Universal Display Down 8% After Missing Earnings Estimates

Shares of Universal Display

are down 8% after the company missed earnings estimates yesterday. For the fourth quarter of 2011, the company reported operating income of $3.6 million and net income of $5.7 million, or $0.12 per diluted share, on revenues of $18.7 million. This compares to an operating loss of $210,000 and a net loss of $5.3 million, or $0.14 per diluted share, on revenues of $10.8 million for the fourth quarter of 2010. “Strong demand for both our proprietary materials and technology sustained the momentum in our business, led to another quarter of top and bottom line growth, and lifted the company to its first ever full year profit,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “Results continue to reflect increased penetration of our OLED materials and technology into the commercial display market, as well as growth in research and development efforts from a broad cross-section of manufacturers developing new applications for our OLED materials and technology."