BOE Technology Group and Universal Display Corporation Enter into Long-Term OLED Agreements

08:57 12/10/2017

Universal Display Corporation OLED , enabling energy-efficient displays and lighting with its UniversalPHOLED technology and materials, announced the signing of long-term OLED Agreements with BOE Technology Group Co., Ltd., a global leader in semiconductor display industry as well as an IoT company providing intelligent interface products and professional services for information interaction and human health.

Under the agreements, UDC will supply phosphorescent OLED materials to BOE Technology for use in its products through its wholly-owned subsidiary UDC Ireland Limited, together propelling the development of the OLED industry.

“We are extremely pleased to extend our strong partnership with BOE Technology, and enter into these long-term agreements,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display.

“BOE has paved extraordinary paths in the display market, fortified its position as a leading global manufacturer and propelled China to be a major force in the display landscape. Continuing to stretch the frontiers of the extraordinarily dynamic display industry, BOE recently commenced mass production of China’s first Gen 6 flexible AMOLED production line in Chengdu and its other Gen 6 flexible AMOLED line in Mianyang is slated for production in 2019. As a key enabler of highly-efficient, cost-effective and proprietary phosphorescent OLED technology and material solutions, we look forward to further strengthening our innovative collaborations with BOE,” Abramson continued.

OLED  also recently reported strong financial results for the third quarter ended September 30, 2017.

• Total revenue increased 104% to $61.7 million in the third quarter, compared with $30.2 million in the third quarter of 2016, driven by higher material sales as well as royalty and license fees.

• Revenue from material sales increased 100% to $47.0 million in the third quarter, compared with $23.5 million in the third quarter of 2016, due to an increase in phosphorescent emitter sales.

• Revenue from royalty and license fees increased 131% to $12.0 million in the third quarter, compared with $5.2 million in the third quarter of 2016.

• Operating income increased by $18.8 million to $15.8 million in the third quarter, compared with an operating loss of $3.0 million in the third quarter of 2016.

• Net income increased by $15.0 million to $13.5 million or $0.28 per diluted share in the third quarter, compared with a net loss of $1.5 million or $0.03 per diluted share in the third quarter of 2016.

“We are pleased to report another outstanding quarter of solid results,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “During the quarter, momentum in the OLED industry continued to grow, from the launch of new flagship OLED smartphones, to increasing demand for OLED TVs, to announced launch plans for the world’s first foldable OLED display product. It is exciting to see the consumer market’s broadening embrace of OLEDs in a myriad of products, including wearables, smartphones, IT, automotive, TVs, as well as the emergence of OLED lighting.”

Rosenblatt continued, “We believe that OLEDs are fast becoming a requirement for the best consumer display products around the world. As a leading enabler in the ecosystem, we believe that our proprietary phosphorescent materials and technologies are key to unlocking the performance, value, and power efficiency of OLEDs.”

This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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