Revenue during the quarter surged 87.07 percent to $55.57 million from $29.70 million in the previous year period. Gross margin for the quarter contracted 462 basis points over the previous year period to 73.84 percent. Total expenses were 78.30 percent of quarterly revenues, down from 91.43 percent for the same period last year. This has led to an improvement of 1313 basis points in operating margin to 21.70 percent.

Operating income for the quarter was $12.06 million, compared with $2.55 million in the previous year period.

"We are pleased to report excellent first quarter results across the board, including record emitter sales," said Sidney D. Rosenblatt, executive vice president and chief financial officer of Universal Display. "It is an exciting time for the OLED industry. We are encouraged by the momentum that we are seeing from our customers as well as from the supply chain that supports the OLED ecosystem. With customers' mounting investments in new manufacturing capacity and the development of an array of new display and lighting products, we expect our growth trajectory to be positive for the foreseeable future."

Universal Display Corporation Pa expects revenue to be in the range of $260 million to $280 million for financial year 2017.

The company has spent $40.12 million cash to meet investing activities during the quarter as against cash inflow of $14.13 million in the last year period.

The company has spent $4.77 million cash to carry out financing activities during the quarter as against cash outgo of $1.76 million in the last year period.

Cash and cash equivalents stood at $96.12 million as on Mar. 31, 2017, down 12.69 percent or $13.97 million from $110.09 million on Mar. 31, 2016.

Working capital declines
Universal Display Corporation Pa has witnessed a decline in the working capital over the last year. It stood at $350.51 million as at Mar. 31, 2017, down 13.93 percent or $56.73 million from $407.24 million on Mar. 31, 2016. Current ratio was at 11.55 as on Mar. 31, 2017, down from 17.19 on Mar. 31, 2016.

Cash conversion cycle (CCC) has decreased to 45 days for the quarter from 165 days for the last year period. Days sales outstanding went down to 49 days for the quarter compared with 70 days for the same period last year.

Days inventory outstanding has decreased to 52 days for the quarter compared with 195 days for the previous year period. At the same time, days payable outstanding went down to 56 days for the quarter from 101 for the same period last year.