Reuters: Global Markets: Universal Display posts surprise loss, shares tank

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Universal Display posts surprise loss, shares tank May 9th 2012, 21:23 Wed May 9, 2012 5:23pm EDT (Reuters) - LED supplier Universal Display Corp (PANL.O) posted a surprise quarterly loss and forecast full-year revenue largely below expectations, sending its shares down 21 percent in extended trade. First-quarter loss narrowed to $1.2 million, or 3 cents a share, from $11.9 million, or 31 cents a share, a year earlier. Revenue rose 31 percent to $12.6 million. Analysts on average had expected earnings of 4 cents a share, excluding items, on revenue of $16.4 million, according to Thomson Reuters I/B/E/S The company said it didn't get any revenue from a Samsung Electronics (005930.KS) unit in the first quarter, which would have added $7.5 million to the revenue. The Samsung unit is obligated to pay $15 million in second and fourth quarters, it said. In August, the company said it will license certain technologies and sell materials to a Samsung unit, which will help the Korean company to develop next generation flat-panel displays. The company forecast full-year revenue of $90 million to $110 million. Analysts were expecting revenue of $104.7 million. Universal has more than 1,000 patents for technologies and materials, which are vital for manufacturing organic light emitting device (OLED) panels used in smartphones and tablets. Shares fell $8.38 to $30.78 after the bell. They closed at $39.16 on Wednesday on the Nasdaq. (Reporting by Supantha Mukherjee in Bangalore; Editing by Don Sebastian) Link this Share this Digg this Email Reprints

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