Exhibit 99.1

                                                       Press Release

Universal Display Contact:

Darice Liu

investor@oled.com

media@oled.com

+1 609-964-5123

Universal Display Corporation Announces Third Quarter 2019 Financial Results

EWING, N.J. – October 30, 2019 – Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED^® technology and materials, today reported financial results for the third quarter ended September 30, 2019.

“We are pleased to report another quarter of solid results,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “During the quarter, OLED activity continued to gain strength on a global scale. As a result, we are raising our 2019 revenue guidance and believe that we are well on track to deliver record revenues and earnings for the year, and expect this strength to continue into 2020.”

Rosenblatt continued, “We believe that the proliferation of OLEDs across the consumer electronics spectrum is fueling a tremendous multi-year capex cycle. As panel makers continue to shift more of their focus to OLEDs as the future of displays, we are seeing a corresponding increase in OLED investment momentum. Based on our current forecasts and industry data, we believe market growth will continue and estimate that the installed capacity base of OLEDs at the end of 2021, as measured in square meters, will increase by approximately 50% over the installed capacity base at the end of 2019.”

Financial Highlights for the Third Quarter of 2019

Effective January 1, 2018, we adopted ASC Topic 606 using the “modified retrospective” approach, meaning the standard was applied only to the financial results commencing with the first quarter of 2018 with a cumulative adjustment to retained earnings. Under this transition method, we applied the standard only to contracts that were not complete at the initial adoption date. Material sales and cost of material sales referenced below relate solely to OLED activity and exclude activity from contract research services.

• Total revenue in the third quarter of 2019 was $97.5 million as compared to $77.6 million in the third quarter of 2018. On the basis of ASC Topic 605 (the applicable accounting standard prior to the adoption of ASC Topic 606), total revenue in the third quarter of 2019 would have been $97.7 million, compared to $91.6 million in the third quarter of 2018. Under ASC Topic 606, license fee revenue is recognized on a per gram sales basis, whereas under ASC Topic 605, revenue was recognized for license payments upon receipt or on a straight-line basis over the term of the contract. As we disclosed in last quarter’s earnings release, we believe that during the second quarter of 2019, certain of our customers located in China accelerated emitter purchases to mitigate the impact from potential U.S. and China trade-related issues. We estimated that these pre-purchases increased revenue by $15 million to $20 million in the second quarter, pulled in from the second half of 2019.  

• Revenue from material sales was $51.8 million in the third quarter of 2019 as compared to $51.2 million in the third quarter of 2018. On an ASC Topic 605 basis, revenue from material sales in the third quarter of 2019 would have been $58.3 million, compared to $51.7 million in the third quarter of 2018.

• Revenue from royalty and license fees was $43.0 million in the third quarter of 2019 as compared to $23.3 million in the third quarter of 2018. On an ASC Topic 605 basis, revenue from royalty and license fees in the third quarter of 2019 would have been $36.7 million as compared to $37.0 million in the third quarter of 2018.

• Cost of materials was $15.2 million in the third quarter of 2019, compared to $13.8 million in the third quarter of 2018.

• Operating income was $40.8 million in the third quarter of 2019 compared to $26.0 million in the third quarter of 2018. On an ASC Topic 605 basis, operating income in the third quarter of 2019 would have been $41.0 million, compared to $40.1 million in the third quarter of 2018.

• Net income was $37.0 million or $0.78 per diluted share in the third quarter of 2019 compared to $22.8 million or $0.48 per diluted share in the third quarter of 2018. On an ASC Topic 605 basis, net income in the third quarter of 2019 would have been $37.1 million or $0.78 per diluted share, compared to $34.2 million or $0.72 per diluted share in the third quarter of 2018.

Revenue Comparison

(in thousands)	Three Months Ended September 30,
	2019		2018
Material sales	$	51,837	$	51,242
Royalty and license fees		43,015		23,325
Contract research services		2,663		2,983
Total revenue	$	97,515	$	77,550

Cost of Materials Comparison

(in thousands)	Three Months Ended September 30,
	2019		2018
Material sales	$	51,837	$	51,242
Cost of material sales		15,245		13,808
Gross margin on material sales		36,592		37,434
Gross margin as a % of material sales		71%		73%

Topic 606 versus 605 Adjusted Results For the three months ended September 30, 2019 (in thousands)	As reported		Adjustment		Balances without adoption of Topic 606
Revenue	$	97,515	$	183	$	97,698
Gross margin		80,229		183		80,412
Operating income		40,830		183		41,013
Net income		36,962		144		37,106
Diluted earnings per share	$	0.78	$	-	$	0.78
For the three months ended September 30, 2018 (in thousands)	As reported		Adjustment		Balances without adoption of Topic 606
Revenue	$	77,550	$	14,054	$	91,604
Gross margin		61,427		14,054		75,481
Operating income		26,032		14,054		40,086
Net income		22,818		11,384		34,202
Diluted earnings per share	$	0.48	$	0.24	$	0.72

Financial Highlights for the First Nine Months of 2019

• Total revenue in the first nine months of 2019 was $303.4 million as compared to $177.3 million in the first nine months of 2018. On the basis of ASC Topic 605 (the applicable accounting standard prior to the adoption of ASC Topic 606), total revenue in the first nine months of 2019 would have been $319.1 million, compared to $233.4 million in the first nine months of 2018. Under ASC Topic 606, license fee revenue is recognized on a per gram sales basis, whereas under ASC Topic 605, revenue was recognized for license payments upon receipt or on a straight-line basis over the term of the contract. As we disclosed in last quarter’s earnings release, we believe that during the second quarter of 2019, certain of our customers located in China accelerated emitter purchases to mitigate the impact from potential U.S. and China trade-related issues. We estimated that these pre-purchases increased revenue by $15 million to $20 million in the second quarter, pulled in from the second half of 2019.  

• Revenue from material sales was $182.7 million in the first nine months of 2019 as compared to $113.3 million in the first nine months of 2018. On an ASC Topic 605 basis, revenue from material sales in the first nine months of 2019 would have been $193.9 million, compared to $116.3 million in the first nine months of 2018.

• Revenue from royalty and license fees was $112.2 million in the first nine months of 2019 as compared to $54.8 million in the first nine months of 2018. On an ASC Topic 605 basis, revenue from royalty and license fees in the first nine months of 2019 would have been $116.6 million as compared to $108.0 million in the first nine months of 2018.

• Cost of materials was $50.2 million in the first nine months of 2019, compared to $28.8 million in the first nine months of 2018. Included in the cost of materials was an inventory reserve charge of $4.2 million in the first nine months of 2019, compared to $1.0 million in the first nine months of 2018.

• Operating income was $123.9 million in the first nine months of 2019, compared to $41.5 million in the first nine months of 2018. On an ASC Topic 605 basis, operating income in the first nine months of 2019 would have been $139.5 million, compared to $97.6 million in the first nine months of 2018.

• Net income was $111.9 million or $2.36 per diluted share in the first nine months of 2019 compared to $39.6 million or $0.83 per diluted share in the first nine months of 2018. On an ASC Topic 605 basis, net income in the first nine months of 2019 would have been $124.4 million or $2.63 per diluted share, compared to $85.2 million or $1.80 per diluted share in the first nine months of 2018.

Revenue Comparison

(in thousands)	Nine Months Ended September 30,
	2019		2018
Material sales	$	182,661	$	113,325
Royalty and license fees		112,222		54,758
Contract research services		8,565		9,188
Total revenue	$	303,448	$	177,271

Cost of Materials Comparison

(in thousands)	Nine Months Ended September 30,
	2019		2018
Material sales	$	182,661	$	113,325
Cost of material sales		50,201		28,782
Gross margin on material sales		132,460		84,543
Gross margin as a % of material sales		73%		75%

Topic 606 versus 605 Adjusted Results For the nine months ended September 30, 2019 (in thousands)	As reported		Adjustment		Balances without adoption of Topic 606
Revenue	$	303,448	$	15,628	$	319,076
Gross margin		246,276		15,628		261,904
Operating income		123,854		15,628		139,482
Net income		111,876		12,518		124,394
Diluted earnings per share	$	2.36	$	0.27	$	2.63
For the nine months ended September 30, 2018 (in thousands)	As reported		Adjustment		Balances without adoption of Topic 606
Revenue	$	177,271	$	56,177	$	233,448
Gross margin		142,055		56,177		198,232
Operating income		41,462		56,177		97,639
Net income		39,591		45,643		85,234
Diluted earnings per share	$	0.83	$	0.97	$	1.80

2019 Revised Guidance

Although the OLED industry is still at an early state where many variables can have a material impact on its growth, and the Company thus caveats its financial guidance accordingly, the Company now believes that its 2019 revenue will be approximately in the range of $400 million to $410 million. The guidance was prepared utilizing accounting standard ASC Topic 606; under the prior accounting standard ASC Topic 605, the Company estimates that its 2019 revenues would be approximately $435 million to $440 million.

Dividend

The Company also announced a fourth quarter cash dividend of $0.10 per share on the Company’s common stock. The dividend is payable December 31, 2019 to all shareholders of record on December 13, 2019.

Conference Call Information

In conjunction with this release, Universal Display will host a conference call on Wednesday, October 30, 2019 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events page of the Company's Investor Relations website at ir.oled.com. Those wishing to participate in the live call should dial 1-877-524-8416 (toll-free) or 1-412-902-1028. Please dial in 5-10 minutes prior to the scheduled conference call time. An online archive of the webcast will be available within two hours of the conclusion of the call.

About Universal Display Corporation

Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications.  Founded in 1994, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide.  Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of low power and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance.  In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training.

Headquartered in Ewing, New Jersey, with international offices in China, Hong Kong, Ireland, Japan, South Korea and Taiwan, and wholly-owned subsidiary Adesis, Inc. based in New Castle, Delaware, Universal Display works and partners with a network of world-class organizations. To learn more about Universal Display Corporation, please visit https://oled.com/.

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation.  All other company, brand or product names may be trademarks or registered trademarks.

# # #

All statements in this document that are not historical, such as those relating to Universal Display Corporation’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2018. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

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UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and per share data)

	September 30, 2019		December 31, 2018
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	235,541	$	211,022
Short-term investments		361,515		304,323
Accounts receivable		65,774		43,129
Inventory		57,771		70,000
Other current assets		10,415		6,366
Total current assets		731,016		634,840
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $53,900    and $44,943		86,266		69,739
ACQUIRED TECHNOLOGY, net of accumulated amortization of $127,323    and $111,890		95,919		110,951
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $4,420    and $3,384		12,420		13,456
GOODWILL		15,535		15,535
INVESTMENTS		5,000		—
DEFERRED INCOME TAXES		26,437		24,377
OTHER ASSETS		89,957		64,526
TOTAL ASSETS	$	1,062,550	$	933,424
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	9,217	$	10,532
Accrued expenses		35,360		36,057
Deferred revenue		91,188		80,782
Other current liabilities		12,627		5,811
Total current liabilities		148,392		133,182
DEFERRED REVENUE		50,495		41,785
RETIREMENT PLAN BENEFIT LIABILITY		46,007		44,055
OTHER LIABILITIES		31,089		23,896
Total liabilities		275,983		242,918
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)		2		2
Common Stock, par value $0.01 per share, 200,000,000 shares authorized, 48,847,733 and 48,681,524 shares issued, and 47,482,085 and 47,319,887 shares outstanding, at September 30, 2019 and December 31, 2018, respectively		488		487
Additional paid-in capital		614,194		617,334
Retained earnings		227,286		129,552
Accumulated other comprehensive loss		(14,119)		(16,234)
Treasury stock, at cost (1,365,648 and 1,361,637 shares at September 30, 2019    and December 31, 2018, respectively)		(41,284)		(40,635)
Total shareholders’ equity		786,567		690,506
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,062,550	$	933,424

UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(in thousands, except share and per share data)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
REVENUE	$	97,515	$	77,550	$	303,448	$	177,271
COST OF SALES		17,286		16,123		57,172		35,216
Gross margin		80,229		61,427		246,276		142,055
OPERATING EXPENSES:
Research and development		16,787		13,616		51,449		38,922
Selling, general and administrative		12,623		12,120		40,531		34,473
Amortization of acquired technology    and other intangible assets		5,493		5,493		16,469		16,479
Patent costs		1,659		1,937		5,145		5,691
Royalty and license expense		2,837		2,229		8,828		5,028
Total operating expenses		39,399		35,395		122,422		100,593
OPERATING INCOME		40,830		26,032		123,854		41,462
Interest income, net		2,748		2,118		8,336		5,155
Other income (expense), net		53		(7)		740		(66)
Interest and other income, net		2,801		2,111		9,076		5,089
INCOME BEFORE INCOME TAXES		43,631		28,143		132,930		46,551
INCOME TAX EXPENSE		(6,669)		(5,325)		(21,054)		(6,960)
NET INCOME	$	36,962	$	22,818	$	111,876	$	39,591
NET INCOME PER COMMON SHARE:
BASIC	$	0.78	$	0.48	$	2.36	$	0.83
DILUTED	$	0.78	$	0.48	$	2.36	$	0.83
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:
BASIC		46,980,439		46,869,998		46,947,109		46,841,036
DILUTED		47,013,919		46,914,553		46,983,901		46,893,768
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.10	$	0.06	$	0.30	$	0.18

UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

	Nine Months Ended September 30,
	2019		2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	111,876	$	39,591
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred revenue and recognition of unbilled receivables		(101,079)		(52,325)
Depreciation		8,958		6,094
Amortization of intangibles		16,469		16,479
Change in excess inventory reserve		4,155		1,045
Amortization of premium and discount on investments, net		(4,528)		(4,191)
Stock-based compensation to employees		10,697		9,697
Stock-based compensation to Board of Directors and Scientific Advisory Board		1,126		3,234
Deferred income tax (benefit) expense		(2,633)		15,820
Retirement plan expense		4,379		3,378
Decrease (increase) in assets:
Accounts receivable		(22,645)		9,148
Inventory		8,074		(33,811)
Other current assets		(4,602)		(116)
Other assets		(10,259)		(37,769)
Increase (decrease) in liabilities:
Accounts payable and accrued expenses		(1,827)		439
Other current liabilities		5,587		(34)
Deferred revenue		113,849		99,940
Other liabilities		149		18,337
Net cash provided by operating activities		137,746		94,956
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(25,317)		(20,925)
Purchases of intangibles		(401)		—
Purchases of investments		(648,006)		(500,985)
Proceeds from sale of investments		590,550		415,697
Net cash used in investing activities		(83,174)		(106,213)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		658		616
Repurchase of common stock		(649)		(477)
Payment of withholding taxes related to stock-based compensation to employees		(15,920)		(11,598)
Cash dividends paid		(14,142)		(8,486)
Net cash used in financing activities		(30,053)		(19,945)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		24,519		(31,202)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		211,022		132,840
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	235,541	$	101,638
The following non-cash activities occurred:
Unrealized gain on available-for-sale securities	$	227	$	274
Common stock issued to Board of Directors and Scientific Advisory Board that was    earned and accrued for in a previous period		300		300
Net change in accounts payable and accrued expenses related to purchases of property and equipment		(168)		3,814