$OLED
UNIVERSAL DISPLAY CORP \PA\

2014 Q4 Form 10-Q Financial Statement

#000100528414000091 Filed on November 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $56.17M $32.89M $32.83M
YoY Change 13.53% 0.2% 162.52%
Cost Of Revenue $13.50M $7.388M $9.783M
YoY Change 51.69% -24.48% 794.24%
Gross Profit $42.60M $25.50M $23.04M
YoY Change 4.93% 10.68% 101.95%
Gross Profit Margin 75.84% 77.54% 70.2%
Selling, General & Admin $13.00M $6.625M $6.411M
YoY Change 17.12% 3.34% 21.54%
% of Gross Profit 30.52% 25.98% 27.82%
Research & Development $12.50M $7.915M $7.862M
YoY Change 23.76% 0.67% -3.85%
% of Gross Profit 29.34% 31.03% 34.12%
Depreciation & Amortization $3.400M $3.300M $3.200M
YoY Change 3.03% 3.13% 23.08%
% of Gross Profit 7.98% 12.94% 13.89%
Operating Expenses $25.60M $26.81M $28.58M
YoY Change 20.75% -6.18% 53.94%
Operating Profit $17.00M $6.080M $4.247M
YoY Change -12.37% 43.16% -170.07%
Interest Expense $200.0K $17.00K $13.00K
YoY Change 0.0% 30.77% 160.0%
% of Operating Profit 1.18% 0.28% 0.31%
Other Income/Expense, Net
YoY Change
Pretax Income $17.20M $6.250M $4.440M
YoY Change -12.24% 40.77% -176.63%
Income Tax $4.100M $1.966M -$1.102M
% Of Pretax Income 23.84% 31.46% -24.82%
Net Earnings $13.13M $4.284M $5.542M
YoY Change -77.32% -22.7% -201.35%
Net Earnings / Revenue 23.37% 13.02% 16.88%
Basic Earnings Per Share $0.29 $0.09 $0.12
Diluted Earnings Per Share $0.28 $0.09 $0.12
COMMON SHARES
Basic Shares Outstanding 45.67M shares 46.20M shares 45.91M shares
Diluted Shares Outstanding 46.63M shares 46.59M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $288.5M $268.4M $256.2M
YoY Change 5.83% 4.74% 7.31%
Cash & Equivalents $45.42M $37.39M $67.09M
Short-Term Investments $243.1M $231.0M $189.2M
Other Short-Term Assets $4.356M $13.34M $6.400M
YoY Change -34.23% 108.36% 45.45%
Inventory $37.11M $29.80M $7.852M
Prepaid Expenses
Receivables $22.08M $22.11M $17.79M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $370.5M $351.0M $280.3M
YoY Change 13.29% 25.22% 7.6%
LONG-TERM ASSETS
Property, Plant & Equipment $19.92M $17.86M $14.70M
YoY Change 33.77% 21.51% 25.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.000M $2.600M $8.000M
YoY Change -59.46% -67.5% 566.67%
Other Assets $425.0K $508.0K $282.0K
YoY Change 75.62% 80.14% -6.0%
Total Long-Term Assets $119.3M $121.2M $119.7M
YoY Change -12.06% 1.21% -0.65%
TOTAL ASSETS
Total Short-Term Assets $370.5M $351.0M $280.3M
Total Long-Term Assets $119.3M $121.2M $119.7M
Total Assets $489.8M $472.2M $400.0M
YoY Change 5.85% 18.04% 4.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.260M $7.039M $8.042M
YoY Change 76.18% -12.47% 46.22%
Accrued Expenses $14.99M $10.32M $9.661M
YoY Change -6.57% 6.82% 5.01%
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 $26.82M $19.89M $21.40M
YoY Change 15.47% -7.07% 6.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.30M $12.50M $13.20M
YoY Change 21.19% -5.3% 10.0%
Total Long-Term Liabilities $14.30M $12.50M $13.20M
YoY Change 21.19% -5.3% 10.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.82M $19.89M $21.40M
Total Long-Term Liabilities $14.30M $12.50M $13.20M
Total Liabilities $41.11M $32.39M $34.57M
YoY Change 17.22% -6.31% 7.7%
SHAREHOLDERS EQUITY
Retained Earnings -$88.31M -$101.4M -$188.0M
YoY Change -32.16% -46.06%
Common Stock $471.0K $469.0K $467.0K
YoY Change 0.64% 0.43%
Preferred Stock
YoY Change
Treasury Stock (at cost) $40.16M $33.16M $10.66M
YoY Change 276.79% 211.11%
Treasury Stock Shares 1.358M shares 1.116M shares 401.5K shares
Shareholders Equity $448.7M $439.8M $365.4M
YoY Change
Total Liabilities & Shareholders Equity $489.8M $472.2M $400.0M
YoY Change 5.85% 18.04% 4.99%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $13.13M $4.284M $5.542M
YoY Change -77.32% -22.7% -201.35%
Depreciation, Depletion And Amortization $3.400M $3.300M $3.200M
YoY Change 3.03% 3.13% 23.08%
Cash From Operating Activities $28.50M -$6.200M $7.100M
YoY Change 27.23% -187.32% -455.0%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M -$1.200M -$2.100M
YoY Change 300.0% -42.86% -98.08%
Acquisitions
YoY Change
Other Investing Activities -$12.50M -$15.60M -$19.40M
YoY Change -37.81% -19.59% -174.33%
Cash From Investing Activities -$14.40M -$16.90M -$21.30M
YoY Change -30.43% -20.66% -74.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.000M -15.10M 700.0K
YoY Change -433.33% -2257.14% -450.0%
NET CHANGE
Cash From Operating Activities 28.50M -6.200M 7.100M
Cash From Investing Activities -14.40M -16.90M -21.30M
Cash From Financing Activities -6.000M -15.10M 700.0K
Net Change In Cash 8.100M -38.20M -13.50M
YoY Change 131.43% 182.96% -84.19%
FREE CASH FLOW
Cash From Operating Activities $28.50M -$6.200M $7.100M
Capital Expenditures -$2.000M -$1.200M -$2.100M
Free Cash Flow $30.50M -$5.000M $9.200M
YoY Change 33.19% -154.35% -91.43%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:right;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;text-align:-moz-right;" align="right"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2" rowspan="1"></td></tr><tr><td width="3%" rowspan="1" colspan="1"></td><td width="97%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BUSINESS:</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Universal Display Corporation (the Company) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials.&#160;OLEDs are thin, lightweight and power-efficient solid-state devices that emit light, making them highly suitable for use in full-color displays and as lighting products. OLED displays are capturing a growing share of the display market.&#160;The Company believes this is because OLEDs offer potential advantages over competing display technologies with respect to power efficiency, contrast ratio, viewing angle, video response time, form factor and manufacturing cost.&#160;The Company also believes that OLED lighting products have the potential to replace many existing light sources in the future because of their high power efficiency, excellent color rendering index, low operating temperature and novel form factor.&#160;The Company's technology leadership and intellectual property position should enable it to share in the revenues from OLED displays and lighting products as they enter mainstream consumer and other markets. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's primary business strategy is to (1) further develop and license its proprietary OLED technologies to manufacturers of products for display applications, such as cell phones, portable media devices, wearables, tablets, laptop computers and televisions, and specialty and general lighting products;&#160;and (2) develop new OLED materials and sell the materials to those product manufacturers.&#160;Through the Company's internal research and development efforts, its relationships with world-class partners such as Princeton University (Princeton), the University of Southern California (USC), the University of Michigan (Michigan) and PPG Industries, Inc. (PPG Industries), and acquisitions of patents and patent applications, the Company has established a significant portfolio of proprietary OLED technologies and materials.&#160;The Company currently owns, exclusively licenses or has the sole right to sublicense more than </font><font style="font-family:inherit;font-size:10pt;">3,300</font><font style="font-family:inherit;font-size:10pt;"> patents issued and pending worldwide.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company sells its proprietary OLED materials to customers for evaluation and use in commercial OLED products.&#160;The Company also enters into agreements with manufacturers of OLED display and lighting products under which it grants them licenses to practice under its patents and to use the Company's proprietary know-how.&#160;At the same time, the Company works with these and other companies who are evaluating the Company's OLED technologies and materials for possible use in commercial OLED display and lighting products.</font></div></div>
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2014Q3 us-gaap License Costs
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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CY2014Q3 us-gaap Net Income Loss
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OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
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OtherComprehensiveIncomeLossNetOfTax
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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Short Term Investments
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us-gaap Payments To Acquire Short Term Investments
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us-gaap Pension And Other Postretirement Benefit Expense
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us-gaap Pension And Other Postretirement Benefit Expense
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CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2014Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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us-gaap Proceeds From Issuance Of Common Stock
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ProceedsFromSaleOfShortTermInvestments
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PropertyPlantAndEquipmentNet
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Recognition Of Deferred Revenue
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us-gaap Recognition Of Deferred Revenue
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ResearchAndDevelopmentExpense
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ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
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RetainedEarningsAccumulatedDeficit
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CY2014Q3 us-gaap Revenues
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CY2013Q3 us-gaap Revenues
Revenues
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Revenues
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us-gaap Revenues
Revenues
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RoyaltyExpense
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us-gaap Royalty Expense
RoyaltyExpense
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us-gaap Royalty Expense
RoyaltyExpense
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RoyaltyExpense
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CY2014Q3 us-gaap Royalty Revenue
RoyaltyRevenue
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us-gaap Royalty Revenue
RoyaltyRevenue
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us-gaap Royalty Revenue
RoyaltyRevenue
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CY2013Q3 us-gaap Royalty Revenue
RoyaltyRevenue
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CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2014Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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SalesRevenueGoodsNet
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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Treasury Stock Value Acquired Cost Method
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CY2014Q3 us-gaap Short Term Investments
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CY2013Q4 us-gaap Short Term Investments
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us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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us-gaap Stock Issued During Period Value Share Based Compensation Gross
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us-gaap Stock Repurchased During Period Value
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CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Taxes Other
TaxesOther
3900000 USD
CY2013Q3 us-gaap Taxes Other
TaxesOther
60000 USD
us-gaap Taxes Other
TaxesOther
185000 USD
CY2014Q3 us-gaap Taxes Other
TaxesOther
742000 USD
us-gaap Technology Services Revenue
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CY2013Q3 us-gaap Technology Services Revenue
TechnologyServicesRevenue
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CY2014Q3 us-gaap Technology Services Revenue
TechnologyServicesRevenue
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us-gaap Technology Services Revenue
TechnologyServicesRevenue
3030000 USD
CY2013Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2014Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
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us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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CY2013Q4 us-gaap Treasury Stock Value
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CY2014Q3 us-gaap Treasury Stock Value
TreasuryStockValue
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us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Management&#8217;s Use of Estimates</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S.&#160;generally accepted accounting principles (GAAP) 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. 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>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46633763 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46956428 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45865395 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46398644 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45912512 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46197713 shares
CY2014Q3 oled Deferred Revenue Under License Agreements Not Yet Executed Or Deemed Effective
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0 USD
CY2013Q4 oled Investments Amortized Cost Basis
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209470000 USD
CY2014Q3 oled Investments Amortized Cost Basis
InvestmentsAmortizedCostBasis
233572000 USD
CY2013Q4 oled Investments Gross Unrealized Gains
InvestmentsGrossUnrealizedGains
35000 USD
CY2014Q3 oled Investments Gross Unrealized Gains
InvestmentsGrossUnrealizedGains
28000 USD
CY2013Q4 oled Investments Gross Unrealized Losses
InvestmentsGrossUnrealizedLosses
64000 USD
CY2014Q3 oled Investments Gross Unrealized Losses
InvestmentsGrossUnrealizedLosses
26000 USD
CY2014Q3 oled Issuance Of Common Stock In Connection With Materials And License Agreements Shares
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0 shares
oled Issuance Of Common Stock In Connection With Materials And License Agreements Shares
IssuanceOfCommonStockInConnectionWithMaterialsAndLicenseAgreementsShares
0 shares
oled Issuance Of Common Stock In Connection With Materials And License Agreements Shares
IssuanceOfCommonStockInConnectionWithMaterialsAndLicenseAgreementsShares
0 shares
CY2013Q3 oled Issuance Of Common Stock In Connection With Materials And License Agreements Shares
IssuanceOfCommonStockInConnectionWithMaterialsAndLicenseAgreementsShares
0 shares
oled Issuance Of Common Stock To Board Of Directors And Scientific Advisory Board Value
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oled License Fee Agreement Termof Agreement
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P6Y4M24D
CY2014Q3 oled Long Term Purchase Commitment Percent Of Services Payable In Cash Or Shares
LongTermPurchaseCommitmentPercentOfServicesPayableInCashOrShares
0.5
CY2014Q3 oled Number Of Patents Issued And Pending Application
NumberOfPatentsIssuedAndPendingApplication
3300
CY2014Q3 oled Opponentsin Legal Case
OpponentsinLegalCase
3 participant
oled Proceeds From Stock Options And Warrants Exercised
ProceedsFromStockOptionsAndWarrantsExercised
1001000 USD
oled Proceeds From Stock Options And Warrants Exercised
ProceedsFromStockOptionsAndWarrantsExercised
890000 USD
oled Stock Based Compensation To Board Of Directors And Scientific Advisory Board
StockBasedCompensationToBoardOfDirectorsAndScientificAdvisoryBoard
597000 USD
oled Stock Based Compensation To Board Of Directors And Scientific Advisory Board
StockBasedCompensationToBoardOfDirectorsAndScientificAdvisoryBoard
729000 USD
oled Stock Issued During Period Value Share Based Compensation Net Of Shares Witthheld For Employee Taxes
StockIssuedDuringPeriodValueShareBasedCompensationNetOfSharesWitthheldForEmployeeTaxes
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oled Stock Issued During Period Value Share Based Compensation Shares Withheldfor Employee Taxes
StockIssuedDuringPeriodValueShareBasedCompensationSharesWithheldforEmployeeTaxes
-2840000 USD
CY2014Q2 oled Stock Repurchase Program Authorized Period In Force
StockRepurchaseProgramAuthorizedPeriodInForce
P12M
oled Withholding Tax Rate For Royalty Payments
WithholdingTaxRateForRoyaltyPayments
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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
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001005284
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
45669455 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
UNIVERSAL DISPLAY CORP \PA\

Files In Submission

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