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To: Savant who wrote (1351)2/23/2012 4:06:36 PM
From: slacker711
   of 3890
 


They are doing the opposite of what you see from some of the negative analysts. They are leaving the earnings forecasts low so they can always be right about the earnings.

Slacker

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From: slacker7112/28/2012 8:28:23 AM
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Samsung admits that tablet sales have been slow but is counting on the Galaxy Note (5.3" screen). They are expecting 10 million unit sales for the Note. The expansion in displays sizes has been a big positive for PANL.

reviews.cnet.com

Slacker

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To: slacker711 who wrote (1353)2/28/2012 10:43:29 AM
From: slacker711
   of 3890
 
Galaxy Tab 7.7 announced for Verizon.

phandroid.com

The screen looks awesome but the price is way too high to expect it to move many units.


Slacker

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From: slacker7112/28/2012 4:23:15 PM
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Universal Display Corp (PANL) Posts Q4 EPS of 12c





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[iframe id="dclkAdsFrameID_11584" name="dclkAdsFrameName_11584" src="about:blank" scrolling="no" width="300" height="250" marginheight="0" marginwidth="0" style="border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; "][/iframe]



February 28, 2012 4:17 PM EST


PANL Hot Sheet Revenue Growth %: +65.1%

Financial Fact:
INCOME (LOSS) BEFORE INCOME TAX EXPENSE: 6.53M

Today's EPS Names:
GCAP, DL, KOG, More

Universal Display Corp (NASDAQ: PANL) reported Q4 EPS of $0.12, versus analyst estimate of $0.06. Revenue for the quarter rose 73% to $18.7 million versus the consensus estimate of $17.83 million.

Last year, the company posted 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.

Material sales were $10.8 million for the quarter, up 47% compared to $7.4 million for the fourth quarter of 2010, primarily due to increased material sales under commercial agreements. Royalty and license fees were $5.4 million for the quarter, up 207% compared to $1.8 million for the fourth quarter of 2010, due to $5 million in license payments from a large customer during the quarter.

"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.

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To: slacker711 who wrote (1355)2/28/2012 4:23:52 PM
From: A.J. Mullen
   of 3890
 
This is good. Ashley

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To: A.J. Mullen who wrote (1356)2/28/2012 5:08:44 PM
From: A.J. Mullen
   of 3890
 
Dialing in, I was informed the call hadn't started, but I'm getting it on the web through event.on24.com

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To: A.J. Mullen who wrote (1357)2/28/2012 5:51:21 PM
From: slacker711
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The numbers look fine but the call is painful (particularly the first half). The lack of transparency around the Samsung deal means that analysts have to keep digging for details.

Slacker

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To: slacker711 who wrote (1358)2/28/2012 6:02:38 PM
From: A.J. Mullen
   of 3890
 
Yes, their reticence to give clues as to license fees stops them from giving lots of other information. The lumpiness of those fees will allow us to figure it after a few lumps. It was also annoying that they didn't want to give any break down of the split between host and emitter sales.

I thought I heard something about a 16.5% withholding tax on Samsung's IP payments. I must have been mistaken - that would make the payments easy to calculate.

It was reassuring to hear that Samsung is buying more than the minimum of material required by the contract. Except that the contract was probably written assuming no host sales, so the minimum might be a low bar.

Ashley

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To: A.J. Mullen who wrote (1359)2/28/2012 7:48:41 PM
From: slacker711
   of 3890
 
It was reassuring to hear that Samsung is buying more than the minimum of material required by the contract. Except that the contract was probably written assuming no host sales, so the minimum might be a low bar.


My reading of the Samsung contract is that the minimum chemical sales only covers green and red emitter sales. I dont think that the host material sales would apply.

I thought I heard something about a 16.5% withholding tax on Samsung's IP payments. I must have been mistaken - that would make the payments easy to calculate.

The payments are in the 10K. A $5 million dollar payment in Q4. PANL wants us to believe that license payments are confidential but we'll find them out after every payment. I very much doubt that Samsung cares whether the industry finds outs the payments now or in August (for the Q2 call). The secrecy is all on management.

Slacker

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To: slacker711 who wrote (1360)2/28/2012 9:58:48 PM
From: A.J. Mullen
   of 3890
 
That's encouraging then that Samsung is exceeding the minimum. If PANL paid $5m withholding at 16.5%, then doesn't the annual IP payments from Samsung would be 2*5/16.5% = $60.6m. It seems consistent with $90-110m total earnings for 2012. Does that makes sense to you?

Ashley

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