Pennsylvania
(State or Other
Jurisdiction of
Incorporation)
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1-12031
(Commission File
Number)
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23-2372688
(I.R.S. Employer
Identification No.)
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375 Phillips Boulevard
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Ewing, NJ
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08618
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(Address of Principal Executive Offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit Number
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Exhibit Title
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99
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Press Release by the Registrant, dated May 9, 2012, furnished in accordance with Item 2.02 of this Current Report on Form 8-K.
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UNIVERSAL DISPLAY CORPORATION
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|
By:
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/s/ Sidney D. Rosenblatt |
Sidney D. Rosenblatt
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Executive Vice President, Chief Financial
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Officer, Treasurer and Secretary
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Exhibit Number
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Exhibit Title
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99
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Press Release by the Registrant, dated May 9, 2012, furnished in accordance with Item 2.02 of this Current Report on Form 8-K.
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Investor Relations:
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Media Contact:
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Joe Hassett
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Matt McLoughlin
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Gregory FCA
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Gregory FCA
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joeh@gregoryfca.com
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matt@gregoryfca.com
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610-228-2110
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610-228-2123
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March 31,
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December 31,
|
|||||||
2012
|
2011
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 144,246 | $ | 111,795 | ||||
Short-term investments
|
194,331 | 234,294 | ||||||
Accounts receivable
|
8,708 | 10,727 | ||||||
Inventory
|
5,574 | 3,843 | ||||||
Other current assets
|
2,472 | 1,645 | ||||||
Total current assets
|
355,331 | 362,304 | ||||||
PROPERTY AND EQUIPMENT, net of accumulated depreciation of
|
||||||||
$19,154 and $18,735
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12,268 | 10,884 | ||||||
ACQUIRED TECHNOLOGY, net of accumulated amortization of
|
||||||||
$17,014 and $17,000
|
376 | 391 | ||||||
INVESTMENTS
|
971 | — | ||||||
OTHER ASSETS
|
284 | 299 | ||||||
TOTAL ASSETS
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$ | 369,230 | $ | 373,878 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
$ | 4,600 | $ | 4,776 | ||||
Accrued expenses
|
6,506 | 9,020 | ||||||
Deferred revenue
|
5,897 | 5,534 | ||||||
Other current liabilities
|
284 | 187 | ||||||
Total current liabilities
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17,287 | 19,517 | ||||||
DEFERRED REVENUE
|
3,636 | 3,874 | ||||||
RETIREMENT PLAN BENEFIT LIABILITY
|
8,401 | 8,260 | ||||||
Total liabilities
|
29,324 | 31,651 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 11)
|
||||||||
SHAREHOLDERS’ EQUITY:
|
||||||||
Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 shares of Series A Nonconvertible Preferred Stock issued and outstanding (liquidation value of $7.50 per share or $1,500,000)
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2 | 2 | ||||||
Common Stock, par value $0.01 per share, 100,000,000 shares authorized, 46,336,765 and 46,113,296 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively
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463 | 461 | ||||||
Additional paid-in capital
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560,346 | 561,492 | ||||||
Accumulated deficit
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(215,092 | ) | (213,871 | ) | ||||
Accumulated other comprehensive loss
|
(5,813 | ) | (5,857 | ) | ||||
Total shareholders’ equity
|
339,906 | 342,227 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
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$ | 369,230 | $ | 373,878 | ||||
Three Months Ended March 31,
|
||||||||
2012
|
2011
|
|||||||
REVENUE:
|
||||||||
Material sales
|
$ | 10,529 | $ | 4,537 | ||||
Royalty and license fees
|
422 | 2,669 | ||||||
Technology development and support revenue
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1,669 | 2,395 | ||||||
Total revenue
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12,620 | 9,601 | ||||||
OPERATING EXPENSES:
|
||||||||
Cost of material sales
|
1,088 | 103 | ||||||
Research and development
|
6,661 | 6,555 | ||||||
Selling, general and administrative
|
4,311 | 3,872 | ||||||
Patent costs
|
1,868 | 1,613 | ||||||
Royalty and license expense
|
250 | 202 | ||||||
Total operating expenses
|
14,178 | 12,345 | ||||||
Operating loss
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(1,558 | ) | (2,744 | ) | ||||
INTEREST INCOME
|
357 | 96 | ||||||
INTEREST EXPENSE
|
(20 | ) | (10 | ) | ||||
LOSS ON STOCK WARRANT LIABILITY
|
— | (8,926 | ) | |||||
LOSS BEFORE INCOME TAX EXPENSE
|
(1,221 | ) | (11,584 | ) | ||||
INCOME TAX EXPENSE
|
— | (297 | ) | |||||
NET LOSS
|
(1,221 | ) | (11,881 | ) | ||||
NET LOSS PER COMMON SHARE:
|
||||||||
BASIC
|
$ | (0.03 | ) | $ | (0.31 | ) | ||
DILUTED
|
$ | (0.03 | ) | $ | (0.31 | ) | ||
WEIGHTED AVERAGE SHARES USED IN COMPUTING
NET LOSS PER COMMON SHARE:
|
||||||||
BASIC
|
45,749,072 | 38,895,999 | ||||||
DILUTED
|
45,749,072 | 38,895,999 | ||||||
Three Months Ended March 31,
|
||||||||
2012
|
2011
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$ | (1,221 | ) | $ | (11,881 | ) | ||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
|
||||||||
Amortization of deferred revenue
|
(917 | ) | (705 | ) | ||||
Depreciation
|
418 | 372 | ||||||
Amortization of intangibles
|
15 | 5 | ||||||
Amortization of premium and discount on investments, net
|
(238 | ) | (64 | ) | ||||
Stock-based employee compensation
|
800 | 1,039 | ||||||
Non-cash expense under a materials agreement
|
— | 9 | ||||||
Stock-based compensation to Board of Directors and Scientific Advisory Board
|
213 | 529 | ||||||
Loss on stock warrant liability
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— | 8,926 | ||||||
Retirement plan benefit expense
|
388 | 382 | ||||||
Decrease (increase) in assets:
|
||||||||
Accounts receivable
|
2,019 | 1,263 | ||||||
Inventory
|
(1,731 | ) | (89 | ) | ||||
Other current assets
|
(827 | ) | 394 | |||||
Other assets
|
15 | (116 | ) | |||||
(Decrease) increase in liabilities:
|
||||||||
Accounts payable and accrued expenses
|
(1,987 | ) | 253 | |||||
Other current liabilities
|
(1 | ) | — | |||||
Deferred revenue
|
1,042 | 1,300 | ||||||
Net cash (used in) provided by operating activities
|
(2,012 | ) | 1,617 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of property and equipment
|
(1,802 | ) | (475 | ) | ||||
Purchase of intangibles
|
— | (440 | ) | |||||
Purchase of investments
|
(139,512 | ) | (37,346 | ) | ||||
Proceeds from sale of investments
|
178,638 | 23,396 | ||||||
Net cash provided by (used in) investing activities
|
37,324 | (14,865 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from the issuance of common stock
|
71 | 249,803 | ||||||
Proceeds from the exercise of common stock options and warrants
|
541 | 5,120 | ||||||
Payment of withholding taxes related to stock-based employee compensation
|
(3,473 | ) | (3,938 | ) | ||||
Net cash (used in) provided by financing activities
|
(2,861 | ) | 250,985 | |||||
INCREASE IN CASH AND CASH EQUIVALENTS
|
32,451 | 237,737 | ||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
111,795 | 20,369 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$ | 144,246 | $ | 258,106 |
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