For the fourth quarter of 2008, the Company reported a net loss of $4,437,578 or $(0.11) per diluted share, versus a net loss of $3,256,104, or $(0.08) per diluted share, for the fourth quarter of 2007.
Revenues for the fourth quarter of 2008 were $3,587,168, compared to $2,898,826 for the fourth quarter of 2007. Commercial revenue, which includes commercial chemical revenue, license and royalty revenues, and commercialization assistance revenue, was $1,355,282 for the quarter, compared to $1,226,021 for the fourth quarter of 2007. Developmental revenue, which includes development chemical revenue, contract research revenue, and technology development revenue, was $2,231,886 for the quarter, compared to $1,672,805 for the fourth quarter of 2007. Operating expenses were $9,380,361 for the fourth quarter of 2008, compared to $8,030,670 for the same quarter of 2007.
“This was a good quarter for Universal Display,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “While the net loss increased quarter-over-quarter, primarily due to expanding our technical team in anticipation of the growth of the OLED industry, we are encouraged by the trends we are seeing on the revenue side. Revenues for the fourth quarter of 2008 were the highest quarterly revenues in the Company’s history.”
For the year ended December 31, 2008, the net loss totaled $19,139,736, or $(0.53) per diluted share, versus a net loss of $15,975,841, or $(0.47) per diluted share, for 2007.
As our PHOLED technology continues to gain increased commercial adoption, we expect revenue to trend much as it did in 2008,” continued Mr. Rosenblatt. “While it is difficult to predict revenues on a quarter-to-quarter basis, we are encouraged by the commercial OLED activities of our licensees and technology partners. We believe that Universal Display remains well-positioned as OLED products gain market acceptance. As this occurs over the coming quarters, we will continue to manage our resources prudently.”
