WASHINGTON (dpa-AFX) - Universal Display Corp. (PANL) reported that its first-quarter net loss narrowed to $1.22 million or $0.03 per share, from $11.88 million or $0.31 per share in the same quarter last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.
Operating expenses for the first quarter of 2012 were $14.2 million, compared to $12.3 million in the first quarter of 2011.
Revenues for the first quarter were $12.62 million, up 31% compared to first quarter 2011 revenues of $9.60 million, led by a 132% increase in material sales to $10.6 million compared to $4.5 million for the first quarter of 2011. Ten analysts had consensus revenue estimate of $16.43 million for the quarter.
'Results in the quarter continue to reflect the growing demand for our proprietary materials and technology consistent with the steady growth in the OLED market,' said Sidney Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display.
The company expects that its revenues will be in the range of $90 million to $110 million for fiscal 2012. Eleven analysts have consensus revenue estimate of $104.68 million for fiscal 2012.
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