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In a release on August 10, the company reported that for the second quarter of 2009, the Company reported a net loss of $6,415,178 or $(0.18) per diluted share, versus a net loss of $5,205,790, or $(0.15) per diluted share, for the second quarter of 2008. The increase in net loss was primarily due to an increase in operating expenses and a decrease in interest income. The operating loss for the second quarter of 2009 was $6,310,763, compared to an operating loss of $5,929,945 for the second quarter of 2008. For the six months ended June 30, net loss totaled $11,984,777, or $(0.33) per diluted share, versus a net loss of $9,399,175, or $(0.26) per diluted share, for the same period in 2008. The operating loss for the six months ended June 30, was $12,304,361, compared to an operating loss of $11,036,857 for the same period in 2008.
Universal noted that revenues for the second quarter of 2009 were $2,956,354, compared to $2,145,598 for the second quarter of 2008. Commercial revenue, which includes commercial chemical revenue, license and royalty revenues, and commercialization assistance revenue, was $1,239,056 for the quarter, compared to $1,395,487 for the second quarter of 2008. Developmental revenue, which includes development chemical revenue, contract research revenue, and technology development revenue, was $1,717,298 for the quarter, compared to $750,111 for the second quarter of 2008.
For the six months ended June 30, the Company reported revenues of $5,790,212, compared to $4,862,417 for the same period in 2008. Commercial revenue for the first six months of 2009 totaled $2,608,193, compared to $2,950,552 for the same period in 2008. Developmental revenue for the first six months of 2009 totaled $3,182,019, compared to $1,911,865 for the same period in 2008.
"We are pleased with the continued growth in our revenues as the global economic environment begins to show signs of recovery," said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. "Our partners continue to highlight AMOLED displays as an area of growth for their own companies, and we expect their production to increase as financial conditions improve. As this trend continues, we will continue with research and development of new and innovative applications for our OLED technologies and materials, including white lighting and flexible displays, and position ourselves for increased investment and interest as the OLED marketplace expands."
Operating expenses were $9,267,117 for the second quarter of 2009, compared to $8,075,543 for the second quarter of 2008. Operating expenses for the quarter were consistent with expectations.
Cash used in operating activities was $8,798,154 for the six months ended June 30, compared to $5,528,958 for the same period in 2008. The increase in cash used in operating activities was due mainly to an increased loss for the six months ended June 30, as compared to the same period in 2008.
Universal Display Corp. is involved in developing and commercializing OLED technologies and materials for use in flat panel displays, solid-state lighting products, electronic communications and other opto-electronic devices.
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