LED Technologies company Universal Display Corp. (PANL) tumbled more than 30 percent in extended trade Wednesday after the company reported a loss for the third quarter and lowered its revenue outlook for fiscal 2012.
Material sales for the third quarter declined 29 percent from last year to $10.98 million, reflecting lower volumes of green emitter and host materials. The company noted that the anticipated ramp up of phosphorescent green materials did not occur in the quarter.
Royalty and license fees plunged 91 percent from the year-ago period to $396 thousand. The prior-year quarter's revenues included a partial license payment from Samsung Display Co. or SDC, as the SDC agreement was signed last August, whereas there were no similar revenues in the latest quarter.
Under a licensing deal with Universal Display, SDC is obligated to make payments of $15 million to the company in each of the second and fourth quarters of this year.
Technology development and support revenue declined 38 percent from the year-ago period to $1.12 million.
Universal Display's third-quarter net loss was $5.47 million or $0.12 per share, compared to net income of $5.99 million or $0.12 per share in the year-ago period.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.05 per share for the quarter.
Revenues for the quarter declined 43 percent from the year-ago period to $12.50 million from $21.78 million in the same period last year and missed analysts' consensus estimate of $18.87 million.
Looking ahead to the fiscal year 2012, Universal Display lowered its revenue outlook to a range of $80 million to $82 million from the prior range of $90 million to $110 million. Analysts currently expect the company to report revenues of $99.79 million.
PANL closed Wednesday's regular trading at $28.18, down $3.89 or 12.13 percent on a volume of 3.01 million shares. In after-hours, the sock declined $8.48 or 30.09 percent to $19.70.
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