EWING, N.J. (BUSINESS WIRE)
| | The Company Attributes Advances in Its Innovative Research and the Commercial Viability of Its Proprietary Technologies to Its 1,168 Percent Revenue Growth | |
“It is an honor to be included in the Technology Fast 50. Our dedicated staff is working tirelessly to develop our proprietary OLED technologies, and we look forward to continuing on the path of success as OLEDs take hold in the flat panel display market.”
Universal Display Corporation, (NASDAQ:PANL), a leading developer of organic light emitting device (OLED) technology for flat panel displays, has been named to Deloitte's prestigious Technology Fast 50 Program for New Jersey, a ranking of the 50 fastest growing technology companies in the area by Deloitte & Touche LLP, one of the nation's leading professional services firms. Rankings are based on the percentage of growth in fiscal year revenues over five years, from 1999-2003. This is the third year in a row that the Company has been among the top 50 companies named to the list.
Universal Display's President and Chief Operating Officer, Steven V. Abramson, credits the 1,168 percent revenue growth from 1999-2003 to the Company's continued advances in innovative research, as well as the commercial viability of the Company's PHOLED(TM) phosphorescent OLED technology. According to Mr. Abramson, "It is an honor to be included in the Technology Fast 50. Our dedicated staff is working tirelessly to develop our proprietary OLED technologies, and we look forward to continuing on the path of success as OLEDs take hold in the flat panel display market."
Universal Display's increase in revenues of 1,168 percent from 1999 to 2003 resulted in a number eight ranking in the Fast 50 for New Jersey. The average increase in revenues among companies who made the Fast 50 for this region was 614 percent.
"The Deloitte New Jersey Technology Fast 50 companies have shown the strength, vision and temerity to succeed despite a very challenging technology environment," said Paul Mlynarski, Tax Partner and Chair of the New Jersey Technology Fast 50. "We applaud the successes of Universal Display Corporation and acknowledge its place as one of the very few to accomplish such a fast growth rate over the past five years."
New Jersey Technology Fast 50 winners are selected based on the percentage of revenue growth from 1999 through 2003. To qualify, companies must meet the following criteria: be a technology company that owns proprietary technology that contributes to a significant portion of the company's operating revenues (e.g., using other companies' technology in a unique way does not qualify) or devotes a high percentage of effort to research and development of technology; be in business a minimum of five years, with 1999 revenues of at least $50,000 and 2003 revenues of at least $1,000,000; and be a public or private company headquartered in New Jersey.
Winners of the 19 regional Technology Fast 50 programs in the United States and Canada are automatically entered in the Deloitte Technology Fast 500 program, which ranks North America's top 500 fastest growing technology companies. For more information on the Fast 50 or Fast 500 programs, visit www.fast500.com.
About Universal Display Corporation
Universal Display Corporation is a world leader in developing and commercializing innovative OLED technologies and materials for use in the electronic flat panel display and other markets. Universal Display is working with a network of world-class organizations including Princeton University, the University of Southern California, Tohoku Pioneer Corporation, DuPont Displays, Inc., Sony Corporation, Samsung SDI Co., Toyota Industries Corporation, AU Optronics Corporation, PPG Industries, Inc. and AIXTRON AG. Universal Display currently has rights in approximately 600 issued and pending patents worldwide.
Universal Display is located in the Princeton Crossroads Corporate Center in Ewing, New Jersey, minutes away from its research partner at Princeton University. Universal Display's 21,000 sq. ft. state-of-the-art facility is designed to further technology development, technology transfer to manufacturing partners and work with customers to develop products to meet their needs for flat panel displays. Visit Universal Display Corporation on the Web at http://www.universaldisplay.com.
About Deloitte
Deloitte, one of the nation's leading professional services firms, provides audit, tax, financial advisory services and consulting through nearly 30,000 people in more than 80 U.S. cities. Known as an employer of choice for innovative human resources programs, the firm is dedicated to helping its clients and its people excel. "Deloitte" refers to the associated partnerships of Deloitte & Touche USA LLP (Deloitte & Touche LLP and Deloitte Consulting LLP) and subsidiaries. Deloitte is the US member firm of Deloitte Touche Tohmatsu. For more information, please visit Deloitte's web site at www.deloitte.com/us.
Deloitte Touche Tohmatsu is an organization of member firms devoted to excellence in providing professional services and advice. We are focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of 120,000 people worldwide, our member firms, including their affiliates, deliver services in four professional areas: audit, tax, financial advisory services and consulting. Our member firms serve more than one-half of the world's largest companies, as well as large national enterprises, public institutions, locally important clients, and successful, fast-growing global growth companies.
Deloitte Touche Tohmatsu is a Swiss Verein (association), and, as such, neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other's acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names "Deloitte", "Deloitte & Touche", "Deloitte Touche Tohmatsu" or other related names. The services described herein are provided by the member firms and not by the Deloitte Touche Tohmatsu Verein. For regulatory and other reasons certain member firms do not provide services in all four professional areas listed above.
All statements in this document that are not historical, such as those relating to Universal Display Corporation's technologies and materials and potential applications of or future developments concerning those technologies and materials, are forward-looking 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 'Factors that May Affect Future Results and Financial Condition' in Universal Display Corporation's annual report on Form 10-K for the year ended December 31, 2003. Universal Display Corporation expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this document to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events.
Contacts
Universal Display Corporation, Ewing
Dean Ledger, 800.599.4426
or
Gregory FCA Communications
Investor contact:
Kathy Keyser, 610.642.8253
kathy@gregoryfca.com
or
Media contact:
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