LED technologies company Universal Display Corp. (PANL) reported Thursday a loss for the first quarter that widened from last year, reflecting higher operating expenses. Loss per share matched analysts' expectations, while quarterly revenues topped their estimates. The company also reaffirmed revenue guidance for the full-year 2013.
"Strong demand for our proprietary PHOLED material is an encouraging indication that manufacturers of products from handheld displays to televisions and lighting are showing strong interest in our materials and technology. Commercial production level of green material shipments this quarter represents another inflection point in our growth," CFO Sidney Rosenblatt said in a statement.
The Ewing, New Jersey-based company reported a net loss of $4.76 million or $0.10 per share for the first quarter, wider than $1.22 million or $0.03 per share in the prior-year quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to report a loss of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter grew 19 percent to $14.98 million from $12.62 million in the same quarter last year, and topped ten Wall Street analysts' consensus estimate of $14.38 million.
Material sales increased 21 percent to $12.8 million from $10.6 million in the year-ago quarter, with commercial material revenues surging 40 percent as the company began shipping production quantities of both green emitter and host materials.
Royalty and license fees nearly tripled to $1.34 million from $422,000 , primarily due to increased material sales to certain customers, for which a portion of total consideration is allocated to license fees.
Meanwhile, the company noted that No revenue was recognized under the Samsung Display Corp. or SDC, and formerly Samsung Mobile Display licensing agreement in the quarter.
Operating expenses for the quarter surged 56 percent to $22.1 million from $14.2 million last year.
"With two different color materials shipping at production volumes, we now have more than twice as much content in commercial products than at any previous point in the company's history. As we build our organization to capitalize on this emerging market, we believe we can achieve attractive gross margins and leverage our fixed infrastructure to create excellent returns for shareholders," Rosenblatt added.
Looking ahead to fiscal 2013, the company continues to expect revenues in the range of $110 million to $125 million. Street is currently looking for full-year 2013 revenues of $119.57 million.
PANL closed Thursday's regular trading session at $33.35, up $0.27 or 0.82% on a volume of 1.19 million shares. However, the stock gained $0.65 or 2.95% in after-hours trading.
For comments and feedback: editorial@rttnews.com