Pennsylvania
|
|
23-2372688
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(State or other jurisdiction of
|
|
(I.R.S. Employer Identification No.)
|
incorporation or organization)
|
|
|
|
|
|
375 Phillips Boulevard
|
|
|
Ewing, New Jersey
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|
08618
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
X
|
Accelerated filer ___
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Non-accelerated filer ___ (Do not check if a smaller reporting company)
|
Smaller reporting company ___
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
PART I – FINANCIAL INFORMATION
|
ITEM 1.
|
FINANCIAL STATEMENTS
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
REVENUE:
|
|
|
|
|
|
|
|
||||||||
Material sales
|
$
|
27,137
|
|
|
$
|
12,848
|
|
|
$
|
39,889
|
|
|
$
|
23,377
|
|
Royalty and license fees
|
21,201
|
|
|
15,435
|
|
|
22,500
|
|
|
15,857
|
|
||||
Technology development and support revenue
|
1,021
|
|
|
1,704
|
|
|
1,946
|
|
|
3,373
|
|
||||
Total revenue
|
49,359
|
|
|
29,987
|
|
|
64,335
|
|
|
42,607
|
|
||||
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
||||||
Cost of material sales
|
8,282
|
|
|
1,611
|
|
|
11,374
|
|
|
2,699
|
|
||||
Research and development
|
7,316
|
|
|
7,236
|
|
|
16,254
|
|
|
13,897
|
|
||||
Selling, general and administrative
|
6,336
|
|
|
5,189
|
|
|
11,507
|
|
|
9,486
|
|
||||
Patent costs and amortization of acquired technology
|
4,522
|
|
|
2,255
|
|
|
9,139
|
|
|
4,123
|
|
||||
Royalty and license expense
|
1,172
|
|
|
786
|
|
|
1,484
|
|
|
1,036
|
|
||||
Total operating expenses
|
27,628
|
|
|
17,077
|
|
|
49,758
|
|
|
31,241
|
|
||||
Operating income
|
21,731
|
|
|
12,910
|
|
|
14,577
|
|
|
11,366
|
|
||||
INTEREST INCOME
|
178
|
|
|
357
|
|
|
388
|
|
|
714
|
|
||||
INTEREST EXPENSE
|
(10
|
)
|
|
(18
|
)
|
|
(18
|
)
|
|
(38
|
)
|
||||
INCOME BEFORE INCOME TAX EXPENSE
|
21,899
|
|
|
13,249
|
|
|
14,947
|
|
|
12,042
|
|
||||
INCOME TAX EXPENSE
|
(6,517
|
)
|
|
(2,285
|
)
|
|
(4,323
|
)
|
|
(2,299
|
)
|
||||
NET INCOME
|
15,382
|
|
|
10,964
|
|
|
10,624
|
|
|
9,743
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||
NET INCOME PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
||||||
BASIC
|
$
|
0.34
|
|
|
$
|
0.24
|
|
|
$
|
0.23
|
|
|
$
|
0.21
|
|
DILUTED
|
$
|
0.33
|
|
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
$
|
0.21
|
|
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
||||||
BASIC
|
45,859,286
|
|
|
45,953,312
|
|
|
45,841,446
|
|
|
45,871,166
|
|
||||
DILUTED
|
46,496,120
|
|
|
46,857,309
|
|
|
46,523,540
|
|
|
46,896,898
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
NET INCOME
|
|
$
|
15,382
|
|
|
$
|
10,964
|
|
|
$
|
10,624
|
|
|
$
|
9,743
|
|
|
|
|
|
|
|
|
|
|
||||||||
OTHER COMPREHENSIVE INCOME, NET OF TAX:
|
|
|
|
|
|
|
|
|
||||||||
Unrealized gain (loss) on available-for-sale securities
|
|
39
|
|
|
65
|
|
|
36
|
|
|
(39
|
)
|
||||
Amortization of prior service cost and actuarial loss for retirement plan included in net periodic pension costs
|
|
170
|
|
|
149
|
|
|
339
|
|
|
297
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
TOTAL OTHER COMPREHENSIVE INCOME
|
|
209
|
|
|
214
|
|
|
375
|
|
|
258
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
COMPREHENSIVE INCOME
|
|
$
|
15,591
|
|
|
$
|
11,178
|
|
|
$
|
10,999
|
|
|
$
|
10,001
|
|
|
Six Months Ended June 30,
|
||||||
|
2013
|
|
2012
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
10,624
|
|
|
$
|
9,743
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Amortization of deferred revenue
|
(1,835
|
)
|
|
(1,837
|
)
|
||
Depreciation
|
985
|
|
|
927
|
|
||
Amortization of intangibles
|
5,483
|
|
|
29
|
|
||
Amortization of premium and discount on investments, net
|
(219
|
)
|
|
(437
|
)
|
||
Stock-based employee compensation
|
2,935
|
|
|
1,951
|
|
||
Stock-based compensation to Board of Directors and Scientific Advisory Board
|
394
|
|
|
437
|
|
||
Retirement plan benefit expense
|
834
|
|
|
777
|
|
||
(Increase) decrease in assets:
|
|
|
|
|
|
||
Accounts receivable
|
(5,794
|
)
|
|
1,147
|
|
||
Inventory
|
2,345
|
|
|
(4,728
|
)
|
||
Other current assets
|
(2,313
|
)
|
|
(2,257
|
)
|
||
Other assets
|
2
|
|
|
10
|
|
||
(Decrease) increase in liabilities:
|
|
|
|
|
|
||
Accounts payable and accrued expenses
|
(186
|
)
|
|
1,899
|
|
||
Other current liabilities
|
904
|
|
|
205
|
|
||
Deferred revenue
|
1,376
|
|
|
1,335
|
|
||
Net cash provided by operating activities
|
15,535
|
|
|
9,201
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||
Purchase of property and equipment
|
(2,435
|
)
|
|
(2,054
|
)
|
||
Additions to intangibles
|
(107
|
)
|
|
(18
|
)
|
||
Purchase of investments
|
(185,314
|
)
|
|
(177,449
|
)
|
||
Proceeds from sale of investments
|
175,093
|
|
|
220,552
|
|
||
Net cash (used in) provided by investing activities
|
(12,763
|
)
|
|
41,031
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Proceeds from the issuance of common stock
|
177
|
|
|
137
|
|
||
Repurchase of common stock
|
(5,456
|
)
|
|
—
|
|
||
Proceeds from the exercise of common stock options
|
271
|
|
|
943
|
|
||
Payment of withholding taxes related to stock-based employee compensation
|
(2,985
|
)
|
|
(3,508
|
)
|
||
Net cash used in financing activities
|
(7,993
|
)
|
|
(2,428
|
)
|
||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
(5,221
|
)
|
|
47,804
|
|
||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
85,923
|
|
|
111,795
|
|
||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
80,702
|
|
|
$
|
159,599
|
|
The following non-cash activities occurred:
|
|
|
|
|
|
||
Unrealized gain (loss) on available-for-sale securities
|
$
|
36
|
|
|
$
|
(39
|
)
|
Common stock issued to Board of Directors and Scientific Advisory Board that was earned in a previous period
|
300
|
|
|
328
|
|
||
Common stock issued to employees that was accrued for in a previous period, net of shares withheld for taxes
|
282
|
|
|
252
|
|
||
Property, equipment and intangible invoices included in accounts payable
|
891
|
|
|
—
|
|
1.
|
BACKGROUND
|
2.
|
BASIS OF PRESENTATION
|
3.
|
CASH, CASH EQUIVALENTS AND INVESTMENTS
|
|
|
Amortized
|
|
Unrealized
|
|
Aggregate Fair
|
||||||||||
Investment Classification
|
|
Cost
|
|
Gains
|
|
(Losses)
|
|
Market Value
|
||||||||
June 30, 2013 –
|
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
|
$
|
9,117
|
|
|
$
|
3
|
|
|
$
|
(12
|
)
|
|
$
|
9,108
|
|
Commercial paper
|
|
2,000
|
|
|
—
|
|
|
—
|
|
|
2,000
|
|
||||
Corporate bonds
|
|
151,255
|
|
|
38
|
|
|
(9
|
)
|
|
151,284
|
|
||||
U.S. government bonds
|
|
3,074
|
|
|
—
|
|
|
(2
|
)
|
|
3,072
|
|
||||
Convertible notes
|
|
4,300
|
|
|
—
|
|
|
—
|
|
|
4,300
|
|
||||
|
|
$
|
169,746
|
|
|
$
|
41
|
|
|
$
|
(23
|
)
|
|
$
|
169,764
|
|
|
|
Amortized
|
|
Unrealized
|
|
Aggregate Fair
|
||||||||||
Investment Classification
|
|
Cost
|
|
Gains
|
|
(Losses)
|
|
Market Value
|
||||||||
December 31, 2012 –
|
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
|
$
|
7,562
|
|
|
$
|
3
|
|
|
$
|
(5
|
)
|
|
$
|
7,560
|
|
Commercial paper
|
|
2,997
|
|
|
—
|
|
|
—
|
|
|
2,997
|
|
||||
Corporate bonds
|
|
141,349
|
|
|
9
|
|
|
(25
|
)
|
|
141,333
|
|
||||
U.S. government bonds
|
|
3,098
|
|
|
—
|
|
|
—
|
|
|
3,098
|
|
||||
Convertible notes
|
|
4,300
|
|
|
—
|
|
|
—
|
|
|
4,300
|
|
||||
|
|
$
|
159,306
|
|
|
$
|
12
|
|
|
$
|
(30
|
)
|
|
$
|
159,288
|
|
4.
|
FAIR VALUE MEASUREMENTS
|
|
|
|
Fair Value Measurements, Using
|
||||||||||||
|
Total carrying
value as of
June 30, 2013
|
|
Quoted prices
in active markets
(Level 1)
|
|
Significant other observable inputs
(Level 2)
|
|
Significant unobservable inputs
(Level 3)
|
||||||||
Cash equivalents
|
$
|
43,998
|
|
|
$
|
43,998
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term investments
|
163,983
|
|
|
163,983
|
|
|
—
|
|
|
—
|
|
||||
Long-term investments
|
5,781
|
|
|
1,481
|
|
|
—
|
|
|
4,300
|
|
|
|
|
Fair Value Measurements, Using
|
||||||||||||
|
Total carrying
value as of December 31, 2012
|
|
Quoted prices
in active markets
(Level 1)
|
|
Significant other observable inputs
(Level 2)
|
|
Significant unobservable inputs
(Level 3)
|
||||||||
Cash equivalents
|
$
|
63,863
|
|
|
$
|
63,863
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term investments
|
158,018
|
|
|
154,018
|
|
|
—
|
|
|
4,000
|
|
||||
Long-term investments
|
1,270
|
|
|
970
|
|
|
—
|
|
|
300
|
|
•
|
the investee’s revenue and earnings trends relative to pre-defined milestones and overall business prospects;
|
•
|
the technological feasibility of the investee’s products and technologies;
|
•
|
the general market conditions in the investee’s industry or geographic area, including adverse regulatory or economic changes;
|
•
|
factors related to the investee’s ability to remain in business, such as the investee’s liquidity, debt ratios, and the rate at which the investee is using its cash; and
|
•
|
the investee’s receipt of additional funding at a lower valuation.
|
|
Three Months Ended June 30, 2013
|
|
Six Months Ended June 30, 2013
|
||||
Fair value of notes, beginning of period
|
$
|
4,300
|
|
|
$
|
4,300
|
|
Investments
|
—
|
|
|
—
|
|
||
Fair value of notes, end of period
|
$
|
4,300
|
|
|
$
|
4,300
|
|
5.
|
RESEARCH AND LICENSE AGREEMENTS WITH PRINCETON, USC AND MICHIGAN
|
6.
|
ACQUIRED TECHNOLOGY
|
7.
|
EQUITY AND CASH COMPENSATION UNDER THE PPG INDUSTRIES AGREEMENTS
|
8.
|
SHAREHOLDERS’ EQUITY
(
in thousands, except for share and per share data)
|
|
Series A
Nonconvertible
|
|
|
Additional
|
|
Accumulated Other
|
|
|
Total
|
||||||||||||||||||
|
Preferred Stock
|
Common Stock
|
Paid-In
|
Accumulated
|
Comprehensive
|
Treasury Stock
|
Shareholders’
|
||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Loss
|
Shares
|
Amount
|
Equity
|
|||||||||||||||||
Balance,
January 1, 2013
|
200,000
|
|
$
|
2
|
|
46,561,437
|
|
$
|
465
|
|
$
|
564,883
|
|
$
|
(204,211
|
)
|
$
|
(5,702
|
)
|
(205,902
|
)
|
$
|
(5,202
|
)
|
$
|
350,235
|
|
Net income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10,624
|
|
—
|
|
—
|
|
—
|
|
10,624
|
|
|||||||
Other comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
375
|
|
—
|
|
—
|
|
375
|
|
|||||||
Repurchase of common stock
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(195,599
|
)
|
(5,456
|
)
|
(5,456
|
)
|
|||||||
Exercise of common stock options, net of tendered shares
|
—
|
|
—
|
|
24,020
|
|
—
|
|
271
|
|
—
|
|
—
|
|
—
|
|
—
|
|
271
|
|
|||||||
Stock-based employee compensation, net of shares withheld for employee taxes (A)
|
—
|
|
—
|
|
(13,882
|
)
|
—
|
|
328
|
|
—
|
|
—
|
|
—
|
|
—
|
|
328
|
|
|||||||
Issuance of common stock to Board of Directors and Scientific Advisory Board (B)
|
—
|
|
—
|
|
29,153
|
|
1
|
|
693
|
|
—
|
|
—
|
|
—
|
|
—
|
|
694
|
|
|||||||
Issuance of common stock under an Employee Stock Purchase Plan
|
—
|
|
—
|
|
7,775
|
|
—
|
|
234
|
|
—
|
|
—
|
|
—
|
|
—
|
|
234
|
|
|||||||
Balance,
June 30, 2013
|
200,000
|
|
$
|
2
|
|
46,608,503
|
|
$
|
466
|
|
$
|
566,409
|
|
$
|
(193,587
|
)
|
$
|
(5,327
|
)
|
(401,501
|
)
|
$
|
(10,658
|
)
|
$
|
357,305
|
|
(A)
|
Includes
$435
(
13,356
shares) that was accrued for in a previous period and charged to expense when earned, but issued in 2013, less shares withheld for taxes in the amount of
$153
(
4,672
shares).
|
(B)
|
Includes
$300
(
9,212
shares) that was earned in a previous period and charged to expense when earned, but issued in 2013.
|
9.
|
ACCUMULATED OTHER COMPREHENSIVE LOSS
|
|
Unrealized (loss) gain on available-for-sale securities
|
|
Net unrealized loss on retirement plan
|
|
Total
|
||||||
Balance January 1, 2013
|
$
|
(18
|
)
|
|
$
|
(5,684
|
)
|
|
$
|
(5,702
|
)
|
Other comprehensive income before reclassification
|
36
|
|
|
—
|
|
|
36
|
|
|||
Amounts reclassified from accumulated other comprehensive income
|
—
|
|
|
339
|
|
|
339
|
|
|||
Net current-period other comprehensive income
|
36
|
|
|
339
|
|
|
375
|
|
|||
Balance June 30, 2013
|
$
|
18
|
|
|
$
|
(5,345
|
)
|
|
$
|
(5,327
|
)
|
|
|
Three Months Ended June 30, 2013
|
|
Six Months Ended June 30, 2013
|
||||
Amortization of prior service cost
|
|
$
|
146
|
|
|
$
|
292
|
|
Amortization of actuarial loss
|
|
24
|
|
|
47
|
|
||
Total
|
|
$
|
170
|
|
|
$
|
339
|
|
10.
|
STOCK-BASED COMPENSATION
|
|
2013
|
|
2012
|
||||
Service cost
|
$
|
161
|
|
|
$
|
144
|
|
Interest cost
|
86
|
|
|
96
|
|
||
Amortization of prior service cost
|
146
|
|
|
146
|
|
||
Amortization of actuarial loss
|
24
|
|
|
3
|
|
||
Total net periodic benefit cost
|
$
|
417
|
|
|
$
|
389
|
|
|
2013
|
|
2012
|
||||
Service cost
|
$
|
323
|
|
|
$
|
288
|
|
Interest cost
|
172
|
|
|
192
|
|
||
Amortization of prior service cost
|
292
|
|
|
292
|
|
||
Amortization of actuarial loss
|
47
|
|
|
5
|
|
||
Total net periodic benefit cost
|
$
|
834
|
|
|
$
|
777
|
|
12.
|
COMMITMENTS AND CONTINGENCIES
|
13.
|
CONCENTRATION OF RISK
|
|
|
% of Total Revenue
|
|
Accounts Receivable
(in thousands)
|
||
Customer
|
|
2013
|
|
2012
|
|
June 30, 2013
|
A
|
|
73%
|
|
75%
|
|
$9,605
|
B
|
|
19%
|
|
6%
|
|
2,263
|
Country
|
2013
|
|
2012
|
||||
United States
|
$
|
329
|
|
|
$
|
1,284
|
|
South Korea
|
38,458
|
|
|
23,560
|
|
||
Japan
|
10,485
|
|
|
4,137
|
|
||
Taiwan
|
52
|
|
|
732
|
|
||
Other
|
35
|
|
|
274
|
|
||
All foreign locations
|
49,030
|
|
|
28,703
|
|
||
Total revenue
|
$
|
49,359
|
|
|
$
|
29,987
|
|
Country
|
2013
|
|
2012
|
||||
United States
|
$
|
1,084
|
|
|
$
|
2,558
|
|
South Korea
|
47,802
|
|
|
30,953
|
|
||
Japan
|
15,097
|
|
|
6,703
|
|
||
Taiwan
|
218
|
|
|
1,989
|
|
||
Other
|
134
|
|
|
404
|
|
||
All foreign locations
|
63,251
|
|
|
40,049
|
|
||
Total revenue
|
$
|
64,335
|
|
|
$
|
42,607
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
United States
|
$
|
13,630
|
|
|
$
|
11,512
|
|
Other
|
274
|
|
|
296
|
|
||
Total long-lived assets
|
$
|
13,904
|
|
|
$
|
11,808
|
|
14.
|
INCOME TAXES
|
|
|
2013
|
|
2012
|
||||
Numerator:
|
|
|
|
|
||||
Net income
|
|
$
|
15,382
|
|
|
$
|
10,964
|
|
Denominator:
|
|
|
|
|
||||
Weighted average common shares outstanding - Basic
|
|
45,859,286
|
|
|
45,953,312
|
|
||
Effect of dilutive shares:
|
|
|
|
|
||||
Common stock equivalents arising from stock options, warrants and ESPP
|
|
498,802
|
|
|
663,419
|
|
||
Restricted stock awards and units and performance units
|
|
138,032
|
|
|
240,578
|
|
||
|
|
|
|
|
||||
Weighted average common shares outstanding - Diluted
|
|
46,496,120
|
|
|
46,857,309
|
|
||
Net income per common share:
|
|
|
|
|
||||
Basic
|
|
$
|
0.34
|
|
|
$
|
0.24
|
|
Diluted
|
|
$
|
0.33
|
|
|
$
|
0.23
|
|
|
|
2013
|
|
2012
|
||||
Numerator:
|
|
|
|
|
||||
Net income
|
|
$
|
10,624
|
|
|
$
|
9,743
|
|
Denominator:
|
|
|
|
|
||||
Weighted average common shares outstanding - Basic
|
|
45,841,446
|
|
|
45,871,166
|
|
||
Effect of dilutive shares:
|
|
|
|
|
||||
Common stock equivalents arising from stock options, warrants and ESPP
|
|
503,908
|
|
|
726,359
|
|
||
Restricted stock awards and units and performance units
|
|
178,186
|
|
|
299,373
|
|
||
|
|
|
|
|
||||
Weighted average common shares outstanding - Diluted
|
|
46,523,540
|
|
|
46,896,898
|
|
||
Net income per common share:
|
|
|
|
|
||||
Basic
|
|
$
|
0.23
|
|
|
$
|
0.21
|
|
Diluted
|
|
$
|
0.23
|
|
|
$
|
0.21
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
intellectual property and technology licensing;
|
•
|
sales of OLED materials for evaluation, development and commercial manufacturing; and
|
•
|
technology development and support, including government contract work and support provided to third parties for commercialization of their OLED products.
|
•
|
the timing, cost and volume of sales of our OLED materials;
|
•
|
the timing of our receipt of license fees and royalties, as well as fees for future technology development and evaluation;
|
•
|
the timing and magnitude of expenditures we may incur in connection with our ongoing research and development and patent-related activities; and
|
•
|
the timing and financial consequences of our formation of new business relationships and alliances.
|
•
|
an increase in revenue of $
19.4 million
, which includes increases in both material sales and royalty and license fees, offset by
|
•
|
an increase in operating expenses of $
10.6 million
, which includes a $
6.7 million
increase in the cost of material sales, a $
2.3 million
increase in patent costs and amortization of acquired technology and a $1.1 million increase in selling, general and administrative expenses, all of which are described in detail below.
|
•
|
increased costs of $520,000 associated with sponsored research and development contracts, offset by
|
•
|
decreased subcontract costs of $207,000, decreased costs of $135,000 related to the timing of costs incurred for raw materials and other lab related costs used for research and development and decreased costs of $110,000 related to outsourced research and development efforts.
|
•
|
an increase in revenue of $
21.7 million
, which includes increases in both material sales and royalty and license fees, offset by
|
•
|
an increase in operating expenses of $
18.5 million
, which includes a $
8.7 million
increase in the cost of material sales, a $
5.0 million
increase in patent costs and amortization of acquired technology, a $
2.4 million
increase in research and development costs and a $
2.0 million
increase in selling, general and administrative costs, described in detail below.
|
•
|
increased costs of $952,000 associated with sponsored research and development contracts;
|
•
|
increased costs of $947,000 incurred under our agreement with PPG Industries, which represents the cost of scaling up of a new red emitter material developed to commercial status, as well as to supply us with those materials for evaluation purposes; and
|
•
|
increased costs of $866,000 due to increased employee costs related to bonus compensation, as well as salaries and salary related expenses for new employees; offset by
|
•
|
decreased subcontract costs of $469,000.
|
•
|
an increase in pretax net income of approximately $7.6 million, which excludes the impact of non-cash items; and
|
•
|
the impact of the timing of inventory purchases of $7.1 million; offset by
|
•
|
the impact of the timing of receipts of accounts receivable of $6.9 million; and
|
•
|
the timing of payments of accounts payable and accrued expenses of $2.1 million.
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
PART II – OTHER INFORMATION
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
Exhibit
|
|
|
Number
|
|
Description
|
|
|
|
10.1
|
|
Amended and Restated Articles of Incorporation of Universal Display Corporation
|
|
|
|
31.1*
|
|
Certifications of Steven V. Abramson, Chief Executive Officer, as required by Rule 13a-14(a) or Rule 15d-14(a)
|
|
|
|
31.2*
|
|
Certifications of Sidney D. Rosenblatt, Chief Financial Officer, as required by Rule 13a-14(a) or Rule 15d-14(a)
|
|
|
|
32.1**
|
|
Certifications of Steven V. Abramson, Chief Executive Officer, as required by Rule 13a-14(b) or Rule 15d-14(b), and by 18 U.S.C. Section 1350 (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.)
|
|
|
|
32.2**
|
|
Certifications of Sidney D. Rosenblatt, Chief Financial Officer, as required by Rule 13a-14(b) or Rule 15d-14(b), and by 18 U.S.C. Section 1350 (This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Further, this exhibit shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.)
|
|
|
|
101.INS*
|
|
XBRL Instance Document
|
|
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
*
|
|
Filed herewith.
|
**
|
|
Furnished herewith.
|
|
Note: Any of the exhibits listed in the foregoing index not included with this report may be obtained, without charge, by writing to Mr. Sidney D. Rosenblatt, Corporate Secretary, Universal Display Corporation, 375 Phillips Boulevard, Ewing, New Jersey 08618.
|
|
|
UNIVERSAL DISPLAY CORPORATION
|
|
|
|
Date: August 8, 2013
|
By:
|
/s/ Sidney D. Rosenblatt
|
|
|
Sidney D. Rosenblatt
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
Date: August 8, 2013
|
By:
|
/s/ Steven V. Abramson
|
|
|
Steven V. Abramson
|
|
|
President and Chief Executive Officer
|
Date: August 8, 2013
|
By:
|
/s/ Sidney D. Rosenblatt
|
|
|
Sidney D. Rosenblatt
|
|
|
Executive Vice President and Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: August 8, 2013
|
By:
|
/s/ Steven V. Abramson
|
|
|
Steven V. Abramson
|
|
|
President and Chief Executive Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: August 8, 2013
|
By:
|
/s/ Sidney D. Rosenblatt
|
|
|
Sidney D. Rosenblatt
|
|
|
Executive Vice President and Chief Financial Officer
|