Upon release of 2010 full year and Q4 fiscal results shares of Universal Display Corporation(NASDAQ:PANL) soared up over 14% and up $5.50 per share heading into the lunch hour with over 1.6 million shares traded. This is four times the average amount of daily volume PANL is accustomed to seeing.
Revenues from Q4 were nearly $10.8 Million which was more than double the 2009 Q4 results of $4.8 Million. The main increase in revenue was due in large part to increases in both commercial chemical sales and developmental revenue. Universal Display Corporation reported an operating loss of $210,276 in Q4 which is a $4 million dollar improvement over where the company sat at the end of Q4 2009.
Sidney D. Rosenblatt, Executive Vice President and CFO of Universal Display, was quoted as saying “With revenues for the year almost doubling, fiscal 2010 may well be regarded as the year PHOLED technology officially migrated out of the laboratory and into the lives of millions of consumers. The appetite for bright, beautiful and more energy efficient and environmentally friendly displays is creating strong demand for the use of OLEDs in a variety of applications. In 2011, manufacturers are expected to add capacity, enabling this technology to be enjoyed more widely by consumers everywhere. To further leverage our extensive intellectual property assets and create value for our shareholders, we are actively pursuing opportunities in the small and large format display markets, as well as the general lighting market where our technology can demonstrably improve OLED performance and efficiency.”
A conference was scheduled in conjunction with this press release and will be held Tuesday March 29, 2011 you can access the call via Universal Display’s event portion of their website.