Company Attributes Revenue Growth to Broader Adoption of Its PHOLED Technology and the Introduction of Commercial OLED Products into the Marketplace
October 24, 2007 04:56 PM Eastern Daylight Time
EWING, N.J.--(BUSINESS WIRE)--Universal Display Corporation, (NASDAQ:PANL), a major force behind today’s
evolving displays and lighting with its PHOLED™
phosphorescent OLED technology, today announced that it ranked 376th
on Deloitte’s 2007 Technology Fast 500, a
ranking of the 500 fastest growing technology, media, telecommunications
and life sciences companies in the United States. Rankings are based on
percentage of fiscal year revenue growth over five years, from 2002–2006.
Universal Display’s revenues grew 380 percent
during this period. Universal Display credits this growth to increased
commercialization of OLED products and a greater reliance on the Company’s
small molecule PHOLED technology.
“Deloitte’s
Technology Fast 500 recognizes technology companies who have achieved
extraordinary growth in North America’s most
innovative and competitive sectors”
“New Jersey’s
technology corridor has an abundance of successful companies, and we are
proud to represent the growth and innovation in the region,”
said Steven V. Abramson, President and Chief Operating Officer of
Universal Display. “Being named one of the
fastest growing companies in New Jersey and the United States is another
indication that our PHOLED technology is building a strong presence in
the market.”
The Fast 500 ranks the fastest growing technology, media,
telecommunications and life sciences companies in North America. It is
compiled from Deloitte’s 16 regional North
American Fast 50 programs, nominations submitted directly to the Fast
500, and public company database research. Companies are selected based
on percentage revenue growth from 2002 to 2006.
“Deloitte’s
Technology Fast 500 recognizes technology companies who have achieved
extraordinary growth in North America’s most
innovative and competitive sectors,” said
Phil Asmundson, Vice Chairman, U.S. Technology, Media and
Telecommunications, Deloitte & Touche USA LLP. “We
congratulate Universal Display on this significant accomplishment.”
In addition to ranking on Deloitte’s
Technology Fast 500, Universal Display ranked 37th
on the Technology Fast 50, which is a ranking of the 50 fastest growing
technology firms in the Northeast region of the United States.
Entrants must own proprietary intellectual property or proprietary
technology that contributes to a significant portion of the company’s
operating revenues or devote a significant proportion of revenues to
research and development of technology. Using other companies’
technology or intellectual property in a unique way does not qualify.
Base-year operating revenues must be at least $50,000 USD or $75,000 CD,
and current-year operating revenues must be at least $5 million USD or
CD. Companies must be in business a minimum of five years, and they must
be headquartered within North America.
About Universal Display Corporation
Universal Display Corporation is a world leader in developing and
commercializing innovative OLED technologies and materials for use in
flat panel displays, solid-state lighting products, electronic
communications and other opto-electronic devices. Universal Display is
working with a network of world-class organizations, including Princeton
University, the University of Southern California, the University of
Michigan, and PPG Industries, Inc. Universal Display has also
established numerous commercial relationships with companies such as Chi
Mei EL Corporation, DuPont Displays, Inc., Konica Minolta Technology
Center, Inc., LG.Philips LCD Co., Ltd., Samsung SDI Co., Seiko Epson
Corporation, Sony Corporation, Tohoku Pioneer Corporation and Toyota
Industries Corporation. Universal Display currently owns or has
exclusive, co-exclusive or sole license rights with respect to more than
800 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
state-of-the-art facility is designed to further technology and
materials development, technology transfer to manufacturing partners and
work with customers to develop OLED products that meet their needs.
Visit Universal Display on the Web at www.universaldisplay.com.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss
Verein, its member firms, and their respective subsidiaries and
affiliates. Deloitte Touche Tohmatsu is an organization of member firms
around the world devoted to excellence in providing professional
services and advice, focused on client service through a global strategy
executed locally in nearly 140 countries. With access to the deep
intellectual capital of approximately 150,000 people worldwide, Deloitte
delivers services in four professional areas—audit,
tax, consulting, and financial advisory services—and
serves more than 80 percent of the world’s
largest companies, as well as large national enterprises, public
institutions, locally important clients, and successful, fast-growing
global companies. Services are not provided by the Deloitte Touche
Tohmatsu Verein, and, for regulatory and other reasons, certain member
firms do not provide services in all four professional areas.
As a Swiss Verein (association), 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.
In the United States, Deloitte & Touche USA LLP is the U.S. member firm
of Deloitte Touche Tohmatsu and services are provided by the
subsidiaries of Deloitte & Touche USA LLP (Deloitte & Touche LLP,
Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP,
Deloitte Tax LLP, and their subsidiaries), and not by Deloitte & Touche
USA LLP. The subsidiaries of the U.S. member firm are among the nation’s
leading professional services firms, providing audit, tax, consulting,
and financial advisory services through nearly 40,000 people in more
than 90 cities. Known as employers of choice for innovative human
resources programs, they are dedicated to helping their clients and
their people excel. For more information, please visit the U.S. member
firm’s Web site at www.deloitte.com.
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, 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 “Risk
Factors” in Universal Display Corporation’s
annual report on Form 10-K for the year ended December 31, 2006.
Universal Display Corporation disclaims any obligation to update any
forward-looking statement contained in this document.
Contacts
Universal Display Corporation
Dean Ledger, 800-599-4426
or
Gregory
FCA Communications
Investor contact:
Paul Johnson,
610-642-8253 (x115)
paul@gregoryfca.com
or
Media
contact:
Matt McLoughlin, 610-642-8253 (x129)
matt@gregoryfca.com