328000 USD
oled Common Stock Issued To Employees That Was Accrued For In Previous Period Net Of Shares Withheld For Taxes
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252000 USD
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CY2011Q3 oled Companies Filing Notices Of Opposition To Patent
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3 company
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CompaniesFilingNoticesOfOppositionToPatent
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CY2013Q3 oled Deferred Revenue Under License Agreements Not Yet Executed Or Deemed Effective
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1500000 USD
CY2013Q3 oled Discreteincometaxitems
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225000 USD
oled Exercise Of Common Stock Options And Warrants Net Of Tendered Shares Value
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890000 USD
oled Issuance Of Common Stock To Board Of Directors And Scientific Advisory Board Shares Earned In Prior Period
IssuanceOfCommonStockToBoardOfDirectorsAndScientificAdvisoryBoardSharesEarnedInPriorPeriod
9212 shares
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898000 USD
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300000 USD
CY2012Q3 oled Joint Development Agreement Annual Commitment
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1000000.0 USD
CY2012Q3 oled Joint Development Agreement Commitment Period
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P3Y
CY2013Q3 oled Long Term Purchase Commitment Percent Of Services Payable In Cash Or Shares
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0.5
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oled Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2012Q4 oled Preferred Stock Liquidation Value
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oled Proceeds From Stock Options And Warrants Exercised
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oled Property Equipment And Intangible Assets Incurred But Not Yet Paid
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oled Property Equipment And Intangible Assets Incurred But Not Yet Paid
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0 USD
oled Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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-508000 USD
oled Shares Issued To Employees Shares Earned In Prior Period
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oled Shares Issued To Employees Value Earned In Prior Period
SharesIssuedToEmployeesValueEarnedInPriorPeriod
435000 USD
oled Shares Withheld For Tax Withholding Obligations Shares Earned In Prior Period
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4672 shares
oled Shares Withheld For Tax Withholding Obligations Value Earned In Prior Period
SharesWithheldForTaxWithholdingObligationsValueEarnedInPriorPeriod
153000 USD
oled Stock Based Compensation To Board Of Directors And Scientific Advisory Board
StockBasedCompensationToBoardOfDirectorsAndScientificAdvisoryBoard
648000 USD
oled Stock Based Compensation To Board Of Directors And Scientific Advisory Board
StockBasedCompensationToBoardOfDirectorsAndScientificAdvisoryBoard
597000 USD
oled Stock Issued During Period Value Share Based Compensation Net Of Shares Withheld For Employee Taxes
StockIssuedDuringPeriodValueShareBasedCompensationNetOfSharesWithheldForEmployeeTaxes
1959000 USD
oled Withholding Tax Rate For Royalty Payments
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001005284
CY2013Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
46283339 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
UNIVERSAL DISPLAY CORP \PA\

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