Universal Display Corp. (PANL) reported net income for the fourth quarter of $5.4 million or $0.12 per share, compared to $5.7 million or $0.12 per share for the year-ago quarter.
The year-ago quarter net income reflects a net tax benefit of about $2.7 million as a result of the sale of state-related net operating losses and tax credits, whereas there were no similar benefits in the fourth quarter of 2012.
Operating income for the quarter more than doubled to $8.4 million from $3.6 million last year.
Fourth quarter revenues increased 51% to $28.1 million from $18.7 million a year ago.
Analysts polled by Thomson Reuters expected the company to earn $0.13 per share on revenue of $26.44 million for the fourth quarter.
Looking forward, the company forecast revenues of $110 million to $125 million for fiscal 2013. Analyst currently expect the company to post revenue of $122.51 million for the fiscal year 2013.
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