Organic light emitting diode maker Universal Display Corp. (PANL), Monday reported a narrower fourth quarter loss, as revenue increased overall, with improvement in both commercial and developmental revenues and on lower expenses.
Quarterly net loss of Ewing, New Jersey-based Universal Display narrowed to $3.85 million or $0.10 per share from $4.44 million or $0.12 per share in the same quarter a year ago.
On average, six analysts polled by Thomson Reuters expected a loss of $0.14 per share for the quarter. Analysts' estimate typically excludes one-time items.
Revenue increased to $4.85 million from $3.59 million in the year-ago quarter, beating Street estimates of $3.64 million.
Commercial revenue rose to $1.89 million from $1.36 million and development revenue rose to $2.96 million from $2.23 million in the prior-year quarter.
Total operating expenses decreased to $9.02 million from $9.38 million in the same quarter last year. Operating loss was $4.17 million, compared to operating loss of $5.79 million in the year-earlier quarter.
For full year 2009, net loss widened to $20.51 million or $0.56 per share from $19.14 million or $0.53 per share a year ago. Total revenue jumped to $15.79 million from $11.18 million in the prior year. Street analysts expected a loss of $0.59 per share on revenues of $14.58 million for the year.
PANL closed Monday's regular trading at $11.17, down $0.50 or 4.28%, on a volume of 0.32 million shares. In after-hours, the stock gained $0.71 or 6.36%, to trade at $11.88.
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