$OLED
UNIVERSAL DISPLAY CORP \PA\

2016 Q2 Form 10-Q Financial Statement

#000156459016022678 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $64.39M $58.09M
YoY Change 10.84% -9.41%
Cost Of Revenue $5.684M $39.09M
YoY Change -85.46% 227.05%
Gross Profit $58.71M $19.01M
YoY Change 208.89% -63.57%
Gross Profit Margin 91.17% 32.72%
Selling, General & Admin $7.688M $6.705M
YoY Change 14.66% 2.44%
% of Gross Profit 13.1% 35.28%
Research & Development $11.00M $10.65M
YoY Change 3.32% 0.98%
% of Gross Profit 18.74% 56.02%
Depreciation & Amortization $3.700M $3.400M
YoY Change 8.82% 9.68%
% of Gross Profit 6.3% 17.89%
Operating Expenses $24.68M $62.57M
YoY Change -60.55% 77.32%
Operating Profit $34.03M -$4.481M
YoY Change -859.32% -115.54%
Interest Expense $8.000K $12.00K
YoY Change -33.33% -42.86%
% of Operating Profit 0.02%
Other Income/Expense, Net -$1.176M
YoY Change
Pretax Income $32.85M -$4.305M
YoY Change -863.04% -114.84%
Income Tax $11.05M $7.466M
% Of Pretax Income 33.63%
Net Earnings $21.80M -$11.77M
YoY Change -285.22% -157.64%
Net Earnings / Revenue 33.86% -20.26%
Basic Earnings Per Share $0.46 -$0.25
Diluted Earnings Per Share $0.46 -$0.25
COMMON SHARES
Basic Shares Outstanding 46.93M 46.39M
Diluted Shares Outstanding 47.04M 46.39M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $316.2M $356.2M
YoY Change -11.23% 22.45%
Cash & Equivalents $69.93M $109.3M
Short-Term Investments $246.3M $247.0M
Other Short-Term Assets $15.70M $4.773M
YoY Change 228.93% -63.49%
Inventory $16.47M $16.97M
Prepaid Expenses
Receivables $18.00M $17.38M
Other Receivables $0.00 $0.00
Total Short-Term Assets $366.3M $410.2M
YoY Change -10.71% 12.88%
LONG-TERM ASSETS
Property, Plant & Equipment $22.60M $20.91M
YoY Change 8.11% 23.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $15.80M $3.900M
YoY Change 305.13% 56.0%
Other Assets $543.0K $345.0K
YoY Change 57.39% -30.16%
Total Long-Term Assets $213.7M $115.0M
YoY Change 85.91% -7.27%
TOTAL ASSETS
Total Short-Term Assets $366.3M $410.2M
Total Long-Term Assets $213.7M $115.0M
Total Assets $580.0M $525.2M
YoY Change 10.44% 7.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.368M $6.656M
YoY Change -4.33% -45.56%
Accrued Expenses $10.70M $16.42M
YoY Change -34.85% 64.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $27.72M $45.15M
YoY Change -38.6% 75.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $58.40M $39.10M
YoY Change 49.36% 196.21%
Total Long-Term Liabilities $58.40M $39.10M
YoY Change 49.36% 196.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.72M $45.15M
Total Long-Term Liabilities $58.40M $39.10M
Total Liabilities $86.08M $84.23M
YoY Change 2.19% 116.18%
SHAREHOLDERS EQUITY
Retained Earnings -$49.88M -$98.76M
YoY Change -49.5% -6.58%
Common Stock $483.0K $475.0K
YoY Change 1.68% 1.28%
Preferred Stock
YoY Change
Treasury Stock (at cost) $40.16M $40.16M
YoY Change 0.0% 127.42%
Treasury Stock Shares 1.358M shares
Shareholders Equity $493.9M $440.9M
YoY Change
Total Liabilities & Shareholders Equity $580.0M $525.2M
YoY Change 10.44% 7.76%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $21.80M -$11.77M
YoY Change -285.22% -157.64%
Depreciation, Depletion And Amortization $3.700M $3.400M
YoY Change 8.82% 9.68%
Cash From Operating Activities $36.00M $28.20M
YoY Change 27.66% -12.69%
INVESTING ACTIVITIES
Capital Expenditures -$97.70M -$1.100M
YoY Change 8781.82% -47.62%
Acquisitions
YoY Change
Other Investing Activities $24.20M -$43.40M
YoY Change -155.76% -366.26%
Cash From Investing Activities -$73.50M -$44.60M
YoY Change 64.8% -411.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.600M 500.0K
YoY Change -620.0% -107.14%
NET CHANGE
Cash From Operating Activities 36.00M 28.20M
Cash From Investing Activities -73.50M -44.60M
Cash From Financing Activities -2.600M 500.0K
Net Change In Cash -40.10M -15.90M
YoY Change 152.2% -140.15%
FREE CASH FLOW
Cash From Operating Activities $36.00M $28.20M
Capital Expenditures -$97.70M -$1.100M
Free Cash Flow $133.7M $29.30M
YoY Change 356.31% -14.83%

Facts In Submission

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PaymentsToAcquireShortTermInvestments
325226000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
267520000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
364017000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
263058000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-59404000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7608000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
202000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
171000
oled Proceeds From Stock Options And Warrants Exercised
ProceedsFromStockOptionsAndWarrantsExercised
182000
oled Proceeds From Stock Options And Warrants Exercised
ProceedsFromStockOptionsAndWarrantsExercised
1372000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4794000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5280000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3737000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
63833000
CY2015Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
109251000
us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss
AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLoss
-131000
us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss
AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLoss
-8000
us-gaap Nature Of Operations
NatureOfOperations
<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:12pt;"><font style="font-weight:normal;"></font><font style="font-size:10pt;">BUSINESS:</font></p></td></tr></table></div> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, televisions, tablets, wearables, portable media devices, notebook computers, personal computers, and automotive interiors, 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 4,100 patents issued and pending worldwide.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Management&#8217;s Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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.</p></div>
CY2016Q2 oled Number Of Patents Issued And Pending Application
NumberOfPatentsIssuedAndPendingApplication
4100
oled License Fee Agreement Term Of Agreement
LicenseFeeAgreementTermOfAgreement
P6Y4M24D
CY2016Q2 us-gaap Taxes Other
TaxesOther
13000
us-gaap Taxes Other
TaxesOther
69000
CY2015Q2 us-gaap Taxes Other
TaxesOther
240000
us-gaap Taxes Other
TaxesOther
850000
CY2016Q2 oled Investments Amortized Cost Basis
InvestmentsAmortizedCostBasis
262346000
CY2015Q4 oled Investments Amortized Cost Basis
InvestmentsAmortizedCostBasis
300333000
CY2016Q2 oled Investments Gross Unrealized Gains
InvestmentsGrossUnrealizedGains
21000
CY2015Q4 oled Investments Gross Unrealized Gains
InvestmentsGrossUnrealizedGains
4000
CY2016Q2 oled Investments Gross Unrealized Losses
InvestmentsGrossUnrealizedLosses
317000
CY2015Q4 oled Investments Gross Unrealized Losses
InvestmentsGrossUnrealizedLosses
169000
us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
0
us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
0
CY2016Q2 us-gaap Investments
Investments
262050000
CY2015Q4 us-gaap Investments
Investments
300168000
CY2016Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
6538000
CY2015Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
6539000
CY2016Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1776000
CY2015Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1064000
CY2016Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
8153000
CY2015Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
5145000
CY2016Q2 us-gaap Inventory Net
InventoryNet
16467000
CY2015Q4 us-gaap Inventory Net
InventoryNet
12748000
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0
CY2015 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0
CY2016Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
222885000
CY2016Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2800000
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2700000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
15900000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
20600000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
20600000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
20600000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
20600000
CY2016Q2 oled Finite Lived Intangible Assets Amortization Expense Year Six
FiniteLivedIntangibleAssetsAmortizationExpenseYearSix
20600000
CY2016Q2 oled Long Term Purchase Commitment Percent Of Services Payable In Cash Or Shares
LongTermPurchaseCommitmentPercentOfServicesPayableInCashOrShares
0.50
CY2016Q2 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
0
CY2015Q2 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
0
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of the Company’s common stock entitles the holder to one vote on all matters to be voted upon by the shareholders.
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-64000
oled Other Comprehensive Gain Loss Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveGainLossAdjustmentBeforeReclassificationAdjustmentsNetOfTax
-353000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-535000
CY2014Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-4382000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
4000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-420000
CY2015Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-3958000
CY2016Q2 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
6200000
CY2015Q4 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
9000000
CY2016Q2 us-gaap Noncurrent Assets
NoncurrentAssets
22610000
CY2015Q4 us-gaap Noncurrent Assets
NoncurrentAssets
22407000
CY2016Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.336
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.335
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-1.734
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-3.407
CY2016Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
4051
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
6914
CY2016Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
110260
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
116261
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
947442
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
99
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
947442

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