$OLED
UNIVERSAL DISPLAY CORP \PA\

2015 Q2 Form 10-Q Financial Statement

#000100528415000091 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $58.09M $64.13M
YoY Change -9.41% 29.92%
Cost Of Revenue $39.09M $11.95M
YoY Change 227.05% 44.3%
Gross Profit $19.01M $52.18M
YoY Change -63.57% 27.02%
Gross Profit Margin 32.72% 81.36%
Selling, General & Admin $6.705M $6.545M
YoY Change 2.44% 3.3%
% of Gross Profit 35.28% 12.54%
Research & Development $10.65M $10.54M
YoY Change 0.98% 44.12%
% of Gross Profit 56.02% 20.21%
Depreciation & Amortization $3.400M $3.100M
YoY Change 9.68% -6.06%
% of Gross Profit 17.89% 5.94%
Operating Expenses $62.57M $35.29M
YoY Change 77.32% 27.73%
Operating Profit -$4.481M $28.84M
YoY Change -115.54% 32.7%
Interest Expense $12.00K $21.00K
YoY Change -42.86% 110.0%
% of Operating Profit 0.07%
Other Income/Expense, Net
YoY Change
Pretax Income -$4.305M $29.01M
YoY Change -114.84% 32.47%
Income Tax $7.466M $8.588M
% Of Pretax Income 29.6%
Net Earnings -$11.77M $20.42M
YoY Change -157.64% 32.77%
Net Earnings / Revenue -20.26% 31.85%
Basic Earnings Per Share -$0.25 $0.44
Diluted Earnings Per Share -$0.25 $0.44
COMMON SHARES
Basic Shares Outstanding 46.39M 46.27M shares
Diluted Shares Outstanding 46.39M 46.61M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $356.2M $290.9M
YoY Change 22.45% 16.14%
Cash & Equivalents $109.3M $75.55M
Short-Term Investments $247.0M $215.3M
Other Short-Term Assets $4.773M $13.07M
YoY Change -63.49% 110.87%
Inventory $16.97M $20.70M
Prepaid Expenses
Receivables $17.38M $20.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $410.2M $363.4M
YoY Change 12.88% 32.61%
LONG-TERM ASSETS
Property, Plant & Equipment $20.91M $16.97M
YoY Change 23.17% 22.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.900M $2.500M
YoY Change 56.0% -56.9%
Other Assets $345.0K $494.0K
YoY Change -30.16% 79.64%
Total Long-Term Assets $115.0M $124.0M
YoY Change -7.27% 3.77%
TOTAL ASSETS
Total Short-Term Assets $410.2M $363.4M
Total Long-Term Assets $115.0M $124.0M
Total Assets $525.2M $487.4M
YoY Change 7.76% 23.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.656M $12.23M
YoY Change -45.56% 15.84%
Accrued Expenses $16.42M $9.977M
YoY Change 64.62% 34.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $45.15M $25.74M
YoY Change 75.42% 11.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $39.10M $13.20M
YoY Change 196.21% 0.76%
Total Long-Term Liabilities $39.10M $13.20M
YoY Change 196.21% 0.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.15M $25.74M
Total Long-Term Liabilities $39.10M $13.20M
Total Liabilities $84.23M $38.97M
YoY Change 116.18% 7.64%
SHAREHOLDERS EQUITY
Retained Earnings -$98.76M -$105.7M
YoY Change -6.58% -45.39%
Common Stock $475.0K $469.0K
YoY Change 1.28% 0.64%
Preferred Stock
YoY Change
Treasury Stock (at cost) $40.16M $17.66M
YoY Change 127.42% 65.68%
Treasury Stock Shares 1.358M shares 636.3K shares
Shareholders Equity $440.9M $448.4M
YoY Change
Total Liabilities & Shareholders Equity $525.2M $487.4M
YoY Change 7.76% 23.85%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$11.77M $20.42M
YoY Change -157.64% 32.77%
Depreciation, Depletion And Amortization $3.400M $3.100M
YoY Change 9.68% -6.06%
Cash From Operating Activities $28.20M $32.30M
YoY Change -12.69% 22.35%
INVESTING ACTIVITIES
Capital Expenditures -$1.100M -$2.100M
YoY Change -47.62% 10.53%
Acquisitions
YoY Change
Other Investing Activities -$43.40M $16.30M
YoY Change -366.26% 53.77%
Cash From Investing Activities -$44.60M $14.30M
YoY Change -411.89% 66.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 500.0K -7.000M
YoY Change -107.14% -7100.0%
NET CHANGE
Cash From Operating Activities 28.20M 32.30M
Cash From Investing Activities -44.60M 14.30M
Cash From Financing Activities 500.0K -7.000M
Net Change In Cash -15.90M 39.60M
YoY Change -140.15% 12.82%
FREE CASH FLOW
Cash From Operating Activities $28.20M $32.30M
Capital Expenditures -$1.100M -$2.100M
Free Cash Flow $29.30M $34.40M
YoY Change -14.83% 21.55%

Facts In Submission

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us-gaap Nature Of Operations
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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 existing and any new materials to those product manufacturers.&#160;The Company has established a significant portfolio of proprietary OLED technologies and materials, primarily through internal research and development efforts and acquisitions of patents and patent applications, as well as maintaining 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). The Company currently owns, exclusively licenses or has the sole right to sublicense more than </font><font style="font-family:inherit;font-size:10pt;">3,500</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>
us-gaap Use Of Estimates
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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: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 use and recoverability of inventories, 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>

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