EWING, N.J.--(BUSINESS WIRE)-- Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED^® technology and materials, today held its 2015 Annual Meeting of Shareholders at the Crowne Plaza Philadelphia West in Philadelphia, PA. The Company updated shareholders on its record financial performance, discussed the exciting and expanding breadth of OLED products and prototypes in the display and lighting markets, and recapped its research and development initiatives to further strengthen UDC’s leadership as a key enabler in the OLED ecosystem.

“2014 and the beginning of 2015 were extraordinary times for Universal Display Corporation. We solidified new and expanded customer agreements with world class companies, including BOE Technology Group, Kaneka Corporation, LG Display, OLEDWorks, Philips and Sumitomo Chemical. We also introduced new materials and broadened our global intellectual property framework to over 3,500 issued and pending patents,” said Steven V. Abramson , Universal Display's President and Chief Executive Officer. “Our financial performance was also strong: we achieved record revenues, operating profit and earnings. OLEDs continue to propel the ever-widening applications and form factor possibilities of display and lighting technologies. Proofs of concept and market ready products in categories including smartphones, tablets, TVs and wearables inspire and capture the attention of inventors, designers, OEMs, consumers and adopters alike, creating strong demand and a growing marketplace for our materials, technologies and expertise.”

During the meeting, Mr. Abramson highlighted that Universal Display continued to demonstrate financial strength, including a 30% increase in revenue growth to $191.0 million, a 53% increase in operating income to $58.6 million and a 29% increase in earnings to $41.9 million, or $0.90 per diluted share, all comparing 2014 to 2013. Mr. Abramson also noted several industry recognitions for Universal Display such as inclusion on Deloitte’s Technology Fast 500™ for the tenth year, Fortune Magazine’s 100 Fastest-Growing Public Companies, and the prestigious Society for Information Display (SID) Display Component of the Year Gold Award.

Focusing on the path ahead, Mr. Abramson shared his perspective on Universal Display's long-term outlook. “We are energized by the great opportunities that lie ahead as the OLED industry continues to gain traction and show great growth potential. Our talented multidisciplinary team is hard at work on the next phases of growth,” said Mr. Abramson. “We remain highly focused on building our technology leadership, growing the company and creating value for our shareholders. The sky’s the limit for our company and the OLED industry.”

The audio portion of the presentation was simultaneously broadcasted over the Internet. An online archive of the webcast will be available on the "events" portion of Universal Display's web site at www.udcoled.com for 90 days.

To see how Universal Display is changing the face of the display and lighting industries with its UniversalPHOLED, white OLED, and flexible OLED technologies, please visit the company’s website at http://www.udcoled.com.

About Universal Display Corporation

Universal Display Corporation (Nasdaq: 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 3,500 issued and pending patents worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED^® phosphorescent OLED technology, that can enable the development of low power and eco-friendly displays and 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.

Based in Ewing, New Jersey, with international offices in Ireland, South Korea, Hong Kong, Japan and Taiwan, 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., Innolux Corporation, Kaneka Corporation, Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Lumiotec, Inc., OLEDWorks LLC, Philips Technologie GmbH, Pioneer Corporation, Samsung Display Co., Ltd., Sony Corporation, Sumitomo Chemical Company, Ltd. and Tohoku Pioneer Corporation. To learn more about Universal Display, please visit http://www.udcoled.com.

Universal Display Corporation and the Universal Display 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 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, 2014. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

(OLED-C)

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Source: Universal Display Corporation