Page 1

5/6/2021 Universal Display Corporation Announces First Quarter 2021 Financial Results EWING , N.J .-- ( BUSINESS WIRE ) -- Universal 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 , 2021 . " As OLED momentum continues across the consumer electronics market , we are advancing our robust OLED materials and technology leadership , " said Sidney D. Rosenblatt , Executive Vice President and Chief Financial Officer of Universal Display . " Since our last earnings call , we announced new extended OLED Technology License and Material Purchase Agreements with LG Display and Visionox . We also announced that along with PPG , we are jointly establishing a new manufacturing site in Shannon , Ireland , for the production of our highly efficient , high - performing UniversalPHOLED materials . Additionally , Universal Display Corporation was named to Financial Times ' The Americas ' Fastest - Growing Companies 2021 list . " UNIVERSAL DISPLAY CORPORATION Rosenblatt continued , " Last month , we celebrated our twenty - fifth year as a Nasdaq - listed company by virtually ringing the opening bell . It was an incredible milestone that we shared with our employees , customers , partners , and all of our stakeholders . Since our inception , Universal Display Corporation has stood for ' Vision , Innovation and Reality ' and we have invested approximately $ 700 million in research and development to advance our company from a start - up to a leading player in the global OLED ecosystem . We continue to broaden and deepen the breadth of our first - mover advantage to further enable our customers and the OLED industry . " Financial Highlights for the First Quarter of 2021 Total revenue in the first quarter of 2021 was $ 134.0 million as compared to $ 112.3 million in the first quarter of 2020 . ● ● ● Revenue from material sales was $ 79.8 million in the first quarter of 2021 as compared to $ 66.6 million in the first quarter of 2020 . Revenue from royalty and license fees was $ 50.9 million in the first quarter of 2021 as compared to $ 43.1 million in the first quarter of 2020 . Cost of materials was $ 21.0 million in the first quarter of 2021 as compared to $ 20.2 million in the first quarter of 2020 . Operating income was $ 63.6 million in the first quarter of 2021 as compared to $ 44.5 million in the first quarter of 2020 . • Net income was $ 51.7 million or $ 1.08 per diluted share in the first quarter of 2021 as compared to $ 38.2 million or $ 0.80 per diluted share in the first quarter of 2020 . Revenue Comparison ( $ in thousands ) Material sales Royalty and license fees Contract research services Three Months Ended March 31 , 2021 79,808 $ 50,886 3,306 2020 66,575 43,078 2,624 1