Press release
Universal Display Corporation Announces First Quarter 2020 Financial Results
Withdraws Previously Provided 2020 Revenue Guidance due to COVID-19 Pandemic EWING, N.J.--(BUSINESS WIRE)-- Universal Display Corporation (Nasdaq: OLED),
About this update from Universal Display Corporation
[{"type":"text","content":"\nWithdraws Previously Provided 2020 Revenue Guidance due to COVID-19 Pandemic\n\n EWING, N.J.--(BUSINESS WIRE)--\nUniversal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today reported financial results for the first quarter ended March 31, 2020.\n\n\n“In these extraordinarily challenging times due to the COVID-19 pandemic, we have been able to keep our employees safe, maintain our business operations and continue our strategic growth programs. During the first quarter, we activated crisis management and business continuity plans to safeguard our people and to ensure our ability to continue our R&D programs, and manufacture and ship to customers our energy-efficient, high-performing UniversalPHOLED materials. Our primary focus remains on the safety and well-being of our employees, customers, partners and community,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “Our first quarter revenues were $112.3 million, which included the full recognition of the safety stock purchased in the fourth quarter of 2019 by a China-based customer due to trade-related concerns, as well as some estimated advanced customer material purchases due to COVID-19 uncertainties. In this evolving environment of a global health crisis, the ultimate scope and duration of which are unknown, it is challenging to make forecasts about future results and as such, we believe it is prudent to withdraw our 2020 guidance.”\n\n\nRosenblatt continued, “As we look ahead, we believe that the long-term growth path of OLEDs remains strong, though timing of adoption may shift due to macroeconomic factors. During this time of high uncertainty, we are continuing our R&D initiatives, OLED material shipments and strategic programs to drive further innovation and novel solutions, and to capitalize on the opportunities in the OLED market. With a robust balance sheet of approximately $640 million in cash, a lean operating model and no debt, we plan to continue to invest in our leadership position in the OLED ecosystem and expect to emerge from the current environment even stronger to further enable our customers and the industry.”\n\n\nFinancial Highlights for the First Quarter of 2020\n\n\n\nTotal revenue in the first quarter of 2020 wa...