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11/4/2021 Universal Display Corporation Announces Third 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 third quarter ended September 30 , 2021 . " We are pleased to report solid third quarter results , including record revenue of $ 143.6 million , " said Sidney D. Rosenblatt , Executive Vice President and Chief Financial Officer of Universal Display . " As we look at the second half of the year , we see that the pandemic and component shortages are causing significant disruptions in the global supply chain . While these ongoing uncertainties are impacting the consumer electronics ecosystem , we are reaffirming our revenue guidance range of $ 530 million to $ 560 million . On the partnership front , we are pleased to announce that we extended our long - term material and license agreements with leading Chinese panel maker Tianma . We are delighted to continue our strong partnership with Tianma , which is advancing its OLED presence and expanding its product portfolio . We are also gratified to share that The Forum of Executive Women has recognized Universal Display Corporation as a Champion of Board Diversity for the second year . This is indicative of our steadfast commitment to cultivating and nurturing a global culture that celebrates innovation , collaboration , diversity and inclusion . " Rosenblatt continued , " As we look to the OLED industry , we believe that we are still in the early innings of a long - term secular growth market . As the next wave of OLED adoption for medium - and - large - area applications takes shape , we are fortifying our position as an OLED leader and innovator on multiple fronts . We are leveraging our 25 - plus years of pioneering research , know - how and experience into new OLED materials and technologies . We are also expanding our global footprint , building our infrastructure that is designed to drive an effective cost structure and targeting new opportunities , including phosphorescent blue and OVJP ( organic vapor jet printing ) . We believe that these strategic initiatives will enable us to continue providing our customers with best - in - class solutions , while keeping UDC at the forefront of the growing OLED industry . " Financial Highlights for the Third Quarter of 2021 Total revenue in the third quarter of 2021 was $ 143.6 million as compared to $ 117.1 million in the third quarter of 2020. The increase in revenue was due to higher royalty and license fees , as well as higher material sales primarily due to stronger demand in the OLED display market . Revenue from material sales was $ 75.6 million in the third quarter of 2021 as compared to $ 68.7 million in the third quarter of 2020 . Revenue from royalty and license fees was $ 63.9 million in the third quarter of 2021 as compared to $ 44.6 million in the third quarter of 2020 . Cost of material sales was $ 28.9 million in the third quarter of 2021 as compared to $ 20.8 million in the third quarter of 2020. Included in the cost of material sales was an inventory reserve charge of $ 1.0 million in the third quarter of 2021 as compared to a charge of $ 198,000 in the third quarter of 2020 . • Operating income was $ 57.7 million in the third quarter of 2021 as compared to operating income of $ 48.4 million in the third quarter of 2020 . ● UNIVERSAL DISPLAY CORPORATION ● ● ● Net income was $ 46.1 million or $ 0.97 per diluted share in the third quarter of 2021 as compared to $ 40.5 million or $ 0.85 per diluted share in the third quarter of 2020 . Revenue Comparison 1