$OLED
UNIVERSAL DISPLAY CORP \PA\

2015 Q4 Form 10-Q Financial Statement

#000100528415000109 Filed on November 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $62.31M $39.42M $32.89M
YoY Change 10.93% 19.84% 0.2%
Cost Of Revenue $9.900M $7.246M $7.388M
YoY Change -26.67% -1.92% -24.48%
Gross Profit $52.40M $32.17M $25.50M
YoY Change 23.0% 26.15% 10.68%
Gross Profit Margin 84.09% 81.62% 77.54%
Selling, General & Admin $13.20M $7.240M $6.625M
YoY Change 1.54% 9.28% 3.34%
% of Gross Profit 25.19% 22.5% 25.98%
Research & Development $12.60M $11.43M $7.915M
YoY Change 0.8% 44.46% 0.67%
% of Gross Profit 24.05% 35.54% 31.03%
Depreciation & Amortization $3.700M $3.500M $3.300M
YoY Change 8.82% 6.06% 3.13%
% of Gross Profit 7.06% 10.88% 12.94%
Operating Expenses $25.80M $31.06M $26.81M
YoY Change 0.78% 15.83% -6.18%
Operating Profit $26.60M $8.362M $6.080M
YoY Change 56.47% 37.53% 43.16%
Interest Expense $200.0K $7.000K $17.00K
YoY Change 0.0% -58.82% 30.77%
% of Operating Profit 0.75% 0.08% 0.28%
Other Income/Expense, Net -$16.00K
YoY Change
Pretax Income $26.80M $8.587M $6.250M
YoY Change 55.81% 37.39% 40.77%
Income Tax $8.800M $1.540M $1.966M
% Of Pretax Income 32.84% 17.93% 31.46%
Net Earnings $18.09M $7.047M $4.284M
YoY Change 37.8% 64.5% -22.7%
Net Earnings / Revenue 29.03% 17.88% 13.02%
Basic Earnings Per Share $0.39 $0.15 $0.09
Diluted Earnings Per Share $0.39 $0.15 $0.09
COMMON SHARES
Basic Shares Outstanding 46.71M shares 46.54M shares 46.20M shares
Diluted Shares Outstanding 46.72M shares 46.63M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $395.5M $361.5M $268.4M
YoY Change 37.09% 34.69% 4.74%
Cash & Equivalents $97.51M $89.96M $37.39M
Short-Term Investments $298.0M $271.6M $231.0M
Other Short-Term Assets $2.387M $4.523M $13.34M
YoY Change -45.2% -66.08% 108.36%
Inventory $12.75M $13.69M $29.80M
Prepaid Expenses
Receivables $24.73M $28.35M $22.11M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $447.7M $423.9M $351.0M
YoY Change 20.83% 20.77% 25.22%
LONG-TERM ASSETS
Property, Plant & Equipment $22.41M $21.49M $17.86M
YoY Change 12.47% 20.32% 21.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.200M $3.000M $2.600M
YoY Change -26.67% 15.38% -67.5%
Other Assets $174.0K $232.0K $508.0K
YoY Change -59.06% -54.33% 80.14%
Total Long-Term Assets $111.7M $110.4M $121.2M
YoY Change -6.38% -8.87% 1.21%
TOTAL ASSETS
Total Short-Term Assets $447.7M $423.9M $351.0M
Total Long-Term Assets $111.7M $110.4M $121.2M
Total Assets $559.4M $534.3M $472.2M
YoY Change 14.2% 13.16% 18.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.849M $10.33M $7.039M
YoY Change -26.04% 46.81% -12.47%
Accrued Expenses $17.39M $12.98M $10.32M
YoY Change 16.02% 25.77% 6.82%
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 $34.51M $44.25M $19.89M
YoY Change 28.66% 122.48% -7.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $58.10M $38.60M $12.50M
YoY Change 306.29% 208.8% -5.3%
Total Long-Term Liabilities $58.10M $38.60M $12.50M
YoY Change 306.29% 208.8% -5.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.51M $44.25M $19.89M
Total Long-Term Liabilities $58.10M $38.60M $12.50M
Total Liabilities $92.65M $82.86M $32.39M
YoY Change 125.39% 155.83% -6.31%
SHAREHOLDERS EQUITY
Retained Earnings -$73.63M -$91.72M -$101.4M
YoY Change -16.62% -9.58% -46.06%
Common Stock $482.0K $475.0K $469.0K
YoY Change 2.34% 1.28% 0.43%
Preferred Stock
YoY Change
Treasury Stock (at cost) $40.16M $40.16M $33.16M
YoY Change 0.0% 21.11% 211.11%
Treasury Stock Shares $1.358M 1.358M shares 1.116M shares
Shareholders Equity $466.8M $451.5M $439.8M
YoY Change
Total Liabilities & Shareholders Equity $559.4M $534.3M $472.2M
YoY Change 14.2% 13.16% 18.04%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $18.09M $7.047M $4.284M
YoY Change 37.8% 64.5% -22.7%
Depreciation, Depletion And Amortization $3.700M $3.500M $3.300M
YoY Change 8.82% 6.06% 3.13%
Cash From Operating Activities $33.00M $5.400M -$6.200M
YoY Change 15.79% -187.1% -187.32%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K -$1.600M -$1.200M
YoY Change -80.0% 33.33% -42.86%
Acquisitions
YoY Change
Other Investing Activities -$25.50M -$23.50M -$15.60M
YoY Change 104.0% 50.64% -19.59%
Cash From Investing Activities -$25.90M -$25.10M -$16.90M
YoY Change 79.86% 48.52% -20.66%
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 300.0K -15.10M
YoY Change -108.33% -101.99% -2257.14%
NET CHANGE
Cash From Operating Activities 33.00M 5.400M -6.200M
Cash From Investing Activities -25.90M -25.10M -16.90M
Cash From Financing Activities 500.0K 300.0K -15.10M
Net Change In Cash 7.600M -19.40M -38.20M
YoY Change -6.17% -49.21% 182.96%
FREE CASH FLOW
Cash From Operating Activities $33.00M $5.400M -$6.200M
Capital Expenditures -$400.0K -$1.600M -$1.200M
Free Cash Flow $33.40M $7.000M -$5.000M
YoY Change 9.51% -240.0% -154.35%

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%;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 mobile 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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