EWING, N.J.--(BUSINESS WIRE)--Universal Display Corporation (NASDAQ: PANL), enabling energy-efficient OLED displays and lighting with its UniversalPHOLED® technology and materials, today announced it ranked number 20 on Deloitte’s 2011 Greater Philadelphia Fast 50 ranking of the 50 fastest growing technology, media, telecommunications, life sciences and clean technology companies in the Greater Philadelphia region. The company ranked number 462 on Deloitte’s Technology Fast 500™ ranking of the 500 fastest growing companies of these same industries throughout North America. Universal Display’s revenues grew 156 percent over the period from 2006 to 2010.
Universal Display’s President and Chief Executive Officer, Steven V. Abramson, credits growing commercialization of the company’s proprietary UniversalPHOLED technology and materials for OLED lighting and displays with the company’s 156 percent revenue growth. He said, “Our growth signifies a steady rise in the adoption of our proprietary OLED materials, technologies, and expertise for the manufacture of high value-added OLED lighting and display devices, and we are focused on supporting the continued growth of these industries as the capacity for OLED panel manufacture increases.”
“Universal Display, like all 2011 Greater Philadelphia Fast 50 companies, has excelled in fostering innovation and channeling it into spectacular growth -- against the backdrop of one of the most challenging economies in history,” said Tara L. Weiner, managing partner, Greater Philadelphia region, Deloitte LLP. “Deloitte recognizes Universal Display for its remarkable accomplishment.”
“We are pleased to honor Universal Display as a 2011 Technology Fast 500 company,” said Mark Jensen, managing partner, technology and venture capital services, Deloitte & Touche LLP. “As one of the fastest growing tech companies in North America, Universal Display has demonstrated excellence in technological innovation, entrepreneurship and rapid growth.”
Overall, 2011 Greater Philadelphia Fast 50 companies achieved revenue growth ranging from 21 percent to 6,918 percent from 2006 to 2010, with an average growth of 410 percent. The 2011 Technology Fast 500™ companies achieved revenue growth ranging from 134 percent to 70,211 percent from 2006 to 2010, with an average growth of 1,736 percent.
About Deloitte’s 2011 Greater Philadelphia Fast 50
The 2011 Greater Philadelphia Fast 50, which was conducted by Deloitte & Touche LLP, a subsidiary of Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private - in the Greater Philadelphia region. 2011 Greater Philadelphia Fast 50 award winners are selected based on percentage fiscal year revenue growth from 2006 to 2010.
In order to be eligible for 2011 Greater Philadelphia Fast 50 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of five years, and be headquartered within the Greater Philadelphia region.
About Deloitte’s 2011 Technology Fast 500™
Technology Fast 500, which was conducted by Deloitte & Touche LLP, a subsidiary of Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private - in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2006 to 2010.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: PANL) is a leader in developing and delivering state-of-the-art, organic light emitting device (OLED) technologies, materials and services to the display and lighting industries. Founded in 1994, the company currently owns or has exclusive, co-exclusive or sole license rights with respect to more than 1,200 issued and pending patents worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology, that can enable the development of low power and eco-friendly displays and white lighting. The company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training.
Based in Ewing, New Jersey, Universal Display works and partners with a network of world-class organizations, including Princeton University, the University of Southern California, the University of Michigan, and PPG Industries, Inc. The company has also established relationships with companies such as AU Optronics Corporation, Chimei Innolux Corporation, DuPont Displays, Inc., Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Moser Baer Technologies Inc., Panasonic Idemitsu OLED Lighting Co., Ltd., Samsung Mobile Display Co, Ltd., Seiko Epson Corporation, Sony Corporation, Showa Denko K.K., and Tohoku Pioneer Corporation. To learn more about Universal Display, please visit www.universaldisplay.com.
Universal Display Corporation and the Universal Display logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as those relating to Universal Display Corporation’s technologies and potential applications of those technologies, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s annual report on Form 10-K for the year ended December 31, 2010 and quarterly report on Form 10-Q for the quarterly period ended March 31, 2011. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.