$OLED
UNIVERSAL DISPLAY CORP \PA\

2016 Q3 Form 10-Q Financial Statement

#000156459016027335 Filed on November 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $30.21M $39.42M
YoY Change -23.35% 19.84%
Cost Of Revenue $7.300M $7.246M
YoY Change 0.75% -1.92%
Gross Profit $22.90M $32.17M
YoY Change -28.82% 26.15%
Gross Profit Margin 75.79% 81.62%
Selling, General & Admin $8.465M $7.240M
YoY Change 16.92% 9.28%
% of Gross Profit 36.97% 22.5%
Research & Development $10.12M $11.43M
YoY Change -11.51% 44.46%
% of Gross Profit 44.18% 35.54%
Depreciation & Amortization $6.600M $3.500M
YoY Change 88.57% 6.06%
% of Gross Profit 28.82% 10.88%
Operating Expenses $18.58M $31.06M
YoY Change -40.16% 15.83%
Operating Profit $4.317M $8.362M
YoY Change -48.37% 37.53%
Interest Expense $5.000K $7.000K
YoY Change -28.57% -58.82%
% of Operating Profit 0.12% 0.08%
Other Income/Expense, Net -$68.00K -$16.00K
YoY Change 325.0%
Pretax Income -$2.500M $8.587M
YoY Change -129.11% 37.39%
Income Tax -$1.000M $1.540M
% Of Pretax Income 17.93%
Net Earnings -$1.500M $7.047M
YoY Change -121.29% 64.5%
Net Earnings / Revenue -4.96% 17.88%
Basic Earnings Per Share -$0.03 $0.15
Diluted Earnings Per Share -$0.03 $0.15
COMMON SHARES
Basic Shares Outstanding 46.54M shares
Diluted Shares Outstanding 46.72M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $285.9M $361.5M
YoY Change -20.91% 34.69%
Cash & Equivalents $54.42M $89.96M
Short-Term Investments $231.5M $271.6M
Other Short-Term Assets $17.60M $4.523M
YoY Change 289.12% -66.08%
Inventory $16.10M $13.69M
Prepaid Expenses
Receivables $22.50M $28.35M
Other Receivables $0.00 $0.00
Total Short-Term Assets $342.0M $423.9M
YoY Change -19.32% 20.77%
LONG-TERM ASSETS
Property, Plant & Equipment $25.80M $21.49M
YoY Change 20.06% 20.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $15.20M $3.000M
YoY Change 406.67% 15.38%
Other Assets $12.80M $232.0K
YoY Change 5417.24% -54.33%
Total Long-Term Assets $242.8M $110.4M
YoY Change 119.87% -8.87%
TOTAL ASSETS
Total Short-Term Assets $342.0M $423.9M
Total Long-Term Assets $242.8M $110.4M
Total Assets $584.8M $534.3M
YoY Change 9.45% 13.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.500M $10.33M
YoY Change -46.78% 46.81%
Accrued Expenses $13.20M $12.98M
YoY Change 1.7% 25.77%
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 $30.60M $44.25M
YoY Change -30.84% 122.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $58.30M $38.60M
YoY Change 51.04% 208.8%
Total Long-Term Liabilities $58.30M $38.60M
YoY Change 51.04% 208.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.60M $44.25M
Total Long-Term Liabilities $58.30M $38.60M
Total Liabilities $88.90M $82.86M
YoY Change 7.28% 155.83%
SHAREHOLDERS EQUITY
Retained Earnings -$91.72M
YoY Change -9.58%
Common Stock $475.0K
YoY Change 1.28%
Preferred Stock
YoY Change
Treasury Stock (at cost) $40.16M
YoY Change 21.11%
Treasury Stock Shares 1.358M shares
Shareholders Equity $495.8M $451.5M
YoY Change
Total Liabilities & Shareholders Equity $584.8M $534.3M
YoY Change 9.45% 13.16%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$1.500M $7.047M
YoY Change -121.29% 64.5%
Depreciation, Depletion And Amortization $6.600M $3.500M
YoY Change 88.57% 6.06%
Cash From Operating Activities $4.100M $5.400M
YoY Change -24.07% -187.1%
INVESTING ACTIVITIES
Capital Expenditures -$2.200M -$1.600M
YoY Change 37.5% 33.33%
Acquisitions
YoY Change
Other Investing Activities -$17.50M -$23.50M
YoY Change -25.53% 50.64%
Cash From Investing Activities -$19.70M -$25.10M
YoY Change -21.51% 48.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 300.0K
YoY Change -66.67% -101.99%
NET CHANGE
Cash From Operating Activities 4.100M 5.400M
Cash From Investing Activities -19.70M -25.10M
Cash From Financing Activities 100.0K 300.0K
Net Change In Cash -15.50M -19.40M
YoY Change -20.1% -49.21%
FREE CASH FLOW
Cash From Operating Activities $4.100M $5.400M
Capital Expenditures -$2.200M -$1.600M
Free Cash Flow $6.300M $7.000M
YoY Change -10.0% -240.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Nature Of Operations
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<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 4,200 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 intangibles, the use and recoverability of inventories, intangibles and 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>
CY2016Q3 oled Number Of Patents Issued And Pending Application
NumberOfPatentsIssuedAndPendingApplication
4200
oled License Fee Agreement Term Of Agreement
LicenseFeeAgreementTermOfAgreement
P6Y4M24D
CY2016Q3 us-gaap Taxes Other
TaxesOther
74000
us-gaap Taxes Other
TaxesOther
143000
CY2015Q3 us-gaap Taxes Other
TaxesOther
230000
us-gaap Taxes Other
TaxesOther
1100000
CY2016Q3 oled Investments Amortized Cost Basis
InvestmentsAmortizedCostBasis
247230000
CY2016Q3 oled Investments Gross Unrealized Gains
InvestmentsGrossUnrealizedGains
7000
CY2016Q3 oled Investments Gross Unrealized Losses
InvestmentsGrossUnrealizedLosses
568000
CY2016Q3 us-gaap Investments
Investments
246669000
CY2016Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
6538000
CY2015Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
6539000
CY2016Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1281000
CY2015Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1064000
CY2016Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
8284000
CY2015Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
5145000
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
CY2016Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
222841000
CY2016Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5100000
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2700000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
15900000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
20600000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
20600000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
20600000
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
20600000
CY2016Q3 oled Finite Lived Intangible Assets Amortization Expense Year Six
FiniteLivedIntangibleAssetsAmortizationExpenseYearSix
20600000
CY2016Q3 oled Long Term Purchase Commitment Percent Of Services Payable In Cash Or Shares
LongTermPurchaseCommitmentPercentOfServicesPayableInCashOrShares
0.50
CY2016Q3 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
0
us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
0
CY2015Q3 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
-224000
oled Other Comprehensive Gain Loss Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveGainLossAdjustmentBeforeReclassificationAdjustmentsNetOfTax
-358000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-814000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-713000
CY2016Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
5700000
CY2015Q4 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
9000000
CY2016Q3 us-gaap Noncurrent Assets
NoncurrentAssets
25768000
CY2015Q4 us-gaap Noncurrent Assets
NoncurrentAssets
22407000
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.401
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.330
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.179
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.549
CY2015Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
90398
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
5948
CY2015Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
90419
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
119401
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
125869
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
356045

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