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 Universal Display Corporation Announces Fourth Quarter and Full Year 2017 Financial Results
   Thursday, February 22, 2018 4:11:00 PM ET

Universal Display Corporation (OLED ), enabling energy-efficient displays and lighting with its UniversalPHOLED(R) technology and materials, today reported financial results for the fourth quarter and year ended December 31, 2017.

"We are pleased to report stellar fourth quarter and full-year results," said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. "From record-high revenues, to a multitude of new agreements and new OLED consumer electronic products, to approximately doubling our production capabilities at PPG Industries, 2017 was filled with tremendous growth. The dynamic OLED market is growing, and as a key innovation partner to the world’s leading OLED display and lighting manufacturers, we believe that we are well-positioned to participate in the vast opportunities ahead."

Rosenblatt continued, "We are excited and confident of our upward trajectory in this multi-year OLED capex growth cycle. After an extraordinary year-and-a-half of new capacity installs, we expect industry capacity growth to take a bit of a breather this year as panel makers build the framework for the next wave of high volume OLED production, which is expected to ramp next year. 2019 is poised to be a meaningful year of growth. Based on current production timelines, we estimate the installed capacity base, as measured in square meters, will increase by approximately 50% over the next two years."

Financial Highlights for the Fourth Quarter of 2017

-- Total revenue increased 55% to $115.9 million in the fourth quarter, compared with $74.6 million in the fourth quarter of 2016, driven by higher material sales as well as royalty and license fees.

-- Revenue from material sales increased 105% to $59.8 million in the fourth quarter, compared with $29.2 million in the fourth quarter of 2016.

-- Revenue from royalty and license fees increased 23% to $53.8 million in the fourth quarter, compared with $43.6 million in the fourth quarter of 2016.

-- Operating income increased by $23.1 million to $57.9 million in the fourth quarter, compared with $34.8 million in the fourth quarter of 2016.

-- Net income increased by $7.0 million to $32.8 million or $0.69 per diluted share in the fourth quarter, compared with $25.8 million or $0.55 per diluted share in the fourth quarter of 2016.

-- Excluding the effects of the Tax Cuts and Jobs Act income tax expense of $11.5 million, net income was $44.3 million or $0.93 per diluted share for the fourth quarter of 2017.

Financial Highlights for the Full Year of 2017

-- Total revenue increased 69% to $335.6 million in the full year, compared with $198.9 million in the full year of 2016, driven by higher material sales as well as royalty and license fees.

-- Revenue from material sales increased 102% to $200.3 million in the full year, compared with $99.3 million in the full year of 2016.

-- Revenue from royalty and license fees increased 32% to $126.5 million in the full year, compared with $96.1 million in the full year of 2016.

-- Operating income increased by $77.8 million to $146.2 million in the full year, compared with $68.4 million in the full year of 2016.

-- Net income increased by $55.8 million to $103.9 million or $2.18 per diluted share in the full year, compared with $48.1 million or $1.02 per diluted share in the full year of 2016.

-- Excluding the effects of the Tax Cuts and Jobs Act income tax expense of $11.5 million, net income was $115.4 million or $2.43 per diluted share for the full year of 2017.

2018 Guidance

Although the OLED industry is still at an early state where many variables can have a material impact on its growth, and the Company thus caveats its financial guidance accordingly, the Company believes that its revenues will be in the range of $350 million to $380 million for fiscal 2018.

Dividend

The Company also announced a first quarter cash dividend of $0.06 per share on the Company’s common stock. The dividend is payable on March 30, 2018, to all shareholders of record as of the close of business on March 15, 2018.

Conference Call Information

In conjunction with this release, Universal Display will host a conference call on Thursday, February 22, 2018 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events page of the Company’s Investor Relations website at ir.oled.com. Those wishing to participate in the live call should dial 1-877-524-8416 (toll-free) or 1-412-902-1028. Please dial in 5-10 minutes prior to the scheduled conference call time. An online archive of the webcast will be available within two hours of the conclusion of the call.

About Universal Display Corporation

Universal Display Corporation (OLED ) is a leader in developing and delivering state-of-the-art, organic light emitting diode (OLED) technologies, materials and services to the display and lighting industries. Founded in 1994, the Company currently owns or has exclusive, co-exclusive or sole license rights with respect to more than 4,500 issued and pending patents worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED(R) phosphorescent OLED technology that can enable the development of low power and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training.

Headquartered in Ewing, New Jersey, with international offices in China, Hong Kong, Ireland, Japan, South Korea, and Taiwan, and wholly-owned subsidiary Adesis, Inc. based in New Castle, Delaware, Universal Display works and partners with a network of world-class organizations, including Princeton University, the University of Southern California, the University of Michigan, and PPG Industries, Inc. The Company has also established relationships with companies such as AU Optronics Corporation, BOE Technology, DuPont Displays, Inc., EverDisplay Optronics (Shanghai) Limited, Govisionox Optoelectronics, Innolux Corporation, Japan Display Inc., Kaneka Corporation, Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Lumiotec, Inc., OLEDWorks LLC, OSRAM, Pioneer Corporation, Royole Corporation, Samsung Display Co., Ltd., Sharp Corporation, Sumitomo Chemical Company, Ltd., Tianma Micro-electronics and Tohoku Pioneer Corporation. To learn more about Universal Display Corporation, please visit http://www.oled.com .

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.

All statements in this document that are not historical, such as those relating to Universal Display Corporation’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled "Risk Factors" in Universal Display Corporation’s annual report on Form 10-K for the year ended December 31, 2017. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

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                                                                              UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
                                                                                        CONSOLIDATED BALANCE SHEETS
                                                                              (in thousands, except share and per share data)
                                                                                                                                                                                      
                                                                                                      December 31, 2017                                       December 31, 2016
                                                                                            ------------------------------------                       ------------------------------
                                ASSETS
CURRENT ASSETS:
   Cash and cash equivalents                                                                                   $        132,840                                           $  139,365
   Short-term investments                                                                                               287,446                                              188,644
   Accounts receivable                                                                                                   52,355                                               24,994
   Inventory                                                                                                             36,265                                               17,314
   Deferred income taxes                                                                                         --                                                8,661
   Other current assets                                                                               10,276                             6,392
                                                                                            -------------------- --------------                        -------------------- --------
      Total current assets                                                                                              519,182                                              385,370
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $36,368                                                       56,450                                               27,203
and $32,167
ACQUIRED TECHNOLOGY, net of accumulated amortization of $91,312 and                                                     131,529                                              152,127
$70,714
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $2,000                                                       14,840                                               16,225
and $615
GOODWILL                                                                                                                 15,535                                               15,535
INVESTMENTS                                                                                                              14,794                                               14,960
DEFERRED INCOME TAXES                                                                                                    27,022                                               15,832
OTHER ASSETS                                                                                             604                               307
                                                                                            -------------------- --------------                        -------------------- --------
TOTAL ASSETS                                                                                                   $        779,956                                           $  627,559
                                                                                            ==================== ==============                        ==================== ========
    LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
   Accounts payable                                                                                            $         13,774                                           $    8,112
   Accrued expenses                                                                                                      35,019                                               19,845
   Deferred revenue                                                                                                      14,981                                               10,282
   Other current liabilities                                                                              50                             1,967
                                                                                            -------------------- --------------                        -------------------- --------
      Total current liabilities                                                                                          63,824                                               40,206
DEFERRED REVENUE                                                                                                         23,902                                               31,322
RETIREMENT PLAN BENEFIT LIABILITY                                                                     33,176                            27,563
                                                                                            -------------------- --------------                        -------------------- --------
      Total liabilities                                                                              120,902                            99,091
                                                                                            -------------------- --------------                        -------------------- --------
SHAREHOLDERS’ EQUITY:
                                                                                                                              2                                                    2
   Preferred Stock, par value $0.01 per share, 5,000,000 shares
   authorized, 200,000 shares of Series A Nonconvertible Preferred
   Stock issued and outstanding (liquidation value of $7.50 per share
   or $1,500)
   Common Stock, par value $0.01 per share, 100,000,000 shares                                                              485                                                  483
   authorized, 48,476,034 and 48,270,990 shares issued, and 47,118,171
   and 46,913,127 shares outstanding at December 31, 2017 and December
   31, 2016, respectively
   Additional paid-in capital                                                                                           611,063                                              604,364
   Retained earnings (accumulated deficit)                                                                               99,126                                              (25,557 )
   Accumulated other comprehensive loss                                                                                 (11,464 )                                            (10,666 )
   Treasury stock, at cost (1,357,863 shares at December 31, 2017 and                                (40,158 )                         (40,158 )
   December 31, 2016)
                                                                                            -------------------- --------------                        -------------------- --------
      Total shareholders’ equity                                          659,054                           528,468
                                                                                            -------------------- --------------                        -------------------- --------
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY                                          $        779,956                                           $  627,559
                                                                                            ==================== ==============                        ==================== ========
                                                                                                                                                                                                                            
                                                                                                                                                                                              UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
                                                                                                                                                                                                     CONSOLIDATED STATEMENTS OF INCOME
                                                                                                                                                                                              (in thousands, except share and per share data)
                                                                                                                                                                                                                                                                                       
                                                                                                                                                         Three Months Ended                                                                                                                                                                            Twelve Months Ended
                                                                                                                                                            December 31,                                                                                                                                                                                  December 31,
                                                                                        --------------------------------------------------------------------------------------------------------------------------------------------                                                  --------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                2017                                                     2016                                                                                           2017                                                     2016
                                                                                        -----------------------------------------------------                                          -----------------------------------------------------                                          -----------------------------------------------------                                          -----------------------------------------------------
                                                                                                                                                             (Unaudited)
REVENUE:
   Material sales                                                                                          $     59,753                                                                                   $     29,201                                                                                   $    200,259                                                                                   $     99,285
   Royalty and license fees                                                                                      53,798                                                                                         43,563                                                                                        126,503                                                                                         96,132
   Contract research services                                                                  2,316                                                    1,813                                                    8,867                                                    3,469  
                                                                                        -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
      Total revenue                                                                                             115,867                                                                                         74,577                                                                                        335,629                                                                                        198,886
COST OF SALES                                                                                 16,936                                                    9,094                                                   54,698                                                   26,288  
                                                                                        -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
      Gross margin                                                                                               98,931                                                                                         65,483                                                                                        280,931                                                                                        172,598
OPERATING EXPENSES:
   Research and development                                                                                      15,045                                                                                         11,182                                                                                         49,144                                                                                         42,744
   Selling, general and administrative                                                                           15,197                                                                                         10,148                                                                                         46,808                                                                                         32,876
   Amortization of acquired technology and other intangible assets                                                5,498                                                                                          5,453                                                                                         21,983                                                                                         16,493
   Patent costs                                                                                                   1,914                                                                                          1,774                                                                                          7,010                                                                                          6,249
   Royalty and license expense                                                                 3,397                                                    2,167                                                    9,739                                                    5,823  
                                                                                        -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
      Total operating expenses                                                                41,051                                                   30,724                                                  134,684                                                  104,185  
                                                                                        -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
OPERATING INCOME                                                                                                 57,880                                                                                         34,759                                                                                        146,247                                                                                         68,413
   Interest income, net                                                                                             966                                                                                            569                                                                                          3,294                                                                                          2,113
   Other income (expense), net                                                                     3                                                       54                                                       (4 )                                                                    (1,928 )
                                                                                        -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
      Interest and other income, net                                                             969                                                      623                                                    3,290                                                      185  
                                                                                        -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
INCOME BEFORE INCOME TAXES                                                                                       58,849                                                                                         35,382                                                                                        149,537                                                                                         68,598
INCOME TAX EXPENSE                                                                           (26,036 )                                                                    (9,563 )                                                                   (45,652 )                                                                   (20,528 )
                                                                                        -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- ---------- --------------------
NET INCOME                                                                                                 $     32,813                                                                $     25,819                                                                $    103,885                                                                $     48,070  
                                                                                        ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================                                           ==================== ========== ====================
NET INCOME PER COMMON SHARE:
      BASIC                                                                                                $       0.70                                                                                   $       0.55                                                                                   $       2.19                                                                                   $       1.02
      DILUTED                                                                                              $       0.69                                                                                   $       0.55                                                                                   $       2.18                                                                                   $       1.02
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON
SHARE:
      BASIC                                                                                                  46,750,711                                                                                     46,905,341                                                                                     46,725,289                                                                                     46,408,460
      DILUTED                                                                                                46,826,412                                                                                     47,038,323                                                                                     46,805,194                                                                                     46,535,980
CASH DIVIDENDS DECLARED PER COMMON SHARE                                                                   $       0.03                                                                                   $          -                                                                                   $       0.12                                                                                   $          -
                                                                          
                                                                                           UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
                                                                                                CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                           (in thousands)
                                                                                               
                                                                                                                                                      Year Ended December 31,
                                                                                              ---------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                        2017                                                       2016
                                                                                              ---------------------------------------------------------                     ---------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                                                                                       $        103,885                                                              $         48,070
Adjustments to reconcile net income to net cash provided by
operating activities:
   Amortization of deferred revenue                                                                                       (11,122 )                                                                      (7,406 )
   Depreciation                                                                                                             4,919                                                                         4,270
   Amortization of intangibles                                                                                             21,983                                                                        16,492
   Amortization of premium and discount on investments, net                                                                (2,871 )                                                                      (1,830 )
   Stock-based compensation to employees                                                                                   12,284                                                                        11,374
   Stock-based compensation to Board of Directors and Scientific                                                            2,609                                                                         1,715
   Advisory Board
                                                                                                                              519                                                                --
   Change in earnout liability recorded for Adesis acquisition
   Deferred income tax expense                                                                                             24,396                                                                         3,094
   Excess tax benefits from share-based payment arrangements                                                       --                                                                        (4,232 )
   Retirement plan benefit expense                                                                                          4,351                                                                         3,965
Decrease (increase) in assets, net of effect of acquisition:
   Accounts receivable                                                                                                    (27,361 )                                                                       1,205
   Inventory                                                                                                              (18,951 )                                                                      (4,460 )
   Other current assets                                                                                                    (3,884 )                                                                      (3,870 )
   Other assets                                                                                                              (297 )                                                                        (133 )
Increase (decrease) in liabilities:
   Accounts payable and accrued expenses                                                                                   16,420                                                                         4,362
   Other current liabilities                                                                                               (1,917 )                                                                       4,362
   Deferred revenue                                                                                      8,402                                   3,360  
                                                                                              -------------------- -------------- --------------------                      -------------------- -------------- --------------------
      Net cash provided by operating activities                                                        133,365                                  80,338  
                                                                                              -------------------- -------------- --------------------                      -------------------- -------------- --------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchases of property and equipment                                                                                    (29,803 )                                                                      (7,300 )
   Purchase of intangibles                                                                                         --                                                                       (95,989 )
   Purchase of business, net of cash acquired                                                                      --                                                                       (33,380 )
   Purchases of investments                                                                                              (594,283 )                                                                    (450,277 )
   Proceeds from sale of investments                                                                   498,508                                 548,474  
                                                                                              -------------------- -------------- --------------------                      -------------------- -------------- --------------------
      Net cash used in investing activities                                                           (125,578 )                                                  (38,472 )
                                                                                              -------------------- -------------- --------------------                      -------------------- -------------- --------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from issuance of common stock                                                                                     734                                                                           439
   Proceeds from the exercise of common stock options                                                                          38                                                                           185
   Payment of withholding taxes on stock-based compensation to employees                                                   (9,432 )                                                                      (4,870 )
   Excess tax benefits from share-based payment arrangements                                                       --                                                                         4,232
   Cash dividends paid                                                                                  (5,652 )                                           --  
                                                                                              -------------------- -------------- --------------------                      -------------------- -------------- --------------------
      Net cash used in financing activities                                                            (14,312 )                                                      (14 )
                                                                                              -------------------- -------------- --------------------                      -------------------- -------------- --------------------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                                                           (6,525 )                                                                      41,852
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR                                                           139,365                                  97,513  
                                                                                              -------------------- -------------- --------------------                      -------------------- -------------- --------------------
CASH AND CASH EQUIVALENTS, END OF YEAR                                                                           $        132,840                                           $        139,365  
                                                                                              ==================== ============== ====================                      ==================== ============== ====================
The following non-cash activities occurred:
Unrealized loss on available-for-sale securities                                                                 $            (19 )                                                            $           (207 )
Common stock issued to the Board of Directors and Scientific Advisory                                                         300                                                                           300
Board earned and accrued in a previous period
Common stock issued to employees earned and accrued in a previous                                                             174                                                                         1,105
period
Net change in accruals for purchases of property and equipment                                                              4,363                                                                          (103 )
Earnout liability recorded for Adesis acquisition                                                                  --                                                                         1,670
Excess tax benefits accrued in other current liabilities                                                           --                                                                        (4,232 )
Cash paid for income tax                                                                                                   23,248                                                                        12,870

Reconciliation of non-GAAP measures

The following table details the reconciliation of non-GAAP measures to the most directly comparable GAAP measures:

                                                                                                                                                                                                                                
 (in thousands, except per share data)                                                                                                                     Three Months Ended                                                                                                                                                                                Twelve Months Ended
                                                                                                                                                              December 31,                                                                                                                                                                                      December 31,
                                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------                                                  ------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                2017                                                       2016                                                                                             2017                                                       2016
                                                                                        -----------------------------------------------------                                          ---------------------------------------------------------                                          -----------------------------------------------------                                          ---------------------------------------------------------
                                                                                                                                                               (Unaudited)                                                                                                                                                                                       (Unaudited)
Net income reconciliation
Net income                                                                                                 $     32,813                                                                                   $         25,819                                                                                   $    103,885                                                                                   $         48,070
Net income per share:
   Basic                                                                                                   $       0.70                                                                                   $           0.55                                                                                   $       2.19                                                                                   $           1.02
   Diluted                                                                                                 $       0.69                                                                                   $           0.55                                                                                   $       2.18                                                                                   $           1.02
Net income adjustments:
  Tax Cuts and Jobs Act                                                                       11,514                                               --                                                   11,514                                               --  
                                                                                        -------------------- ---------- --------------------                                           -------------------- -------------- --------------------                                           -------------------- ---------- --------------------                                           -------------------- -------------- --------------------
Adjusted net income                                                                                        $     44,327                                                                $         25,819                                                                $    115,399                                                                $         48,070  
                                                                                        ==================== ========== ====================                                           ==================== ============== ====================                                           ==================== ========== ====================                                           ==================== ============== ====================
Net income as a % of total revenue                                                                                   28 %                                                                                               35 %                                                                                           31 %                                                                                               24 %
Adjusted net income as a % of total revenue                                                                          38 %                                                                                               35 %                                                                                           34 %                                                                                               24 %
Adjusted net income per share:
   Basic                                                                                                   $       0.93                                                                                   $           0.55                                                                                   $       2.43                                                                                   $           1.02
   Diluted                                                                                                 $       0.93                                                                                   $           0.55                                                                                   $       2.43                                                                                   $           1.02
Weighted average shares used in computing net income per share and
adjusted net income per share:
   Basic                                                                                                     46,750,711                                                                                         46,905,341                                                                                     46,725,289                                                                                         46,408,460
   Diluted                                                                                                   46,826,412                                                                                         47,038,323                                                                                     46,805,194                                                                                         46,535,980
                                                                                                                                                                                                                                                                                                                                                                                                                              

Non-GAAP Measures

To supplement the selected financial data presented in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP measures. These non-GAAP measures include adjusted net income, adjusted net income per common share, basic and adjusted net income per common share, diluted.

Each of these non-GAAP measures excludes the effects of the Tax Cuts and Jobs Act income tax expense. The Company has provided these non-GAAP measures, which is believed to more accurately reflect the operating performance of our ongoing business, to enhance investors’ overall understanding of the current financial performance and period-to-period comparisons. The presentation of non-GAAP measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

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SOURCE: Universal Display Corporation"> <Property FormalName="PrimaryTwitterHandle" Value="@udcoled

Universal Display Corporation 
Darice Liu, 609-671-0980 x570 
investor@oled.com 
media@oled.com


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